HomeMy WebLinkAbout1179 :i. lf tli~• tut:il i,f tli~~ E~:~~~u~~nts uu?~i~~ l~~ tli~• ~lu~•t~;a~;ur iui~Ier ~:it ~~f ~~.irt~~;r:i{,1~ E,r~•~•r~lin~; ,liull rx~~r~•~1
tlir ti?nui~nt uf ~~ci~•rn~~nt. ta~•tu:ill~ n?it~i~~ h~ tlu~ \lurtrt~;r~•, f~~r ~ruuu~i rrnt~, tii~i~s uiul ri„~~s;.,nu~i~t,, an~l i~isur-
K~tci~ }~r~•n~it??us, ati tl~t~ ~•t~~i' 1118\' Irt', ~U~'II l~~i•~~:, .li~tll I~~~ i•r~~~li~+~~i un ,ul~.~~yut~ut ~~~~~'t~~~~nt~ t~~ i~r u~~t~lr li~' tl~~~
\lurt~i~~;ur fur su~~li it~~ni. ur.al ~[urt~;ti~rr's ~rEiti~~u,,li,ill her r~~tun~l~~~i t~? \I~~rlh~i~;or. If, huw~~~~~~r.,url? nu7i~tiii~~
~~,iyme~nt, sl?~?ll n~~t hi~ siifti~•i~~nt t~~ E~:z~• ,ui~}i it~~rr?, w~hrn th~• seunr s}?iill 1>~~~•umr ~iur ,ui~l E~:~~'tilrlr, th~~n t,li~•
:~l~,rt~:?~;~~r shull p:?~~ to th~~ ~t~,rt~;~~r~~~~ ,ui~~ ciinuunt ne~c~•„tu•~• tu iuak~~ up ~h~~ ~i~~tie~i~~n~•~~. tiu~•h ~~:~~•nu~nt ,h~lll
h,~ ii~a~l,~ ~~~ithin thirt~~ (:i01 ~ia«~s ~ift~~r writt~~ii u~~ti~•~~ frc~in t~ir ~I~~rt~~tti~;~~i~ ~t:itinr tlu~ ,i~n~~unt ~7i th~~ ~li~fii~i~~i?v,
~~~hi~•it nutii•e~ tua~• l~r ~ivr~u t~~' nu~il. It ilt :u~~- tiinr tli,~ ~1~~rt~;t?ror .h~~il trn~l~~r t~~ tlu+ ~1ort~:?~;~~~~ iu :tica?r~1-
uiir~~ ~t~itii th~~ pro~~isiuns uf tht~ nut~~ si~~~ur~~~l lu~r~~l,~', full E~r?~~tu~•nt c~f tlu~ rntirr in~l~~ht~~~lu~~a, r~4?rra,~nt~~~i th~~r~~by,
IL~~ \lnrihtt~~~r,hflll, in ~•~~?n~n~tinr th~~ :tnu~unt ~~f su~~li in~l~~bt~~~in~~.,, ~•r~~~1it tu tli~~ uc~•olint cif th~~ ~turt~;ii~;~ir,i~?~•
i~rrd~t. liult~ui•i~ rrmt?i??i~i~ ti~uirr tlir pr~~vi,ion, uf (t?1 uf .tiii~ pari~~;r:tE~h 1 f t h~~r~~ .liiall trr :t ilt~fttult tui~lrr ?i~il.
~~f th~~ E>ru~•i,i~~~is uf itii~ t~u~rt~?:?~;~~ rrsiiltii?~ iii :i ~>uhli~• ,tilr uf th~~ ~~r~~i~ii,i~, r~~~•~~r~~~i 1?~~r~~h~', or if th~~ ilort~;a~;r~~
ar~~uire~s ih~~ pro~u~r~~~ ~~tiit~rk~i,~~ :lft~~r d~~fiiult, iht~ ~Iort~a~;e~~ shall :ippl}•, at thi~ tinu~ o[ th~~ c•onirn~~u~~~~meni
uf ,u~•h ~~ru~~~~~~ilin~;~ ~,r :it tli+~ tin~r thr }~roperl~~ i~ ~~tlu~rw~i,~~ ur~l~tir~~~l, tVu~ anrrnuU th~~?? r~~ttt:tinin~; to c~r~~~iit of
~t~,rtr:~;~~r tuuirr I t?) O~ ~)t11'il~r',I'tlO~l 'L prrc~~~li~i~; :tti u i~rr~iit i~?i thr inte~rr.t iu~cru~~~l atul unpNi~i ~tn~i ihe h:?laT~~~f~
tu tli~~ E~rincipal tli~~n r~~m:~itii~tg t»>pai~i uii ~a?i~l n~~tt~.
4. He will pay all t~es, assessments, water rat~, and other govemrnental or municipsl chargea, finea, or
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay Lhe
satne; and that he will promptly deliver the oflicial receipta therefor to the ;~'[ortgagee.
5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof,
except rea.sonable wear and tear; and in the event of the failure of the 1~lortgagor to keep the buildings on said
pmmises and those to be erected on said premisea, or improvements thereun, in gooci repair, the Mortgxgee may
mAke such repairs as in its discretion it n~8y deem neceas~?ry for the pmper preaervation thereof, and the full amount
of ench and ever}• such p$yment shall F~e due and payable thirty (30) days ai'ter demand, and shall be secured by
ihe lien of this mortgage.
6. He will pay~ all and singular the costs, chargea, and expenses, including reasonable lawyer's fees, and costs
of nbstraeLs of title, iucurred or paid at any time b}~ the :~~ortgagee because of the failure on the part of the Mortgagor
promptl~~ and full~• to perform ihe agreements and covenants of said promissory~ note and th:s mortgage, and sa.id
costs, charges, and expenses shflll t>e immediately due and payable and shal! be sect?red bg- tt:e lien of this mortgage.
7. ~~e wi11 continuously maintain haznrd insuranco, af such type or tvpes and amounts as Mortgagee ma~
from tiine to time require, on the improvements no~~ or hereafter on said premises, snd eecept w•hen payment
for all such preiiiiums has theretofore been made under (a) of paragraph 2 hereof, he wiil pay promptly when
due anv prerniums thc~refor. All irisurance shall b~ carried in compantes approred by l~iortgagee and the poli-
cies and renew~als thercof shall be held by ~1ort~agee ~nd have attached thereto loss payable cl~tuses in favor of
and in form acceptab~e ta the 11ort~;a~ee. In e~ ent of loss he w-ill gi~e immediate nottce bv mail to :~lortgagee,
and ~lortgagee may rnal~e proof of ioss if not. m~,de promptly by 1~lortgagor, and each insurance company
coticerned is hereb3• aiithorized flIl(~ direc.ted ta mnke payment for such loss directlv t~o :~'Iortgagee instead of
t~o ~lortgagor ancl `lortgt~ee joir~tl`~, and t}~e insurance proceecis, or any part thereof, may be applied by riortr
g~ee at its option either t:o the recluctioti of the indebtedness hereb~ secured or ta the rPStoration or repair of
the propertv dams~ed. In e~•ent of foreclosure of this mortgage, or other transfer of title to the mortgaged
property in extin~;ui::hme!it of the indebtedne~.g securPd herebv, all right, title, and interest of the `lortgagor
ui and to auy insurt~nce policies theii i?i force shall pxs~ to the purch~er or grantee.
8. The \iortgagee may, at any time pending a suit upon this mortgagt, apply to the court ha~zng jurisdiction
thereof for the nppointment of a receiver, ~nd such court shall forthwith appoiut a receiver of the premises co~~ered
herebv all ancl singular, including all and singular the income, profits, ~~.suc~s, and re~~enues from whQtever source
derived, each and ever,y of which, it being ex~~ressl~- understaai, is hereby mortgaged av if specificall}~ set forth and
descril~ed in the granting and habendum clauses hercof. Such appointment shall be made by such cutirt as an adniitted
equity and a matter of absolute right to said Mortgagee, and vvithout reference to the adequacy or inadequacy of
the ~•alue of the praperty mortga.ged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income, issues, aud revenues shall be applieci by such receiver according to the lien of ttiis mortgage
and the practice of such court. In the event of an}• default on the pari of the ~iortgagur hereunder, the l~'Iortgagor
agrees t:o pay to the I~tortgagee on demand a.9 a reasonable monthly rental for the pmmisea an amount at least
equivalent to one-twclfth (~z) of the a{~regate af the twelve monthly inst~slimenta pa}~able in the Lhen current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premi~uns for auch year
not covered by the aforesaid monthly pa~•ment~9.
9. In the e~•ent of anv brezch of this mortgage or default on the part of the ;~iortg.~gor, or in the event that
anyo uf said aums of mone~~ herein referred to be not promptl5• and full~• paid accordin~ to the tenor h~reof, or in tYie
Qvent that each nnd ever~~ the stipulations; a~recITIPLtS~ canditions, aucl co~•enants of ~flicl note and this mortgage,
are n~t dul5~, promptly, and fully performe~i; then in either or an~~ such e~•ent, the said aggregsfe sum mentioned
in sxid note then remaining unpaid, a-ith interest accrued to that time, and all money~s secured hereb~•, shall become
due and payable forth«•ith, or thereafter, at the ~ption of said blortgagee, as fully~ and completel}• as if all of the
s~vid sums of moner were originally stipulated to be paid on such ~~y, anything in said note or in thia mortgage to
the contrar~- notwith~tanding; and theret~pon or thereafter, at the option of said ~'iortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as i#' all moneys secured hereby had matured priar to its institu-
tiun. The '1lortgsgee may foreelose khis mortRaRe, as to the amount ~o declared due and pa~~able, and the said
prr miaes shall be sold to satisfy and p~}• the same together R~ith casts, espenses, anci allow~ances. In ca.~+e of partial
foreclosure of this mortg~ge, the rnortgaged prc~n~ises shall be sold subject to the continuing lien of thi~ mortgage
for the ~,mount of the debt not then due and unp~id. In such case the pro~~isions of this paragraph mny again be
a~•ailed of thereafter from time to time hy the ~iortgage~.
10. No waiver of any cavena,nt herein or of the obligation securc~d hereb~• shall at anti• time thereafter be held
to t~e a wa.iver of the terms hemuf or of the note secured hereby.
11. The lien of this instrument shall r~main in full force and effect durinK an~• postponement or exiengion of
the time of paS~ment of zhe indebtedness or any part thereof secured hereb}•.
12. If the :~Sortgagor default. in an}~ of the co~~enanta or agreenaents contained hzrein, or in ea.id note, then the
~4ro~-t.gagee may perform the ~me, and all expenditures (includ~ng reasonable attorney's fees) n~ade t~y the biortg~ee
in so doing ~hall draw~ interest at the rate pro~•iciecl for in the principa! indebtedn~ss, anci shall be repa~•able
thirt~- (30) da~-s after ciemand, an~l, together w~itl? inter.~sl xnd costs accr~~~ed thereon, shall ~e secured b~
thig mortgage.
13. L'p~n tht~ request of the ~1ort~a ~ee the 1lortga~or shall execute and ~leliver a supplemental note or
aotes for the sum or siuns a<I~~ancecl b~• t~e ~iortga~ee for the alteration, modernization, improvemf~nt, maiti-
tenatice, or repair of saici preniises, for tases or as~essments a~ainst tlie satne and [or eay ot}~er purpose auti?ar-
izeci hereunder. 5aid note or notes sh~~ll be secureel hereb~• on a pnrity~ with and as futl~• as if the ad~•ance
e~-idenced thereby were included in t}?e note first descrit~ec] abo~-e. Said s~ipplementa.l note or notes shall hear
interest at the rate pro~-ic:ed for in the principal indebtedness and shall be pavable in approsimatel~~ eq:~al
mont.hlv pa~-ments for such period as n~Q~~ be a~,~reed upon b~~ the creditor Rnd clebtor. ~+ailitt~ to a~ree on the
maturit:y, t~e whole of the sum or sums u~ ad~~anceci shall be due and paF~~ble thirt~• cla~•s after ~i~~mcincl
b~• tl~e creditor. In no e~-eut shalt thc: rnat~uit}• extec~a be~•oud tl?e ultimake riaturit}' of thr I101e fir~t
desccit~ed al>ova.
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