HomeMy WebLinkAbout2994 ten~ler to Ih~~ \lurt~uKe~~ in u~•~•or~lan~•~~ H•itl? ihe pro~•isions of llu~ ~iifti~ ~~~eur~~~l h~~r~~b~•, full pu~•uu~nt uf tlu~
~ntirn ind~•bteduess r~~pr~~ent~~d Ih~~rnb~•, 11?~ \tortKag~~~, eu irust~~~~, ~!?ull, in c•on~putink th~• ui~?ouut ~~f su~•i~
incleLt~~:lness, ~•rndit to th~~ u~•~•oui?t of t~~e \lartgaKor un~• cr~~dit b:ileu?c~ n•~i~uinin~ un~l~~r Ih~~ pro~•isions o[ (u)
of said paraKraph 2. 1f Ihern shall ix~ s default undor an~- of ih~~ provisious of lhis ~uortguk~• r~~sultiu~; in
public sale of th~ pre~ni~~~s ~•o~•crnd I~ereb~•, or if the Mortgag~~e nryuircus th~ pmix•rt~• oth~~r~~•is~~ aft~~r ~lefault,
tl?e ~lortgagee, as trust~~r, sl?all appl~, at tli~ time oi the ~•oiuiuenc~~ment o( sucl~ pm~•~~e~lin~a cir ut th~• tiiu~~
the propertr i.R otL~~rHisc~ aryuir~d, the amount thcn rnmainin~ to crn~lit ot \lortka~;or und~~r (a) of pnrukrnpl~ 2
~1MCPl~i11~ AS h c•r~~dit on the~ interest aeeru~~d and u~~paid and tile balsn~•e to th~~ prin~•i~~ul tla~n rn~ui?ii~u~K unpai~l
on said not~•.
4. He will pay all taxes, aseeasmente, water rates, and other governmental or municipal chargea, 5nee. or
impositions, for which provision haa not been made hereinbefore, and in default thereof the Mottgagee may pe?y ths
same; and that he will promptly deliver the og'icial reoeipta therefor to the Mortgagee.
5. He will permit~ oommit, or suHer no weate, impairment~ or deterioration of said property or anp part thereof~
except reasonable wear and te9?r; and in the event of the failure of the Mortgagor to keep the buildinga on said
premises and thoae to be erected on said premiees, or impmvements thereon, in good repair, the Mortgagee may
make such repaira as in its discretion it may deem necessary for the proper preeervation thereof, and the full amount
of esch and every such payment shall be due and payable thirty (30) days aiter demand, and shall be eecured by
the lien oi this mortgage.
' 6. He will pay all and singular the ooata, chargea, and expenaes, including reasonable lawyer's feee, and coats
of abstracts of title, incutred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promiseory note and this mortgage~ an3 said
oosts, charges, and expenses ahall be immediately due and payable and ahall be eecured by the lien of this mortgage.
7. He will c~ontinuoualy mei~?tain hazard insurance, of such type or types and amounts as Mortgagee may
from time to time require, on the improv'ements now or hereafter on said premises and e.~cc+pt when payment
for all such preiniums has theretofore been made under (s) of paragraph 2 hereof 'he will pay promptly when
due anp premiums therefor. All insurance shall be carried in companiea appmvecf by Diortgagee and the poli-
cies and renewals thereof shull be held by Mortgagee and have attache~ thereto loss payable claus~ in favor of
and in form acceptable to the Mortga~ee. In event of loss he will give immediate notice by mail to Mortgagee,
and ~iortgagee may make proof of ioss if not made pmmptly by Mortgagor, and each insurance oompany
ooncerned is hereby authorized and directed to make payment for such loss du~ectly to Mortgagee instead of
to Nlortgagor and 111ortgagee jointly, and the insurance proceeds, or any part thereof~ may be appued by Mor~
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoraWon or repair of
the property dama~ed. In event of forecloaure of this mortgage or other transfer of title to the mortgaged
property in e.~tinguishment of the indebtedness secured hereby, a~l right, title, and interest of tLe Mortgagor
m and to any insurance policiea then in force shall p~ss to the purchaser or grantee.
S. If th~~ pr~•niis~•s, or iu?~- parl th~•r~~of. ix• ron~l~~nu~~d ui?der th~ ~~~•~r of eniiuent clon~ain, or a~•quir~~~l for
u publi~~ us~~. th~• dainug~•s ei~~•ar~l~~~l. th~~ pm~r~~ds for tl~~ takin~: of, or tl?~ ~•onsi~lcration for su~•li fl~•quisitio~~, is~
tLe ~~~tent of th~~ full :inrount of th~~ r~~mflining unpaid inclebt~dn~~,s c~~~urnd 1~~- this inort~::~~;~~, :~r~~ lu~r~•1~~-
,i.sirm•d to tlu~ ~Ic?rt}t+~R~~~. uud his h~~its or as.sikns. at~d s!?t~ll bi~ pai~l forth~~•itl~ to si~icl ~1ort~;u~?~•~~ or liis
s~~si~ne~~ to h~~ Hpplie~f on ae~•ount o[ the lust matur~ng installn~ents af suc•1? ind~•bt~dn~~.c; pm~-i~led. ho~~•~~~-er,
th~~ \lort~a~~~r or h~s a~.si~n~•~~, mu~• at his dis~•r~~tion ~~a~- direc•t to ll?~ ~1ort~u~;or, h~~ h~~i~ or ~issiK~is an~• pi~rt
or ull of su~~l~ a~~•~r~l; pm~-i~l~~d, tliat if tl~~• loan is ~uarrnt~•~•d or insuri~il, the c~ousent of the guan~ntor or incurer
is olNainrd in a~l~-anc~ of snid pz~~•nu~nt.
The :Viortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction
thereo[ tor the appointment of a receiver, and such court shatl forthwith appoint a receiver of the premises covered
hereby all arid singular, including sIl and singular the income, pro6ts, issues~ and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set fort6 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 adequacy or inadequacy of
' the value of the property mortgagecl or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage
i and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor
j agrees to pay to the 111ortgagee on demand as a reasonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~2) of~the aggregate of the twelve monthly instsllmenta payable in the the current
y ear plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for s~ch year
~ not covered by the aforesaid monthly pa~•ments.
; 11~. In the event of any breach of this mortgasge or default on the part of the Mortgagor, or in the event that
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 ev.ery the stipulations, agreements, conditions, and covenants of said note and this mortgage,
are not duly, promptly, and fully perfotmed; then in either or any such event, the said aggmgate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneys securecl hereby, shall become
due and payable forthwith, or themafter, at the option of said 14iortgagee, as fully and compleLcl~ as if all of the
said sums of mone~• were originally stipulated to be paid on such da~•, anS thing in said note or in this mortguge to
the contrary notwiihstanding; and thereupon or thernafter, at the option of said Mortgagee~ without notice or
demand, suit at la~ or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
tion. The ;~Iortgagee may foreclose this mortgage, as to the amount so declared due and pa~able, and the said
pmmises shall be sold to satisfy and pa~~ the same together Rith c~sts, expenses, and allowances. In case of partial
fomclosure of this mortgage, the mortgagcd pmmises shall be sold subject to the continuing lien of this mortgage
~ for the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be
availed of themafter irom time to time by the Diortgagee.
~ 1 I. No waiver of any covenant herein or of the obligation secured hereb~~ shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
- 1''. The lien of this instrument ahall remain in full force and ePfect during an~• postponement or extension of
~ the time of pa3•ment of the indebtedness or uny part thereof secured hereby.
l:t. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~ Mort a ee ma rform the same and all ex nditures ~ncludin reasonable attorne 's fees) mude b the 141ortgaqee
~ B B Y Pe ~ Pe 8 Y Y
in so doinK ~hall draN• interest at the rate pro~•id~~~l for in the principul indebiedn~ss, and shall tx• mparable
~ thirt~- (30) da~•s after clemat?d, and, together ~~•ith interest and costs accrued thereon, shall be secured by
this mortgage. •
{ 1-#. l;pon the rcquest of the ~fortgagee the ~iortgagor shall e~ecute and deliver a sup~~lemental note or
notes for the sam or sums ad~-anccd b~ the ~tort~ager for thc alteration, modernization, impro~ ~~ment, main-
tenance, or r~•pair of said premises, for taxes or as.~essments a~sinst the same and for sn~• oth~~r purpose autlior-
ized hereunder. tiaid note or notes sl?all be secured hereb~ on a parity ith and as [ull~ as if the ad~-ance
e~ idenced thereb~• w ere included in the note first described ubo~ e. Said supplemental note or notes shall bear
interest at the ratc pro~ ided for in the prin~ ipal indebteclness and sl~ell t~e pa~•able in appmsimat~~h- cqoal
monthl~ pa}-ments [or such period as may be a#~reed upon b~• the creditor and cletitor. Failing to agre~• on thc
maturit~•, the H•hole of the sum or sums so ad~~anced shAll bc due nnd pa~-al?le thirt,~• (~0) da~s after ~lemnnd
b~• the creditor. In no e~ent shall the maturit~ extend beyond the ultimate r_iaturit~~ of lLe nole first
described abo~ e.
~ URs,~~ ~
~ E~~K ~.V~ ~AGE~~~e7
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