HomeMy WebLinkAbout0885 entire indebtediie~4 repr~~,~~iut~+l tht~rebv, th~ Llori~;ag~~e, us trust~•~~, .}~al1, in ruu~puti~i~,• tlu~ ai~iuuiit ot su~•i,
indebtedn~~, creitit to tlit~ ac~~•ount of t~~e :1lortgaKor s~n~• cre~lit l?alan~•~~ rnn?ainin}? un~l~~r th~~ pruvi~iun, ot (u)
of said paregraph 2. lt th~•n• sl~all t~ s dcfault under ~ny of ti?e provisio~?s of tlii, niort~;u~?~• rrsultin~; in ~i
public sale of the preiui~NS co~•ered hereb~-, or if the ~lortgagee t~cquires tl?e pm~x~rt~• oth~~r~~•i,~~ aft~~r ~lefault,
ti~e ~iortga~;re, as trustc~e, shall eppt~•, at t}?e tinte ot thc~ ~~o~nnu~ac~~~eie~~t of such pro~•~~e~~lii~ka or at th~~ tiin~~
ti~e propertr is otherH•is~ aryuired, !he amount lhen remaininK to credit of \lort~;akor un~l~•r (a) of purukrNpl~ 2
precFding as a crc~iit on th~ intemst aecrued and unpaid and th~ balani•e lo the princ•ip~l th~•n rnu?sii?in~; ~u?pui~i
on said note.
4. He wiU pey sll taxea, aeBeaamenta~ aatsr rstea snd other governaneatal or municipal chsrges~ 6nes, or
impoaitione, for which provision has not been made hereinbefore~ and in default thereof the Mortgagee mey pay the
eame; and that he will promptly deliver the o~cial receiptn therefor to the hlortgagee.
b. He will permit~ oommit~ or sutfer no ~vaste, impairment, or deterioration of said property or any part ther~of~
ea~cept reasonable wear and tear; and in the event of the teulure of the Mortgagor to keep the buildinga on said
premises and those to be erected on said premiees, or improvemente thereon, in good tepair, the Mortgagee may
make such repaire ae in ite discretion it may dcem ne~saary for the proper pr~ervation thereof~ and the full amount
of each and every euch psyment ahall be due and psyable t6irty (30) daye atter demand, and shall be eecured by
the lien oi this mortgage.
6. He will pay all and eingular the costa, chargee, and eapenees~ including reasonable lawyer'8 feea, and c~eta
of abatrs~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 perfornn the agreements and covenants of said promissory note and this mortgage, and said ~
costs, charges~ and expeuses shall be immediately due and payable and shall be eecured by the lien of this mortgage.
7. He will oontinuously maintain hazard insurance, ot such type or types and amounta as Mortgagee may
trom time to time requue, on the improvementa now or hereafter on said premises, and eacept when payment
tor all suc6 premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptly when
due any prnmiums there[or. All insurance shall be carried in companies appmved by riortgegee and the poli-
cies and renewsls thereof s6ull be held by ~tortgagee and have attached ther~to loss payable clausee in favor of
and in form acceptable to the riortga~ee. In event oi loss he will give immediate notice by mail to biortgagee,
aud \iortgagee may make proof of ioss if not made pmmptly by ~Iortgagor~ and each insumnce company
concerned is hereby authorized and directed Lo make payment for such loss directlv to 111ortgagee instead of
to 111ortgagor and ~liortgagee ointly , and the insierance proceeds, or any part thereo~, may be applied by Mor~
gagee at ~ta option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dama~ed. In e~ent of foreclosure of this morigage or other transfer of title to the mortgsged
property in extingu~shment of the indebtedness secured hereby, a~l right, title, and interest of the I~iortgagor
m and to any insurance poGcies then in force shall pass to the purchaser or grantee.
S. If th~• pr~•tnis~•~, or ui~~- p:~rt th~•r~~of. b~~ con~l~•inn~~d «n~i~~r thr po~~~~~r of ~~mi~i~nt do~~?ain. or a~•~~uirr~l f~?r
u publi~• use, tL~ ~luinag~•s u~~•anle~~l. th~• pni~•~~i•ils for ihe tukin}~ oi, or tl~e c•onsid~~ration fe?r suc~h urquisiti~~~t. tu
tii~~ ~•stent ot thc• fult utuount of t1u~ mruainin~ unpai~l in~lt~bte~dn~•ss st•~ure~l b~- this niort~;u~:~~, un~ lu•r~~{?~-
xssiri~e•d to tli~~ ~1ort~aK~~~~. u»d lii:: h~its or e~~iKns. iuul sl?nll b~~ pssi~l forthN•itl? t~~ suiil ~l~~rt~;u~?~~~~ c~r I?i.
a.~.iKnee~ t~ h~~ applie~l on acS•ount of th~~ last u~aturinK insiallinents of such indebt~~~ines+: prn~•i~l~•d. iio~~-r~~~•r,
t6~~ ~lortku~i•~~ or I?is :issiKnt~e. nia~- at his dis~•rntion pn~- dirn~•t to tlu~ ~Iort~;i~~or, l~is h~~ir~ or us.signs atii• pi~rt
or all of suc•h a~canl: pro~•ul~~~l, that if the~ lo:~n i, Kuar~tnir~•~) or in~urt~d. tl~e ~•o~isent ~~f tht~ guurant~?r i~r ii?surnr
is ~hiziin~•~1 ii? u~l~•auc~~ o( said pa~-nu•ut.
The Mortgagee may. at any time pending a suit upon t6is nortgage~ apply to the court having jurisdiction
thereof for the appointment ot a receiver, snd suc6 court shall forthwith appoint a receiver of the pmmises co~•ered
herebp all and singular, including all and singular the income, pro6ts, issues, and revenues from R•hatever source
derived, each and e~•er~• of a•hich. et being expmssly understood, is hembti mortgaged as if specificall~ set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a matter of absolute right to said Mortgagee, and without reference to the adequac~ or inadequacy of
the ~•alue of the propert~• mortgaged or to the solvency or insolveacy of said :liortgagor or the defendants. Such
rents, pro6ts, income, issues. and revenues shall be applied by such receiver according to the lien of this mortgage
and the practice of such court. In the e~ent of any default on the part of the Tiortgagor hereander, the ~iortgagor
agrees to pay to the 1lortgagee on demand as a reasonable monthl~• rentat for the pmmises an amount at ieast
equi~alent to one-twetfth (!~z) of the aggregate of the twelve monthly installments pa~•able in the then cumnt
year plus the actual amount of the annual taxes, assessmenta, aater rates, and insurance premiums for such ~~ear
not co~ered by the atomsaid monthly payments.
IU.In the event of any breach of this mortgage or default on the part of the 1liortgagor, or in the event that
nny of said sums of money herein referred to be not promptl~• and fully paid according to the tenor hereof, or in the
e~ent that each and every the stipulations, agrecments, conditSons, and co~•enants of saed note and chis mortgage,
are not duly~ promptly, and fully per[ormed; then in either or an~• such e~•ent, the said a~mgate sum mc4tioned
in said note then remaining unpuid, with intcrost accrued to that time, and all mone~-s secured hcreby, shall become
due and pa~~able forthwith, or theteafter, at the option of said ~iortgagee, as full~ and completclp as if all of the
said sums of mor,e~• aere originsllp stipulat+ecl to be paid on such day, an~•thing in said note or in this mortgage to
the contran• notw•ithstanding; and thereapon or themafter, at the option of said ltortgagee, without notice or
demand, suit at law or in equity, ma~• be prosecuted as if all mone~•s secured hereb~• had motumd prior to its institu-
tion. The '~iortgagee ma~~ foreclose th~a uLtgage, as to the amount so declared due and pa}•ab~e, and the said
premises shall be sold to satisf~• and ~a~• ihe same together with costs, expenses, and silo~ances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi this mortgage
for the amount of the debt not then due and unpaid. In such case the pro~•isions of this paragraph ma~• again be
avaited of thereafter from time to time b3• the ~iortgagee.
11. No waiver of any covenant 6erein or of the obligation securecl hemb~• shall at an~• time thereafter be held
to be a~siver of the ternos hereof or of the note aecured hereby.
1-'. The lien of this instnunent shall remain in full force and effect during an~~ postponemcnt or extension of
the time of pa~ ment of the indebtednesa or any part thereof secured hereby .
1~{. If the ~lortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~iortgagee may perform the same, and all expenditures (including reasonable uttorne~•'s fec~) made by the :lfortqaRee
in so doinK shall draw• intc~r~st at the ratr pro~-i<t<<<i for ir~ the ~rin~-ipnl in~l~~t?t~~ln~ss, snd shal! b~ re~PA~'A~>~P
thirt~• (30) da~•s a[ter dernand, an~l, toget}ier Kith it?terest and ~~osts accrued tLen~on, shell be s~~cured by
t6is mortgage.
1~. t'pon the requ~st of the ~fort~agee the ~iort~agor shall execute. and d~liver a supplemental not~ or
notes for the sum or sums ad~ a~iced b~• the ~tortga~ee ior the alteration, m~~lernization, impro~-~~m~nt, rnetin-
tc~nance, or repair of said premise•s, for taxes or as~e~ssnu•nts a~;ainst the ssrru~ Rt1e) (Ot Ril~' OtLI•r ~~urpus~• autlior-
ized hert~under. 5ait1 note or notes sLell be secured hereb~ on a parity with and as fully as i( the ad~-ance
eridenced th~reb~• H~ere included in the note first described abo~•e. ~sid si~pplcm~ntal note or notes shall bear
interest at the rate pro~ idcd for in the principal indebtedness and shall be pa~-abte in approximat~h~ equa)
monthh• pai~ments for such perio<~ as me~• be a~;recd npon b~• the creditor and debtor. Failin~ to a~ree on th~~
maturiti~, t~e Whole o[ the sum or si~rns so ad~•an~e~l sl~all be due and pa~-ahle thirl~• (30) da~'s after ~Irn~and
b~ the crcditor. In no e~ ent shall tt~c maturit~- exten~i be~•ond tl~e ultimate r_~aturit~• of t6r note fir~t
described abo~ e.
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