HomeMy WebLinkAbout1413 .u,~l .h:~ll ~I~~ly ~i, ~i,~nr., r,~~~~~~i~ ~~itl~ :ui,i al~~~!,~ ~.~rh :unl ~~vi•r~• t}u• ;ti{~ulaliun:, r,~mliliun,;, :uul cuv~•nan!s of ~aid prurnissury
n,~t~• .u~.i uf Clu.; in~~rt};:~,;r, th~ u lhi; in„~ t~;:~i;~ .~~ul th~ r;Gil~~ h~•r~~hy i•r~•al~Kl yliull ci•:~sc :ind br null arn: void.
It i: un,l~~~~t~~,rl t.lcu Ih,• ~~•onl "murt~;:«:ur, „ tivhrth~•r in thr sin~;ul.~r ur plurul :?nywhrra in thi.g murtgage, shRll be
ait~~,Yul:~r• if ,~i~r unly :~nd ~h:~ll L~~ pE:ir:il juinUy :~nd ;~•vrr:illy if ri~urcr th:ar~ onc, utid that the word "their" as utieci anywhere in
thi; uwrL~;u~;r ,hal) br I.~k~~n la m~~.u~ hi;, h~•r ur it,, H~hrr~•~•~•r thc ~ot~tcxt su impiica or tu~mits.
~nd thr ;11ort~,•:~~,r«rs herel~y juin~ly .uu1 ticvrrally covenxnt and xgree to and with the Mortgag~,~e:
1. To p:iy all and sin~ul:~r lhe principal :uid intcr~~st ar~d lhc v:~ric~us and sundry sums of money payf?ble by virtue of
s:iid protni.5ory not~ uuJ this murt~;,i~;i~, rarh und rv~•ry, pr~~rnptly un th~~ ~!~ps respectively the sume sevrrally becume due. The
Mortg:?~eu maY rullc~ct "I:iu~ ch:ir~;~•" nol lo rs~•~~•~I :ui um~~unt cyuul to Lwu per centum ('l'/, ) u! uny instullment of the note
ner~~Gy st•cun~1 which is not p:~id within fiRri~n (15) ~lay~ :~fler thc duc ~lule th~•reo[ t~~ co~•cr ttu exlrs~ expense involvf~ in
hi?ndling delinyuent puy~nrnls.
2. Tu pay when duc :?nd withuut rcquirin~; :~ny noiicc from Mort~a~;c~c xll and sinfiular the taxes, as~essments, le~•ies,
obligations and incumbrances of t~very naturc und kind now on suia dc•scrit,f~c1 property, endior thut herr~after muy be im-
po~t~cl, suffcrrd, placrd, levicd or :4,st+ssed th~•muEwu, .ind/ur the?t hcresifter ?rriy be lcvied or assesscxl upon this mort~'a{~e
and,%or thr indc~bt~~ilr~ess securcd hnmby, each un~l ~•very, u~id insuf:u .~.K any lher~of is uf r~scord the same shu11 be promptly
satisfi«1 c~nd di,ch~rgE~l uf recu~Yl und the ori~;in~~l ufCieiul eixument (such as, for insG,nee, the tax receipt or the satisfaction
paper offici.illy endu~rd or certified) shall be pl.u•~~1 in the hunds of said Murt~a~ee within ien days next aftc7 payment.
;i. To k«•rp the impro~•em~~nts now ~•xisting or herrufte~r ercrteci un thi~ mr~rtg.~~eJ property, and thr equipment and
prrsonulty cuver~ni by this :~iurt~u~e, insumd a, ~nay br rec~uir~~d frotn time to time by the Murt,~a~;ee a~;uinst loss by fire, ex-
tended co~~ri~i~e and ~uch c,ther huzards, rusualtic•s :~nd cuntin~encit•s a:; m:~y be rrquire~l by Murt~;u~;ee und will puy prumptly,
whrn ~lur, any peemiums un such insuranee. All in;urancr shall lw in form and aimuunls s:ltisCurtory tu, and in insur.u~ce cum-
pini~~s apEzru~•ec! by the Mort~;ci~ee, :~nri the polici~~s und renewu~s th~•r~~of shull Lr hetd by ~4oi•t~;a~ec und huve uttache~i th~rreto
li~,s p:iy:ible rl:iu,rs in f:«~ar uf .u1d in for~ti :iccept~ible to the Mui•t};u{;i~c. In ~•~~c•nt uf loss lh~~ ~iurt~;u~;nr, i~'ill gi~~e irnmediate
notic~ by mail tc~ Mort(;a~;ie, unil Murt~;u~;ee m.~y make• pri~of af lo;s if not made promptly by Murtgx~ors, and each in~urance
cuinp.~ny cunerrnc~~l i, hert>b~• :iuthuriz~•J nn~! dirc~cte~i to m:ak~~ puyment for such loss ~iireetly to M~rt~~~fiee insteael of to
Murt~u~,urs ;~n~1 hlurt~;:i~r~e joinUy, and the in,w•~~nr~• F~r~~ce~Klti, nr <<ny part thercof, may be applied by Mort~ugee ai its eption
.~ither Q~ Lhr r~~~luctiun of the indebtrdn~~s; ht~roby serur~til ur tu th~. restor.ation ur rrpuir uf the pmperty dama~ed. In event
uf lorrclosure uf this n~ort~;u~e ur other tr:u~,fer uf titlf• to the mort~a~c~l ~,roperty ~n exti~i~;uishment of the indebtednesti
secur~~l hereby, all right, title, and i:~terest of the Mort~u~urs iu ti~ any insurarice E~i~licies then in fotne shal) pass to the pur-
rhaser or ~rantc~e.
4. Tn re~~nove or demolish no buiidin~ on ;aid premises without the K'rittrn cunsent oi the .l~irirt~;agee; to permit, cum-
mit ur suffrr no w~~te, imp~irment or deterioration uf said property ur any purt thereuf and to keep Lhe samc• and improve-
m~~nt3 thereon in Ru~ condition :?nd repair.
. 7'o pay all and aingutar the costs, char~es :ind expe~LSes, includi~~~; reasonable lawyer's fees, lawyer's <lisbursements
and cost~uf abstr:?cts of titie, incurred ur paid c~t any time by the Mortga~;ee bectsuse of the failure on the part of the ~11ort~a-
qor~ to ~uly perform, comply w~ith and abide by each ~id every the stiputations, conditions and covenants of said prom:ssory
note and this mort~age, any ur either.
G. Thal in the event the Mortgugors fail to pay or disch~rge said taues, assessments, liens and incumbrances, or said
costs, char~es and expenses, or fail to keep said premises insured or to deliver the policies, premiums paid, or fail to repair the
said premisr c, a, herein ugreed, the Mortga~;ee is her~~by xuthorizcKi at its elect:on to pay and/or discharge said taxes, assess-
ments, liens and incumbrancea ~r any part thereof, to pay said costs, char~es and expenses, to procure and pay for such in-
surance ~~r to inake and pay for such rep.iirs, H•ithout unp obli~~ttion un its part to determine the validity or nece;sity of anp
thereof and witho~t the Mortgagee waiving ~~r uffectir~; any oplion, iiYn, e.auity or ri~ht under or b~• virtue of this mort~aRe;
and ttu~ full atnount uf es.h und e~~ery aucl~ p:iynu~nt shall be iitunrdicitely ~lue an~i psyable• and shall bezr interes! from the
date thercrof until puid :~t the r<xtc: oC eiqht per c~~ntum per .u~num, sin~~, tuqc~th~~r w~itii surh intere;t, sha11 be secured by ihe
lien of this n~ortgage; but nothin~ }terein cnntainc~el shall he constn~ed us requirin~ thc~ ~iurtgakee to advxnce nr spend n~nneys
for any of the purpuses in this para~iph mentioru~cl.
7. That (a) in the event of any breach of this martga~;e or defuult on the part of the 14ortqagors, or (b) in the e.ent
anv of ~<<id suius of money herein mferre~d to be not promptly an~+, fully puid H•ithin fiftcen duS~s next aLter the ~ame severally be-
come due and payabla, without demand or notice, or (c) in the event Aach and every the stipulations, conditions and covenants
of said pmmissory r~ote and thia mortgage, any or either, are not duly perfornied, complied with and abided by; then, in either
or any such event, the said ag~re~ate sum mentionecl in aaid pro~niasory note then remainin~ unpa;d, with interest accrued,
ar~d ull muneys serure.~ here?~y, shall become due and payable forihwith, or thercafter, at the uptiun of said Mortqagee, as fully
and conrpletely as if all of the ~aid sums of money were originally stipulateci to be ~aid on such day, anything in said promis-
sory nute or in this mort~age to the contrary notwithstandinK; and thereupon or t~erE~uf!er, at the opt~on of t}~e Mortgagee,
without notice or demand, suit at lax• or in equity, theretofure or thereafter begun, ma5• be prosecuted a~ if all nioneys
aecured hereby had matured prior to its institution.
8. That if any suit shall be instituted to foreclose or reform this mo~~~;a~;e aiid/os to enforce payment of any claims
hereund~r, the Mort~agee shall be entitled tu apply at any time pending auch suit, tu the C~urt ha~•ing jurisdiction thereof,
for the appointment of a Receiver of the mort~;aged property xnd of ~il and sii~:;~ilxr the rents, income, profits, is~ues and
revenues thereof from whatever source derived, each and every of which are rxpre~sly mortgageci by this instrument; and
it is hereby expressly covenanted and agreed that thereupun such Cuurt shall forthwith appoint a Receiver of said mortgaged
property, and of all and sin~vlar the rents, income, profits, issu~~; and revenues thereof from ~vhatever source deri~~ed. ~vith the
usual powers and duties of receivers in like cases; arid such appointment shall be made as a matter of strict ri~ht to the
Mottgagee, and without reference ta the arlequacy or inadequacy of the value uf the property h?reby mortgaged, or ta the
solvency or in.solvency of the Mortga~ors.
9. That Mort~a~ors Iiereby assign, transfer and set over to bSortgaqee, up to the amou~it of the tot~31 indebtedness
secureil hereby, all awarde3 of damag?a in conner.tiun with Lhe condemnution of .iny of ~aid prop?rty for p~blic use or for injury
to any pnrt thereof, and the proceeds of ~Il such awards, afier payrnent of aii reasonable expcnses incurred, includinq fees
for attorneps representinq Mortga~ee in uny proceedin~ in which any such award is m~de, shall be paid tu :tiSortgagee to be
applied upon the indebtednese hereunder in auch manner as Mortgaqee may elect.
l0. That time ia of tl:e essence of tnis contract and no waiver of any obligation hereunder or of t,he obligation secured
hereby shall at any time thereafter be hetd to be a wair~er of the terms hereof or of the note secured herebY.
11. Without affectinR the liability of uny person (other than any person releast~cl pursuant hereto) f~r pAyment of
siny indebtet3ness secured hereby, and without affectinK the prioritY or extent uf the lien }tereof upun any property not speci-
fir.illy released pursuant hereto, Mortga~ee may at any time and from time to time, without notice and without limitation as
to any lega! right or privile~e o1 MortKagee:
(a) Release any persan liable fnr payrnent of any indebtedness secured hereby; (b) Extend the time or .iRree to
alter the teiTris of plyment of any of the indebtedr.~~ss; (c) Accept additional security of ang~ kind; (d) Release anp property
securin~ !he indebtedness; Ir) Consent u~ the creation uf any easement on or over the premises or any covenants reatnct~nQ
use or occupuncy thereof.
12. To duly perforni, comply with and abide by each and every the stipulutiuns, condieiuns and co~~enants in s~sid prum-
issory rote and in thia mortRaae aet forth.
13. As :idditional security thc N4ortKagur~ do her.•by trarLVfer, aasi~,rn and set o~•er t,~ lhe sztid Diort~a~;ee, its succes-
s.~rs ur assi~,~ns, any und all rents now due, or to bt~•anc~ ~lue, on the u~o~~e described pr~rYii~es or .iny sep.irate rental premise
app~rtenant therrto, which ~re situ~_red un the land above desrribed; such rt~nts to be collE~~ted bv ur at the direction of the
Mortg:?qee•, its ~ucce,sors or ussi~tu, and the net prnceeds thereof to be applied to tne indebt.xiness hereinbefore secur~nj, ris and
when the same shall bernn;e due anJ payable; a.nd for the purpuse of cxrryin~ out this provision the Mort{;ugors do by the~
presc~nts, cun.,titute and appoint said Murl~;a~ee, ar the s~~ccrssars or assi~ns of the sairi Mortgaqee, as his, her or their true
and lawful attorney-in-fact, to collect any und a!1 rents for s~id above described premisrs, expressly authorizin~ th~: Mort~a-
geP or its succ~~,sor5 or assiKn~ to re.•eipt tt•n~snts then:for, an~1 do by these presents tatify .+nd confirm any and all acts of
~aid attornry-in-Ixct in rel~tion tu the fu:eRaing power.
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