HomeMy WebLinkAbout2596 tender to tlie :liortgage~~ in uccordsnc~• w•ith the pro~isions of ti~e notc~ sec•urc~d h~~min•, le~l! ~>rii-uie~u of ih~•
entire indebtedness repres~nted thereb~•, ~he ylortgagee, as lrust~~, shall, in computii~k tl~t~ aniount of su~•h
indebtedness, ereclit to the accounl ot t~~e Mort ago~ an~• ~redit hala~m~ rnn?ainiu~? un~l~~r th~• pm~•isions af (a)
of said parug~sph 2. 1f there shall be a ciefau~t t;ndcr an~• of the pro~•isians of this mcvtKu~?e rc~sultiu~; in a
public sale oi the premises co~ered hrrnb~•, or if the ~iortg~;~~e acyuires the prope•rt~• oth~•r~ris~~ ah~~r ~lefault,
the MortgaE;ee, es trustc~e, shall appl~•, at the time of the c•o~nme~cement ot such proc•e~~~link?s or ut th~~ tin?~~
the propert~ is otlierwise acyuired, the an~ount then rnmainin~ to credit of ~lort~a};or und~~r (a) of puraKrapi~
preceding as a c•redit on the mterest acerued and unpaid and ihe batance to thc~ prmcipal then r~~~~~ainiu~; uiip:ii~l
on ssicl note.
4. He will pay atl tsaea, aeeeesmente~ water rstee~ and other governmental or municipal charges, finea, or
impositione, for which provieion has noL beea made hereinbefore, and in default thereof the Mortgagee may pay the
eame; and that he will promptly deliver the off'icial reoeiptn therefor to the Nlortgagee.
5. He will permit, r.ommit, or suBer no weate, impairment, or deterioration of eaid property or any part thereof,
except resaonable wear and t,e~?r; and in the event of the failure of the Mortgagor to keep the buildinga on eaid
premises and thoee to be erected on said pi~emiees, or improvements Lhereon~ in good repair, the Mortgagee may
make such repairs sa in its discretion it may deem neoeasary for the pmper prEServation thereof, and the fult amount
of eech and every such payment shall be due aad pa~yable thirty (30) daye atter demand, and a6all be aecut+ed by
We lien of thia mortgage.
6. He will pay all and aingular t6e costs~ chargea, and e:pensea, including reasonable lawyer's fees, and costs
of abstr~cts oi title, incurred or paid at any time by the Mortgagee because of the failure on Lhe part of the Mortgagor
promptly and fully Lo perform the agreements and oovenants of said promissory note and this mortgage, and said
coats, ehargea, and expensea ahall be immediately due and payable and shall be secured by the lien of this mortgage,
7. He will continuously maintain hazard insurance, oi such type or typee and amounts as Mortgagee may
from time to time require~ on the unprovementa now or hereaiter on said prem~ses and eacept when payment
tor all such premiums has theretofore been made under (s) of paragraph 2 hereof he will pay promptly when
due any premroms therefor. All insurance shall be carried in companiea app~oveci by 1liortgagee and the poli-
cies and renew als thereof shall be held by Mortgugee and have attached thereto loss payabte clauses in favor of
and in form ecceptable to the Mortgagee. In event of toss he will give immediaLe notice by mail to Mortgagee~
and ~tortgagee may ma~e proof of Ioss if not made pmmptly by Mortgagor, and each insurance oompany
ewncerned is hereby authonzed and directed to make payment for such loss directly to Mortga~ee instead of
to ~iortgagor and Mortgagee jointly~ and the insurance proceeds, or any part thereof, may be appGed by Mor~
gagee at its option either to the reduction oi the indebtedness hereby secured or to the rest~rat~on or repair of
the property dama&ed. In event of forecloswe of this mortgage ar other transier ot title to the mortgaged
property in extinguishment oi the indebtedness secured hereby, a~l right, title~ and interest of the Mortgagor
in and to any iasurance policies then in force shall pwss to the purchaser or grantee.
R. If th~~ pr~~~nis~~s, or An~- purt tl~eri~of, bc~ c•on~len?ne~l uuder tl~e po~~•~•r of e~nii2e~it doniain, or a~•yuir~•~1 f~~r
a public• use, the~ cla~i~ages a~~•ar~ied, ih~• pro~•~~eds for the tukinK of, or tli~ e•onsiel~ration tor su~~li iu~yui,ili~~n, t~~
th~ e~xtei~t of tlie full a~t~ou~~t of tlie• rt•mainin~ unpaid ind~bteclness se~ured b~- thi~ mort~ak~•, urr h~•rnl>~-
assi~m•d to tl?~ ~iort~ag~~c, im~l his hein or assi~ns, und shall be paid forthN•itl? to said ~iortgu~*~~r ~1r I?i~
assiKnee to 1~ applie~i on ac~•ount of the last maturin~ instailinents of sueh ind~~bteciness; prn~•idc~d, ho~~•~~~~e~r,
ti?~ ~lortgage~~ or his t~ssignee, ma~- ut his dis~rntion par dirn~•t to tlie ~Iortga~;or, l~is hri~ or u.,signs an~• part
or all uf suc•h a~~-aril ; pin~•ule~l, that if th~~ lonn is ~uartu~t~~d or insur~•d, th~ ~•onsent of th~~ Kuurantcn• or insurE•r
is obtained in ad~•an~•c~ of said pa~•~n~n!.
The 11'Iortgagee may, at any time pending a auit upon t6is mortgage, apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
hereby all and singular, including all and singular Lhe income, pro6ta, issues, and rEVenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth 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, ~nd without reference to the adequacy or inadequacy of
the ~alue of the property mortgsged or to the salvency or insolvency of said Mortgagor or t~?e defendants. Such
tents, profits, income, issues, and revenues shall be applied by such mceiver 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 1'Iortgagee on demand as a reasonable monthly~ rental for the premises an amount at least
equivalent to one-twelfth (~f Z) of the aggregate of the taelve monthly installments payable in the then current
year plus the actual amount of the annual taxes~ assessnnents, 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 sums of money herein referred to be not promptty and fuily paid according to the tenor hereof, or in the
event that each and evety the stipulations, agreements, conditions, and co~enants of said note and this mortgage,
are not duly, promptly, and fully petformed; then in either or any such e~ent, the saiJ aggmgate sum mentioned
in said note then mmain:ng unpaid, with interest accrued to that time, and ap mone~•s secured hemby, shalt become
due and pa~able forthwith, or thereafter, at the option of said Rlortgagee, as full~~ and complMely as if all of the
said sums of mone~• were originally stipulated to be paid on such day, an~•Lhing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said DTortgagee, without notice or
demand, suit at law or in equity, ma~ be prosecuted as if all moneys secured hereb~• had mstured prior to its institu-
tion. The 1liortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
pmmises shall be sold to satisfy and pa,~ the same together aith costs, expenses, and allowances. In cax of partial
foreclosure ot this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of ti~is mortgage
for the amount of the debt not then due and unpaid. In such case the pro~•isions of this paragraph m1~~ again be
availed of thereafter from time to time by the 1lortgagee.
i l. No waiver of any covenant herein or of the obligation secumd hemb~~ shall at an~~ time thereaiter be held
to be a waiver of the terms hereof or of the note secured hereb~~.
1''. The lien of this instrument ahall mmain in full force and etiect during an~~ postponement or extension of
the time of payment of the indebtednesa or any part thereof secured hereby.
1:i. If the biortgagor default in any of the covenants or agreements contained hemin, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attomey's feesl made hy the 1Liortqa~ee
in so doinK shal{ draK int~rest at the rate prorid<~~I tor ir~ the principal indebt~rln~ss, end shell b~ mpa~•ahle
Lhirt~- (30) da~•s after demand, and, together w ith interesl, a~id costs accrued tliereon, shall be secureil by
this mortgage.
1~l. L'pon the request o( the lfort~agee the ~tortga~;o* shall e~ecute and d~liver a supplem~ntal noEe or
notcs for the sum or sums advanced b~ thc itortgagce for the alteration, modernization, impro~•rnu~ni, main-
tenance, or mpair of said premises, for taxes or as~essments a~;ainst the sam~~ an~) tor P;n• oth~~r purp~?s~~ autlior-
ized hereunder. Said note or notes sl~all be secured hereb~• on a parity H~ith and as fully as if the ad~-ence
e~ idence~i thereb~• H•ere included in the note first described al~ore. 5aid supplemental note or notes siial[ bear
interest at the rate pro~ided for in the principai indebtedness and shall Le pa~•abte in approximat~iti• cquaf
monthly pa~•ments for such period as ma} be agreed upon b~ the creditor and ~lebtor. N'silin~ to agre~• on thc~
maturit~, t~e H•hole ot the sum or sums so acl~•anced shnll be due and pa~-able thirtr (~0) da~s aft~r d~~mand
b} the creditor. In no e~ent shall tt~e maturit~ e~tend be~and ~he ultimate r_iaturity of lt~e n~te first
described abo~ e.
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