HomeMy WebLinkAbout2753 tender to the Murtgagee in accordance wi1,L tl~e provision~,q~ tlie note s~curnd i?ernl,~•, full periuent of th~•
entire indebtedness represented therebv~ the 11~ortgegee...as.tTuslee, sl?all, in con?puting tl~e au?ount of sucl?
indebtedneea~ credit to the aecount of tl~e Mortgegor anr eredit balance rnuiaining uncier 1he pro~•isions of (a)
ot aaid paragraph 2. If there shall be a detault under an~ of th~+ provisions o( this inortga~c resulting in a
public sule of the premises covered 1?ereb~, or if the Mortgagre acquires tise propert~ otlierw~?se aftc~ default,
the Mortgagee~ sa Lrustee, ahall apply~ st the time of the comniencement o( such proceedinKa or at th~e timr
the propert~ ia otherwise acquired, the amount then remaining to crndit of Mortgagor under (a) of paraf;raph 2
preceding aa a credit on the ir?terest accrued and unpaid and the bslsnce to thc+ princ~pal then rn~uainin~ unpaid ~ :
on said note. '
4. He wiU psy sil t~eucee, aaeeesmente, water ri?tes~ und other governmental or muniapat charges, 6nes. or ;
impoeitiona, for which provieion has not beea made hereinbefore, snd in default thereof the Mortg,egee may pe?y the
ee?~ne; snd tLst he will promptly deliver the o~'icial reoeipt~ therefor to the l~i~rtgagee.
b. 8e will permit, oommit~ or euffer ao wsate, impairment, or deterioration of eaid property or any part t6ere~f,
eucept reaeonsble wear and tesr; sad in the event of the failure of the MortgagQr to keep the building,e on esid
premieee and t6aee to be erected oa eaid premieee, 4~ ~pP~vements thereon, in goo~ repsir the Mortgagee may
make euch repairs se in ita diacretip~,~ msy d6em~neoeeqary for the proper preeervation thereo~~ snd the full amount
of each and every auch psyment s~ be due and psyable thirty (30) daye af ter demand, and ehall be eeeured by
the lien of t6ia mortgage. ~ 3
6. He will pey all and singular tha oosta, and e:peneee, including reae~nable lawyer'e feee, and oosta '
of abatrACta of title, incurred or paid at aoy time by t6e Mortgagee because of the failure on t6e part of the Mortgagor ;
promptly and tully to pedorm tt~e agreemente snd oo~enante of eaid promiaeory note and this mortgs~e, and said ;
eoste, chargea, and expenaea shall be immediately due sad psysble and shall be eecured by the lien of thi mortgage.
He will oontinuous~y maintain hazard insurwce, oi auch type or types and amounta as Mortgagee msy
from time to ti~e require, on the improvemente now or hereafter on said premises and e~cept when payment
tor all such remiums haa theretofore been msde under (a) of paragre h 2 hereof ~e will pay pmmptly when
due an~ premiums therefor. All insuranoe ahaU be carried in comPanies sppmve~ by 111ortgagee and t6e poli-
cies and renewals thereoi shall be held by Mortgagee and have sttached t6ereto losa payable-crausee in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, ~
and Mortgagee msy make groof of toss if not made promptly by Mortgagor, and each inaurance oompany ~
ooncemed ia hereb authorized and directed to make payment for such lo~a directly to Mortgagee instead of •
to Mortg.agor and ~ortgagee oint,~y ~ and the inaurance proceeds, or any part thereof, may be appLed by Mor~
gagee at its option either to t~e reduction of the indebtednesa hereby se~ured or to the restoration or repair of
the property dsmaged. In event of foreclosure oi thia mortgage or other transfer of title to the mortgaged
pmperty in extinguiahment of the indebtednese eecured hereby, ail right, title. and interest of the Mortgagor
m snd to any znsurance policies then in force ahsll pqsa to the purchaser or 8zsntee.
8. Ii the prn~nises, or an~• part tl?ereof, be condeuined under the pow~r of eminent domain, or acquired for
a public use, tl?e dauiages aw•arded, thc proceeds for the taking of, or the consideration for suc•h acqu~sition, to
the extent of the full umount of tl?e remsining unpaid indebtedness secured b~• this mortgage, arn hereb~-
assigned to the ;14ortgagce, und his heirs or assigns, and shall be paid forthwith to said :1lortga~ee or liis
assignee to be applied on account o[ the last ~~iaturing installments of sucli indebtedness; pro~ided, 1ioHe~er,
the Mortgagee or his assignee, ma~• at his discretion pa~ direct to the :~Iortgagor, his heirs or assig~is an~• part_
or aU o[ such aHard; pro~ ideci, thnt if the loan is guaranteed or insured, the consent o[ tlie guarantor or insw~r
is obtained in ad~ ance of said pa~•u~ent.
9. T6e Mortgagee may, at any time pending a suit upon this mortgage~ apply to the oourt having juriediction
thereof for the appointment of a receiver~ and such court ahall forthwith appoint a reoeiver of the premises covered
hereby all arid singular, including all and singular the income~ profits, issues~ and revenues fmm whatever aource
derived, each and every of which, it being exgressly underatood, is hereby mortgaged as if apecifically set forth and
described in the grsnting and habendum clauses hereof. Such appointment ahsll be made by such court as an admitted
equity and a matter of absolute right to esid Mortgagee~ and without reference to the adequacy or inadequacy of
t6e value of the property mortgaged or to the ~olvency or inaolvency of said Mortgagor or the defendants. Such
rents, pmfits, income, issues, and-revenuea s6a11 be applieci by such reoeiver according to the lien of t6is mortgage
! • and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the biortgagor
~ agrees to pay to the Mortgagee on demand ss a ressonable monthly rentsl for the premises an amount at teast ~
~ equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installmenta payable in the then current ~
~ year plus the actual amount of the annual taxes, aa~ssments, water rates, and insurance premiuma for such year
not covered by the aforesaid monthly paymente. _
10. In the eveot oi any breach of this mortgage or default on the part of the Mortgagor; or in the event that s
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the atipulations~ agreements, conditione, and oovenants of said note and this mortgage,
ate not duly, promptly~ and fully performed; then in either or any such event, the said aggregate sum mentioned ~
in said note then remaining nnpaid, with interest accrued to that time, and all moneys secwed hereby, shall become ;
due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and oompletely as if all of the ;
said sums of money were orig[nally stipulated to be paid on such day, an}~thing in said note or in t6is mortgage to ~
the contrary notwithstanding; and thereupon or thereafter, at the option of said Morigagee, without notice or t
demand, suit at law or in equity, may br. prosecuted as if all moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage~ as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with caets~ expenses, and allowances. In case of partial ~
foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the c:ontinuing lien of this mortgage
for the am~unt of the debt not then due and unpaid. In suc6 case the provisiona of this paragraph may again be
availed of t6ereafter from time to time by the Mortgagee.
I 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terme hereof or of the note eecured hereby.
12. The lien of this instrument ahall remain in fuU force and effect during any postponement or extenaion of
~ the time of payment of the indebtedness or any part thereof eecured hereby.
~ 1:3. If the Mortgagor default in any of the covenants or agreemente contained herein, or in said note, then the
~ Mortgagee may pedorm the eame, and all eupenditures (including reaeonable attorney'8 fees) made by the MortgaRee
in so doing shall draw interest at the rate pro~ ided for in the principal inJebtedness, and shall bc~ mpa~•able
thirt} (30) da~s after Jemand, and, together witL interest and costs accrued thereon, shall be secured by
t6is mortgage.
14. Upon the request of t6e ~+fortgagee the Mortgagoc shall ea~ecute and deliver s supplemental note or
notes for the sum or sums ad~ anced by the ~tortgagee tor the alteration, modernization, improvement, main-
tenanc~, or repair of said premises, for taxes or as.aessments against the same and for an~ other puTpose sutt~or-
ized hereunder. Said note or notes sliall be secured hereby on a parity with and as fully as it the ad~ ance
evidenced thereby were included in the note 6rst described above. Sa~d supplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shell be pa~ sble in ap prosimatel~ equal
monthly pay~ments for such period as may be agreed upon by the creditor and debtor. Failing to agrec on the
maturity, the whole o( the sum or sums so advanced shall be due and pa~able thirt~• (30) da~s after dcmand
by the crcditor. In no event shall the maturity extend beyond the ultimate r.~eturitS of t~e note first
described above.
BoR~ 2~~ F~cr 2752
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