HomeMy WebLinkAbout0211 tender to the Mortgsgee in uccordance with the'prDv~siona o( the note secured hereb~•, full pa~•~~ient of the
entire indebtednesa represented thereb~•, the Mortgagee, as trustee, shall, in computing the en~ount of such
indebtednesa~ credit to the account o( t,he Mortgagor an~ credit balance remaining under the pro~~isions of (a)
of said panzgraph 2. I( Chere shall be a default, under any o( the provisions of this mortga~e resulting i~ a
public sale ot the premises covered hereb~ ~ or if the Mortgsgee acquu~es the propert~~ otherw~se aiter default,
the Mortga~ee, sa truatee~ ahall apply~ st the time of the couunencement of such proceeciings or at the time
the propert~ ia otherwise acquirecl, the smount. then remaining to credit o( Mortgat;or under (s) of paragreph 2
preceding aa s credit on the interest accrued and unpaid and t,he balance to the principal then rnmaining unpa~d
on said note.
4. He will psy stl tasee, e~eeeeamente, wuter retee, aad other governmental or municipal chergee, finea or
impositione, for which pmvision hea not been made hereinbefore, and in default thereof the Mortgngee msy pa~y the
eame; and t6:?t he will promptly deliver the official reoeipt~ therefor to the Mortgagee.
b. He will permit, oommit, or suffer no waate~ impairment~ or deterioration of asid property or any part thereof
except reaeonable wear and t,eer; and in the event of the failure of the Morfgagor to keep the buildin~a on eai~
premieee and thoee to be erected on esid premiees, or improvements thereon~ in good repair~ the Mortgagee may
mske Buch repairs as ia its diecrEtian it muy deem neoeeeary for the proper preeervation thereof, and the full amount
of each and every such payment ahall be due and pqyable thirty (30) days after demand, end shall be eecured by
the lien ot thia mortgxge.
6. He wiU pay sll and singular the oosta, and ezpe~ea, including reaeunable lawyer's feee, and ooete
of abetracts of title~ incurred or paid at any time b~Mortgagee because of the failure on the psrt of the Mortgagor
pmmptly and fully to pedorm the agrcements snd oovenante of esid promiseory note and thia mortgage, and said
ooeta, charges, and expenses ahall be immediately due and payable and shall be eecured by the lien oi this mortg,t?ge.
7. He will oontinuouely maintain hazard insuranae, of auch type or types and smounts a~ Mortgagee msy
from time to time require, on the impmvementa now or hereafter on said premises and eacept wLen payment
tor all auch premiums hea theret~ofore been made under (s) of paragraph 2 hereot ~e will pay promptly when
due any premiums thcsrefor. All insuraace ehall be carried in oompanies appmve~ by l~iortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and bsve attached thereto loes papable clauses in favor of
and in form acceptable to the Mo~ee. In event of losa he will give immediste notice by mail to Mortgagee,
and Mortgagee may make proof of oes if not made pmmptly by Mortgagor, and each insurance c~ompany
ooncemed is hereby authorized and directed to make payment for such loea directly to Mortgagee inst~ead of
to Mortgagor and Mortgagee 'ointly, and t6e insurance proceeds, or any part thereof, may be applied by Mor~
gagee st its option either to t~e reductaon of the indebtednees hereby secured or to the restorataon or repair of
the praperty dama~ed. In event of foreclosure of this mortgage or other transier of title to the mortgaged
property m extingu~shment of the indebtednees eecured hereby, a~l right, tiWe~ and interest of the Mortgagor
m and to any insurance policie~ then in force shall pnss to t6e purchsser or grsntee.
8. If the premisc•s, or an~- part thereo~, be condemned under the poW
er of en?inent don~ain, or acquired for
a public use, the daina~?c~s av?arded, the proceeds [or the taking ot, or the consideration for suc•L acquisition, to
the extent of the full amount of tlie remaining unpaid indebtedness secured b~• this niort~a~e, arn l~ereb~•
assi~ned to the Mortgagee, and his heirs or assigns, and shall be paid forthwith to said .'4lortgagee or I~is
assignee to be applied on account of the last maturing installments of such indebtedness; pm~ided, howe~er, ;
the Mortgagee or his assignee, ~na~ at his discretion pa~- direct to the Mortgagor, l~is heirs or assigns an~- part. '
or all of such ~ward; provided, that if the loan is guaranteed or insured, the consent oI ihe guarantor or insurer ;
is obtained in advance of said pa~~ment. ,
9• The Mortgagee may, at any time pending a suit upon thie mortgage, spply to the oourt ha~~ing jurisdiction
theceof for the appointment of a receiver, and such oowrt ahall forthwith appoint a receiver of the premises eovered
hereby all aad 6ingutar~ inetuding sll end einguler the income, profit~, iesuee, an1 cevenues frc?m wLaf~ever source
Jerivctii, each anJ every af whieh~ iL being ea:pr~y unden~t,ucxl, ia f~rreLy mortgagrai aa if epecificaiiy eet forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a mutter ~f absolute right to eaid Mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of esid Mortgagor or t~ae defendants. Such
, renta~ proSta, 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 event of any default on the part of the Mortgagor hereunder, the Mortgagor
~ agrees to pay to the Mortgagee on demaad as a reaeonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annusl taaces, sseeasmente, water ratea, and insurance premiuma for such year
~ not covered by the aforesaid monthly paymenta.
~ 10. In the event of any breach of this mortgage or default on the part of the Mortgagor; or in the event that
any of said aums 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, conditions, and oovenante of said note and this mortgage~
are not duly, promptly~ and fully performed; then in either or any such event, the said aggregate Bum mentioned
in said note then remaining unpaid,- with interest accrued to that time, and all moneys eecured hereby, shall become
due and payable forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
said aums of money were origiaally atipulated to be paid on such day, anyLhing in eaid note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand~ suit at law or in equity, may be pmsecuted as if all moneya secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage~ as to the amount ao declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with coata, expenses, and allowances. In case of partial
~ forecloswe of this mortgage, the mortgaged premiaea s6a11 be sold subject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such caee the pmvisiona of this paragraph may again be
~ availed of thereafter from time to time by the Mortgagee.
~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time there.sfter be held
R to be a waiver of the terms hereof or of the note eecured hereby.
~ 12. The lien of thie instrument shall remain in full force and efiect during any postponement or extension of
~ the time of payment of the indebtedness or any part thereof eecureci hereby.
~ 13. If the Mortgagor default in any of the oovenanta or agreementa contained herein, or in said note, then the
~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's feeg) made by the Mortgagee
~ in so domg shall draw interest at the rate provided tor in the principnl indebtedne~ss, and shall be repa~•able
thirty (30) da~~s after demand, and, together with interest, and costs accrued thereon, shall be secured by
~ this mortgage.
~ 14. Upon the request of the Moi~t,~agee the Mortgagor shall execute and deliver a supplemental note or
~ notes for the sum or sums ad~anced by the ~tortgagee for the alteration, modcrnization, improv~mcnt, main-
~ tenance, or repair of said premises, for taxes or essessments against the same and for a.ny othcr purpose autiior-
~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~~ance
~ evidenced thereby were included in the note 6rst described above. Said s~~pplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be payable in ap proximately equal
~ monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agrec on the
~ maturity, the v?hole of the sum or sums so ad~anced shnll be due and parable thirty (30) da~s aftcr demand
by the creditor. In no event shall the maturity extend beyond the ult,imate ~iaturity of Ll~c note first
described above.
EUG~ 2U~ ~~i, ~1V
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