HomeMy WebLinkAbout0698 ttii~!rr to the ~lurtg~ee in uccordatice \Vttll IIl@ pI'OV1310I13 OI ~}l@ note secured hNreLr, IUII NR~•uient of tl~e
rntirN indebtedne~ rcpre~rntrd therebv, the ~tortge?gee, as trustre, shall, in cuu?putin~ tl~e u~uo~u~t~ of such
iiid~bledness, crr~lit to the accouut oi t~~e I1lortgaRoe any credit bc??ance remaining under the provi~ious of (N)
uf said p~?rugraph 2. Ii there sh~l! be u delault un~ler any of the provisions o( this mortKage re~ultinR in
piiblic sale of the preu?i~es covered liereL}•, or if the Vtortg~ee a~;qutrea the pmperty otl~c~r~~~ise after default,
tt~e ~iortgagee, as tru3tee, shall Apply, at the time of the conunencement of such proceedings or at the time
the propert~• i3 othenvise ~cquirrd~ the aaiount then rcuiaininR to credit of `turtgagor undrr (a) a[ paragraph ~
p:ece~liug ~ a credit on tlie interest acecueil ancl unpaid and the balance t~ tl~e principsl the~ rnmaining unpKid
on said note.
4. He will pay all taxes, s~nenta, water rates. and other governmental or municipal charges~ finee. or
i.~npc.~itiona, for whic~ provision has not been made hereinbeEore, and in default thereof the Mortgagee may pay the
~me; and that he will promptly deliver the official rec8ipta therefor to the l~tortgagee.
5. 73e will permit, commit~ or suffer no waste~ impairment, or deterioration of said property or any part thereof~
except masonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said
preczi3es and thuse to be erected on said premisea, or improvements thereon, in good repair, the Niortgagee msy
m~e such repairs as in it~ discretion it may deem neceseary ior the proper preservaLion thereof, and the fult amoun6
of each and every such payment ~hall ~e due and payable thitty (30) days after demand, and shall be secuted by
tae lien of this mortgage.
6. He will pay all and singular the costs, charges, and eipenses, including reasonable lawyer's fees, and co~ta
of abstrs~ct9 of tiLle~ incuned or paid at any time by the Alortgagee because of the failure on the part of the l~iortqagor
promptl~ and fully to perform the agreements and oovenants of said promissory note and this mortgage, and said
costs, cha,•ges, and expenses shall be ianmediately due and payable and shall be eecured by the lien of this mortgsge.
7. He will oontinuously maintain hazard insurance, of such tppe or typea and amounta as Mortgagee may
from tune to time require, on the improvementa now or hereafter on said premi3es snd ~tcept when payment _
tor all such premiums hss theretofore been made under (s) of paragraph 2 hereof ~he will pay promptly when
due any premiums therefor. All iruurance shall be carned in companiea approved by tiiortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to tl~e riortga~ee. In event of loss he will give immediate notice by m,ul to biortgagee,
~nd ~Iortgagee may make proof of Io~ if not made promptly by I~iortgagor, and each insurance company
concerned is hereby aitthorized and directed to make payment for such loss directly to Mortgage~e instead of
to `4ortgagor and l~iortgagee jointly, and the insurance proceeds, or any part thereof~ may be applied by Mor~
gagee at its option either to the reduction of the indebtednes3 hereby secured or to the restorat?on or repau~ of
the property damaged. In event of foreclosure of this mortgage or other tcansfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, a'LI right, title~ and interest ot the blortgagoc
m and to any insuranca policies then in force sball pass to the purchaser or grantee.
8. if the preu~isrs, or an~• part thereof, be condenined uncler the power of eminent dontain, or acquirnd for
a public use, tl~e da~~iages awarded, the procer.dz for the taking oI, or the consideration [or surh acquuition, to
t he extent~ of tiie full azi~ount of t}?e remaining unpaid indebtedness secured t,~• tliis n~ort~agQ, are herel?~'
ns.i~ned tn U~e ~~1ortgKger, esnd hi~ heirs or a~sean~, and s4ea11 h~ paid f~rth~~ith to sa:d Z1or.gaKeE> o: :~s
n~i~nee to be applied on uc~oant o[ the last n~aturing installments of such indebtedne~; pro~•ided, lio~se~•zr~
the ~Iortgx~ee or his assi~nee, i«a~• at his clwcretion pa~- direct to tlie Vlortgagor~ S~is }ieirs or n~igns an~- part~
or all ot such award; pro~ ided. that if the loRn is gua~ai~tPed or insured, the conset?t of the guaruntor or insurer
is obtained in ad~ance of sai~t pa~•ment.
9- T6e 14lortgagee may, at any time pending a suit upon this mortgage, apply to the court having juri.gdiction
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 ~~hatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specific,glly set forth and
described in the granting and habendum clauses hereof. Such appointment shaU be made by such court as an admitted
equity and a mntter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
' the ~ alue of the property mortgaged or to the solvency or insolvency of said Mortgagor or t'~e defendants. Such
~ rents, profits, income, issues~ and revenues shall be appliecl by such receiver according to the lien of this mortgage •
j and the practice of such court. In the event of any default on the part of the Dlortgagor hereunder, the ~iortgagor
~ ag:ee3 to pa.y to the ~iortgsgee on demsnd as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments psyable in the then current
~ year plus the actual amount ~f the annual taaces, assessments, water rates, and insurance premium9 for such year
not co~ ered by the aforesaid monthly payments.
111. 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 rsnd every the stipulations, agreements, condition9, and covenants of said note and this mortgsge~
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned- •
in ssid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, sha11 become
due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if al! of the
said suma of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at Lhe option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
tion. T6e Mortgrsgee may foreclose this mortgage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together aith costs, eapenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of this parugraph may again be
availed of theresfter from time to tine by the 111ortgagee.
11. No waiver of any covenant herein or of the obligation secured hereby shall at an~ ti~e thereafter be held
to be a waiver of Lhe ternas hereof or of the note securecl hereby.
12. The lien of t6i~ instrument shall remain in full force ~nd effect during any postponement or extsnsion of
~ the time of payment of the indebtedness or any part thereof secured hereby.
~ 13. If the Mortgagor default in any of the co~enants or agreements contained herein, or in said note, then the
~ Dlortgsgee may perform the same, and all expenditures (including reasonable attorney's fees) m:ide by the DlortRaKee
in so doing shall draw interest at the rate provi~ted Eor in the principnl inciebteclness, an~l shalt be repa}'able
~ thirty- (30) da~s sfter demand, and, together with interest and costs accrued thereon, shull be secured by
this mortgage.
~ l4. Upon the request of the ~fortgagee the l~fortgago~ shall execute and deliver a supplemental note or
notes for the sum or sums ad~ anced by the ~tortgagee for the altemtion, modernization, impruvemcnt, main-
~ tcr?ance, or re air of said remises for taxes or as.Qessments sinst the same and for ea other ur ose autlior-
~ ized hereunder. Seid note or notes shall be secured hereb on a parity with and as fuliy as if tl~e ad.•ance
~ e~•idenced thereby were included in the note 6ist described above. Said snpplemental note or notes shall bear
~ interest at the rate provided for in the principal indebtedness and shall be payable in approximatel~ cyual
monthly payments for such period as may be a~;reed upon by the creditor and debtor. Fuiling to agree on the
maturity, the whole of the sum or siims so adr-anced shall be due and pa~able thirty {30} da~s atter demnnd
~ by the creditor. In no event shall the maturity extend beyond the ultimate rsaturity oE t6e n~te first
~ described above. n A,~w
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