HomeMy WebLinkAbout0991 tender to the I~iurtgagee in dccorda~c~ witl? the provisions of tl~e note se~curc~~l I~c•rel?~•, full pa~•?~ient o! the~
entire indebtedness represented thereb~•, the 4lortgagee, as truslee, shnll, in computinK the aiuuunt of suc•li
indebtednesa, credit to the account ot t~~e Mortgegor any crnd~t balsnce reu?aininK under Ihe pro~•isious of (a)
o( ssid paragrsph 2. It the~e shal) be n defaul~ under an~• of tl?e provisions of this uiortga~e resultin~ in e?
public sale of the premisea covered hereb~•, or if the Mortgagre acquues t}ie pm~erh• otherwl3P after detault,
the Mortgagee, as truatee, shall apply, at t.he time of the commencement of such proceedings or at the tiuie
the prapert~ ~a otherwise acquired, the amounl then rnuiai~ing to credit of Mort~af;or under (a) of par~raph 2
preceding as a credit on the interest acerued and unpaid and the i~alance to tl~c~ principal then rc•n~aiuinK unpaid
on said note.
4. He wiil puy a1l t,axea, aeeeeementa, ~rater rat~es~ sad oLher governmental or municip~al chargee, 6nes. or
impoeitione, for which proviaion haa not been made hereinbefore, and in default thereof the Mottgagee msy pay the
eame; and that he will promptly deliver the o~ciat reoeiptn tberefor to the Mortgagee.
5. He will permit, oommit, or suS'er ao wa8te, impairment, or deterioration of ssid property or any part thereof~
eucept reaeonable wear and tear; and in the event of the failure of the Mortg,xgor to keep thR buildinga on eaid
premiees and thoee to be erected on eaid premieee~ or unpmvemente thereon, in good repair~ Lhe Mo
make euch repaiis ae in ite diaerEtion it muy deem nece~eary for the proper preeervation thereof, and the
f~iill~amaunL
of each and every auch payment shall be due and psyable t6irty (30) daye after demend~ and shsll be aecured by
the lien of thia mortg,age.
6. He will pay nll and singular the coete, charg~, and e:penees, including reasonable lawyer's fcea, and ooets
of abatr~cte of Gtte~ incurred or paid at any time by the Mortgagee because of Lhe failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promiaeory note and this mortgage, and said
ooets, chargee, and expensea shsll be immediately due and p~yable and shall be eecured by the lien of this mortgage.
7. He will oontinuous~y maintain hezard insurauce, of such type or types~and amounts as Mortgagee may
fmm time to time require, on the ianprovemente now or hereafter on said premises and ezcept when payment
for all such premiums hsa theretofore been made under (a of paragraph 2 hereof ~e will pay promptly when
due any preuuums therefor. All insurerice shall be csrri~ in oompan:es approve~ by 111ort~a~;ee and the poli-
cies end renewals thereof shall be held by Mortgagee snd have attached thereto loss payable crauses in favor of
and in form acceptable to the Mort~ . In event of loss he will give immediate notice by meul to Mortgsgee,
and Mortgagee may make prnof of ~o~s if not made promptly by Mortgsgor, and ear,h insurance oompany
concerned is hereby~ authorized and directed to make payment for such loea directly to Mor~a~ inatead of
to Mortgagor and Mortgagee ointly , and the inaurance pmceeda, or any part thereof, mav be app~ied by Mor~
gagee at its option either to t~e reduction of the iadebt~dness hereby secured or Lo the restoration or repair of
the property dama~ed. In event of foreclosure oi this mortgage or other transfer of title to the mortgage~d
property in extingu~shment of the indebtednees eecured hereby, a~l right~ title, and interest of the Mortgagor
m snd to any inauraace policiee then in force ahall pnsa to the purchaser or grantee.
8_ If the prn~nises, or an~• part therc~of, be condemned under thepQ K•er of eminent don~ain, or acquirnd for
a public use, tl~e dau~a~;es aNarde~t, ti~e proceeds for thr takin~ of, ar the consicl~ration for su~•h a~quisition, to
t i~~ ~xtcnt of tlie full amount of t)~e reinaining unpaid indebtednc~ss secured b~• this iiiort~:~e, ar~• I~~rc•b~-
us.ci~ne~1 to the ~lort~a~;ee, and his heirs or assigns, and shall bc paid forthwith to said ~lortgager or his
assigne~ to be applied on account of the last u?aturing installments of such inde~tectness; pro~•ided, hoHCrer,
thc ZioMgagee or his assignce, mat- at }~is dis~retion pat- direct to th~ 1~ortga~or, !us )i~its or assigns an~- part
or sll o! su~h aKard; pro~~ded, that if the loan is guaranteed or insured, the consent of the guarantor or insurrr
is obtain~~d in ad~•ance o[ said pa~-n?ent.
The Mortgagee may, $t any time pending a suit upon this mortgage, apply to the ooutt having jurisdiction
thereof for tLe appointment of a receiver~ and such oourt ahall forthwith apgoint a receiver of the premises covered
hereby aU arid singular, including atl and singular the inoome, profits~ issues~ and revenuea from whstever source
derived, each and every of which, it being expreasly underatood, is hereby mortgaged as if specificstly set fort6 and
described in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted
equity and a matter of absolute right to said Mortgagee, and without referEnce to the adequacy or inadequacy of
the vatue of the property mortgsged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income~ issues, and revenuea shall be appliecl by such receiver 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 1liortgagor
agrees to pay to the Mortgagee on demand as a r~asonable monthly rental for the premises au s,mount at least
equivalent to one-twelfth (~Z) of the agg~gate of the twelve monthlp inatallments payable in the then current
year plus the actual amount of the annuel taxes, s~ssments, water ratea, and insurance premiums for such ye,er
not covered by the aforesaid monthly payments.
10_ In the event of any breach of thia mortgage or default on the pazt of the biortgagor; or in the event that
any of said awns of mo~ey het~in referred to be not promptly and fully paid according to the f,enor hereof~ or in the
event that each and every the stipulations~ agreements, conditione~ and covenants of said note and Lhis mortgage,
are uot daly, promptly~ and fully performed; then in either or any auch event, the said aggregate sum menLioned
! in said note then remaining unpaid, with interest accrued to that time, and all moneys secureci hereby, shall become
, due and payable forthwith, or thereafter~ at the option of said Mortgagee, as fully and completely as if ail of the
! said sums of mone}• were originally stipulated to be paid on such day~ anyLhing in said note or in this mortgage to
the eont.rary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
; demand, suit at laa or in equity, may be prosecuted as if all moneys secured heteby had matured prior to its institu-
i tion. The Diortgagee may foreclose this mortgage~ as to the amount ao. declared due and payable, and the said
j premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial
; foreclosure of this mortgage, the mortgaged pmmises ahaU be sold subject to the contiuuing lien of this morigage
~ for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph ma~• again be
; a~ ai[ed of themafEer from time to time by the :liortgagee.
; 11- No waiver of any covenant herein or of the obligation secured hereby shall at an~• time thereafter be held
' to be a wsiver of the terms hereof or of the note secured hereby.
l:.~. The lien of thia instrument ahall remain in full force and effect during any postponement or extension of
the time of payment of the indebtednese or nny part thereof secured 6ereby.
l:i. If the Mortgsgor default in any of the covenants or agreemente contained herein, or in esid note, then the
Mortgagee may perform the same, and all expenditures (including reaeonable attomey's fees) made by the Mortga~ee
; in so doing shall draw int~rest at the rate pro~ idecf fur in the principnl indebtedn~ss, and shall bc~ rnparab~e
; thirt~• (30) da~•s after demand, and, together with iriter~~t and costs accrued thereon, shsll be secured by
this mortgage.
14. L'pon the request of the hlortgagee the Mort,~e{;or shall e~ecute and deliver a supplemental note or
notes for the sum or sums ad.•anced b~ the Ytortgagee for the alteration, modernization, irnprov~ ment, main-
~ tenance, or repair of said premises, for taxes or as.~essments against the same and for eas- other purposc autlior-
! ized hereunder. Said note or notes shal! be secured hereby on a parity with Qnd as [ully as if the ad~ ance
' e~ idenced thereb~ w ere included in the note first described atM~ e. Said snpplemental note or notes shall bear
; interest at the rate provided for in the principal indebtedness and shall be pa~able in approximatrl~ equai
monthly pa3 ments for such period as may be agreed upon by the creditor and debtor. Failin~ to agre~ on the
~ maturity, the w•hole of thc sum or sums so ad~anced shnl! be due and pa~ablc thirt~• (30) da~•s eft~r d~~n~and
' by the creditor. In no event shall t6e maturit~ ettend beyond t,he ultimate r.iaturity of t,6~• notP fir~t
F described above,
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