HomeMy WebLinkAbout1755 tender to the Mortgagee in ~cconiance with the provisiona of tlie note securecl iicreb~•, tull pa~ ment of tlie
entire indebtednesa represented thereb~. the Mortgsgee~ aa trustee, shall, in computing tl~e aiiiaunt of sucli
indebtedneas~ credit to the account of the Mortgegor eny credit balance ren?aini~ig uiider the provisions of (a)
ot s~id roph 2. If then+ ahall be o det~uit.undec ~n • ot ;I~e proviaioi?s of this ~~iortgs~e resulting in a
public se?1~ the premisea covered hereb,y, QY~t,t~?e Mo~,~~~cquirea tl~e property otlierw~se after detault,
the Mortgsgee, as truatee, ahall apply~ st the time ot the commencement o~ auch proceedinga or at lho tim~
the property ~s otherwise ncquired~ the amount then remaining to credit oi Moriga~i~r ut~d~r (s) of paragraph 2
preaeding aa s credit on the interest acerued and unpaid and the balsnce to the pri~cipal then re~naining unpA~d
on ssid note.
4. He wiU p~y all ta:es. aeeeeements. wuter rates, ~nd other gavernment~l or municip~l charges, Snee. os
impositions, for whieh provision haa aot been mede hereinbefore, and in defewlt thereof the Moctgagee msy pay the
aw~e; and tbat he will promptiy deliver the o8'iaal reoeipts t~herefor to fhe biortgagee.
b. He will permit, oommit, or su~er no waate, impairmea~ or deteriorsti~on~oirdtprokperty oraay psrt thereof
exoept reaeonsble ~reat and tesr• ~nd in tbe:~v~eat ot the f' ure of the M p tha buildingp on er?i~
premieee and t6aee to be erects~ on eaid pi~emised, or improve~nents thereon, in 6ood repsir Lhe Mortgagee msy
mske such npsirs aa in its diecretaon it me4Y deem neoeeeaiy for the proper Preservstion therao~, and the full amount
af each sad every auch paymeat e6aU be due and payable thirty (30) days dter deavand, and ahsll be eeeured by
the lien of tbis mortgege. .
6. He will pay all and a~,~u~sr the ooscs, cl~~aad e:peneea, including reaeonable lawyer'e fees, snd oosts
af abstracts of title, incurred or psid st eny time by ortgagee becauee of the failure on the par~ ot the Mortgagor
pmmptly and fully to perform Lhe ,a~reemente snd oovenante of esid pmmieeory note snd this mortgage, and eaid
oosta, chsrgee, and ezpenaee ehaU be immediat~ely due and psyable and s6~?ll be eecured by the lien ot tbis mortga$e.
7. He ~vill oontinuous~ maintaia L~srd 'nosursnoe, of auch type or t~pes snd smounts as Mortgagee may
tmm time to time require, on the unpmveanents no~v or hereatter on ssid p»mises and eaoept when payment
Ior all such prnn4iwma has Weretofore beeq made under ~(a) oi psragrsph 2 hereof ~e will psy pmmptdy when
due any premiuma thwrefor: ~ All insursaa aTisll be carried in o~mpsnies approvec~ by 1liortgagee and the poli-
ciea snd renewala thereof ahall be held by Mortgagee and have attached thereto lass payable cruuses in favor of
and in form ~oceptsble to the Mortgagee. In event of loss he will give immediate notioe by mail to Mortgagee,
- and Mortgagee msy make proof of toss ii not made pmmptly by Mortgagor~ and each inauranoe oompany
ooncerned ia hereby_ authorized and directed Lo make payment ior such loee directly to Mortga~e~ mstead of
to Mortg.agor and Mortg~gee jointly, and the inauranae prooeeds, or eny part tbereof msy be app7ied by Mor~
gagee at its option either to tbe reduction of the indebtednees hereby eec~u~ed or to the restoratwn or repair of
the pmperty dama~ed. In event of foreclosiu+e of this mortgage or other tranafer of title to the mortgaged
propert~ in e=tingu~shment oi the indebtednees eecured hereby, s~l right, title~ snd interest ot t,he Mortgagor
m and Lo aqy insurance policiee then in foroe a6all pnse to the purcLaeer or grantee. ~
ji ti~e prn~uises, or an~- purt thereof, be condemned under the power o[ eminent domain, or acquirnd for
s public use, tlie dauiages awarcied, tlie proceeds (or the taking o[, or the consideration_for sucl~ acquisition, to
the extent of the full an~ount of the remaining unpaid indebtedness secured b~ this mortgage, arn hereb~-
assigned to t)?e Mortgagee, and his heirs or ass~gns, and shall be paid forthwith to said Mortgagee or liis
ass nee to be applied on account of the last n~aturmg installments of such indebtedness; prorided, howe~er,
the~ortgagee or his assignee, uiay at his discretion pa~- direct to the Mortgagor~ l~is lieirs or assigna an~• purt
or all of sucli awarci; provided, that if the loan is guaranteed or insured~ the consent of the guarantor or insurer
is obtained in advance of said pa~ment.
9• The Mortgagee may, at any time pending a suit upon this mort$age, apply to t~ oourt hsving jurisdiction
thereof for the appointment of a receiver~ and such court shaU forthwith appoint n t~e~raver of ~he premises cover~d
hereby all aaid eingular, including all and singulat the income, proSts, issues, and revenuea fmm whatever eource
derived, each and every of which~ it being expressly underatood, is hereby mortgaged sa if specifically eet forth and
deecribed in the granting and habendunn clauses hereof. Such appointment shall be made by such oourt as an admitted
~ equity and a matter of absolute right to eaid Mortgagee, snd without reference to the adequacy or inadequacy of
i the value of the property mortgnged or to the eolvency or insolvency of said Mortg,agor or the defendants. 3uch
rents, profita, inoome, issues,. and revenues shall be applied by such reoeiver acx~ording ta the lien of thia mortgage
and the practice of such court. In the event of any default on the patt of tbe Mortgagor hereunder~ the Mortgagor
~ agrees to psy to the Mortg on demand sa a reaeonable mont~ily rental for the premiees an amount at least
~ equivalent to one-t~velfth (~j of the aggregate of the twelve monthly inataltmenta psyable in the then current
year plua the actual amount of the annual taues, ae~eessmente, water ratea, and insur~ae premiuma for such year
not covered by the aforesaid monthly paymenta.
10. In the event of any breach of this mortgage or default on the part of the Mortgagor; or in the event that
any of said aums of money herein referred to be not promptly and fully paid accordu'~g to the tenor hereof, or in the
event that each.snd every the atipulations, agreements, oonditions, and covenanta of said note and this mortgage,
sre not duly, promptly, and fuUy performe~J; then in eit6er or any such event~ t6e esid aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time~ and all moneya secured hereby, ahall become
due and payable forthwith, or theceafter, at the option of said Mortgagee, as fully and completely as if all of the
said suma of money were ori~nally etipulated to be paid on such day, anyLhing in said note or in this mortgage to
the contrary notwithstanding; aad thereupon or thereafter, at the option of said Mortgagee, without notice or
demand~ suit at law or in equity, may be proaecuted as if all moneya eecured hereby had matured prior to ita institu-
tion. The Mortgagee may foreclo~e this mortgage, as to the amount eo declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with ooete, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged pr~mises shall be eold eubject 'to the continuing lien of this mortgage
!or the amonnt of the debt not then due and unpaid. In such case the provisiona of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
11. No waiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held
to be s~vaiver of the terma hereof or of the note eecured hereby.
12. The lien of thia instrument ehall remain in full force and e6ect during any po~tponement or eatension of
the time of payment ot t6e indebtednees or suy part thereof eecured her~by.
13. If the Mortgagor default in any of the covenante or agreements uontained herein, or in eaid aote, then the
Mortgagee msy perform the eame~ and all expenditures (including reaeonable attorney'e fees) made by the Mort~ee
in so doing ahall draw interest at the rate provided for in the principal indebtec~ness, snd shall be mpa~ able
thirty (30) da~ s 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 eaecute and deliver a supplemental note or
notes for the sum or sums adranced by the ~tortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, tor taxes or assessments ageinst the same and tor any other purpose autl~or-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as it the ad~ance
evidenced thereby were included in the note first described above. Said supplemental note or notes sha11 bear
interest st the rate provided for in the principal indebtednesa and shaU be psyable in ap proximately equal
monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum or sums so ad~ anced shall be due and pa~ eble thirty (30) days a[tcr demand
by the creditor. In no event shall the maturity extend beyond the ultimate ~iaturity of t6e note 6rst
described sbove.
d00K ~V~ PAGf
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