HomeMy WebLinkAbout1750 tender to the Mortgagee in ~ccorclance with, thg provisipna of the note secured hereb~•, fuU pa~ menl of U~o
entire indebtednesa repreaented thereby ~ the.,jv~o~tgagee ~ at ~t,t,~ tee, shall, in co~i~puting the su?aunt of such
indebtedne.ee, ccedit to ti~e account ot ~he Mottgagor sn~~feAiZ'balsnce remaining uncler the provisio~?s ot (a)
ot said ph 2. ]f there ahall be s detault under any ot the provisiona of tl~is ~iiortga~e resulting in a
public sal~he pr+emises covered hereb~ ~ or if the Mortgagee acqu~rea the property otl~erw~se atter clefault,
the Mortgsgee~ as truatee~ ahall apply~ at the time of the conunencement of such procc~edings or st t!?e tii~i~
the pmperty ~a o~herwise acquired~ the amount then remaining to credit ot Mortgsgor under (a) of paragrapl~ 2
precediug as e? credit on the interest eccrued and unpaid and the balance to the principal then rnmnin~ng unpaul
on said note.
4. Hs wtll P4Y ~ll ts:es, aaeeeements, wster rstee. r?nd other governmental or municiPv ebmT6es, fi~e0. or
impoeitions, fot wLioh provieion hss not been msde 6ereinbefore~ and ia defaulti thereof the Mortg~gee m4Y P4Y ~
same; end tbat 6s will PmmPt~Y deliver tbe o~cial reoeipta therefor to the biost~gee. .
b. He will permit~ oommit, or suger no wasts, i~?p~irment, or deterion?tion of esid property or ~ny pe?tt thereof
except reasonabb wear wd tear• ~ad ia ~e sveat di the failure of the Mort~gor to keep tho building~ on esi~
premieee snd thase to be ereote~ on eaid prenniees, or improvements t6ereon, in good repair the Mortgagee may
make such repairs aa ia its dieer8tion it msy deem neoeesary for the proper preservstion t6ereo~~ aad the fWl umount
ot e~?ch snd every such peyment shsl~.b~ du°.°°d ~'abl° th~rty (30) daye dter dem~nd, and sh~U be eeeured by
the lien d t6is mortgsae. ,
6. He will p?y ~?ll and eingular the oosta,chs~es, and espenees, including reaeonable Iswyer's feee, and ooets
of ~?bstncts of title, incun+ed or psid st any time by ht
e Mortgagee becauee of the fsilure on the part of the Mortgegor
promptly and tully to pedorm the agreementa and oovenante of eaid promieeory note and thia mortgage, and said
ooets, chsrgea, and expenees ahall be immediste~y due and payable end ehall be eecured by the lien of thie mortgage.
7. He will oontinuous~y msintain haaard insursnoe, of auch type or types snd smounte sa Mortgagee may
irom time to time require, on the unprovemente now or Lereatter on s:nd premises and exoept when payment
tor aU such premiums haa t6eretofore been msde under (s) of psrage~Fh 2 hereof ~e aiU pay promptly when
due any premiums thorefor. All insurance ahall be carried in oompsaies sppmve~ by I?~ortgsRee and the poli-
cies and renewala thereof shall be held by Mortgagee and have attached thareto loas paysble ctauses in fsvor of
and in form acceptsble to the Mo . In eveat of loea 6e will give immedi~?te notioe by msil to Mortgagee~
and Mortgagee may make proof~ if not made prompWy by Mortgagor, and each inaurance oompany
oonceraed is hereby~authorized and directed to make payment for such loes directly to Mo~~ matead of
to Mortgagor and Mortgsgee joint~y, snd the inaurance proceeds, or any part thereof msy be apptied by Mor~
gagsa at its option ait~et ta t~ts r~uet~8~ ~i th~ iudeb#~u~s her~bg ~u~ c~r ~u L~e r~t,~r~~.~g ~*r ~p~ia~ of -
t6e property dama~ed In event of foreclosure of this mortgage or other transfer of title to the mortgeged
pmperty in extinguishment oi tLa indebtednees eecured hereby, a~l right, title, and interest of the Mortgagor
ia snd to any insuranoe policies then in force ehall pnss to the purchaser or g~antee.
8. If the prnmises, or an~• part thereof, be condeiuned under the power of eminent dou~sin, or acquirecl for
a public use, tlie daiiiages awarcleci, tl~e proceeds for the taking of, or the consideration for sucl~ acquisition, to
thP extent of thP f~dl amount of il~e rpmaining unpaid indebtedness secured b~• this ~nort~s~e, are hereL~-
assigned to the :4lortgagee, and his heirs or assigns, and shall be paid forthwith to said Mortgagee or his ~
ass~gnee to be applied on ac~ount of the last uiaturmg installments of suc}i indebtedness; provided, liow-e~er,
the 1lortgagee or his assi~nee, ii~a~ at his discretion pa~- direct to the Mortgagor, his heirs or assigns an~ part
or all o[ sucli award; provided, tl~at if the loan is guaranteed or insured, the consent~ of tlie guarantor or insurer
is obtained in advance of said pa~u?ent.
9• The Mortgsgee may~ at any time pending a suit upon this mortgage. apply to the oourt having jnrieciiction
thereof for the appointment of s receiver, and euch oourt ehall forthwith appoint s receiver of the premiaes covered
hereby all a~d singular, including all and sing~lar the inoome, profite, iesuea~ and revenues from whatever source
derived. esch and every of which~ it being exp~ly underatood~ is hereby mortgaged as if Bpecifically eet forth and
deecribed in the granting and habendum clausea her~of. Such appointment shsll be made by such oourt aa an admitted
equity and a matter oi ab~olute rig6t to eaid Mortgagce~ aad without reference to the adequacy or inadequacy of
the value of the property mortgnged or to the solvency or ineolvency of said Mortgagor or tt?e defendants. $uch
rents~ profits, inoome, issues, and revenues ahall be appGed by such reoeiver acoording to the lien of this mortgage
; and the practice of suc6 oourt. In the event of any default on the part of the Mortgagor hereunder, the Mortgngor
~ agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premisea an amount at least
equivalent b one-twelfth (~Y) of the aggregate of the twelve monthly installmenta payable in the then current
year plua the actual amount of the annual taxes, saseasmente, water rates, and ins~uanoe premiums for auch year
not covered by the aforesaid mont~hly psyments.
10. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that j
sny of eaid sums of money 6erein referred to be not promptly and fully paid accordu'~g to the tenor hereof, or in the
event that e~?ch and every the atipulations~ agreementa, oonditions, and covenants of said note and this mortgage, ~
are not duly, pmmptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ;
in said note then remaining unpaid, with interest accrued to that time~ and all moneya eecured 6ereby, shall become
due and payable forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
said sums of money were originally etipulated 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 Mortgagce~ without notice or
demand, suit at law or in equity, may be prosecuted as if all moneya secured hereby had matured prior to its institu-
tion. The Mortgagee may forecloee this mortgage, as to the amount eo declared due and payable, and the said
premi~s ahall be sold to satisfy and pay the same together with oosts, e:penses, and allowancea In caee of partial
forecloaure of this mortgage~ the mortgaged premises ahall be edld eubject to the oon~inuing lien of this mortgage
for the amount of the debt not then dne and unpaid. In such caee tbe pmvisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
11. No ~raiver of any oovensnt 6erein or of t6e obligation secwed hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note eecured hereby.
12. The lien of thie instrument ahall remain in full force and eBect during any poatponement or extenaion of
the time of payment of tbe indebtedneas or any part thereof eecured 6ereby.
13. If the Mortgagor default in any of the oovenante or agreements contsined herein, or in eaid note, then the
Mortgagee msy pertorm the same~ and all e~cpenditures (including reseonsble attorney's fees) made by the MortgaRee
in so doing shall draw interest at the rate provided for in the principnl indebtedness, and shall be rnpa~•able
thirt~ (30) days after demand, and~ together wit}~ 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 supplen~ental note or _
notes for the sum or sums ad~ anced by the \tortgagee for the alteration, modernization, impm~•ement, main-
Lenance, or repair oi said premises, for ta~es or as.aessments against the same and for any other purpose autl~or-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as it Lhe advaace
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and ahaU be payable in sp pro!cimstely equal
monthly payments for such period as may be agreed upon by the creditor and debtor. Fail'ing to sgrec on lhe
maturity, the whole of the sum or sums so adcanced shall be due and pa~~able thirty (30) days after demand
by the creditor. In no event shsll the maturity extend beyond the ult,imate r.iaturity of tt~e note first ;
described above. ~
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