HomeMy WebLinkAbout0517 tender to tt~e \1urtKt~e~> i~~ ucc•ordance w•ith th~~ pro~i+io»s of the not~~ a~~cured h~~rnl~~•, full pa~~iu~~~it of th~•
entire indebtcdncss ~epre~tmt~~d thereb~•, thc~ ,~tortg ee, a.4 trustre, shall, in computiiiK th~~ un?ount of sueh
indebtedness~ rredit /o the accoun o~~ie~111o~1ga~pr~~~a eredit balanc•~~ r.~n~ainii~~; und~~r the pm~•isiuns of (u)
of snid paragrsph 2. If therP sha~l ~ a~lefault uri~tcr sn~• of tl?c~ pro~•i~ious of lhis n~ortKuK~ r~~sultin~? in u
public sale of the prn~nise~s covered l~ercb~•, or it the :~iortg~~~e ~cyuires the pro~~rt~~ ath~r~~•i,c~ t?ft~~r ~letaul~,
the ~iortga~ce, as trust~~e, shall eppl~, at the time of tl?e eoi»u~enc~einent of sucl~ pro~~~~t~dink?s or at th~~ tim~~
the propcrt~• is otherv?isc~ acyuired, tl?e au~ount thcn rnmnininK to crn~iit of \IortKa~or uuder (a) of pAra~:rapl~ 2
preceding as s credit on the interest accruc~d and ut~paid attd the balanc•e to th~ pr~n~ipal then rnm:iii?in~; unp~?i~l
on seid not~. ~
4. He will p~ay all t~uces„ aeseeamenta, water rat~ee, and other governmental or municipal chargea~ 6nee, or
impositiona, for which provieion 6as noL been made hereinbefore~ and in default thereof the 11Zortgagee may pay the
eame; t?nd that he will promptly deliver the oS'icial receiptn therefor to t6e Hl~rtgag~ee.
b. He will permit, nommit, or sufter no waete, impairment, or deterioration of said pmperty or any part thereof,
except reas~nable wear and tear; and in the event of the failure of the Mortgagor Lo keep the buildings on eaid
premiaes and Lhoee to be er~cted oa eaid premises. or impmvementa thereon, in good repair~ the Mortgagee may
make such repairs as in ite diecretion it may deem nece~ary tor the proper pre~ervation thereof~ and the full amount
ot each and every such payment shaU be due and payable thirty (30) daye after demand, and she?ll be eecured by
the lien of thie mortgage.
6. He will pa~ stl aad singular the oo~ste, chargee, and eupens~ including reasonable lewyer'e feea, and co~ta
of abatracts of title. incurn~d or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promissory note and this mortgage~ and said
costs, charges, and e~cpenses shall be immediatety due and payable add shall be eecure~d by the lien of t6is mortgage.
7. He will oontinuously maintain hazard insurance, of such type or typee and amounts as Mortgagee msy
irom time to time require, on the unprovements now or hereafter on said premises, and a~cept when pa~ment
!or all auch premiums has theretofore been made under (s) of.paragraph 2 hereoi he will pay promptlv when
due any prem~ums thcrefor, All insurance shall be carried in compatuea eppmve~ by 14io~ee and t6e poli-
cies and renewals thereof s6all be held by Mortgagee and have attached thereto losa paysble c auses in favor of
and in form acceptable to the Itsortga~ee. In event of loss he will give immediate notice by mail to Mortgagee,
and :~iortgagee may make proof of ioss if not made promptlv by Mortgagor, and each insurance oompany
ooncerned is hereby_ authorized and directed to make payment for such loss directty to Mortga~ee instead of
to ;4lortgagor and Mortgagee jointly~ and the insurance proceeds~ or any part thereoi, map be app7ied by 114ort-
gagee at its option either to the reductioa of the indebtedness hereby secured or to the rest~ration or repair of
the property dama~ed. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtednesa secured hereby, a~l tight, title~ and int,erest of the IMortgagor
in and to any insumnce policies then in torce shall pass to the purchaser or grant~ee.
ti_ If ti~~ pr~•~nis~~, or au}- part thc~rc•of. be• condc~?~~n~~d tlnde~r lh~ pO~i~~r of e~~~in~nt dauuin, or a~•qiiir~~cl f~?r
a publir us~•. tl~~• ~la~uaKi~s a~•Hrd~~d. tl«~ prn~~~~~~ds for the tukin~ of, or th~ i~onsi~l~•ration for sucl~ :ic•qtiisition, t~?
th~ ~~xtent of tl~e full ninount of tl~~ rernaining unpai~l indcbtedne•ss se~•ur~~d bt• tl?is inort~?a~;r, ur~~ h~~ri~l>~-
assi~:n~~d to thi~ \1ort~agee, an~l I~is h~~irs or aui~ns, arnl sha11 b~ paid torth~•ith to saicl Zlort~;a~;~~~~ or t~i~
a~.i~ne~ to tK~ appli~~d on ae•~•ouut o[ ttic lu,t ii~aturin~ installn?ents of su~h indebtcdness; pro~-i~l~•~I, 1?o~cr~•er,
t4u~ ~1ort~~K~~• or his assiKnee, ma~' at his dise•retion pi~~- dire~~t to the ~iortKa~or, his I?c~i~ or n.c;i~;ns an~• purt
or all of sw~l~ a~var~l: pro~•uled, that it th~~ loau is ~;uar:int~~~d or insured, tl?e c•onsent ot ihr guur~ntur c~r in~arnr
is obtnined iu t~d~•an~'P O~ SRI(I ~A\"Illl~nt.
The Mortgagee may, at sny time pending a suit upon this morigage~ appty to the oourt having juri.gdiction
thereof for the appointment of a receiver, and such coeirt shall forthwith appoint. a receiver of the premises covered
hemb~ all and singular, including all and singular the income, proSts, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood~ is hereby mortgaged ss 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, and without reference to the adequacy or inadequacy of
the ~alue of the property mortgagcd or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage
and the practice ot such court. It~ the event of any default on the part of the Mortgagor hereunder, the 111ortgagor
agrees to pay Lo the 1'tortgagee bn demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-taelfth (~y) of the aggregate of the tvicelve monthly installments payable in the then current
year plus the actual r~~~ount of the snnual taxes, assessments, water ra+.es, and insurance premiams for such 3•ear
not covet~ed by the af~resaid monthly ga~•meats.
10. In the e~ent of an~ breach of this mortgage or default on the part of the Aiortgagor, or in the e~~ent that
eny of said sums of money herein refermd to be not promptly and fully paid according to the tenor heteof, or in the
event that eae.h and every the stipulations~ agreements, conditions, and co~enants of said note and this mortguge~
are not. duly, promptly, and fully per[ormed; then in either or any such e~ent, the said aggmgate sum mentioned
in said note then remaining unpaid, with interest accrued to that time,~and al! moneys secumd hereb~~, shall become
due and payable forthRith, or thereafter, at the option of said Ziortgagee, as fully and completely as if all of the
; said sums of mone~ aere originally stipulated to be paid on sach day, an~•thing in said note or in this mortgage to
f the contrary notwithstanding; and ther~eupon or theteafter, at the option of said illortgagee, a~ithout notice or
demand, suit at law• or in equ~tp, ma~• be prosecuted as if all mone~s secured hereb~ had matured prior to its institu-
' tion. The ;~tortgagee may foreclose this mortg~ge~ 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, and allo~ances. In ca.se of partial
foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this morigage
for the amouat of the debt not then due and unpaid. In suc6 case the provisions of tl~is paragraph ma~• again be
availed of thereafter from time to time by the ltortgagee.
` 11. No waiver of any covenant 6erein or of the obligation secured hemby shall at any time thereafter be held
to be a waiver of the terma hereof or of the note secured hereby.
; 12. The lien of this instrument ahall remain in full force and eRect during an~• postponement or extension of
the time of pa~~ment of the indebtedness or say part Lhereof eecured hereby.
~ l:i. If the l~iortgagor default in any of the covenants or agreements c~ontained herein, or in said note~ then the
MortgageE may perform the same~ and all expenditures (including reasonable attorney's fees) made by the AiortqaRee
in so doin~ shall draw• int~mst at the rate pro~•id~d for in the prisu•ipal in~l~btedn~ss, and shall tx• r~pa~•shle
thirt~ (30j da~•s after demend, and, togetl?er w•ith iutemst and cos~s accrued thereon, sl?all be sccured by
this mortgage. ~
I~. Upon the requcst. of thc \fortFagee the ~lortga~o~ shull execute and deliver e supplementsl note or
notes for the sum or sums ad~-anced by~ the ~tortgagee [or the alteration, mod~•rnization, impror~•m~nt, main-
tenence, or repair ot said premises, tor texes or as.~essments a~ainst the samc and (or an~• otL~~r purp~ise suthor-
ized hereunder. ~aid note or noles sl~all be secured hereb~• on a parity with and as tullS as ii the ad~~ance
e~•idenced therebti~ w~ere included in the note fitst described abo~•e. leid supplcmenta) nol,e or notes sl~all bear
interest at the rate prorided for in the principal indebtedness and sl~all be ps~-able in approsimatel~ equal
` monthl~ pa~•ments for such period as may be a~;reed upon b~ the creditor and <icbtor. Failin~ to a};m~~ on th~
` maturity, t~?e w•bote of the sum or sums so adranced siu~ll be due gnd pa~-ai~le thirt~• (:i0) da~•s aftrr d~mand
; b}• the cr~ditor. In ao e~ent sha!! ttee maturit~ extend be}•ond the ultimate r.~aturit~• of tLr note lirst
described abo~ e.
3~;~r P.~Gf 5~~
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