HomeMy WebLinkAbout2282 lf th~~ t.~tal of tlu~ ~~a~n?rntc u~x~it~ b~• ti~~~ ~lun~;~~~r uud~~r ~al ut ~~are~rx~?1~ '3 pn•~•~•~liu~ ;iinll ~~~~•~~~~d
th~~ nm~?unt ot ~-,a~~mrnts artuall~~ ~ux~l~• b~- tt~~ ~(urUl~;~~~. fu~1! ~;roluKl n•ut.. ~ax~~s xn~t a.:~•..~w~~nts. an~1 in,ur-
an~~• }?r~•miurus. a.4 th~• re~~° il1M\'.fN~. su~•I? ~~r~•~~., ~hall h~~ ~~n•~lit~•~1 on sub,~~yu~•tit pu~uirnt. t~~ I~i• nta~lr h~• Ihc~
\lort~;H~~r f~?r su~•h it~n~s ur, at ~1urt~;N~;rr', ~?pt i~~n, •li~sp bc rrfun~i~~i to \i~?rt~;:?~;or. I(, how ~~~•rr..u~•1? ~~wnthlv
~a~'nu•ut, sli:ill not L~ si~ffiri~~nt tu pa~• .ueh ite~ns wh~~n th~~ same cliell h~•~•ome ~lur an~l pn~•able. ~I~rn ttie
~1ort~;ukur sli:?11 pa}• to th~~ ~l~~rt~;~?p;~•~~ ai~~• amount n~~c~•~.~ar~ to mak~~ up tlu• ~l~fi~iru~•~•. tiu~•h E?~~~•m~~nt shall
ix• mnd~• w•ithiu thirt~ 1:i0) da~•s uft~•r Wntt~~n notic~ irom t~?~~ \tort~;ag~~~ st,?ti~?~; th~~ amount ~~f th~~ d~•fici~•ny ,
whicl? u~~ticc may b~ gi~rn i~~ maii. Ii t~t an~ tin~~~ ~Iu~ ti~~ri~;u~;or shHl) t~~~uit~r t~~ iiu• ttonk:~r~~ iu iu•coni-
au~•~~ w•ith th~~ pm~ isiom of tlie not~• s~~~urc~ci h~•n~l?~•, full parm~~nt nf th~ ~ntim iud~~ht~•d~u~..~ mprr~•nt~~c1 tl~rr~•by,
tlu> >1~rtk:?g~~~~ shall, in ~•omputin~; thc~ unx~unt of su~•li indebt~~~ln~•~,, rr~•dit t~? ~h~• uc~•ount c~( t.6~~ ~lortk,?r ~~r Kn~
~•r~rlit l,alhrn•~• r~•n~ainine under th~~ pm~ icio~?s ~~f (a) of .aid pan?~r~pl~ lf thc•r~ sl«?II b~~ ei ~ic~fatilt un~l~~r Kny
~~f th~~ pr~~~•i:io~i. i~f this tuurt~~;~~ rr~iiltin~ in a puLli~• s,il~~ of tlu~ p[ti~mi,r. ~•o~•~•rtri hrrrb~•. or if thr ~tort~,*age~
acY~uin~ th~ pmp~rEt• otherw-i:sc~ att~•r d~~fault, ttic~ \turt~;~<<~ shall appl~•, at tlit• time~ nf tL~• ~•omui~~u~•rment
~~f .u~•L pn?~•~~~~iings or ut tt?c• tinu~ tli~~ pn~~fe~rt~• is ~?tht~rwi~~~ x~~quiri~d. ihc~ atuount ihrn r~•mainin~ to ~~re~iit of
~lort€,y,or undrr ~al c?f pHra=;raph 2~n~c~tiling a.a a~•rr~i~t o~~ th~~ intrrrst a~•cru~~l aud uupaid and the Lalance
iu th~• princ•ipal thrn rruianui~ uiipaid on s»ui not~~-
4. He will pay all taxes, aseeasmente, water rat~ea, and other governmental or municipal charges, finee, or
impositions~ for ahich provision has not been made hereinbefore, and in delault thereof Lhe Mortgagce may pay the
same; twd that he w ill promptt~r ~Be~iYer the~o~aial reeeipta+ therefor to the Mortgagee.
5. He will permit, commit~ or suPier no wesLe, impairment, or deterioration of said property or any psrt thereof,
except masonable aear and tear; and in the event ~ the failure of the I~iortgagor to keep the buildings on said
premises and those to be erected on said premieee, or improvementa thereon, in good repair, the 1liortgagee msy
make such mpairs as in its discretion it may deem neoeseary for the proper presen ation thereof, and the full amount
of each and e.~en such pa~~ment s6all be due and pey able thirty (30) day~s after demand, and shall be eecured by
the lien of this mortgage.
6. He will pa~• all and singular the oostze, charges, and eapenses, including mssonable law~•er's fees, and costs
of ak~tracts of title, incurred or paid at an~ time by the l~iortgagee because of the failure on the part ot the Mortgagor
pmmptly and full~• to perform the agreements and covenants of said promiesory note and thia mortgage, and eaid
n i... •M a• a a ?a.. ..a e?...n ....a i,.. .t;;. r..,;. ,.s .?;6~
COBLB~ C~IA['ge8~ and ea~is..ia &z:&u vc zs=u£-u'scc_:}'ssi~~ =isss ~.iJ~i•S~: ss_'-: - - - - - - - - - ' - 'o o -
7. He ~ill oontinuously maintain hazard insurance, of such type or tvpes snd amounts as :~iortgagee may
trom time to time require, on the improvements nov~ or hereatter on said premises, and e~cept a hen payment
tor all such premiums has theretolore been made under (a) of paragra~h 2 hereof he v~ill paf promptlv K hen
due an~ premiums therefor. All insurance shall be carried in compame~ approve~ by 111ortgagee and t~ie poli-
ciea end renea als thereof shall be held bc ~iortgagee and have attached thereto loss pavable clauses in favor of
and in form acceptable to the ilartga~ee. In e~•eut of loss he ~~ill give immediate notice by mail to ~iortgagee,
and ~lortga~;.e ma~ make proof of ioss if not made promptlv bv Mortgagor, and exch insurance c~ompany
ooncerned is herebs authorized and directed to make pa~ment for such loss directl~ Lo ~iortga~ee instead of
Lo Mortgagor and ~liortga~;ee jointl~, and the insurance pmceeds, or eny part thereo~, mas be applied by ;~ior~
gagee at its option either to the re~uction of the indebtedness hereby secured or to the restoretion or repair of
the property dacna~ed. In e~ ent of foreclosure of this mortgage or other transfer of title to the mortgaged
propert.~ m extii~uishment of the indebtedness secured herebp, a~ll right, title, and interest of the :~iortgagor
~ m snd to an~ i~~urance policies then 'sn force shall pass to the purchaser or grantee.
8. The ~iortgagee may, at any time pending a suit upon this mortgage; apply to the court having jurisdicti~n
thereof for the appointment of a recei~er, and such oourt shall forthwith appoint a rec~eiver of the pmmises co~ered
hereb~• all arid singular, including all and singular the income, proSts, iasues, and revenues from tvhate~er source
# deriyed, each and e~~ery of a hich, it being expressly undeistood, is hereby mortgaged as if specificall~• aet forth and
€ deecribed in the granting and habendum clauses hereof. Such appointment shall be made by such caut as an admitted
~ equity and a matter of absolute right to said riortgagee, and v~ithout reference to the adequacy or inadequacy of
the ~~alue of the propert~• mortgagc~ or to the solvenc}~ or insolrency of said '_1'Iortgagor or t5e defendants. Such
rents, pro5ts, income, issues, and revenues shall be applied b~• such receiver according to the lien oi this mortgage
and the practice of suc6 court. In the e~ent of any default on the patt of the Mortgagor hereunder, the ~iortgagor
; a~eea to pay to the Mortgagee on demand sa a ressonable monthly rental for the premises an amount at least
equi~•alent to on~tv~elfth (~j 2) of the aggregste of the ta elve montbly installments pay able in the then current
s yeer plus the actual amount of the annual taxes, assessmenta, aater rates, and insurance premiums for such year
'3 not eovered by the aforesaid monthly paS-menta.
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9. In the e~•ent of anv breach of this mortgage or default on the part of the D'Iortgagor, or in the event that
aaq of said suma of money hetein referred to t?e not pmmptl~• and fully paid according to the tenor hereof, or in the
event that each and e~erS the stipulations, agreements, conditions, and co~•enanta of said note and this mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
~ in aaid note then remaining unpaid, with interest accrued to that time, and all moBeys secured hereby, shall become
due and payable forthwith, or theteafter, at the option of said hiortgagee, as fully and completely ae if all of the
~ eaid sums of mone~• ~ere origi.nall~ stipulated to be paid on such day, any thing in said note or in this mortgage to
` the oontrary notv~ithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, guit at law or in equity, may be prosecuted as if all money~a secured hereby had matureci prior to ite institu-
~ tion. The ~Sortgagee may foreclose this mortgage, ss to the amount ao declared due and pa}•able, end the said
~ premiees ehall be sold to satisfy and psy the sume together with costa, eapenses, and allowances. In caee of partisl
foreclosure of thie mortgage, the mortgaged premises stiall be sold eubject :o the continuing lien of this mortgage
- for the amount of the debt not then due and unpaid. In such csee the provisions of this paragreph ma~ a~ain be
= avrWed of thereafter from time to time by the !~iortgagee.
; 10. No waiver of any covenant herein or of the obligation secured hereb~• qhall at any time theteafter be held
to be 8 waiver of the terma hereof or of the note secured hereby.
= 11. The lien of this instrument ahell remain in full force and effect during an}• postponement or extenaion of
- the time of payment of the indebtednees or an~- part thereof secured herebS .
_3 12. If the Mortgagor default in any of the covenants or agteemente oontained herein, or in said note, then the
- Mortgagee may perform the same, and all ezpenditures (including reseonable attomey'~ fees) made by the ;1~ortga~e
in so doing shall draw interest at the rate pru~•ided for in the principal indebtedness, and s}?all be repa}~able
thirty (30) da~•s after demand, and, toget6er with interest 8I1(~ costs sccrued thereon, sLall be secured by
~ this mortgage.
13. L?~on the request of the ~lortgagee the'~fortga~;or s6a11 execute and dcliver a supplemental note or
note,s for the sum or sums ad~ anced by the '~iortgagee for the alteration, modernization, irnpro~ cment, main-
tenance, or repeir of said premises, for taxes or as.aE~ssments against the same end for ~u~- other purpuse author-
- ized 6ereunder. Said note or notes sliall be secured hereb3 on a parit~- with and as full~ as if the ad~•ance
- e~ idenced thereby w ere included in lhe note first described abo~ e. Said supplemc+ntal note or notes sl~all bear
= interest at the rate prorided for in tl~e principal indebtedness and shaU be pa~•able in eppro?cimately eyua)
month3y pa~•meutx for such period us may be agreed upon bv the creditor and d~btor. Fail'~ to af;ree on the
maturity, t~e wLole of the sum or sums so acl~anced a~all~be due and pa~•able thirty (30) days after demand
; by the creditor. In no event shall the maturit~ eatend beyond the ulti~ate r~aturity of t6e note 6rat
~ described sbove.
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