HomeMy WebLinkAbout0783 . •
anJ shrll pap ~11 wAer sums pn~rided 1o t~ ~.;d br ~hiu Atortp~e. aad shall pedo~m, cowply with and abide bY each and
every the stipulstions, agreements, ccx~ditions anJ covenanu ot iaid promirwry oWe and ot this Jeed, thea this deeal and the
estate hereby crt~ted shaU cea~e snd be aull and roid.
ANU THE MORTGAGOR does he~ebr (unhe~ co~~enan~ aad a~ree u Ie11nKa: ,
l. To paY al) ind sing4lu the prin~ii~al and interest ~nd othe~ sumi ot moneY~pajable b~ rMue~d ~ piomi~.+ory aote
and thi~ mort6~6e, or eitb~ r, promptly on the d~ys rrspecti~•elr the ~e Nter~lly ca¢te dna~ ~
7~o ya~ al~ end eindular latt:. a~r~+meut,, Irviaa, ~i~bi~iliq. Ob~t~atiOY .~a.~wAbi~n~~~f trttr pLtu~e Oq pld
descritxd pmpectY, eact~ and e~ery, ~rithin the time speci(ied in Para6rap~ 6 belox, aad jj,~}iela~l~Lj1 apt ba pranptl~ paid,
the Ho~sagee mar, at any time either Ixtore or a(ter detinquenc~, pay the aame without ~vaivi~
~~t~j~Qc ~p` the option to tore-
clox, or any riaht hereuader ~ad erery {?apment so made ~}?all bear iaterest [mm the date therooi at tbe rate o[ IO ptreent
per annuw.
3. To krep tAe buildings novr o~ hereatter oa said I~nd and the tiziuers •nd per9onal propen~ ~herein contained insured.
i~ a rompanY or compauie~ spprorcd bY the mortgagre, ~gainst loat by fire and windstorm, tor the hi~hcst insutable ralue q
that thr mnrtKugrr'3 intrrr_t i~ m.t .ubject ~o ro-i~uuranrr, and Ihe policy or poliein shall be held by and be payaDk to said
mortgagee, and the mortg~gre ahal) hare the oytion to receive and appl~ said parmeat on account of the indebtedness hereb~
securcd, or {~aait the mortg~aor to rcceice ot ux il, or anr part thcrcaf, (or any purposes rithout therebr Mai~ing or im-
pairin6 the equity, lien or ri6ht under aad br rirtue o( this mortgaae and taq place aad pay (or weh inwnnce or anr part
thereo[ ~+ithout ~.aiving or al(ecting ~he option to foreclose or anr right hereunder, and each wch paymcnt ahall 6ear interest tro~
date at the rate ot 10 percent per an~um.
To permit, commit, or suf(~r no ~a3te, impairment, a6andonment, or dderioration ot s~id property, or aoy part therc-
ot, and upon the f~ilure of the ~iartgagor to keep th~ huitdings and perbanal pmpertr od uid property in 6ood condition or re-
pair, thc J1lortgagee m~y demsnd the immediate repair of said pmperty, or an iacrease in t6e amount o[ eecu~ity, or the im-
mediate rcpayrt?ent of the dcbt hereb~ secured, and the (ailure oi the 111onga~or to complr ~rith said demaad of the Atottgaget
for a period of IS da~•~, ahail constitute a bre~ch of this Atortg~ge, and at the optiort o( ihe R1o~tga~er. immediite)y mature
tl~~ entire amount of principal and interest 6creLy secured, and the \longsgee, immediately and ~rithont notice, may institute
procerdings to foreclose this \lurtgage and apply for the appointment ot a Recei~•er, u hereinaiter prorided.
5. Tu perform, canply with and abide by each end ecety the stipuluiona agreemeats. eonditions, and eovenaots in aaid
promic5ory ~ote sed deed set (orth. .
6. To delicer to the 1ltortgagee, on or betore February 1 of ueh ytar, ta= nceipu evidcncina tht pa~ment of all lawfull~
impoxd taxe~ upon the morts~~ed pmpen~ for the precedin6 caleada~ reu; to deliaer to the 11~ort6a~ee trceipb evideneing ihe
payments o! Rll lieas for public impro~anrnb withia Nineqr (90) days dter t6e same a6d1 become due aad p~yabte, ~nd ~o wr
or disrharge w•ithin Ninety t901 dap~ ~Iter dua date. an~ and all Forernmental le~ies th~t may be made on the mortga6ed
propertp, on thi3 !Ilortgage or note or in aay other war reaultiag fmm the mon6~se indebttdness secured b~ thia 1liort~ge.
7. To pq dl and sin6ular the cost~. c6arges, and e:pensa. includins larryer s(ees, reaaonabl~ incurred or paid at aaY
time by the 1lfortgaRee, becaux of the failure o[ the 111ort6ag~or to perforn~, compiY ~rith ~ed abide by ~ac6 and erery the stipu-
lations, agrcemmts, conditions and rnvenants of aeid promiseory note and thiu deed, or cithtr, ar?d e~er~ wch pa7ment sh~ll
beu i~terest from date at the nte ot 10 percent per annum.
S. That if ao~ actan, or procetding, ahall be cotomeaced 6~ an~ pe~son aher than the holder oi thia mortaase (e:cept
an artion to foreclose Ihis mortgase, or to collect the debt aecured t6ecebp) to ~rhich action, or ptoceedin6. the 6older ot ihis
mortgage i~ made f parir, or in whub it ahall bccome neemeary to defmd. or up6old, the lien of thiu mortaage, ~ll sums
paid by t6e hohkr of this mortgage tor the e:pense of any litisation to proaecute. or defeed, the Agh4 and liens created br ;
this mortRaae (including reasonaLte couosel fees). ahall be p~id by tLe Mortgago~. toscther witb intenat thuaon. at tht nte of '
10 percent per annum, and any wch sum, and the intereest ihereoa, shall be a claim upon said prmisea, and s6a11 be deemed to
be u~ur~d bZ this mortgage. The ~ums paid hy or incurrcd b~ t6e holder hercof in accordaace with the terms of thiu parasrap6,
shall tx paid by the 9[ortga~or unto the holdcr hereof ~rithin thirt~ (3d) days, and ihe l~ilure or omix.ion of the 1liong~6or so to do
shall cntitle the ~Iortgegee to add such sums to t6e principal indcbtednae of thiu mortsage and t6e note it saa~res, andlor at its
option dcclare this mortgsge end the note it tcrures to be in de(ault, thenvpon maturing dI of the unpaid indebtedness includiag
t6e wms adcaaced hereunder.
9. That no t:tension o[ the time or moditication ot the terms of payment hereinabove, and rw relea~e oi ~ay put or part~
ot the mortgaged prcmixs, e~en ehaugh made ~rithout the consent o[ tht Mortgagor s6a11 release. ~elieve. or discharge t6e
\ionRagor Irom the payrt?ent of any of the sums hereby xcured but in sucb errnt the biortgagor s6d1 neverth~laa be liable to
paq such aums according to the terms of auch e:tension or modilications unless speciiicallr relqxd and dix6arsed in writina
by the ltortgagee; and furthe~nore, thst acceptance of part p~nnent of ~nr installmeat of prineipal or intereat, or both, or of
part performance of any co~enant or delsy (or ae~ period o[ time in enrcising the opt'an to mature the entit+e debt, shall not
o~xratc as a wsiver of the right to ~atcute surh option or att m auch deGult. partial icceptance or an~ snbsequeet default
l0. Gnti! de(aalt in the pertormance of the corenants ud aarcements of this Mortga6e, ~lne 1ltortaa6or ahdl be eatitled
to collect the rents; iswes, and profits from the premixs hereiabefore dexribed, but in cue of a deiault ia anr of t6e terme ot
this ~Iongage, or the filing of a bill to toreclose this or anr Wher mott~e`e eacumberia~ t6e ~+it6in dacribed propert~, the
.llortgages shall immedi~tely and rithout noticc be entitled, u a matter of right. ~?nd rrit6out reg~rd to t6e vdue of the premiw,
or solr•e~cy or insolveacy of the parties, to the appointment ot a Recsiver oI the mortga6ed property. EIOt}I Itil Nd ~riORiI, and
of the rents, fssurs and profits thereot, Mith the uwaf poMer of Receirera in such c~sea, and sach Receiver ma~ be continued
in posxsswn of the said pcoperty until the time oi the sale thereof, under wcb foreclosure. aad until the confirmatioa of wch
sale by the Court.
11. It foreclosure proceedings ~lwuld t~e instituted on any mortgaae in[erior to this mongsae or if anr forcetowrt pro-
ceeding is instituted on any lien o( any~ kind, the mortga6ee may at it~ option immedeste]y or t6ereaher declare this mortgiae
and the indebte~irtess sn•ured hcrrhy, d~e and payabla If there is anr mortgage wpe~ior to thi+ mort6aae, then failure to wr
said mortgage when due and in accordan~e ~ith iCS tertnt or faelun to aLide by t6e tcrms oi atid mort6age shal[ 6e deemed a
br~a~•h of tf~ia mortgage and the mortgagee at its option mar immed'utdr or thereafler declare this mortaaae and the iudebtedne~s
herebp secured due and payaLle. Any modification of anr mort6age superior to this mortgaae or vraiver of anp principal or inter~st
pa~~me~ts on enq note or mortgage superior to thie mortgage shall be deemed a breach of the terms and co~enants oi this mort~aae
and the mortgagee hereof ma~ at its option declart this mortaage ~nd the indebtedne~ xcurcd herebY dae and payable.
12. 71~at t6e maiting ot a written notice o( dem~nd, addreeeed to !6e owner of rernrd of tht mortgaged piemiSes. directed
to the said owner at the last addr~3a actuallq turnished to the 111ortgegee, or d~rccted to t6e uid ormer at s~id mort6aged pcr-
mises, and maikd by the U~ited ~tates mails, shall be wtfieient notice and demand in anr case uisiag under thi+ instrumeat and
required by the pro~~isions hereof or by law.
13. That in the e~ent the ~iortRagor sFwuld assigi~ the renb o( the mortgagtd premises or anT part theroo[ aithout the
consent of the ~fortgagee, thrn the entire principal sum secured hereby shdl. at the option oI the Mortga6ee~ beoome immediste-
ly due and payable.
14_ To the eitent of th~ ind~btednres of the Mortga6or to the :tiiort6aget described herein or secured hereb~, the Atortg~gx -
is h~rcby suLrogated to the lirn or lieoc and to the rights of the o~rnets and holders thercot o( each and erer~ mort6a6e. liea or
othtr encum~rance on ~he land descr+lxd herein which i~ p~id and/or satis{ied. in whole or in part. out of the proceeds of the loan
described berein or aecnred hereb~, end the rapectire liens oE said mott~es. lieas or other eacumbrancea, s6a1) be and the same
and uch of them h~reb~ is prc~en•ed and .hatl pav to and be beld b7 the !b[ort6aaee herein aa aecuriq for the indebtednes~ to the
lfort~agee herein describ~d or here6y secured, to the s~me utent that u~rould ha~•e txen preserved and would 6are bcen pwed to
and lxen held by the Diortgagee had it l,ern duly and rcgularl~ assigned, trRns[erred, set o~~er and delirered unto the ~lort6aate br
separate deed o[ a>~ignment notNithsten~~ing the fact th~t the same mq be satis(ied and cancelled of recotd, et beiaa the intenlion
o( the ?srtie~s hrr~to that the same will be sati.(ied and cancdled of record b~ tAe holden thereot at or about tht time oi t6e
rerording of thi+ ~lortgag~.
~ ~oox~n~ ~tc~
~
_ ,
, ~ , - ~ f . - -
'"i.`a~'-rt "'e.~'?% ~t..,~'~.Y:¢ '~~3 a~
~