HomeMy WebLinkAbout0833 ~and ahall ch~r perforn~. comply with and abide by eaeh and every the atipul~tiats, conditior~t~ and eovensntt of uid promiasory
note atd of this mortgage~ then this mort~age and the estate herrby created ahall cease ur~d be null and void
It is understood Wat the word '•mortgaeors," whether in the singular or ptural anyvrhere ia this mott~~e. ahall be
air?~ulu if one only and shall be plural juinUy and severally ii more than one. and that the word "their" as wed auywhere in }
this mortgage shall be taken to mean tua, he~ or its, wherever the conte:t so iniplies os admits. ~
And the Mortgagois hereby jointly and severally covenant and agree to and with the Mortgag~ee: i
1. To pry s?U and sir?gular lhe principal and intereat and the va~ious and sundry sums ot money payable by virtue of ~
said promissory note and this mortgage, each and every. promptly on the daya rnspectively the same sevety?11y become due. Tlie
Mortgagee may eoltect a"late charge" not to exceed an amounteq ual to two per centum (296) of any installment of Lhe ~wte
he~b}r se~:ured whicb is not paid within fi[teen (15) days after the due date thereof to cover the extra expense invdved in
handlu~g delinquent payments.
2 To psy when due and without mquiring any nolic~ fcom Mortgagee all and singular the taxea. aaaeasments. leviea~
obliQations and incumbraneea of every nature und kind now on said described property. and/or that hereatter msy be im- i
poaed. sutfered. placed. levied or assessed theneupon. and/or thut hernatter m~y be levied or a4sesaed upon this mortgage F
and/or !he indebtedness secured hereby, each and every. s?nd insotur as aqy thereot is oI reconl the same ehall be promptly ~
sat~ed and discharged o! record and the originnl ofticial document Isuch as. for instance, the taz reteipt or the aatiataction ~
paper officially endorsed or certified) shall be placed in the hands of said Mortga~ee wiUun ten days next atter paymen~ ;
3. To keep the improvements now existing or hereafter erected on the mortgaged p~vperty. and the equipment atd '
petsonalty covered by this Mortgage. insured as nwy be required frnm time to time by the Mo~tgagee ugainst bas by fire. ex- ~
tended coverage and sueh othec hazaids, c.lsu~lties and contingencie~ as may be required by ~ortgagee and will pa,y pmmptly.
when due. any premiums on such insurance. All insunince shall be in [orm and amounts aatisfactory to. end in imurance com-
paniea appmved by the Mortgagee. and lhe policies and renewuls thereof shall be held by Mortgagee and have attac}~ed thereto
- loss payable clauses in tavor of a~xl in form acceptable to the MoKgugee. In event of toss the Mortgagors will give lmmediate
notiee by mail to Mortgagee. snd ~dortgagee may make proof of losa it not made promptly by MortgaRora. and each insnranee
company concerned is hereby suthotized and directed to make payment for such lasa direetly to Mortgagee insLe~d of to
Mortgagors and Mortgagee jointly. and the insurance proceeds. or any part thereof. may be applied by Mortqagee at its option
eithes to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In evant
of foreclosun of this mortgage or other trans[er ot title to the mortga~ed pmperty in extinguiahment of the indebtedneas
~ecured hereby. aU right, title. and interest of the Mortgagora in W any iosuranee pol~ciea then in force sAall paas to the pur-
chaaer oc erantee.
4. To remove or demolish no building on said premises without the written conaent of the Mortgag~ee; to permik can-
mit or suffer tw wa9te, impairment or deterioration of said property or any par! thereof and to keep the same and improve-
ments thereoa in good eondition and repair.
5. To pay all and singular the costs. charges and ~penses. includin~ teasonable lawyer'a fces. la~vyer'e disburaemenis
and cost of abstracts of title, incurred or paid at any time by the Mortgagee becauae of the failure on the part of tha 1[orfg~-
gors to dul~ perform. eomply with and ubide by each ard every the stipulatior~ conditions and covenants oi taid pmmiewry
iate and th~a mortgaqe. any or eiiher.
6. T1~at in the event the Mortgagors tail to pay or discharge said taxea, aseessmenta, liens and incumbrancea. os soid
coats. charges and eacpenses. or fail to keep said premises insured or to deliver the policiea, premiums . or fail to repsIr t2~e
said premisea, as herein agrecd, the Mortg:.gee ~s hereby suthorized at its election to pay and/or dise~e asid tazes. asee~s-
mente, liens and incumbrances or any part thereof. to pay said costa. eharge~ and eacpensee. to pm~ver and pay for auch in-
surar~ee or to make and pay for snch repairs. without any obligation on its part to determine the validity or ne~eesity of any
thereof and witlwut the Mortgag~ee waiving or affecting any option. lien. equity or right w~der or by virt~e oi fhi~ mortgage;
and the full amount of each and every such payment s}wll be immediately due and payable and ahal: inter~t imm the
date tF~ereof unta'1 paid at the rate of eight per centumpe r annum. and, together witl~ such inteneat, t ~s exured by the
li~~ of this mortgage: but nothing herein contained shall be construed as n~quiring the Mortgagee to wd:anee or spend money~
for any of the parpoees in this paragraph mentioned.
7. That (a) in the event ot any breach of this mort~age or default on the part of the Mortgagors. or (b) jn the evet?t
any ot said suma of money herein referred to be not promptly an~ fully paid within rfteen days ne:t dter the same severally be-
come due snd payable~ without demsnd or notice. or (c) in the event ea~? and erery the stipulations. oonditions and oorenants
of aaid prombsory zwte and this mortgage, any or either. ar+e not duly pertormed. complied with and abided b~: thea. in eitber
or anny such event~ the said agge~ep~ate sum mentioned in said pmmiasory irote then remaining unpaid, witL u~terest uctued~
and all moneya secured hereby. ahall beeome due and payable forthwith. or thereafter. at the option of said Mortgasee a~ tully
and eompletely as if all of the said sums of money were onginally stipuluted to be paid on such day. snythine in aai~ pmmia-
aory mte or in this mortgage to the contrary ratwilhstandir?g; and thereupon or thereafter; at the option oi the 1[ortgagee,
without notice or demand. suit at law or in equity. theretofore or thereafter begun. may be pm~ecuted aa ii all moneys
eecured hereby 6ad matured ptior W its institution
i 8. That if eu~ eait ehall be instituted to foreclwa or reform thia mortgage and/or to entorce payment a~ any claims -
~ hereunder. tLe Mortgagee shall be entitled to apply at any time pending such euik to the Court hsvinQ jurisdiction thereof
~ for tbe appoiatment oi a Receiver of the mortgaged property and ot all and aing~ilu the rmfa. inoome. pmfits. iswea an~ _
revenues thereof trom whatever aource derived. each and every of which are exp~+essly mortgaged by t]ua iostr~unent; and
it is hereby ezpreesly covenanted and agreed that thereupon soch Court shall forthwith appoint a Recraver of said mo~~
pmperty, and of all and aingular the rents. ineome. profits. issues and revenuea theieof trom rvhatever soaree desived. nn't~ the
asual powen and dutiea of reeeivets in like cases; and su~ appointment shall be msde se a matter of ateict tight to the
ldortgagee. and without reference to the adequacy or inadequacy of the value of the pmperty hereby mortgaged. or to the
~olveacy or inaolver?cy of the Mortgagora.
9. 11wt Mortgagors heneby as4ign, transfer and set over to Mortgagee, up to the amount of the Lotal indebtedness
aecured here`y. all awards of damagee in coruiection with the condemnation of any oi said propertq for public uee or for injurq
to eny part thereof. and the proceeds of all such awards, after payment of all reasonable expensea incnrred~ including fees
for attorneys representinK ~dortgagee in any proceeding in which any such awa:d is made. shall be paid to Hortgagee to be
applied upon the indebtedness hereunder in such manner as Mortgaqee may eleek
10. That time is of ihe esaence o[ this contract and no waiver of any obligation hereunder or of the obligation secueed
hereby ahall at any time thereafter be held to be a waiver of the tern~s hereof or of the note secured hereby. •
11. Wlthout affecting the liability of any person (other than any person released pureuant hento) for psyment oi
sny Irdebtedness aecured hereby, and without affectinq the priority or extent of the lien hereof upon at~y ~mperty not speci-
tieslly nleased pursuant herelo. Mortgagee may at any time and from time to time, without notice and vinthout l~mitstion as
to any legal right or pri~ilege of Mortgagee:
(a) Release any person liable for paqment of any indebtedneea secure~i hereby; (b) Bctend the time or agree ta
alter the ternu of payment of any of the indebtedneas; (c) Accept additional security ot any kind; (d) Rel~ae any property
securing fhe jndebtedness; (e) Consent to the creation of any easement on or over the premisea or any oovenants reatrktinR
use or oavpancy thereof.
12. To daly pertorm. comply with and abide by each and every the atipulationa, conditions and covenanb in said ptom-
iswry note and in thia mortgage aet forth.
1S. As additional security the Mortgagors do hereby transier. asaign and aet over to the eaid Mortgagee. ib sueeea-
sor~ or assigns, any and a11 renta now due, or to become due. on the above deacribed premisea or ~tny separate rental premise
a~
ppurtenan! thereto. which are situated on the land above described; such rnnts to be collected by or at the direction ot the
ldortgagee. ita sueceseors ot aasigns, and the net proceeds thereof to be applied to the indebtedness hereinbefore sec~red. as and
when the ssme shal~ become due and payable; and for the purpoae of carrying out this prnvision the Mortgagots do by these
pnaent~, eonstitute and appoint said Mortgagee. or the suceeasore or sasigns o! the said Mortgaqee. as hia, her or their true
and larvtul sitorneY-in-fac~ to eollect any and aU renta for said above described P~m~. ~p~ly authoristnR the Hortga-
gee ar its weeesaors or assi~~ns to receipt tenanta therefor. and do by th~e ptrsents ratify u~d contirm any and all ut~ of
said attorney-in-inct in rel8won to the toregoina power.
s
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?011M NO. 7~F= ~ R 14~ 231
600K
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