HomeMy WebLinkAbout2749 'tr~ider lo the ~lortgagee in accordarn•t• ~•ith tlie pro~~isions of tl?e not~ securnd h~~reb~•, full pa~•u?ent of th~~
entire indebtedness reprnsented thereb~•, the \tortgagee, us trustee, sl?all, in computinK th~~ an?ount ot su~•li
indebtedness~ credit to the account of tj?e ~1ortge~or an~- credit balance rnn~ainink under th~• pm~•isions of (ei)
o! said peraKraph 2. I( thcre shall tx~ a default under any of th~ pro~isions of this ~uort~uge n•sultinK in a
public sale of the prem~ses coverrd hereb~-, or if the I~iortgag~~~ acquires tl?e propert~• otherH•ise aher ~lefault,
the Mortgagee, ss trustee, sliall appl~~, at the tu~ie of the c•oinmencen~ent of such proceedinKs or e~t the timi~
the propertr is oUierwise acquired, thP amnunt then rcn~ainin~ to c•redit ot ~iort~agor under (a) of paraKraph 2
preceding as a credit on the interest sccrued ancl unpaid and the balance to tl?e principal U~en reinain~~~~ unpaul
on saici note. ;
4. He will psy ull taaea, aee~meate, water ratee~ and other governmental or municipal chargee, finee, or
impoentione, for which proviaion haa not been made hereinbefore~ and in default thereof the Mortgagee may pay the
eame; and that 6e will promptly deliver the o~'icial reoeiptn therefor to the lbtortgagee. .
5. He will permit, oommit, or su8er no waste, impairment, or deterioration of said pr~perty or any part thereof~
ea~cept ressonable wear and tear; and in the event of the failure ot the Mortgagor to keep the builc~ngs on eaid
premiaes and thoee to be erected on said premieea, or improvements thereon~ in good repair~ ~he Mortgagee msy
make such repairs sa in its diecretion it may deem neceseary for the pmper preeervation thereof, and the tull amount
of each and every such payment shsll be due and payable thisty (30) daya after demand, and shall be secured by
t6e Uen of this mortgage.
6. He will pay all and singular the caate, chargee, and eapenses~ including reasonable lawyer's fcea~ and oosts
ot abstracts of title~ incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenant8 of said promissory note and this mortgage, and said
oosts, charges, and expenses shall be immediately due and payable and ahall be eecured by the lien of t6is mortgage.
7. He will c~ontinuously maintain hazard insurance, of such type or types and amounts as Mortgagee may
~
irom time Lo time req~ire, on the unprovementa now or hereaiter on said premises and eacept when payment
fvr all such premiums has theretofore been made under (a) of parsgraph 2 hereof, ~e will pay promptly when
due any premiums therefor. All insurance shall be carried in companiea approved by 111ortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausee in favor of
and in form acceptable to the 11Tortgagee. In event of loss he will give immediete notice by mail to Mortgagee,
and ~Zortgagee may meke proof of Ioss if not made promptly by Mortgagor, and each insurance oompany
concerned is hereb authorized and d'uected to make payment for such loss du~ectly to Mortgagee instead of
to Mortgagor and ~Sortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Mor~
gagee at its option either to t~e reduction of the indebtedness hereby secured or to the rest~ration or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extingu~shment oi the indebtedness secured hereby, a~l rig6t, title~ and interest of the Mortgagor
m and to anv insurance policies then in force shall pqss to the purchaser or grantee.
R_ If the premis~~s. or nt~~- purt tl~er~•of, be condernned un~ler the po~~•cr of eminent douiain. or:~cquir~~cl for
a publie use, th~ clan?agc~s a~varde~l, th~~ proc~eds for the tukinK of, or the consideration for sue•h ae•yuisitton, t~?
ti~e cxtent of th~ full a~nount of t}ic= r::z.sec:~nr uii~»i~l indebt~~h~ess se~ured h~• this inortka~*~~, ar~~ 1?~~r~•l~~-
assikne~i to th~~ ~1ort~agee, ~nd his lieits or assi~ns, und shall be pai~l forthw-ith to suid ~Iortk~~?r~~ hi.
assiK~?ee to b~~ appiied on aec~ount of tLe last u~atur~n~ install~ne~its of sucl~ indebtedness; pm~~ided, }?a~r~~~-er,
the ~lorigage~~ or his nssign~~e, ma~- nt his discretion pa~- dimet to the ~fortgagor, his hrirs or assi~~~~ an~• purt
or all of su~•h a~rar~i; pm~ided, ll~at i[ tht~ loan is gu:irnnte~d or insured, tl~e consent of thc~ ~?uurantor or insur~~r
is ohtained in ail~-ancP O~ SRI(I pR~'IIlPI11. .
The vlortgagee may, at any time pending a suit upon this mortgage, apply to the court having juriediction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises 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 as it 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, and without reference to the adequacy or inadequacy of
i the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t~e defendants. Such
rents, proSts, 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 l~iortgagor ~
' agrees to pay to the Nlortgagee on demand as a reasonable monthly rental for the pmmises an amount at least z
~ equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annuel taxes, assessments, water rates, and insurance premiums for such year
~ not covered by the aforesaid monthly paS~ments. ;
~ lU. In the event of any breach of this mortgage or default on the part of the l~iortgagor, or in the event that ~ ~
any of said sums 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 stipulations, agreements, conditions, and co~•enants of said note and this mortgage~
are not duly, promptly, and fully performeci; then in either or an3~ such event, the said aggmgate sum mentioned
in said note then mmaining 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 D'Iortgagee, as fully and completel}• as if all of the
said sums of mone~~ were originally stipulated to be paid on such day, an1 thing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said riortgagee, v~ithout notice or
demand, suit at taa• or in equity, maS be prosecuted as if ail moneys secured hereby hacl matured prior to its institu-
tion. Tl?e Ztortgagee may foreclose 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 costs, expenses, an~ allowances. In case of partial
forecloswe of this mortgage, the mortgaged pmmises shall be sold subject to the continuing Gen of this mortgage
for the amount of the debt not then due and unpaid. In such case the pro~ isions of this paragraph ma~~ ug~in be
availed of thereafter from time to time by the riortgagee.
11. No waiver of any covenant 6erein or of the obligation secured hereb~• shall at any time thereafter be held
to be a waiver of the terma hereof or of the note aecured hereb~ . -
1''. The lien of thia instrument shall temain in full force and eSect during any postponement or extension of
the time of payment of the iadebtedneas or any part thereof eecured hereby.
~ 1:i. If the 11'Iortgagor default in any of the covenants or agreements contaiaed herein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attomey's fees) made by the 1~lortgaRee
in so doin~ shalt draH interest at the rate pro~-i~i~d for in the prin~ipnl indebte~ln~ss, and shall b~ mpa~•able
thirt~ (30) da~-s after dema~d, and, together w•itL interest, and costs accrued thereon, sLall bc s~rured by
t6is mortgage.
1-1. L'pon the reqcest of the ~1ort~agee the ~iortga~;oc shalt e!cecute and deliver a supplemental note or
notes for the sum or sums ad~•anced b}• the ~iortgagce for the altcration, mo~icrnization, impro~~~ment, main-
tenancr, or repair of said prcmises, (or taxes or as~essments against the seme and tor ea~- other purpos~~ auti?or-
izcd hereundcr. 5aid note or notes sliall be secured 1?ereb~ on a perity with and as [ully as it the ad~•ance
e~•idenced thereby K ere included in the note first described abo~ e. Said supplemcntal note or notes shall bear
interest at the rate pro~ ided for in the principal indebtedness ancl sLell be pa}•able in approximatel~ ~•yual
monthl~ pa~ ments for such period as may be agreed upon b~ the crcditor and deLtor. Failin~ to agree on tl~e -
maturity, t~e H•hole of the sum or sums so adti•anced shall be due and pa~-able thirtt• (:i0) Ja~•s a(ter d~~mund
b~ the creditor. In no e~ent shall the maturity ertend bc~ond the ultimate r_~aturity ot lL~~ ~i~tc~ First
described above.
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