HomeMy WebLinkAbout2958 ten~ier to the ~lurtgagee in uc~•or~lan~•~• Nith the pro~isiu~ui of tlie not~• ,~•~•ur~•~1 h~•r~•i~~, full E,a~iu~•nt ~~t t1~~•
entire indebtedness represt,ntr~1 th~~rrt,~•, tl?c~ ~iortKe~~~•e, as tr~i,t~•«•, ,l~nll, in rc~iii~,utii~~,? th~~ aiuuui~t of •u~~l~
indebtedness, eredit to the ac•~•ount of tlu~ ~lort •akor an~• c•reelit l,alnn~•~• rt~i~?aiiii!~k• un~l~•r th~• pru~~i:iun. ~?f ~~i)
of said paragraph 2. 1f there shall bt~ a dc•fuu~t under anr uf the pro~•isiuns of tl~is u?urtKu~~~ r~~sultii?~,? i:i
public sale at ihr premut~s co~•ered iiNreb~-, or if tl?e ~lortKt?~;~~e acyuires tlie pro~k~rt~- otL~~r~~~i;~• aft~~r ~1~•fault,
t}?e ~iortga{;ee~, as trusit•e. shall appl~•, at the tin?e o( the ~•mi~~u~~n~~~~n?t•nt of su~•h prurr~•,1ii?~;, ur at thr tiin~•
t}~e pmpert~• is otherH•is~ a~•yuimd. the an?ount then m~~iaininK to rrt•~lit of ~lort~t~~~?r utul~~r ~a} ~f ~,arukra}?L
preceding as a~•redit on thc~ inter~~st a~•~•ru~~d and unpaid and the balan~•e to th~• ~ui~u~
paTTFm~? r~~~uainii?~,• wip~?i~i
on seid notp.
4. He will psy all tauea, e~smente, ~vater ratea and other governmental or municipal chargea, finea~ or
impoeitions, for ~vhich pmvision hae not been made hereinbefore, and in default thereof the Mottgagee may pay the
same; and t6nt 6e will ptomptly deliver the oH'icial reoeiptn therefor to the hlortgagee.
5. He will permit~ oommit, or suffer no wa8te, impairment, or deterioration of said property or any part thenwf~
except reasonable wear and tear; and in t6e event oi the failure of the riortga~,tor to keep the buildinga on eaid
pmmises and thoee to be erected c?n said premiees~ or improvementa thereon~ in good repair, the Diortgagee may
make such repeira ee in ite discretiop it may deem neceaaary fur the proper preservation thereof, and the full amount
oi each and every such psyment shall be due and psyable thirty (30) daya ufter demand, and shall be eecured by
the lien of thia mortgage.
6. He will pay a!! and singular the costa, chargea, and e~cpensea, including reasonable lawyer's feea, and oosts
of abstrACts of title, incurred or paid at any time by the Mortgagee because of the failure on the pari of the biortgagor
promptly and full~ to perform the agreements and oovenants of said promiseory note and this mortgage, and said
oosts, charges, and expenses shall be immediately due and payable and ahaU be eecured by the lien of t6is mortgage.
7. Ne v~ill oontinuously maintsin hazard insurance, of such Lype or tvpee and amounta as ~iortgagee may
from time to time require, on the improvements now or hereafter on said premises, and e~cept ahen pasment
!or all suc6 premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptl~ v?hen
due anf premiums therefor. All insurance shaU be c$rried in companiea approved by 111ortgagee and t~e poli-
ciea and rene~als thereof s6all be held by :1lortgagee and have attached thereto loss payable clauses in fav~r of
and in form acceptable to the ;~lortga~ee. In event of loss he w~ill gice immediate notice by mail to ~lortgagee~
and ~lortgagee ma~ make proof of ioss if not made promptlp by 11'Iort,gagor, and each insurance oompany
concerned is hereb~ authorized and directed to make pasment for such loss dit~ectly to :1lortgagee instead of
to ~lortgagor and . iortgagee jointly, and the insurance proceeds, or anp part thereof, mes be applied by 111ortr
gegee at tts option either to the reduction of the indebtedness hereby secured or to the resturation or repair of
the property dama~ed. In e~ent ot foreclosure of this mortgage or other transfer of title to the mortgeiged
property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the ~iortgagor
m and to anv insurance policies then in force shall pess to the purchaser or grantee.
1f th~~ pr~~ii~i.~~~, or:in~~ part tlu~mof. bt~ ~•onJ~•nine•<1 unil~~r tLc~ {w~~-~~r of ~~~uin~~nt don~uii?. or:i~•yuir~•~1 f~~r
j e~ pui?li~• ust•. tlu• daina~?~~s awar~lc•~l. t)i~• pm~•t~~~~ls fot th~~ takin~; of. or tl~~~ ~•onsideratio~i fc~r su~•h a~•yui.itiun. t~~
= th~~ ~~xient ~~f ih~~ full u~u~unt of th~• r~•n~ainin~ unpai~i in~l~ht~~~iu~~ss se~•urn~l b~- this ruF?rt~;a~~~. ar~~ lu•r~•I?~
~ assi~nt~d to tli~• ~1or1~aK~~e. an~l his lu~irs ~?r ussiKns. un~i sl?ull tx~ paiil (orthH-ith to sai~! ~1~~rt~a~~•~~ ~~r lii~
S assi~nrc~ to iH~ api?lit~~i un a~•~•ount of th~~ la.t n~uturinK in~tallnu~~it~ of .u~•1? ind~•Li~•~In~•.~; pr~?~•i~l~~~l. li~~~~-~~~~~•r.
` tht~ \1~rt~a~~v~ or his assiKne~c•, niu~- ut I~i~ d~~~•r~~ti~n; pa~- ~Iirnrt to t1u~ ~Iurtk~?~;or, his lu~ir~ ur u,si~ns un~- ~rt
t ur ull ~?f su~•h a~sard: pro~-ul~~~l, tliat if th~~ I~~:in i: y~uarunt~~~~~1 or insur~~d, th~~ ~onsent uf tiu~ k~u?u•unt~~r ur in.ur~•r
; i. ~~bt:iitu~~! in a~i~-anc~ of said pa~•~u~~nt.
} The ;~iortgagee may, at any time pending a suit upon this mortgage, apply to t6e court ha~zng jurisdiction
; ~ thereof for tAe appointment of a receiver, and such court shall forthwith appoint a receiver of the pmmises covered
~ hereb~• all and singuiar, including all and singular the income, pm6ts, issues, and revenues irom whatever source
~ derived, each and every of which, it being expressly undeistooci, is hereby mortgaged as if speci6cally set forth and
~ described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
~ equity and a matter of absolute right to said Mortgagee, and a~thout mfcrence to the adequacy or inadc~quac~• of
the ~~alue of the property mortgRged or to the solvency or insolvency of said :Viortgagor or t'~e~defendants. Such
~ mnt~s, profits, income, issues, and revenues shall be applied b~• such receiver according to the lien of this mortgage
r and the practice of such court. In the event of any default on the part of the 1lortgagor hereunder, the liortgugor
N agrees to pay to the 1lortgagee on demand as a reasonable moothh• mntal for the pmmises an suiount at least
v equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
t ~•ear plus the actual amount of the annual taxes, assessments, aater rates, and insurance premiums for such year
~ not co~•ered by the aforesaic3 monthly pa~~ments.
~ 1~~. In the event of any breach of this mortgage or default on the part of the Tiortga{;or, or in t6e event that
any of said sums of money herein refermd to be not prompth• and fulh• paid according to the tenor hereof, or in the
F~ event that each and every the stipulations, agreements, conditions, and co~•enants of said note and this mortqage,
are not duly, promptly, and fully performed; then in either or an~• such e.~ent, the said a~;rt>Aate sum mentioned
- in said note then remaining unpaid, Rith intcrest accrued to that time, and all monecs secumd hemb~•, shall become
~ due aod pa~~able forthaith, or themafter, at the option of said ~lortgagee, as full}~ aud cumpletel}• as if all of the
said sums of mone}• were originalh• stipulated to be paid on such da~•, an~•thing in said note or in this mortgage to
ti the contrar}• notw•ithstsnding; and thereupon or therc~atter, at the option of said ~for:gagee, ~•ithout notice or
ti; dernand, suit at Inw• or in equity, ma~• be prusecuted as if all moneS~s secured hereb3• had matured prior to its institu-
~ tion. The ~lortgagee may fomclose this nioriKage, a.5 to the ~mount so declared due and pa~•able, and the said
_ pmmises shall be sold to satisfv snd pa~• the ~ame together w•ith costs, expenses, and alloH~nces. In ca.se of partial
_ foreclosure of this murtgage, the mortqaged premises shall be sold subject to the continuing lien'of this m~,rtg:ige
- for the amount of the debt not then due and unpaid. In such case the provisions of tt?is paragraph ma~• sgain be
availed of thereafter from time to time by the ~lortgagee.
< 1 1. I~'o waiver ot any covenant herein or of the obligation :~ecured heret,y shall at an~• time thereafter t~e held
to be a~siver of the terms hereof or of t6e note secured hereby.
1''. The lien of this instrument shall remain in full force and effect during an~• postponement or extc~nsion of
the time of pa~~ment of the indebtedness or an}• part thereof secured hc~reby~.
; I:S. If the Mortgagor default in any of the covenanta or agmementa contained herein, or in said note, then the
l~iortgagee may perform the same, and all expenditures (including reasonat,le attomey's fe~91 made by the 111ortqa~ee
in so doinK shall draw• int~r~st at the rate pro~-i~lr~i f<,r in the prin~~ipn1 in~l~~t,t~~~ln~~s.s, and shall h~~ r~pa}-shle
- tt?irt~• (30) da~-s aft~•r d~•Iliflll(I, and, together K~itl? iuterc~t anel ~•usts ai•cru~~d the~rEV~n, sliall be s~~~•ur~•~l I~y.
t6is mortgage.
14. Cpon tl~e request of the ~fortgagee the ~iort#~a~or shall ex~~cutc and ~I~~li~er a suppl~rne•ntal nute or
not~•~ for the sum or sums ad~~an~•e~l b~• t}ie ~tort~;aKee for the all~~ration, nuut~~rnization, in?pru~•~~nu~nt, niau?-
l~~nanc~~, or r~~pair of said prnmi,~~s, for tax~~s or es~e~.sm~nts a~ainst the• tia~n~~ an~l f~?r a:~~- utli~•r pi~r~?os~~ xutlu,r-
- ize~l Lereutidf~r. ~aid note or notes shall be sec~ured i~ereb~• on a parit~~ w•ith and as fully as if the ad~~ance
e~•idenced thereb~~ w•ere inc~luded in the note first dc~sc~ribed al~o~•e. ~aid supplem~~ntal not~~ or notes shall bear
= :ntcrest ai thc :ate pro~•ided for in the pri~~cipaf iudeLtruuess n~ui sj~ali be ~a~•ai,Ie in approximal~•i}• ~•qual
,:l; monthl~• pa~-ments for such period as ma~~ be a~reed u~n b~• the creditor an~i ~~~bLor. Failin~; to a}?r~~~~ un th~
maturit~•, t~~F w~iiole of ti~e sum or surns .o ad~•am•ed ~I~al! t~~• due and pa~~abl~~ thirt}- (311) da~•s a(t~~r ~I~~men~l
b~- tl?e ~rnditor. In no e~•ent sl~all tiic maturit~• e~ten~l be~•on~l the ulu~nate taaturitj• of tlu~ n~~t~~ tir.t
described ebo~•e. .
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