HomeMy WebLinkAbout2187 tender 1o tl?e ~1ort~;age~~ in u~•~•or~lauce HitL thr pro~ibiuus of tl~e ~?ot~~ s~~~•ur~•~I h~~r~~l?~-, full ~,ti~~nir~U uf il~~~
entire indebtcdness repr~~sented thereb~•, the ~iortg~ee, as tru+te~~, shall, in ~•wuputii~~? th~~ uiuuunt ~~f su~•h
indebtedn~~s, credit to th~ a~•~•ount o( t~~e 11ortgaKor an~• credit balun~•c• rri~~uinin~? ~nul~~r ~h~• pru~•isiu~i. ~~f ~u)
of said paragrapli 2. 1[ therN shall lx~ a defautt under an~• of tl~e pro~•i~iu~is o[ this nu?rtKa~~~ r~~sultiu~; in
public ssle of th~ prnmises co~•ered liernt>~•, or i[ the ~lor~gag~•e a~•ywres thr pro~x~rt~- oth~~rH~is~• nft~~r ~I~~fnult,
the tiiortga~;ee, as trust~~~•,-sliall apE~ly, at th~~ time of the c•outnien~•rinent uf suciti pro~•~~~~~lin~;~ ur e~t th~~ tinu~
ihe propert~~ i.R other~~ise s~•quired, tl?e amount tl~en rnn?aininK to cr~•~lit of ~loriKa~c~r uu~l~~r (al of p,u•u~ruE,l~
preceding ss a credit on th~ intert~st accrued and unpaid and th~ balau~•e to thc~ pr~ncipHl th~~n n•iu;~ii?ink unp~ii~l
on sai~l notp.
4. He wiU psy all taaee~ asaeasmente, water rat~ea, snd other governmental or municipal cherges, fines. or ~
impoeitione, for which proviaion haa not been made hereinbe[ore, and in defeult thereof the Mortgagee may pay the
same; end that he will promptly deliver the official receiptt+ therefor to the 1~Iortgagee.
5. Iie will permit, commit, or auQer no weate, impairment, or deterioration of said property or any part theceof~
eaccept te~onable weat and tear; and in the event of the failure of the Mortgagor to l~eep the buildinge on said
premisea and thoee to be erected on aaid premieea, or im~rovements thereon, in good repair~ the Mortgagee may
make such repairs ae in its discretio~'it_n?ay deem n.~oeseary ior the proper preservation thereof, and the full amount
of each and every euch payment atiell be due and psyable thirty (.30) days after demand, and ahall be eecured by
the Gen of thie mortgsge.
6. He w~ill pay all and singular the coste, chargee, and expenses, including reasonable lawyer's fees~ an~ costa
of abstr~cts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agteements and oovenanta of said promiasory note and this mortgage~ and said
costa, charges, and expenses ahall be immediately due and payable and shaU be aecured by the lien of this mortgage.
7. He will oontinuously maintain hazard insurance~ of such Lype or typea and smounts as Mortgagee may
irom time to time requ've, on the unprovements now or hereafter on said premises, and eacept when payment
tor all such premiums 6as theretofore been made under (a) of paragreph 2 hereof, he will pay promptly ~hen
due any premiums therefor. All insurance shall be carried in oompaniea appmved by 111ortgagee and the poli-
cies and renewals thereof shull be held by ~fortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the ~lortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and ~iortgagee may mske proot of Ioss if not made promptly by Mortgagor~ and each insurance company
concerned is her~by authorized and directed to make payment for such loss directly to 11Tortgagee instead of
to 1lortgagor and Diortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by riortr
gagee at its option either to the reduction oi the indebtedness hereby secured or to the resturation or repair of
the property dama~ed. In event oi forEClosure of this mortgage, or other transfer of title to the mortgaged
property in extinguis6ment of the indebtedness secured hereby~ all right, title, and interest of the ~iortgagor
in and to any insurance policies then in torce shall p~ss to the purchaser or grantee.
R. If th~• prnmi.~~s, or:in~• part tlu~r~~of. bt~ ~•on~l~~i~u?r~l uml~~r th~• ~~~~•~~r af en~inent don?ain, or:ic•quin•~1 fur
a public use. tl~t~ ~IatnaKi~s a~~~anlc~~l, th~~ pro~•~•~~~Is for tlu~ tuking of. or th~~ ~•onsid~ratiou for ~w•h a~•y~us~t?un, t~~
iht• ~•xtent of tlu~ full aniount of th~~ r~~maining unpai~l in~lt•btedn~~ss sec•umd b~- thi.; inort~;:~~~~. ar~~ lu~r~~l?~
~ssi~nc~d to th~~ ~IortKa~;~~<~. un~l hi, h~~i~ or a~siKns, und shiill h~ pui~l forth~~-itl~ to sui~l ~lortki~r~•r ur hi•
a~.i~:ne~• t~ h~~ ap~>li~•~l on ac~~•ount of thr lu.t niaturin~; inctalln~ents of su~~l? indeLt~~dnt~~.; pri~~-i~ir~l, ho~~-r~-~~r.
the ~lort~;a~~~• or his a,ssiKn~~~~. IIIR~" 111 I113 lll•(~r~tion pa~- ~lire~~t ta tl~~ ~Iort~a~;or, l~is h~•i~ ur u.~i~n.:u?~- pn~rt
or ull o(.u~•h a~~-Hrd; pro~i~l~~d, tl?ut if th~• l~?an is ~;uarunt~•~~d or insun•d, th~ ~•on~c•nt of thc• kuurunt~?r ~~r insun•r
i. ohtitir.~~~l in u~l~-an~~c• of said pa~-uu~nt.
The biortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction
' thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises co~ered
~ hereb~• all and singular, including all and singular.the income, profite, issues, and revenues from phate~•er source
~ derived, each and e~•ery of nhich, it being expressly understood, is hereb3• mortgaged ag if specificall~• set forth and
~ described in the granting and habendum clauses hereof. Such appointment shall Ue made b~• such court as an admitted
~ equity and a matter of absolute right to said Murtgagee, and without mference to the adequacy or ina~ic~uac~• of
the ~•alue of the property mortgaged or to the solvency or insolvency of said l~iortgagor or the defendants. Such
~ rents, profits, income, issues, and revenues shall be applieJ by such recei~er according to the licn of this mortgage
~ and the ptactice of such court. In the event of any default on the part of the «ortgagor hereunder, the ~lortgagor
z agrees to pay to the :~lortgagee on demand as a masonable monthl~• rental for the premises an amount at least
equivalent to one-twelfth (l~f 2) of the aggregate of the twelve monthly installments pa~•able in the then current
year plus the actual amount of the annual taxes~ asgessmenta, water rates, and insurance premiums for such year
~ not co~ered by the afomsaid monthly pa~•ments.
~
~ 11?. In the event of anv bmach of this mortgage or default on the part of the ?~tortgagor, or in the event that
any of said sums of money herein referred to be not promptly and full~ pnid according to the tenor hereof, or in the
? event that each and every the stipulations, ~greements, conditions, and co~~enants of said note and this mort~;age,
` are not duly, promptly~ and fully perfomied; then in either or an~• sucn e~•ent, the said ap,greqate sum mentioned
a in said note then mmaining unpaid, aith interest accrued to that time, and all mone~•s secure~i hemb~•, shall become
~ due and pa~•able forthwith, or thereafter, ut the option of said ~fortgagee, as full~• sud completel}• as if all of the
said sums of monc}• wem originally stipulated to be paid on such da}•, an~•thing in said note or in this mortgage to
~ the contran• notaithstanding; and themupon or thereafter, at the option of said 1lortgagee, w-ithout notice or
demand, suit at law or in equitp, mu}• be pro.~ccuted as if all mone~•s secured hemb~• had m.?tured prior to its institu-
tion. The :~lortgag~e ma~ foreclose this mort~age, as to the amount so declared due and pa~•ab1e, and the said
premises shaU be sold to satisf}~ and pa~• the same together w-ith costs, expenses, and allon•ances. In case of partial
~ foreclosure of this mortgage, the mortgagc~l premises shall be sold subject to the continuing lien of this mortKage
a for the amount of the debt not then due and unpaid. In such case the pro~•isions of this paragraph ma~• again t~e
' availed of thereafter irom time to time b~• the ~iortg~gee.
g^
No waiver of any covenant herein or of the obligation secured hemt?~• ~hail at an~• time thereaftt~r b~ held
to be a aaiver of the tetms hereof or of the note secured hereby_
The lien of this instrument ahall remain in full force and effect ~luring a~~• postponem~nt or extension uf
the time of payment of the indebtedness or any part thereof secured hereby.
l:t. If the «ortgagor default in any of the covenants or agmements contained h~rein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonablc attorne}•'s feesl mnde b3~ the :~fortq~Qee
in so doin~; shall draw- int~~rest at the rate pro~-i~i~~~l (c?r in thr iirin~•ipnl in~i~~ht~~ln~~cs, and ~hall h~~ rnpa~-ahle
thirt~• (30) dH~~s after demand, an~l, toKether ~cith tntcrt~st and ~~ust~ accrue~l th~~reun, shall be ~~~rurr~l by
- this mortga~;e.
1-1. t'pon th~ request of th~ ~fort~;agee the ~1ort~,•a~;oe shall esecute and ~i~~li~~cr a suppl~~mt~ntal note• or
- not~~: for the sum or sums ad~-an~~~•~l b~- the \lort~;a~;ec [or the alteration, mr?~1~•rnizatio~i, impro~•rrnc•nt, main-
t~~nanc~•, or r~~pair of ~aid pr~~mi~t•~, for tax~~e or a~~e~,~mc•nt~ a~ainst th~~ .anu~ en~l f~r A.~~• oth~•r p~ir~~~rs~• auth~?r-
ize~1 hereunde~r. ~ai~l note or notes si~all b~• secure~l hereb~- on a parit~• ~~•ith and xs [ull~- as it th~~ a~l~~ancf~
`~w` e~-i~lenred thereb~- w•ere inclu~l~d in th~~ note first desc~ribe~l at~o~-e. ~sid supplenu~ntal notr or notes sha11 bear
~ interest at the rate pro~•ided (or in the principal indebtedness am! shall be pa~•able in appmxinzate~l~- ~•qusi
:r} montfih- pa~•mt~nts for such perio<f as ma~• be arrec~d upon bc the creditor an~l ~1~I~tor. Failin~ to a~:re~~ on th~~
_ mnturit~, th~ ~~-hole of the sum ~?r ~ums w a~lcan~•e~! sh,ill be due nnd pa~•ahl~• thirt~• (:i1)) da~-s aftrr ~I~~me?n~l
b~• the cre•~litor. In no e~•ent sl~all the maturit~• extend bc~•ond t6e ultin~ate c_~aturit~- o[ tL~~ n~~tt~ fir.t
described abo~ e.
S~Rr ~oo F~f F
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