HomeMy WebLinkAbout1627 :i. 1f ihc• tutal of th~~ pa~•ntrnt:e ma~l~~ b~• ,th~• \1~?rt~?e~~,n?r und~~r ~al uf ~,i?ra~raph 2 pn•~•~~~li~?K shall ~~xrr~~d
the amount oi pa~•mrnta artuull~~ mx~l~~ b~- Ih~~ ~I~~rtaK~~~~. i~?r ~;mu~ul r~~nts, tax~~. eu~i s+•~•ssnu~nis. s~icl insur-
an~•e premiun~s, as Nie ~•as~~ n~u~~lx~, surh r~~~~~:, ,hall b~~ ~•m~iit~~~l ~~~i sul~w~qurnt pa~•inrut:e to b~~ mad~• by thP
~lortKu~,n?r fc~r su~•h itc•nis ur,xt \lurt~;a~;~~r's option, sLull I,e rrfuu~IMl to ~1~?rt~;,~~;or. If, iwwr.r~~r, su~•li montl~ly
F~avmrnts sl~e~ll not L~~ sufli~•i~•nt to pa~• ,u~•1~ it~~m; when tl~e sum~~ :~hell h~~~•um~ du~~ i~nd p~~ i~blr, tlu~n the
\1ort~;e?Kor shaH pa~' to th~• ~lort~;:?~?~~~~ an~• amow~t n~~c~~.s,?r~ to n~xk~~ up tlu~ ~i~~fi~ii~u~•~•. tiu~•h p,t~•nu~n1 shell
b~~ madt~ w•ithin tl?irty (:it)) duc: :?ft~~r Hritt~~n noti~•~~ froni t~~r \turt~;~~g~•c~ ,t:?tink ~hr :iu~ount of th~ d~•fici~~ny,
H~hirii nolice t~~ay b~ gi~rn b~~ n~uil. If at an~ tiiu~~ tlu• ~1~?rt~e~,~r sh:ill t~~~~~i~~r to tlic ~lortge~,?r~ in a~•oonl-
ai~ce w•iti?1he pm~ isions of tlu• not~~ s~r~un~cl I~errb~•, full p~~•nu~nt of thr ~~ntir~~ in~l~~bt~•~inr:~, reprr~~ntM1 th~~r~~by.
the ~fort~;,~~~~ shall. in ~•omputing tlu~ amount of suc.h indcbt~•dn~:,s, ~•r~~~lit tu tli~~ uc~•ount ot tlu~ ~1i~rtKi?~;or at~y
cndi~ Lulutu~• r~~maininK ~uulrr th~~ pn?~ i~ions o~ (:i) of said paru~;ritpl? '2. 1 f t hrrn sli:~ll h~~ a d~~fault und~~r any
of th~ pro~ isi~~iis af ttiis ~ieortgarr rrsult iiig i~i a puhli~• sz?l~ uf ih~• pmtiii.~~. ~~u~•~~r~vl L~~rrb~•, or if tl?~ ~tort~agec~
acquir~~s tli~ prop~~rt~• othrrW~~~ aR~~r d~•(KUIt_. tlu~ ~1ort~;e?~;e~~ shul) ~?pph-, at thr ti~rn• of th~~ ~•omm~~iu•rment
of su~•h pn?c~~~tiliug. or at ttir timr thr prq{~ccta ic otli~rwis~ arc~uirn~l. th~~ amount tl~rn rrmainiuK to cn~lit• of
~lortga};or under (u) O~ ~21f71~I'21OII 'l pn~~~~ding as u cr~~~it un the int~•mct ar~~ru~~cl and unpaid an~i thP balance
to the• principal then remaini~~ u~ip:ud on sa~d notr.
4. He wiU pay all taxes, assesamente, ~vater ratee, and ot~-governmentai or municipal charges, fiaee, or
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee msy pay the
same; and that he will promptly deliver the o~cial reoeipti~ therefor to the Mortgagee.
5. He will ~ermit, commit, or sufier no waste~ impairment, or deterioration of said property or any p~?rt thereof,
except masouable wear and tear; end in the event of the failure of the Mortgagor to keep the buildings on said
premises and thoee to be erected on said premieea, or improvementa thereon~ in good repair, the Diortgagee may
make such repairs ss in its discretion it may deem neceasary for the proper presenation thereof~ and the full amount
of each and every auch payment shsll be due and payable thirty (.30) days after demand, and ahall be eecured by
the lien of this mortgage.
6. He will pay all and singulsr the costs, c6arges, and expenaea, including masonable lawyer's feea, and coste
of abstracts of titte, incun~ed or paid at an~ time by the Mortgagee becau~e of the failure on the part of the Mortgagor
promptl~• and fully to perform the agreemencs and oovenants of said promissory note and thie mortgage, and asid
costs, chargea, and expenses shatl be immediately due and payable and shall be secured by the lien of thia mortgage.
He will oontinuously maintain hazard insurance, of au~h type or tvpes and amounts as Mortgagee may
from time to time require, on the uuprovementa now or hereatter on said premises, and e.~cept v~hen payment
!or all such premiums has theretofore been made under (a) of paragraph 2 hereof he will pay promptly when
due any premiums therefor. All insurance shall be carried in compan~es appmved by 1liortgsgee and the poli-
cies and renea als thereoi shall be held by :1lortgagee and have attached thereto loss pasable clauses in favor of
~ and in form acceptable to the ~iortga~ee. In e~ ent oi loss he v~ill give immediate notice by mail to Mortgagee,
t and \lortgagee mat make proof of toss if not made promptlp by ~4ortgagor, and each insurance opmpany
± ooncerned is hereb authorized and directed to make pavment for auch loss directl~ to :1lortgagee instead of
x to :~iortgagor and ~iortgagee ointlv, and the insurance proceeds, or any patt thereo~, may be applied by Mor~
; gsgee at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
; the pmperty dama~ed. In e~ ent• of foreclosure of this mortgage or other transfer of title to the mortgaged
~ propertv in eatinguishment of the indebtedness secured hereby, afl right, title, and interest of the Mortgegor ±
m and to anv insurance policies then in force shall pas~ to the purchaser or grantee. ;
~ 8. The l~iortgagee may~ at any. time pending a suit upon t6is mortgage; apply to the court hsring juriadictioa ;
3 thereof for the appointment of a receiver, and such court shsll torthwith appoint a receiver of the premises covered ~
~ hembv all arid sin ular includin all and sin the income ~
~ g , g gular , profits, issues, and re~ enu~ from whatever aource
~ deri~ed, each and every of which, it being expmssly understood, ia hereby mortgaged as if apecifically eet forth and ;
~ described in the granting and habendum clauses hereof. Such appointment shall be made by such court sa s~n admitted
~ equity and a matter of absolute right to said Mortgagee, and without reference to the adequACy or inadequacy of
~ the value of the property mortgaged or to the solvency or insohency of said Diortgsgor or t5e defendants. Such
rents, profits, income, issues, and revenues shall be applie~i by such receiver according to the lien of this mortgage
; and the prectice of such court. Zn the ~vent of any default on t6e part of the Diortgagor hereunder, the Mortgagor
" agrees to psy to the Diortgagee on demand as a ressonable monthly rental for the pmmises an amount at least
; equivalent to on~twelfth~ (~z) of the aggregate of the twelve monthly installments p~yable in the then current
K yesr plus the actual amount of the annual taxes~ sssessments, water ratea~ and insurance pm.miums for such year '
~ not covered by the aforesaid monthly pa~•menta. '
~ 9. In the e~~ent of any breach of this mortgage or default on the part of the Diort.gagor, or in the event that
'~j any of said sums of money herein referred to be not promptl~ and fully paid accorcling to the tenor hereof, or in the
N event that each snd e~ery the stipulations, agreements, conditions, and covenants of Raid note and this mortgage
' are not duly, promptly, and fully performeci; then in either or anti• such event, the said aggregate sum mentioned
in said note then remaining unpaid, with intetest accrue~ to that time, and all mone~re aecured hereby, shall become
- due and pay able forthwith, or thereafter, at the option of said 111ortgagee, ss fully and completely as if all of the
;`i said aums of mone~~ were ori~nally stipulated to be paid on such day, anything in said note or in this mortgage to
- the contrar~• notwithstanding; and thereupon or themafter, at the ogtion of said Mortgagee, without notice or
:F demand, suit at law or in equity, may be prosecuted as if all mone}•a secured hereby had matured prior to ite institu-
tion. The liortgagee may foreclose this mortgage, as to the amount so declared due and payable, and Lhe said
= premiaes ahall be sold to satisfy and pay the same together R1th oosta, eapenses, and allowancea. In caae of partial
_ foreciosure of ~this mortgage, the mortgaged premises shall be sold subject to the oontinuing lien of this mortgage _
for the amount of the debt not then due and unpaid. In such case the provisions of this pat~xgraph may again be
availed of themafter from time to time by the 1lortgagee.
> 10. No waiver of any covenant herein or oE the obligation secumd hereb~• shall at an~ time thereafter be held
to be a waiver of the terms hereof or of the note secured hereb~•.
11. The lien of Lhia inatrument ahall remain in full force and effect during any postponement or extenaion of
-_3 the time of payment of the indebtednesa or.any part thereof eecured hereby.
12. If the Mortgagor default in any of the oovenant8 or agreemente contained herein, ar in said note, then the
Mortgagee may perform the eame, and all expenditw~es (including ressonable attorney'e fces) made by the MortgaRee
=t in so doing s6a11 draw interest at the rate pro~•ided for in the principal indebteclness, and shall be repayable
thirt~ (30) da~•s after demand, and, together w ith interest and costs accrued thereon, shall be secured by
_ _ this m~rtgage.
13. L'pon the request of the ~iortgagee the ~fortgagor shall execute and deliver a supplemental note or
notes for the sum or sums ad~ anced by the 1lortgagee for the alteration, modernizatiun, improvement, main-
tenance, or rcpair of said premises, for taxes or as.~essments against the same and for any other purpose author-
ized hereunder. Said note or notes s}~all be secured hereb~ on a parity with and as full~ as if Lhe ad~•ance
e~ idenced thereby were included in the note S~st described atwve. Said siipplemental note or notes sliall bear
interest at the rate pro~ ided for in thcs principal indebtedness a~d shall be payable in approximately equsl
monthly pavments for such period as may be agreed upon by the creditor and clebtor. Fail'tng to agree on the
maturity, t.fie abole of t6e sum or sums so advanced shall be due and pa}~able thirty (30) days after demand
# b} the creditor. In no e~ent ahell the maturity extend beyond the ultimate matutity of the note first
deacribed abo~e.
aoox 197 PA~E 1fi25