HomeMy WebLinkAbout0890 te~ider to the ~lurt~;uK~•t~ in a~•~•unl~i~v~ witli th~~ pru~•i.~tuus of th~~ i~~,t~~ ,~•~•ttr~•~I I~~•r~~h~-, full pn~~ui~~ul uf lh~•
Pntirn indeb~edi?ess repr~~si•ut~~d the~nbv. th~ ~torigagcxr~ i:.ti trust~~~•, ~hull, i~~ ~•c~ni~~utir?~? th~~ u+uuu~it of su~•h
iad~bledne~ss, crt•dit to ih~~ xc~•otuit ot t~u• 41ort e~~;or aht• i•re~dit I,aliiu~~t• ri~niniuin~; uiul~~r 1h~• pr~?~~i.iuns of l??)
ot said para~;raph 2. !I th~~r~~ sl?aU tx• s d~~fau~t under an~• of ihe ~uori.yiuua of this in~~rt~;u~:~• r~~wultin~ in u
public asle ot tl?~ prnmis~~ ~•o~~er~~d ht~rni,~•, or if tlu• ~1ortKag~~r a~•yu~rc~ Ih~~ ~~n~~H~rt ot h~•rw~,~~ uft~~r ~t~~fuult ,
tl~e I~lortgaKee, ua truet~~e. shall appl~~. at the tiine ot th~ i•oinnu~nr~•rnent of su~~h pro~•e~e~~liuk~ i,r ul th~~ tin~~~ .
ti~e properl~' is otl~erwisP nrquirc~d, the awoe~nt th~n r~~inainin~ 1~~ rr~•~lit of ~lnrty;a~;~?r un~i~•r (n) ~~t ~u?rukraph
prece•dinKaa s eredit on th~~ int~~r~~l sccru~d x,nd unpaid and ttle~ balam•~• lo th~~ prim•ipnl thrn rninuinin~; unpai~(
on said no~e.
4. He wiU psy ell taxee, t~eeeamente~ wster rstee, and ot,her govero.mental or municipal chargee~ 6nee. or
imposi,tione. for which provision has not been made hereinbefore~ snd in detault thereoi the Mortgagee msy psy the
eame; und t6st he aill promptly deliver the o~cial receipta therefor to the I~I~rtgag~e.
b. He will permit~ oommit, or auHer no waate~ impaitment~ or deterioration of eaid property or any part thereof,
exc~ept reaeonable wear and tear; and in the event of the failure of the Mortgagor to keep the building~ on eaid
premises and thoee to be erected on eaid ptemiaee~ or improvemente thereon,in good repair, t,he MortgaRee may
make auch repaita aa in ite diecretion it msy deem neoeaesry for the pi~oper preeecvation Lhereof~ and the full amount
of each and every such payment ehall be due sad psyeble thiriy (30) daye aiter demand, and s6all be eecure~ by
the lien of thie mortgage.
6. He wiU pey all and singular the coste, chergee, snd expeneea~ including reasonable lawyer's fees, and costa
of abetr~cta oi title~ incurred or paid at any time by the Mortgagee becauee of the failure on the patt of the Mortgagor
promptiy and fully to perforna the agreemeats and oovenante of said pramissory note and this mortgsge, and said
ooste~ chargee~ and expeuses shall be immediately due and payable and shall be eecured by the lien of this mortgage.
7. He will ~ontinuously msintain hazard insurance, of sucL type or typea and amounts as Mortgagee msy
fmm time to time require, on the impmvements now or heresiter on said premisea, and eacept when paymPnL
tor all such premiums has t6eretofore been made under (s) of paragraph 2 hereof he will pay promptly when
due any premiums therefor. All insurance shatl be carried in companiea sppmved by Alortgag ee and the poG-
cies and renewals thereoi shnll be held by l~iort.gagee nnd hnve attached thereto loss payable clsusee in favor of
and in form acceptsble to the Mortgagee. In event oi loss he will give immediate notice by maii to Mortgagee,
and ~IorLgagee may make proof of loss if not made promptly by Mortgagor, and each msurance company
concerned ~s hereby~ autharized and directed co make payment for suc6 losa direcUy to Mortga~e~e inatead of
to :1lortgagor and Mortgagee oin~ty , and the inaurance proceeds, or any part th~reof, may be applied by Mor4-
gagee at ita option either to t~e reduction oi the indebtedness hecebq secured or to the rc~sturation or repair of
the property dama~ed. In event ot forectoaure of this mortgage or other transfe~ ot title to tbe mortgaE;ed
property in extinguis6ment ot the indebtedneas eecured hereby, a~l right, title, and interest oi the Mortgagor
in snd to any insurance policies then in force ahall pnsa to the purchsser or grantee.
R. If thr pn•~nis~~., or t~n~- purt thi~r~•uf. !k• ~•ond~~mni•d undc~r th~• ~x~H•~~r oi ~•ininr~il duini?in. or H~-quir~~~l fur
n puhli~• use, thr ~lunii~~;~•s aw-~ir~l~~d. th~• pnx~~~~~~1~ for th~~ takink of. or th~~ ~•~nsid~~ration fur su~•1~ iu•yui.iti~~n. t~~
Ihr ~~xtent ~~f th~• full uurouut of th~~ retnaii~in~; UII(181f) itul~l?ti•~Inf~ss se~~~urea) b~• thi, nu?rt~ii};~•. ur~• h~~n•i?~
usgi~;n~•c) to th~~ ~1ort~;ak~•~•. uud his h~~in ur t?ssiKnti, iui~l ~luill br pai~l f~~rthw~ith to said \1~~r1~tt~;~~~• or I~i:
a~.,iKn~~• to IN• xpplit~il on a~•~•~~unt of th~~ last u?aturi~~~ instellni~~nts of su~•li ind~•ht~•dn~~~.,: pr~?vi~l~~d, h~?~~~~•v~~r.
th~• ~1orlKu~~~i• or t?is n.~,siKn~~~•, inu~- nt Li~ ~lis~•n•ti~n p:~~- dirn~~t to th~ ~tort~;figur, !?is h~~ir. ~~r ,ic,i~;+~s a~~}- ~~:u~~
ur atl of sui•h aN~ar~l : pro~•tdc~~i, tl~at if t!u• lo:u~ is ~uurant~•~•~) ~~r insur~~d. thr ~•ons~~nt o[ th~• ~;uiu•i?ntor or i~;sur~~r
ix-ohtain~~~! it~ u~lran~•i• of ,ni~l p~?~•ii~~~~u.
The Uiorigagee may, at any time pending a suit upon thia mortge~ge, apply ta the court having jurisdiction
tbemof for the appointment of a teceiver, and such court ahall forthwith appoint a receiver of the pmmises covered
hereby all and singular, includiag all and singular the income, pmfita~ isaues, and revenuas frorn a•hate~~er source
derived, each and every of which, it beiog expressly undersiood, is h~retry mortgf?ged as if specificall~ set forth and
described in the granting and habendum clauses hemof. Such appointmceEahall be made by such court as an admitted
equity and a matter oi absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the ~alue of the property mortgaged or to the solvency or insolvency of Kaiid Mortgagor or t:~e delenc~ants. Such
rents, pro6ts, income. issues, and tevenues shall be appli~~l by such mceiver according to the lien of tt?is n~ortgage
and the praetice of such court. In t6e event of any default on the part of the Mortgagor hereunder, the Mortgx~or
agrees to pay to the ;1lortgagee on demand as a masonable manthly rental for the pmmises an amouat at least
equivalent to oue-twelfth (~z) of the a~mgate of the Laelve wonthly installments payable in the then current
year plus the actual amount of the annual taxes, as~essments, water rates, and insurance premiums for suc6 year
not covered by the aforesaid monthly paS•ments.
Iu. In the event of any breach of this mortgage or default on the part of the 1V[ortgx~or, or in the e~•ent that
any of said euma of money herein referrecf to t?e not promptly and fully paid acconling to the tenor hemof, or in the
event that each and every the atipulations, agmemcnts, conditions, anct co~~enants of ssid note and this mort~age,
are not duiy~ promptly~ and fully perfornicKl; then in cither or any such e~•cnt, thc said a~mqate sum m~ntiuned
in said note then mmaining unpaid, Rith interc~st accrued to that tim~, and all mone~•s securctii hemby~, s}?all l,ccume
due and payahle forthwith, or themaiter, at th~ option of said liortRagee, a.g futty and complet~ly as if a11 of the
said sums of mone~• were originally stipulatErf to t~c~ paid on such da}•, an~•thing in said notr or in this mortgage to
the contrary notwithstaadiag; and thereupon or thcreafter, at the option of said A1ort~agee, without notice or
demand, suit a1 luw or in c~uity, may be prucrcuted a.g if all moneye secured hemby had matumd prior to its institu-
tion. The ~Iortgag~ ma~ foreclose this mortRaRe, as to the amount so declarcKl due and payaf,fe, and the said
prewises shall t~e sotd to satisfy aac! pa~• the ~:errn• togeth~r with costs, expenses, and nllowancrs. In c~.u~ of pnrtial
fomclosure of this mortgage, the mortgagrd pmmises shall be sold aubject to the continuing li~n of this mortRage
for the amouot oi the de?~t not then due and unpaid. In such case the pro~7S10I18 Of tf11R ~lA[8gI'S~II il1R~' RQ,ain t~e
availed of thema(ter (rom time to time by the ~lortgagee.
No waiver of aay cavenant herein or of the obligation :~cured hemtsy Qhul) et any ti:nr themafter t~ held
to be a waiver of the tec~me hereof or of the note eecured hereby.
The 1%•n of this instrument ahall remaia in full force and ePfect during anti• postp~~acm~nt or extenaion of
the timc of payment of the indebtedness or anS~ part thereo! secured hereby.
If the 4tortgagor default in any of the covenants or agn~rments containecf hercin, or in said note, then the
Mortgagee may perform the eame, and all expenditurea (including masonable attomey's fc~cw} mnde by the Atori~aRce
in doi~?K .hall draN int~re~t at th~ ratc pr~~~•id~~~t fur in th~ prin~~ipnl ind~~l~t~~lnc~~,s, an<! cteal) tx~ r~~~>R~'AI~IC
ttiirt~' (30) da~•s slti•r ~i~•~nand, and, toKe•iher w•it}i inter~~st au~l costs a~~crw•d tlu~re~?n, shall be s~•~~urnd by
this tnortgage-
I~. t'~x?n the~ r~yu~~st of tl~e ~iort~;ag~e the ~1ort~u~or shall e«cute and ~l~liver a~uppl~•m~•ntnl not~~ or
not~•s for t~e cum or sums ad.-an~~~~) b} tb~• ~lort~?a~;~~e for the alt~ration, mo~l~•rnizalion, impru~•~~in~mt, main-
t~~nanc~~, or r~•pair o( ~ttid pr~•mi~~~s, for tex~•s or as~~~stmrnt5 a~,~ainst th~ samr art~! !or en~• olh~~r piir~?„si~ author-
ized 6~reund~~r. tiaid not~ or nolcw shal) be s~~~•urr~l heret,~' on a parit3• w ith an~l as tull~• as if the ad~•anc~•
e~ idence~l th~reb~~ w ere inclu~lyd in the note first described abovc. tisici supplem~neal note or notes shall bear
interest at the rat~ pro~ idcd for in the principal indebtedncss and sl~all Ix~ ~a~•able in a~proximatc~l~- rK~ual
monthlv parm~nts for such period as mny be a~;rred upon by the cr~~clitor and ~~~}?tor. I~'ailin~; to a};m~~ on the
maturity, tf~e~ Hholr of the sum or sums ~ ad~•an~•ed shall be due end pa~-at?li~ thirt~• (30) ~1e}~s aft~•r d~~mxud
by the cr~•ditor. In no event shall the mawrit~• exlend bc~•ond lLe ultitnate r~aturity oi ltu• n~it~• (irst
described above.
~ BGUK~J P~CE ~~7V
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