HomeMy WebLinkAbout0479 tendcr to the 1~lurtgagee in accorclanee with the provisiona of the ~io1e s~~cured l~i•r~l,~•, fuq pa~•~iient of tlu•
entire indebtednesa represe~ted tbereb~•, the Mortgi?gee, as trustee, shall, in coniputing tlie amount o( surh
indebtedness~ credit to the account ot tl~e Mortgagor any t~'edit balance trmaining und~~r the pro~ isions ot (a)
of asid parograph 2. If thern shall be e'dzfeult undbr•~~• af the provisiona ot this ~uortgeKe resulliug in a
public sale o! tl:e premises covered hereb~~ or i[ the Mortgagee acqutres the properl~• othcrHise aRer de[ault,
the Mortgagee, xa truatee, ahall apply~ at the tune ot the commencement o( such proceedings or at tl~c tim~~
the propert~ ia otherwise acquired, the amount then rnmeining to credit of rsortgagor under (a) of ~~ara~;rap1~ 2
preceding 4s a credit on the interest scerued and unpaic! and the balance to tl~c~ principal then rnmain~ng unpn~d
on said note.
4. He wiU psy sll taxee, ~eeeemeata, wster ratea, end other governmental or municipai chs~ fines~ or
impoeitions, for whic6 proviaion has not been me?de hereinbefore, and in default thereof the Mort~agee may psy the
aanne; aad thst he wiU pmmptly deliver the o~cial reoeiptR therefor to the I~i~rtgagee.
b. He will permit, oommit, or su~er no waste, impedrment~ or deterion?tioa of eaid property or any part thereof
except nasonable wear ~?nd t~ear; and in the event of the failure of the Mort~sgor to keep the buildings on eaic~
premiees and thaee to be erected on ssid premiees,, or improvementa thereon, in good repsir the Mo
mske euch repsirs ae in ite diecretion it may deem neoeessiy for the proper preeervation t6ereo#, snd the
full~amount
ot each and every euch payment ahall be due and p?yAble thisty (30) days efter demand, aad ehsll be aecnred by
t6e liea ot thia mortgage. .
6. He will pay att and sin6alar the coetb, and ezpenees, including reaeonsble lawyer'e fcee, s~i ~oste
oi abstrACta of title, incurred or paid at any time by t Mortgagee becauee of the failure on the oste
rom tl snd ful[ to rform the part of the Mortgagor
p p y y pe agreementa and oovenants of eaid promiseory note and thia mo gage, and 8aid ~
uoate, chargea, and expenses ahall 6e immediately due snd payable and s6all be securad by Lhe lien of
t'h~s mortgage. ;
7. He will oontinuous~y maintain hazard insurance, of auch type or types and amounts as Mortgsgee msy ;
irom time to time require, on the improvemente now or hereaiter on sa~d premisc~s and e~acept when payment ~
!or all such premiums hes theretofore been made under (s) oi paragraph 2 hereof ~e will pay promptly when
due any premiums therefor. All insurance ahall be camed in oompamea approve~ by l~iortgagee and the poli-
ciea and renewals thereof shtill be held by Mortgagee and he?ve sttached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In svent of losg he will give immediate notice by mail to Mortgagee, '
and :~iortgagee may make proof o# Ioss if not made pmmptly by Mortgagor, snd each insurance company ~
ooncerned is hereby~ authorized and directed to make psyment for such losa du~ectty to Mortgagee instead of {
to Mortgagor and Mortgagee jointly~ and the insurance proceeds, or sny part thereof, may be app7ied by Mort- 1
gagee at its option either to tbe re~uction of the indebtednesa hereby secured or to the resWrat~on or repair of ~
the property dama&ed. In event of foreclosure of t,his mortgage or other transfer of title to the mortgaged ;
property m extuigu~shment of the indebtedness eecured hereby, af 1 right, title, and interest of the Mortgagor ~
m and to any insurance policies then in force shall pASS to the purchsser or grantee.
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8. I[ the pre~~iis~5, or an~• purt thereof, be conde+uned under the poH•~r ot en~inent donisin, or acquired for
a public u'se, 11ie daiuages aHarded, the pr~eee~ls for the takin of, or the consideration for surh acquisition, to ~
the cxtent of tLe full au~ount o( tl?e remaining unpaid inde~tedness secured b~• tl~is inortgage, ur~ herel~~• '
ussi~ned to the Z-iortga~ee, and liis heirs or assigns, And shall t~e pai~i forthwith to said ?~lortgage~ or }~is ~
assignre to tx~ uppliecl on ac~owit ot the IasE niatunng installrnents o! suc}i indebtedness; pro~ icied, I~oH•~ ~•c~r, ;
the ~lortgu~ee or his assignee, ~na~ at his discretion pa~- direct to tLe;4fortgagor, his heirs or assigns an~ pnrt
ar all of such a~~•arcl; pro~~ded, that if the lo~n is guaranteed or insured, the consent o[ tlie guara~itor or insur~r
is obiaiui•~I in ad~•anc~ o[ said pa~-inent.
The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction
thereof for the appointment of a t+eceiver, snd such court shay forthwith appoint a receiver of the premises covered
hereby all arid singular, including all and singular the income~ profits, issues, and r~venues from whatever source ~
derived, each and every of which~ it being expressly understood, ia hereby mortgaged as if specifically set forth and j
described in the granting and habendum clauses hereof. Such appointment shall be made by such coeut as an admitted
equity and a matLer of absolute right to said Mortgagee, and without r~ference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such ;
rents~ profita, income, issues, and revenues shall be applied by such receiver according to the lien of t6is mortgage
and the practice of such coutt. In the event of any default on Lhe part of Lhe Mortgagor hereunder, the Mortgagor
agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises a.n amount at lesst ~
equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
year plus the actusl amount of the annuai taxe$, as~snnente, water rates, and insurance premiums for such year 1
not covered by the aforesaid monthly payments. E
i0. In the event uf any treach of this azor',,gsg~c or dc;s;~lt va the gsrt of the Mortgrger, ~r ~L~ fS3P PYpT~t }+S~t ;
any of said sums of money herein refe~red to be not promgtly and fully paid according to the tenor hereof, or in the
event that each and every the atipulations, agreements, conditions, and co~enants 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 f
in said note then remaining unpaid, with interest accrued to that time, and a!1 moneys secured hereby, shsll become ~
due and payable forthwith, or thereafter~ at the option oi said biortgagee, as fully and completely as if all of the
said sums of mone~• were originalty stipulated to be paid on such day, an~ thing in said note or in this mortgage Lo
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 p~osecated ss if all moneys secured hereby had matured prior to its institu-
' tion. The l~iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said ~
I premises shall be sold to satisfy and pay the same together aith costs, expenses~ and allowances. In case of partial
fomclosure of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage -
for the amount of Lhe debt noL then due and unpaid. In suc6 case the provisions of this paragraph may ugain be
availed of thereafter from time to time by the Diortgagee.
11. No waiver of any covenant herein or•of the obligation secured hereb~~ shall at any tiave thereafter be held *
to be a waiver of the terms hereof or of the note secured hereby.
1'2. The lien of this instrument shall remsin in full force and etiect during any postponement or extension of ?
the time of pa~ ment of the indebtednesa or any part thereof ~cured hereby.
l:i. If the Mortgagor default in any of the covenantr or agreements contained herein, or in said note, then the
Mortgagee may perform the same, and all expenditurea (including reasonsble attorney's fees) made by the MortgaRee
in so doin~ shall draw interest at the rate pro~•ided for in the prin~ipnl indebteclness, and shall bc~ repa~•able
thirt~• (30) da~ s after detnand, and, together with interc~st and costs accrued thereot?, shal[ be secured by
' this mortgage,
14. L'pon the request o[ the ti1oM,~agee the Ziortgago~ shall eacecute and deliver a supplementsl note or ~
notes for the si~m or sums ad~ance~l by the ~lortgagee for the alteration, moilernization, impro~cment, main-
tenance, or repair of said premises, for tsxes or assessments against the same and for ea~• other purpose author-
ized hereunder. Said note or notes st~all be secured hereby on a parity with and as full~ as if the ad~ ance '
e~ idenced t~ereby w•ere included in the note 6rst desccibed abore. ~aid supplemental note or notes sliall bear ;
i interest at the rate pro~ ided for in the principal indebtedness and shall be payable in a~prosimat~h• equal
; monthly pa~ ments for such period as may be agreed upon by the creditor and debtor. Failm~ to a~ree on the {
maturity, t~e Hhole of the sum or sums so ad~anced shall i~e due and pa~•able thirty (30) da~s aftcr d~mnnd
~ by the creditor. In no event shall ihe maturity extend be}'ond the ultimate r.iaturity of tl~e note first
` described above.
800~1( +~C.VL! ~'AG.` ~ ~ O
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