HomeMy WebLinkAbout1596 Mortgagor sbaUp~ to the Mortg~ee au,y amount aee~esar~ t,o make up ths de6cicac~. 3u~:h pqmeat ~11
be ~aa~de witluA thirtj (30) dps dter writteu aotioe f~n the Mortg~ee stating tl~e unouat oi tl?e de8cicasp.
which notice au~ bs ~iven b~ mail. Ii at~ny ~.itae tbe Mortgagor ehall ~ender t+o tha Morcgagee in aooord-
anos with tLs~ pro~ia~ons oi the noLs secwbd he~sby. fuU p~ymeat ot the eatire indebtedness repres~?at~ed
theraby~ the Mo~~gee shall, ia oumputwg the amaunt ot s~acli indebtsdness. credi~ to the aooount ot tho
M.~~gag~ sqy c+redi~ balaace remaiaiag under the provisions ot (a) oi s~id ph a. I[ there ahall be ~
del~uIt under aqy ot the ~mvisions o~ this anoriga~a resultiog ia s public eate oi e pnmisea oovered hereby
or it t,he Mortgagee ~cq~ures the pmperij otLerwi~e attet def~?ult~ the Martgy~es ehall,~lY. a0 the time o~
the oommeacemeAt ot such proceedings or ti tl~e lime the property iu otherwueacqu ~ tbe unoun~ then
remaining to credit oi Mortgag~r wider oi puagrap6 2 prec:~din~ ~?s credit oa R6e iaterest wcrued aud
unp~id an~ the bal~ace to tbe-princip~l tLea etim~ining uapaid on s~ud aots.
4. He will p+~ aD ta~oe~„ ~ee~ent~, wstee r~te~, ~d otbee tal oe muaieiP~1 oh~e~es. 6ne~ oe
impodtions, !ae whicD pmv~eion ha~ not beea msde Leeeinbetore, and~tbereof tbe Mort~es mRY P~U? ~
Nme; and tLat Ls will prompi~jr delivee tbe o~eial reoeipts t~herefor to t6s Moct~~ee.
b. He will pecmit, oommit, oc a~Uec no wasts, imp~i~meak ae deberfantion of satd p~operty aeatq paet tt~ereof
eoooep0 re~eonaWa wa~t wd tear• and in tLe eveat of Lhs hilure of tLe Mo:t~gor Lo keep Lhe buildin~s on er~i~
pe+emiees ~ad those to bs ereete~ on said pe~emises. or impro9~emeats t~reon, in ~ood sepair the Mort~ee my?
malce sueh repairs in it+s aiser~e~on it may aeem neoeeeary ior tbe pmper preeerr?ation therOO~, and tbe tuu amouat
at a~ch and every su~ p~yment sball be dus :nd p~aWs tLirf,~? (30) d+Urs ~fter demand, aad shall bs eecured b~?
tbe lt~ of t~ mortg~e.
6. He will p~y WI and dn~ular t6s ooeta, and e~peases, inolu~na nasansble Lwyer's faa, and oab
of abdtraota of title, inc+ured oe paid st ~ny time
bd
y~ort~a6es beo~zee of the failure on the psr! af t6e Moit~ot
Q~='~. fWbr t~o peiform the a~eementa and oovensnts of said promiaeory note snd thia mo~, ~~nd sdd
:ad expenses s6a11 be imm~edi~?teky due aad p~yable and shall be secured by !he lien ot t' mortg;a~s.
He will oontiauone~j maintain Lasard i~uranoe, of such t~pe or t~pes and amounts as Mortgagee ma~
f~rom time Lo time requu+e, on the improvemente now or hee+e~tter oa eaid p»m~see~ snd e~cept wLea p~yment
lor aII auch premiums L~s theretofore been made nnder ~(a) of paragraFh a Lereoi he will p~y promptly whea~
due any premiums theretor. AlI iffiuranoe ehall be carried ia eomPaa~es aPPmve~ by I~iartgagee and the poli•
cies and renawals thereoi shall be beld by Mortgagee and Lave stt~cLed thereto loas payable cLuses in f~vor oi
oes
and in form nooeptsble t~o the bi In event oi Loes Le will give immediate notice b~
mviJ to Mortgages,
•nd Mortgagee_ ms~ make pmot o if n~t aude promptly by Mortgagor~ and eac;h inaunuue compaR7
eoneerned is hereby~ autbori:ed and direeted to make pspym~~for such loes du+ect~ to Mortgagee b tead oi
to Mortgagorp
d Mortgag~ee jointly, and the insuranoe or aqy part Were~i map be ap 7ied y~ ~
~agee st its o tion eitLer to tDe ~+eduction of the indebtednees hereb~ eecured or to t~e restorat~on or re at ~
the property dama~ed. In eventi oi ioreclosure ot tbis mort~age, or ot~he~r tnasfer of tiile to the mortgsged
pa+operty in extinguishment oi the indebtednees eecw~ed Lereby, all right, title, and interest ot the Mortgagor
m aad to aqy insuranoe policies then in foroe ahall pss~s to tLe purc6~er or gr~ntee.
8. He will not ~cecute or Sle of record any i~trument ~vhich impoees s restriction upon t6e asle or occu-
pancy of t6e property descriLed herein on the baaie of nce. oolor, or creed.
9. If the premises, or any part thereof, be oondemned under the power of eminent domain, or scquired ?
for a public use~ the dsmages awarded~ the proceeds for the taking of, or the consideration for such acquisi- ~
tion, to the extent of the full amount of 6he remaining unpaid indebtednees aecured by this mortgage, are j
hereby assigncd t~ the Mortgagee, and 6is heira or aasigna, and shall be paid to~h with to said Mo
-rtgagee ?
or his ass~g n-ee W be epplied on account of t6e last msturing inst8llmeni~a of auc~ indebtness • provided~ 6ow- ~
ever, tLe Mortgagee or his assignee, may at his discretion pay direCt to the Mortgrig~or, hia ~eirs or assigna
, any part or aU of such award; provided, that if tLe loan is guaranteed or inaured~ the consent of the guaran-
tor or unsuter is obt,ained in sdvance af saidpa
yanent.
0
10. The biortgagee msy, st eny time ~endi'n -g a suit upon tLis mor apply to the c~ourt huvinR jurisdic-
tion thereof for the sppointment of a receiver, sad such oourt shall for Nnt~ s~rpomt a receiver of the premises
covered hereb~• all and singuler. includin~ all and singulu tha inoome~ pmfita, ~sues, and revenues irom what-
ever eouroe derived, each and every of which it being expresaly underatood. ia hereby mortgaged as if specificaUy
i eet torth and descnbed in tLe granting an~ hsbendum clauses hereai. Suc6 sppointment ahsll be made by
auch aourt aa an sdmitted equity and a matter of sbeolute right to esid Mortgsgee, and vvithout reterence to ~
the adequacy or inadequacy of the value of tLe p~operty mortgaged or to the solvency or insolrency of said ~
Mortgag r or the defendanta. Such rents, profita, inoome, issuee, aad revenues ahsll be spplied by such receiver ~
accord~"ng~ to the lien of this mortgage snd the practice oi such oourt. In the event of any default on the part
ot the Mortgagor hereunder~ the tiiortgag~or a~rees to psy to the vIo on demand as a resaonable monthlv ;
rental for the preanisee an amount at least equeva~ent to one-tweUth of thea~r~a te of tLe twelve monthly
inatallments psyable in the then currnnt year plua tLa actual amount of the annud ts.tea,._sssessments, water
rates, and insurance premiuma for such year not oovered by the aforesaid montLly psymente.
11. In tLe event of sny breach of tbis mortgage or default on the part of the Mortgagnr, or in the event ;
tLst any oi said suma of money herein referred to be not pmmpdy snd fully paid scxording to the tenor hereof~ ?
or in the event tLat each and every the ata'pulstions~ agreements conditions, end oovenente of said note snd
t6ia mortgage , are not duly~ promptly, and f~illy performed or i~ the 111ortgagor be adjudicated banl:rupt or ~
made defendant in a bankruptcy or reoeiverahi~ proceediag,s; tben in either or sny such event~ the said sggre- ~
gats aum mentioned in said note then rem unpaid, with interest accrued to thst time~ end all money ~
secured hereby s6all become due and payab~orihvvith~ or thereafter, st the option ot said 11iortgagee, as
tully and comp~etely as if aU tLe said aums of money'wei~e originstly atipulated to be paid on such day, an~- ~
thing in said note or in this mort~age to the oontrar~ notwithstandwg; and t6ereupon or theresiter, at the option ~
of said Mort~age~; without notice or demaud,_ swt at lavv or in- equity, may be proeecuted ua if all mone~-s
secured hereby_-had matured prior to its inatitution. The Mort~agee may fareclose this mo~tgsge, as to tf~e
amount, eo declared due snd psyable~ and the ssid premiees snau oe eoid to satisfy and pay the satne together
with costs ezpensea~ and allowancea. In case of partisl forecloeure of this mort~age , the mortgaged prem~ses
shsll be ao~d subject to the continuing lien of tLis mortga~e fur the amount ot the debt not then due and unpnid. #
In auch caee tbe provisions of th~s paragraph may again be svailed of tbereafcer irom tirne to time by ihe
Mo-tgagee. ~
~1 12. No waiver of any covenant kerein or of ihe obligstioa secured hereby ahall st anp time tUereetter be
Op held to be s waiver of the t,~rans hereof or of the note eecured hereby. i
1?f~ 13. The tiea of t~iie instrument shall remain in full force and effect during any postponement or extension i
tl af the time of payment of the indebtedness or any part thereof eeceu~ed hereby. ~
~ 14. 1'his mortgage ie given to eecure tLe purchsse money, or s part thereof~ of the lands herein described ~
y and is eiecuted and delivered contemporaneoasly with the dced therefor. _
a 15. Ii tLe Mortgagor default in any ot iLe oovenants or sgreementa contained herein, or in said note, then i
;j~ tLe Mortgagee may_per[orm the ssme, and all ezpenditures Cincluding reaeonable attorney's fees) msde by the
Mortgagee in eo domg sLall drsw interest at the rate provide~~ tor in the pnncipal indebtedness. aod ahall be
~ repayible thirty (30) dsys after demand~ and, together with interest sud ooata sccrue~ thereon, s6sA be secured
by t,h~s mortgage. :
16. Upoa tLe requeat of the Mort~ag~e the Mortgagor ahall e,xecute sad de4ver s aupplemental note or }
notes for the sum or auma advanced by t~e Mortgagee for tLe alterstion, modernizstion, improvement, main-
teuanoe, or rep~ir of said premises, for ta~ces or aeeesszuents agauist the sanie and for sny other purpoee sutlwr-
ised Lereunder. Said note or notes s6all be secared hereby on a puity with and ~a fuUy ss if the advance
evidenced thereby were induded in the note first described above. Said supplemental note or notes ahall bear