HomeMy WebLinkAbout2416 tender to the 111ungagee in accordance witl? the provisiot~s•o[?t{~e ~?ute secured lu~rnb~•, full pu~•uiei~t of tlu•
entire indebtednesa reprnsrnted thereb~, ehe~~Nkorc~ageel +~s.tc~tstee, sl?all, iu computinK th~~ an?ouut of such
indebtedneas~ credit to the sccount of t~e :~tbrtgagor an~ creclit balance rN~nainiii~ undc~r the pro.•~si~»~s of (a)
of said patagrapli 2. lt there shaA be a de(ault under an~• ot ihe provisious of tl?is uiortga~e resuilii~~; iu a ,
public sale of the pre~nisea covered hereb~•, or if the Mortgn~~•e acqwres U?e proix~rt~• otl~er~~•~se a(ter ~lefault,
the Mortgagee~ as trustee, shall apply, at the tinie of the commencement of sucl? proceedink?s or ut ti~e ti~n~~
the propert~ ia otherwise acquired, tiie amount ti?en rnmaining to credit of ~lortga~or under (a) of para~rapli 2
preceding sa a credit on the interest sccrued and unpaid and the balance to tl?e priiicipal then rninain~n~ unpa~~l
on said note.
4. He will psy ell tsxee. aeeeesrnente, wster rateg, snd other governmental or municipal charges~ finee, or
impositione, for which proviaion 6ae not been made hereinbefore, e~nd in default thereof the Mortgsgee may pay the
eame; snd that he will pmmptly deliver the official t~eoeipt~ therefor to t6e Mortgagee.
b. He will permit~ oommit, or auHer ao waste, impairment~ or deterioration of said pmperty or any part thereof~
except reaeonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings en eaid
premisee aad thaea to be erected on said premisea, or improvements thereon, in good repair, the Mortgagee may
make Buch repaire as in ita discreti~~t ~sy deem neceesat~i for the proper preeervation thereof~ and the full amount
of each and every euch payment ~iall be due and psy~able thirty (30) days atter demand, and ehall be eecured by
the lien of thia mortgage. '
6. He will pay all and eingular the ooete, ~ and eapeneee, including reasonable lswyer'a fcee, and coate
oi abstrACts of title, incurred or paid at aay time by t e Mortgagee becauee of the failure on the part of the Mortgagor
pmmptly and fully to perform the agreements aad oovenants of aaid promiseory note and this mortgage, and said
oosta, chargea, and expenses ahall be immedietely due and payable and ahall be eecured by the lien of this mortgage.
7. He will oontinuously msintain hazard insurance, of such Lype or typee snd amounta as Mortgagee may
irom time to time require, on the impmvements now or hereatter on said premises and e.tcept when payment
tor all such premiums has theretofore been msde under (s) of para~aph 2 hereoi ~e will pay promptly when
due any premiums therefor. All insurance shall be carried in companies spprovec~ by riortqaRee and the peli-
cies and reaewals t6ereof shall be held by Mortgagee and have attached thereto losa payable ctauses in favor of
and in focm acceptable to the Mortga~ee. . In event of loss he will give immediate notice by mail to Mortgagee,
and ~Tortgagee may mnke proof oi toss if not made promptly by Mortgagor~ and each insurance company
ooncerned is hereby~ authorized and directed to make psyment for such loss du~ectlv to Mortgage~e instead of
to blortgagor and Mortgagee jointly~ and the insurance proceeds, or any part thereo~, may be applied by Morw
gagee at ita option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property dama~ed. In event oi foreclosure of this mortgage or other transier of title to the mortgaged -
pmperty in extuiguis6ment oi the indebtednesa secured hereby, afl right, title~ and interest of the Mortgagor
m and to any insurance policiea then in force shall p~?ss to the purchaser or grantee.
8. If the premise~, or an~- purt tl?emof, be condeumed under the po~rer of en~inent domain, or acyuir~~d for
- a public use, ihe damages aNarded, the proeeeds for the taking of, or ihe consideration [or su~~l~ acqu~s~tiou, to
the estent of tl?e full umount of the remaining unpaid indebteclness secured b~• this mortka~~~, ur~• hemb~-
assignecl to th~• ~tortgagee, and Lis I~eirs or assigns, and shull be paid forthwith to said :11ort~a~;~•~ or liis
assi~nee to be applied on ac~•ount of the last n~aturmg installn~ents of sucL indebtedness; pro~ ided, 1?o~~•e~•c~r,
tLe ~lortgagee or his assi~nee. ma~- ut his discretion pa~- dirnct to the ~iortgagor. his lu~irs or assigns nn~- part
or all o[ such a~~•ard; pro~ided, that if th~• loan is ~uarante~~i or insured, the conse~~t o[ ihe guarantor or insurer
is obtnincd in ad~•anc~ of saici pa~'ment.
`.1• The Mortgagee may~ at any time pending a suit upon this mortgage~ apply to the oourt having jurisdiction
thereof for the appointment of a receiver~ and such court shall forthwith appoint a reoeiver of the premisea covered
hereby all arid singular~ including all and singular the income, profits, issues, and revenues from whatever source ~
derived, each and every of which, it being expressly understood, is hereby mortgaged ag if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt as an admitted
equity and a matter of absolute right to said Mortgagee~ and without reference to t~he adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income~ issues, and revenues shall be applieci by such reoeiver 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
I agrees to pay to the Diortgagee on demand ss a rea.Sonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~z) of t6e aggregate of the twelve mont6ly installments payable in the then current
year plus the actual amouat of the annual taxea, asgessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly pa~ ments.
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 sutns of money hetein refen~ed to be not promptly and fully paid according to the tenor hernof, 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 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 thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
ssid sums of mone~• were originally stipulated to be paid on such day, an. Lhing in said note or in this mortgage ta
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand~ suit at Ian or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- _
tion. The «ortgagee may foteclose this mortgage, as to the amount so declared due and pa~•able, and the said
premises shall be sold to satisfy and pay the same together with c~sts, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged pmmises ahall be sold subject to the continuing lien of t.his mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph ma~- again be
availed of thereafter from time to time by the 1Vlortgagee.
11. No waiver of any oovenant herein or of the obligation secured hereb3• shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
l2. The lien of this instrument shall remain in full force and effect during an~ postponement or extension of
the time of payment of the indebtedneas or any part thereof aecured hereby.
~ 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~ Mortgagee may perform t6e same, and all expenditures (including reasonable attomey'e fees) made by the 1liortga~ee
~ in so doin~ shall draw interest at the rate pm~•id~d for in the principal indebt~dnc•ss, and shall ix~ rnpa~•able
~ thirt~ (30) da~•s after demand, and, together with interest and costs accrued thereon, shall be secured b}
this mortgage.
14. Upon the request of the ~fortgagee the ~'Iortga~o* shall execute and deliver a supplemental note or
notes for the sum or sams ad~ ance~i by the ~tortgagec (or the alteration, modernization, impro~-~~ment, main-
tcnance, or rnpair o( said premises, for taxes or as.~cssments agairist the same and for en~• othc~r purpose author-
ized hereunder. Said note or notes shall be secured hereb~~ on a parity with and as fully as if the ad~•ance
e~ idenced thereb~~ w ere included in the note first describeJ above. Said supplemental note or notes shall bear
interest at the rate provided tor in the principal indebtedn~ss and shall Ue pa~~able in appmximatel~• equai
monthly pa~ ments for such period as may be agreed upon by the creditor and debtor. Failing to agre~~ on the
maturity, t~e whole o( the sum or s~~ms so ad~•anced shall be due and pa~-able thirt,~~ (30) da~•s after d~~n~nnd
by the creditor. In no event shall the maturity extend be~ond the ultimate r.~aturit~- of llie note fint
described above.
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