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HomeMy WebLinkAbout1630 ~ tender to the 4iurtga~ee in ~cconl~p~+~Mtth the~p~ot?i~~itu o( tl~e not~ ~curr~i I~Pn•bi-; full pa~•nicnt of 11~~~ 3 entin? i~debtrdae~a rapn~sented lhrr+~b~, the Alongagre?, ~s trustee, sh~ll, in coi~?putii?g t1~P au~ount ot sucl~ indebtedt?e~a. cr~dit to the ~ccount ot tl~e ~long~~or ~n~• cn?clit t,al~nco rem~ininK undNr tl~~ provisiona ot ot s~id ~ph lt there sh~ll be ~ def~ult undec ~n~ o~ the pro~•isio~a of tliis u~o~tgagP rnaulting in • puWic aste o the pr+emi~ea coveird t~Pr+rby~ or it the MongagrP scqutrea ~he propert~ otl~erv?~ a~tPC defsutt, tha Mortgagee+, ~s tcustee, ahall apply. at the time ot the coa~u~encenu~t ot such proc~linge or at the tim~ - the propert~ ~s otherwiee acquired, the ~mount then irmsining to crrdit of Morlgagor uncier (s) of p~re~npl~ 2 preceding a a credit on the ~nterest ucccued and unpaid snd the balance to tl~e principal then rrmaining u~~pn~d on said note. 4. He wlll p~y all tasee, aseeerrneats, wstet nte~, aod atbes~overnment~l at munieipal oh+?e~e0. Snes„ os ~ an~d thut hs w~ill~°vidon hae aot bee~ ao~de betors. and ia defwlt t~ee~eot tbe Mocti~6~e ~U? P~Y ~ . P~?P~Y delivec tbs uia~l ~pts theref~ to t6e btortg;ag~es. b. He wW peemit~ oommit, p~ pu~er na waa~e~ imp?irmeat~ or deteiiorstion of eaid proper~y o~ part thereoi exapR naeonsble weu ~ad tsa~• ~nd,~ia ti~e ~ep~,of ~t~e failure of t6e Mortg~or to keep the b~u'~ding,s oa a~t~ premieee aad thoee to be ereatec~ oa~ ssid pe+emiseey, ae impmvements tLereon, in sood repair the Mortgegee muy mske s~ch npaiis aa ia its discretioa it ma,y deeun m~oeesary tor the P~P~ P~~?stion thereo~~ and the full sanount of ee~ch and every such psyment ~hall be due and p~,y~?b~e lhirtY (30j daye after deteand, and ehsll be seouced by the lien of thie mort~e. . 6. He will psy all snd ein6ular the oosta~ and e~cpeneee, including reaa~nsble lswyer's feee, aad oasts of sbetc~cta of title, incarred or d st aa t3me ~ pai y by Mortgagee bec~uae of t6e fsilure on the part of the Mortgagor promptly snd fully to perform the a~reemente and oovenanta of eaid pmmieeory note and thia mortga~e~ and esid ooeta, chargea, snd expensea shsll be immediately due and psysble snd shail be eecured by the lien of t~us mortg~age. 7. He will continuoua~ maintain hszard insun?noe, of such type or typee and amounts as Mortgagee msy i trom time to time require, on the improvemeata naw or hereatter on said premises uad eaoept when psyment for all euch premiums ha~ theretofore been msde under of psn~g~sFh 2 hereof ~e ~vill pay promptly when _ due any pt+e~niums thc~refor. All inauraace aLell be carried in oompanies approve~ by riortqa~~ and the poli- cies and renewals thereof ahall be held by Mortgagee and hsve attached thereto laes payab2e cI~auses ia favor of and in form scceptabie to the Mo . In event oi loea he will give immedinte notioe by mail to Mortgagee, and Mortgagee may make proof~of~ if not made pmmptly by Mortgagor, and each inauranoe oompany uoncemed is hereby suthorized and directed to make payment for such loea directiy to Mortgagee u~at~ead of to Mortgsgor and Mortgagee.jointly, and the insurance proc~eeds, or any gart thereof may be applied by Mor~ gagee at its option either to the reduetion of tLe indebtedneea hereby eecured or to t~e restoratton or repair of the property dsma~ed. In event of foreclosure oi this mortgage or other transfer of tiWe to tLe mortgaged property in eztingu~shmenfi, of the indebtednees secured hereby, s~t rigLt, titte, and interest oi the Mortgag~or m and to anq insurance policies thea in foroe shall pass to the purchaser or grantee. 8. I[ tLe prn~uises, or an}- part thereof, be condenmed under ihe power of eminent- doniain, or acquired for a public use, tlie da~uages awarded, tl~e proceecls [or the taking o(, or the consideration for sucl~ acquisition, to the extent af the tull amonnt ot the remaining unpaid indebtedness secured b~ this mortgage, arn hereb~- assigmed to the Mortgagee, and his heirs or assigns, and shatl be paid iorthwith to said Niortgagee or his assignee to be applied on account o[ the last tneturing installments of such indebtedness; pro~ided, however; the ylortgagee or his sssipnee, u~a~ at his discretion pai direct to the Mortgagor, his heirs or assigns an~ part. or all of such awarci; provided, tl~at if the loan is gusranteed or inaured, the consent o[ the guarantor or insurer is obtained in advance of said pa~ i~ient. 9• The Mortgagee may, at any time pending a suit upon thia mortg,age, apply to the oow~t having juriediction t6ereof for the appointment of a reoeiver, and such oozu~t shall forthwith appoint a receiver of the premises oovered ber~by all aad singular, including all and singular the inoome, profite, iesuea, and revenues fmm whatever aource derived, each aad every of which~ it being expressly underatood~ is hereby mortgaged as if apeciScatiy aet forth and deecribed in the granting and habendum ctauses hereof. Such appointment shall be made by such court ss an admitted equity and a mstter of absolute right to esid Mort~xgee, and without rEference to the adequacy or inadequacy of the value of the pmperty mortgxgeci or to the solvency or insolvency of said Mortgagor or t~e defendants. Such rents, proSte. income, issues. and, revenuea shall be appliecl by such reoeiver acxording to the lien of t6ia mortgage and the practice of such court. In the event of any default on t6e part of the Mort~agor hereander, the Mortgagor agr~es to pay to the Mortgsgee on demand as a reasonable mont~ly rental for the premises an amount at least equivalent to one-twelfth (~s) of the sggregate of the twelve monthly instailmenta p~yable in the then current year plus the sctual amount of the annusl taaes, aeeeasmente, water ratea, and insuranoe premiums for sach year not covered by tbe aforesaid monthly gaymenta. ~ 10. In the eveat of any breach of tbia mortgage or default oa the part of the Mortgagor; or in the event that ; any of esid a~una of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the j event that each and every the atipulationa, agreements, conditione, and oovenants of said note and this mortgage~ f are not duly, promptly~ aad fully performed; then in either ur any aucb event, t6e said aggregate 8um mentioned ~ in said note then rEmaining unpaid, with interest accrued to that time, and all moneys secured hereby, s6all become i due and gayable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said suma of money were origtnally stipulated to be paid on such day, anyLhing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter~ at the option of said Mortgagee, without notice or : demand, suit at law or in equity, may be prosecute~ as if all moneys secure~! hereby had matured prior to its institu- ' tion. The Mort~agee may forecloee this mortgage~ as to the amount e~ dectared due and payable, snd the said ' premises shall be sold to satisf and ' y pay the same together with ooste, ehcpensea, end allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shalt be aold subject _to the oontinuing lien of this mortgage for the amount of the debt not then due and unp~aid. In suoh caee the provisiona of this paragraph may again be aveiled of t6ereafter from time to time by the Mortgagee. 11. No ~vaiver of any oovenant herein or of t6e obligation aecured hereby shall at any time thereafter be held to be a waiver of the terma herEOf or of the note eecur~ed hereby. 12. The lien of thia instniment shall remain in full force and eBect during any po~tponement or extension of the time of payment of the indebtedueea or any part thereof eecured hereby. 13. If the Mortgagor defsult ia enq of the oovenante or sgreemeats oontained herein, or in eaid note, then the Mortgagce msy perform the ssme, and all ezpenditurea {including ressonable attorney'e fees) made by the Mortga~ee in ao domg shall draw interest at the rate provided for in the principal indebtedness, and shall be repa~ sble thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. 14. Upoa the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes !or tbe sum or sums ad~ anced by tbe ltortgagee tor the alteTation, modernization, improvement, maia- tenance, or repair of said premises, for taxes or as.Qessments against the same and for any other purpose autlior- ized hereunder. Said note or notes ahall be secured hereby on a parity with and as fuily as if the advaace evidenced thereby were included in Lhe note 6rst described above. Said supplemental note or notes shall bear intereat at the rate provided for in the principal indebtedness and ahall be paysble in ap pro~imately equ~l monthly payments tor such period sa may be agteed upon by the creditor and debtor. Failing to sgree on ~he maturity~ the whole of the sum or sums so advanced shall be due and pa~able thirty (30) days aftcr demand by the creditor. In no event ahall t6e maturity extend beyond the ultimate r~aturity o! tLe note first described sbove. B~K ~01 ~1~ . ~ ~Y~ ~ ~ ~ = ~ ~ _ - - _ . ~mor .~"yr - _ .