HomeMy WebLinkAbout2287 Iendcr to the \lortg~ee in a~•~•onlan~•~~ H~ith the pruvi~iu~is of tlie not~~ +~•rure~l I«~r~~l?~~. full px~~nu~u! c?i th~•
entire indebtedness represented thc~reb~•, the ~iortga~;ee, a~ trustet~, sl?all, in computi~i~ th~~ s~iiount oi surli
indebtedness, creclit to tl~e acc•ount of the \lortgaRot any credit balance ren~aini~~~; un~l~~r thr pru~•isi~~~?c of ~u>
of said paragraph 2. lt there sl.~tl bc? a default under an~- ot the pro~•isio~?s of this uiort~a~r n~.ultin~; in H
• publir sale of the premises co~ereci hereb~-, or if the 4lortgx~rF acquires tl?e pmpert~• otiieru•i~~~ atter default, ;
the :~iortgsgee, as trustee, shaU appl~•, at the tiule of the co~n~nencement ot such proe~edin~,^s or at the tin?~
the propert~ ia otherwise acyuired, the s~noum thPn reinainin~ to crndit of \iort~a~or under (a) of pare~raph 2
preceding as a credit on the iniert~t accruecl and unpaid snd the halence to tl~~ pr~ncipal then rnma~nu~~; unpai~l
on seid note.
4. He will p~y all ta:ee~ seeeasmeat~e~ water rstee, snd other governmental or municipal chargea, fines~ or
impoeitions, for wLich proviaion hea not been made hereinbefore~ and in default thereof the Mortgagee may psy t6e
eau?e; and tt~t be will promptly deliver the oS'icial reoeipte therefor to the Murtgngee.
5. He wrill permit~ oommit, or suHes no waate, impsirment~ or deterioration of said property or any part thereof~
except res~onsble wear and tear; and in t6e event of the failure of the Mortgagor t~o keep tMs buildings on said
premises and thoee to be erected on eaid premieee~ or improvemente thereon~ in good repsir, the Mortgagee may
make such repairs aa in its diacretioa it msy deem nec~eary for the proper preeervation thereof~ and the full amount
of esch and every auch p~yment shall be due snd psysble thirty (30) dsy~e after demend, and e6all be eecured by
the lien of this mortgage.
6. He ~rill psy all aad aingular the ooste, char~ea, and expeneea, including reaeonable lawyer's fcee, and ooete
of abetra~cta of title, incurnd or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and oovenanta of eaid promiseory note and this mortgage~ and said
ooeta, chargea, and expensea shatl be :znmediately due and payable and shall be eecured by the lien of this mortgage.
T. He vvill oontinuously maintsin hazard insurance, of such type or types and amounts as Mortgagee may
from time to time require~ on the improvements now or hereatter on said premises and ezcept a h~n payment
tor 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 carcaed in oompaniea spprovec~ by 111ortgagee and the poli-
ciea snd renev~ ats thereof shall be held by Mortgagee and have attsched thereto loes pa3 able clausee in favor of
and in f~*~n acoeptable to the Mortga~ee. In event of loss he vriU give immediate notice by mail to Mortgsgee~
and Mortgagee may make proof oi ioss if not made promptly by Mortgagor, and each insuranoe oompany
ooacerned is hereby authonzed and d'uected to make peyment for such losa directly to Mort~a~ee instead of
to riortgagor snd Aiortgagee 'ointly , and the inaw~ance proceeds, or any part thereof, may be applied by 11Sor~
gage8 at ~ts opWon eitber to t~e r~uction of tbe indebtedness hareby secured or to the r~swrataon or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property m extingu~shment of the indebtedness eecured hereby, a~l right, title, and inte.rest of the 1liortgugor
m and to any insurance policiea then in force ahall p~s Lo the pucchaser or grantee.
R. lf t!?e prnniis~~, or au~- part ther~~of, lx~ c~on~lemuE>~1 under tt~e pow•er of e~uiuent don?ain, or :?c•yuir~•~1 i~?r
; a publie use, t)ie dau?agc~s aw=ardc~d, th~~ proct~e~ls for tlie takin~; ot, or tl?e considerati~n for ~w•h a~•c{uisiti~?n,
ihe extent of the full an?ount o( the~ remainin~ unpaid indebtedne~s securecl b~- t}?is u~ortga~e, arr i?t•ri~b~-
II~~I~IIP(~ l0 th~• \1orl~aKee~, und his liei~ ur as.cigns, und shall be paid forthw•ith to said \lortKu~:rr or iii~
assi~nee to tx~ applied on acc•ount of the last maturing installn~ents of sucli indebteciness; prc~~-id~~d, ho~sr~-c~r,
~ the ~lortga~ee or h~c assign~e, ~na~- at his d~~~retion pa~- ~lirect to the ~lortga~or, 1?i.~ h~irc ~?r a~.,i~m an~• purt
' or all oi suc•li aw~ard: pro~-ided, that if the loa:~ is ~uaraute~d or insured, the consent of th~~ Kuaratit~?r or imur~•r
; is abtaiued in ad~•ance of said pa~•nient.
S
~ The :~iortgagee may~ at any time pending a suit upon this mortgage, apply to the court ha~zng jurisdiction
g thereof for the appointment of a receiver, and such court shall fortha~th appoint a receiver of the pmmises corered
~ hereb~• all and singular, including all and singular the income, profits, issues, and revenues from ahatever source
~ derived~ each and every of which, it being expmssly understood, ia hereby mortgaged as i[ specifically eet forth and
~ described in the granting and habendum clauses hereof. Such appointment shall be mede by such court as an admitted
equity and a matter of absc,:~te right to said Mortgagee. and without reference to the adequacy or inadequacy of
~ the ~alue of the property mortgaged or to the ~olvency or insolvency of said Mortgagor or t:~e defendants. Such
; rents, profita, income, issues, and revenues shall be appliecl by such receiver according to t6e lien of this mortgage
y end the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the D'Iortgagor
agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premiseg an amount at least
~ equivalent to one-twelfth (~/y) of the aggregate of the twelve monthly installments pa}•able in the then current
;F year plus the actusl amount of the annual ta~ces, assessm~nts~ aater rates, and inaurance ptemiums for such Sear
a not co~ ered by the aforesaid monthly pa~ ments.
a 111. In the e~ent of any breach of this mortgage or default on the part of the ~'Iort.gagor; or~in the event that
- any of said aums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
- event that each and every the stipulations, agreements, conditions, and co~•enants of said note and this mortgage,
are not dulS ~ promptly~ and fully performed; then in either or an~• such event, the said aggregate sum mentioned `
in said note then remaining unpaid, with interest accrued to that time, and all mone~•s securecl hereby, shall become ;
due and ~•able forthR~th or thereafter, at the o tion of said :~iort
pa, , p gagee, as full~~ and completely as if all of the °
said sums of mone~• were origi.nall~ stipulated ta be paid on such da~•, anything in said note or in this mortgage to
the contrary notwithstandi
ng; sad thereupon or thereafter, at the option of said biortgagee, v~ithout notice or
demand, suit at law or in equity, may be prosecuted as if all mone~•s secured hereby had matured prior to its institu-
~ tion. The :~iortgagee may foreclose this mort~age, as to the amount ~o declared due and payable, and the said
~ premises shall be sold to satisfy and pa~• the same tagether Rith costs, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be eold subject to the continuing lien of this mortgage
for tl~e amount of the debt not then due and unpaid. In such case the pro~-isions of this paragraph ma~• again be
availed of thereafter from time to time by the :~lortgagee.
= l I. No waiver of any covenant 6erein or of the obligation secured hereb~• shall at an~• time thereafter be held
- to be a v~si~ er of the terma hereof or of t6e note secured hereb~•.
1''. ~e lien of thia instrument shall remain in full force and effect during an~• postponement or extension of
= the time of payment of the indebtedneas or an~• part thereof secured hereby.
13. If t~e Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
- Mortgagee may perform the same, and all expenditures (including reasonable attomey'e fees) made by the Mortga~ee
- in so doinK shall draw• interest at the rate pro~•i~l~d for in the prin~ipnl indebtedn~ss, and sha11 t~ r~pa~•able
_ thirt~• (30j da~•s after dc•mand, and, togett~er w•ith iuter~~t and costs acerued 1i~ereon, shalt be secured b}~
- this mortgage.
14. L: pon the requ~~st of the ~1ortFagee the ,Sort{;a~;o~ shall e~ecute and deli~•er a supplemental note or
notes for the sum or sums ad~•anced b~ the :~fort~agee for the alteration, modernization, impro~•c~m~nt, main-
tenance, or repair of said premises, for taxc~s or a~.~t~ssme~nts a~ainst the same and for aa~- othc~r purpos~~ suth~r-
ized hereunder. Said note or no~es shall be secured hereb~- on a parity w•ith and as fully as i( the ad~•ance
eridenced thereb~• ~•ere included in the note first described a}~o~•e. Said snppletnen~al note or notes shall bear
interest at the rate pro~ ided for in the principal indebtedness and s6a11 be pa~•able in ap prosimetel}• equal
:L_~ monthl~ pa~•ments for such period as ma~ be aKreed upon b~ the creditor and deutor. Failin~ to agrec~ on the
maturit~, tf~e v?hole of the sum or sums so ad~•enced si~ull~be due and parable thirt~~ (30) da}•s aft~r dcmand
b~ the crcditor. In no e~ent shall tLe maturit~• extend beyond lhe ultimate r_~nturit~• oi t6c~ n~te first
described abore.
~o~x1~~ P~~~~~~