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HomeMy WebLinkAbout2541 ~rndrr to the ~1urtKy~ee in rn~onfa~~•~ witb the pruva~onr ut ~I~e n~?tr ~rc•u~i h~•n~b~-. ~ul! {w~~u~rt~t ot ~i?~• eotitr indebtednew rnpn~senterl tl~~n~bv, the ~1ort~tgee, ~ truslew, rh~ll, in r~~n~puli~iK ~b~ atuow~t of suc•!~ indebtedne~s~ crrdit to th~ ac.~ow~t of tl~e 11on~agor ~n3• ct+eciu balu~n? rru~ainii~~ w~d~•~ ~ha pn?vaiu~~s nf 1~) of said ~ph 11 ther~ .ha!! be a~e~~lt uncl4e o~ thr provisio~u ot tl~is ~~?on~ ~rsullin~ in N puWic sale o the pre~uises covered hereM~ a tt the M6M~re~ acquuea tl?e propen~' AlI1PrM~wr aflrr ~Irfautt, the I?lott~agre, as tnutee, shall Rppl~, ~t the tinte o~ the couimenceu~ent of such proc~~ii~y~s o~ •t t1~P ti~~~~~ the propen~ a othe~vise acquireci, th~ a~riount then r+emainir~ to ~nti~it o111~ortKy~or umlP~ (a) of pwc~r~pl~ 2 preceding as a credit on the interest accrued ~nd unpai~t snc! the t,alance to thP principal then rnn?ein~uR unpR~d . on said no~e. ~ 4. He wiU p~,y all 4~ca, ~ermeats„ waLee nt~. and otber~o vernmeataJ oe mualcipal oha*[e~, 8ne~. or impo~Uon~, for whieL peovision haa not been made 6ereiabeiore~ a~ ta detault thereof fbs Mo~tp~ee ma3' PRY ~ ~ame; t,nd thnt Le wiU prompt~,y deKver the oBiaial raoeipts tberetor to the bt~rtgaaes. . : b. He wW permik oommit~ or sulfer no w~ate. impaicmea or det~ariontlon oE sai~ penper~y or tbereof i on p except rea+wnabb wear aad teu; ;nd in tbe event ot the f' ure of the Moct~or to keep t~M+ build~ on sai~ premisee snd those to be erected on eai~ premise0. or improvements thereon, in ~ood np~ir t6e Mort~ee may malce such repairs as in its discreuon it m~y deem neoeeesry for Lhe proper preservation thereo~~ aad t6e full amount o[ each snd every such psyment shall be due aad plY+~ ~Y ~ aitet demaad, and ehall be eeeuted by tbe lien of this mortga~e. 6. He will pi?y all and eioguLur t6e.oarte, glYuges, and espenses, inr.iuding rea~ne?ble bwyer's fees. snd ooscs of abatracta of title, incurred or psid st'sny~e~b ~be Mortgagee becsuee of the f~?ilure on t6e part of the Mortgagor promptly snd fully to perform t6e agreementa and oovenants af eaid promiee~ry note and thia mort~a~e. snd ssid ooets~ chsrgee~ and expenaes ~all~e iqQno~;diately due and paysble snd ehall be eecure~ by the lien d this mortgage. 7. He aiU oontinuous~y maint,sin hazard ineuraace, oi such type or types and amounts as Mortgagee may irom time to time reQuire, on the improvements now or heresfter on eaid premiaee and eaoept when payment tor all auch premiums haa tharetofore been made"under (s) of psragrsFh 2 hereof ~e will psy pmmptdy whea due any premiums thQrefor. All inaurance ahalt be carried ia oompatuea approvec~ by l~io ee and the poli- cies and renewals thereof sball be held by Mortgagee and have sttached thereto loes paqable c susee in fsvor of and in form acceptable to the Mortgagee~ In event of loea he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof oi Ioss if not made pmmptly by Mortgag~or~ snd ea,ch iasurance apmpany ~ ooncemed ia hereb authorized and directed Lo make payment for sucL Ioea directiv to Mortga~ee instead of 1 to Mortgagor and ~ortgagee jointly, and the inaurance pmceeda, or any part thereo{, may be sppled by Mor~ gagee st ita option either to the reduction of the indebted.neea hereby secured or to the restoration or repair of the property dsma~ed. In event of foreclosure of this mortgage or other t~raasfer of tatle to the mortgaged property in eatingu~ahment of the indebtednesa eecured bereby, afl right, title, and interest of the Mortgagor m and Lo any insurance policies then in force ahall pASa to the purchaser or grantee. H. 1f tl?e premise~s. or an~- purt tLeteof, be condemned under tlie power of eiuinent domain, or acquired for ! a public use, tlie damages aWarded, tLe proceeds for the taking o(, or the consideration for sucl? acquisition, to ~ the extent of tlie full an~ount of the remaining unpaid indebtedness secured b~• this uiortga~e, arn Ler~b~- . assigned to tl~~ Mortgagee, and l~is lieirs or assigns, and shaU be paid forthwith to said :Nortgagce or his ' assignee to be applieci on account o[ the last niaturing inslallments of sueh indebtedness; pm~ided~ I~oKe~er~ the ~iortga~;ee or his assignee, iua~ at his discretion pa~- direct to the Mortgagor, l?is lieirs or assigns an~- port or ail of sucii award; provided, that if the loan is guerantc~cl or insured, the consent of the guarantor or insurer is obtained in advsnce of said pa~u~ent. 9• The Mortgagee may, at any time pending a suit upon this mortgsge, apply to the oourt hsving juriadictioa ~ ther~of for the appointment of a receiver, and such oourt shall fortharith appoint a receiver of the premisea oovered hereby all arid aingular~ including all and singular the income, profits, isauea~ and revenues from whatever eouroe derived~ each and every of which~ it being expreasly understood, ie hereby mortgsged as if apeciScally eet forth and described in the granting and habenduan clauses hereof. Such appointmeat ehsll be made by such oourt as sn admitted eqaity and a matter of absolute right to said Mortgsgee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortg,sg~or or the defendanta. Such rents~ profits, income, issues, and revenuea aha~ll be applied by such reoeiver aocording to the lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agreea to pay to t6e Mortgagce on demand se a reasonable montbly renta! for the premises an amount at least equivslent to one-twetfth (~Z) of the aggregate of the twelve monthly instalimenta p~syable in Lhe then current year plus the actual amount of the annual taxea, seBessmente, water rates, and insuranoe premiums for such year aot covered by the aforesaid monthly payments. ~ 10. In tbe event of any breach of this mortgage or default on the part of the Mortgagor; or in the event that any of eaid suma of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that eac6 and every the stipulations, agreements, conditions, and onvenanta of said note and this mortgage~ are not duly~ promptly, snd fully performed; Lhen in either or any such event, t~he eaid aggregate sum mentioned ; in said note then remaining unpaid, with interest accrued to that time, and all money~ seceued hereby, ahall beoome ? due and payable forthwith, or thereafter~ at the option of said Mortgagee, as fully and completely as if alt of the eaid aums of money were origiaally stipulated to be paid on sucb day, anyLhing in said note or in this mortgage to ~ ' the contrary notwithstsnding; and thereupon or thereafter, at the option of said Mortgagee, wit6out notice or ~ demand, auit at law or in equity, may be prosecuted as if all moneya secured hereby bad matured prior to its institu- ~ 't tion. The Mortgagee may foreclose this mortgage, as to t6e amount ao deciated due snd payable, and the said ; premises shall be sold to satisfy snd pay the same Logether with cast8~ expenses, and allowances. 1n cs~e of partisl ! foreclosure of this mortgage, the mortgaged pmmises ahaA be eold eubject to the continuing lien of this mortgage ~ _ for the amount of the debt not then due and unpaid. In such case the pmvisions of this pars~raph may again be i availed of thereafter from time to time by the Mortgagee. ~ i I 1. No waiver of any covensnt herein or of the obligation aecured hereby shaU at any Lime thereafter be held ~ ; to be s waiver of the terms hereof or of the note eecured hereby. ; ` l2_ The lien of thie inetrument ahall remain in full force and eSect during any postponement or extension of ~ ~ the time of payment of the indebtedneas or any part thereof secured hereby. 13. If the Mortgagor default in any of the covenanta or agreementa contained 6erein, or in said note, then the ~ Mortgagee msy perform t6e same, and all expenditures (including reasonable attorney'e fees) made by the Mortgagee in so dotng shali draw interest at the rate provided tor in the principal indebtedness, snd shall be rnpa}~able Lhirty (30) da~~s after demand, and, together with interest and costs accrued thereon, shall be secured by ' ! this mortgage. ~ 14. Upon the request of t6e Mortgagee the Mortgagor shall eacecute and deliver a supplemental note or ` notes for the sum or sums advanced by the ~tortgagee for the alteration, modernization~ improvement, main- ~ tenance~ or repair of said premises, for taxes or assessments against the same and tor an~ other pur~ose autlior- = ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ ance 4 eridenced thereby were included in the note first described above. Said supplemental note or notes shall bear ; interest at the rste provided for in the principal indebtedaess and shall be payable in ~prorimately equai ~ monthiy payments tar such period as may be agreed upon by the creditor and debtor. Fa' u~g to agree on the ` maturity, the whole of the sum or sums so advanced shall be due and pa~able thirty (3G) days etter demand ~ by the creditor. In no event ahsll the maturity extend beyond the ultimate r_ieturity oi tLe note first ~ ~ described above. ~ g EaOx P~~~~IJp ~ ; _ i ~ : :