HomeMy WebLinkAbout2625 tender to the ~turtgukee in uccordanc•e xitl? tlie provisioi~s o~ the ~?ot~• s~•cured h~~r~~b~-, full pe~•n~ent ~~f th~~
entire indebtednesa represented therebv, the .Iltortgagq~l ~ itustN~, shall, in coniputiiik thi~ a~u~~unt of such ;
indebtedneas~ credit to th~ account af tl~e :11ortga~or an~• credit balancc~ rnu~ainin~; un~l~~r th~ pro~•isions o! (u) `
of eaid paragraph 2, li there shall be a default und~r anr of the. pto~~isions of this u~ortgu~~ rt~sultiuK in ~
public sale ot the premises covered hereb~-, or if llie :~tortgx~;c~e acqwres the propertr otherH•~s~• aftec clefauU,
the Mottgsgee~ aa trustee, st?all appl~~, at the time of the couimencement ot such proceeciinKs or at the tiiiu~
the propert~• is otherwise ac~quired, the stiiount then rFinainin~ to credit of !liortgaKor under (a) ~f para~rapl~ 2
preceding as a credit on tl~e interc~st accrued snd unpaid and tt,e balan~e to the prinripal tl~~n re~uai~iinR unpxi~l
on said note.
4. He ~vill psy alt tsxea~ aasee~ameate~ wster ret~ee~ and other governmental or municipal chargea, fioea, or
impoeitiona~ tor which pcovision hae not been msde herein'before~ and in default thereof the Mortgagee may psy the
same; i+ad that he wiU promptly deliver the o~cial reoeiptR therefor to the 1blurtgagee.
b. He ~?ill permit~ oommit~ or nuSer no waate~ impairment, or deterioration ot eaid pmperty or any psrt thereof~
p.xcept reasoneble wear and tear; and in the event of the fsilure of the Mor~tg,agor to keep the buildinge on aaid
premiae8 and thoee to be erected on eaid pre~ises~ ~ improvemente thereoa, in good repair~ the Mortgagee msy
make such repaire ae in ita diecretion it msy dea~n nebee~eary tor the proper preeervation thereof, snd the [ull aonount
of each and every such psyment spall be. due snd psyable thir~y (30) daya sfter demand, and shell be eecured by
the lien oi this mortgxge. , i"
6. He will pay all and singulsr the ooste~ chargea, snd eapenses~ including reaeonable Iswyer's feee, e?nd ooeta
of abstracte of title, incurnd or paid at any time by tbe MotE~agee becauee of the failure on the patt of the Mortgagor
promptly and fully to perform the agreemente and oovenants of eaid promiaeory note and this mortgage, and said ;
coets, chargea, and expensea shall be immediately due and payable and a6all be eecured by the lien of this mortgage.
7. He will c~ontinuously maintain hazard insurance, of such type or types and amounts as Mortgagee msy
from time to time require~ on the impmvementa now or hereaiter on said premises and e.tcept when payment
for all such premiums has theretofore been made under (a) of paragrsph 2 hereof ~e will pay promptly when
due any preuuums thcrefor. All insurance shall be carried in compantea spprove~ by riortgagee and the poli-
ciea and renewsls thereof ahall be held by Mortgagee and havs sttached thereto losa paysble cTausee in favor of
and in focm acceptable to the Mortga~ee. In event of loss he will give immediste notice by mail to Mortgagee,
and \iortgagee may make proof of ioss if not made promptly by Mortgagor, snd each inaurance aompany
concerned is hereby~ authorized and directed to make payment for such lo~a directly to Mortgagee instead of
to l~iortgagor and Mortgagee Jointly , and the inaurance proceeda~ or any part thereof~ may be applied by Mor~
gagee at ita option either to the reduction of the indebtedness hereby secured or to the rest~raUon or repair of
the property dama~ed. In event of foreclosure of thi~s mortgage or other transfer oi title to the mortgaged
property m eutingu~shment of the indebtedneea secured hereby, a~l right~ titlo~ and interest of the Mortgagor
u? and to any insurance policiea then in force shall pass to the purchaser or grantee.
8_ If the preniis~~s, or fln~- purt th~rnof, Fx~ condc~mncd under the poH•er of eminent doniain, or a~•yuir~•~i f~?r
a puhlic use, tlie ~ia~na~c•s aw•anled, th~~ pro~•~~~~~I, r~r ca~:~~~K or, or th~~ consid~ratioe~ for su~•1~ ac•~{uisition, tu
, the extent of th~ full amount of th~ rnn~ainin~ unpaid ind~bteclnc~ss se~urrd b~• thu u~ort~;u~~~, ar~• h~•r~~b~-
assikned to th~~ ~1ortKaKe~, and his lieirs or tissiKns, aud SI18~I ~C PIIItI ~O~tItN'ltll to suici ~IortK~~?~•~• or I?is 4
assiKue~ to tx~ applied on a~•~•ount of the last inaturing installments of suct~ indebtedness; pro~-idt•~I, lio~4-~~~-e•r,
the ~iortKuke~~ or his sissiKnec, ~na~- at his discretion pa~- direct to th~ ~tortga~or, his h~irs or a~.sig~~s an}• purt
or ull of suci~ aw•anl; pro~ided. that if th~• lonn is ~uara~~te~•~I or insured, th~ cons~nt of tl~e guarantor or insur~•r
i, obtaincd in nci~•ance of said pa~•~nc~nt,
~ The Mortgagee may, at any time pending a suit upon this mortgage, a 1 to the court ha
! pp y ving jurisdiction
; thereof for t,he appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
z hereby all and singular, including all and singular. the income~ profits, issues, and revenues from whatever source
F derived, each and e~~ery of which, it being expreasly understood~ is hereby mortgaged as if apecifically set forth and
I described in the grantiag and habendum clauses 6ereof. Such appointment shall be made by such court as an admitted
~ equity and a matter of absolute right to said Mortgagee, and without reference to t.he adequacy or inadequacy of
' the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
~ rents, profite, income, issues, and revenues shaq be applieJ by such receiver according to the lien of this mortgage
~ and the practice of such court. In the event of any default on the part of the 11'Iortgagor hereunder, the Mortgagor
' agrees to pay to the 114ortgagee on demand as a ressonable mont.hly rental for the premises an amount at least
~ equivalent to one-twelith (~f 2) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual atnount of the e?nnual taxes, asse~nnents, water rates, and insurewce premiums for sach year
~ not covered by the aforesaid monthly payments.
> lo. In the e~cent of any bmach of this mortgage or default on the part of the Mortgagor, or in the event that
any of said eums 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 duly, promptly~ and fully performecl; then in either or any such e~ent~ the said aggregate sum mentioned
~ in said note then mmaining unpaid, with interest accrued to that time, and all mone~~s secumd hereby, shall become
due and pa~•able forthwith, or thereafter, at the option of said hiortgagee, as fupy and completely as ii sll of the
said sums of money were originally stipulated to be paid on such da~•, an~~thing in said note or in this mortgage to
~ the contrary notwithstanding; and thereupon or themafter, at the option of said Mortgagee, without 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 A'Iortgagee may foreclose this mort~age, as to the amount so declared due and pa~•able, and the said
~ premises shall be sold Lo satisfy and pa~~ the same together aith costs, expenses, and allowances. In ca.5e of partial
~ f~reclosum of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage
for the amount oi the debt not then due and unpaid. In sucb case the pro~isiona of this paragraph wa~• again be
availed o! thereafter from time to time by the 1lortgagee.
_ 1 1. No waiver of any covenant herein or of the obligation secured hereb~• shall at an~• time thereafter be held
to be a waiver of the terma hereof or of the note secured hereb~~.
_ I''. The lien of this inatrument shall remain in full force and efTect during an~• postponement or extenaion of
the time of payment of the indebtednesa or any part thereof secured 6ereby.
If the Mortgagor default in any of the covenanta or agreements contained hereie, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attoroey'a fees) made by the 111ortgaRee
_ in so doinK shall draw• int~rest at the rate pro~~id~d for in the prin~ipnl indebt~~ln~ss, and shall bc~ mpa~•able
,;=4 thirt~• (30) da~•s after demand, and, together with inter~~st and rosts accrued tliereon, stiall be s~~cured by
this mortgage.
14. Upon the request of the ~fortgagee the ~iort~a~;or sh$ll e~ecute nnd d~liver a supplernental note or
_ notes for the svm or sums ad~•ance~l by lhe \iortgagce for the alteration, modernization, impro~•e~n~nt, main-
_ tenance, or repair of said premiscs, for tax~~s or as~essments a~ainst the same an~l for an~- oth~r purpose author-
ized hercun~ler. Said note or notes shall be secured hereby on a parity wit6 and as fully as if tl?e ad~-ance
e~ idenced thereb~• H ere inclucled in thc note first Jescribed abo~ e. Said s~~pplemental note or notes sliall bear
_ interest at the rate proti•idcd for in the principal indebteclness and sl~all be pa~able in a~proximateh- c~quat
- monthly pa~•me~nts for such period as ma} be a~reed upon by the creditor and debtor. Faihng to a~;rer on the
maturity, t~e w~hole of the sum or snms so ad~anced shnll be due and pa~•able thirt~~ (30) cla~s s~t~r dcmat~ci
bY the crcditor. In no erent shall the maturity extenJ be3•ond the ultimate r_~eturit~• of t6~~ nnte tirst
~ described above.
- bOCK1J9 PJIGE~,2~
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