HomeMy WebLinkAbout2381 te~i~ier to tlie \lurtgagee in uc•c~rdan~•e H•ith the pro~•isio!~s of tht~ ~~M~~ s~~~•urn~l hrr~~i?~-, fuil pa~~u?~~ut uf ~h~~
entire indebtedness reprnsented thereb~~, the .Ltort~agee~,as trust~~~, ,lia!!, in c~onipeiliiiK the~ n»iount of sueh
indet~tedness, credit, to tFie~ account af tj~e ~fortRaROr at~~,crndit bal~ncN re~?~bitiin~ und~~r tlu~ pn,~•i,iui?s of (u)
of asid parsgraph 2. If there s}?all be a ciefuult under unr ot ~lie pro~~~yious of this n?ortKa}?c~ rrsullin~ in u .
public sale of the pr~uiises co~ered hernbr, or if tlte :1lortgt?g~•e acyuires ihe propc~rt~~ other~~•i~~~ uft~~r d~~fsult,
the tilortgagee, as trusl~~P, shal! appl~~, at the tinie of tl?e c~oliim~nc•c~i~ie~~t o! such pro~•redink?:z or at thr tiiiu~
the propert~• is otherwisr acyuired, the amount then remaininK to c•redit of \IortKa~?or un~ler (a) of paru~?rap1~ 2
prececiing as a credit on tl?e mterest aecrued and unpai~i and tl~e balanre to tlie pru?cipal then rni??:~ininK w~pai~i
on said note.
4. He will pay all taxea, aeeeeamente, water ratee~ and other governmental or municipal charges, &nea, or
impoaitione, for which provision has not been made hereinbefore~ and in default thereof t6e Mortgagee mey pey the
eame; and that he will promptly deliver the o~cial reoeiptn therefor to t!?e htortgagee.
5. He wili permit, aommit, or suHer no waete, impairment, or deterioration of eaid pmperty or any part tbereof,
except reasoneble wear and tear; aad in the event of the failure of the Mortgagor to keep the buildinga on eaid
premises and thoae to be erected on said premisee, or improvementa thereon, in good repair, the Martgagee may
make auch repairs es in ita discretion it may deem neceseary for the proper preservation thereof, aad the full amount
of each and every auch payment sfiall be due and psysble thirty (30) days after demand, and shall be eecured by
the lien of thia mortgage.
6. He will pay all and siugular the coata, charges, and eupenses, including reasonable lawyer'e fees~ and cwsts
of abstcs~cta of title, incurred or pa.id at any time by the Mortgagee because of the failure on the part of the i~'iortgagor
promptly and fully to perform the agreements and oovenanta of said promis9ory note and this mortgage, and said
coats~ charges, and expenses shalt be immediately due and payable and shall be eecured by the lien of this mortgage.
7. He will oontinuoas~y maintsin hazard insurance, oi such type or types and amounts as Mortgagee may
from time to time require, on the unprovementa now or hereaiter on said premises, and e.tcept when payment
tor all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pap promptly when
due any premwms therefor. All insurance shall be carried iu companies approved by riortgagee and the poli-
cies and renewals thereof shall be held by biortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the Asortga~ee. In event of loss he w~iU give immediate notice by mail to Mortgagee,
and ~3ortgagee may make proof of ioss if not made promptly by Mortgagor, and each insurance eompany
concerned is hereby authorized and directed to make payment for such loss directlv to Mortgagec instead of
to ~lortgagor and l~iortgagee jointly, and the insurance proceeds, or any part thereof, niay be applied by Morw
gagee at its option either to tbe reduction of the uiucbtedness hereby secured or to the restUratton or repair of
the property damaped. In event oi foreclosure of this mortgage or other transfer of tiLle to the mortgaged
property m extingwshment of the indebtedness secured heeeby, a~i nght, title, and interest of the 111ortgagor
m and to any insurance policies then in force shall pASS to the purchaser or grantee.
If th~• pr~~mis~~s, or nn~- p~rt th~•reof. b~ cuucien~ned under the po~~•~~r of c•minent don~nin, or a~~~~uir~•d for
a publi~• iese, tl?~ daii~a~c~s ae•anl~d, th~~ pro~~~~~ds for the tukin~; of, or 1h~ ~onsideration tor su~•1~ ucquisition, t~~
the ~~xtent of the full amount of the rnniainin~ ut~paici incl~bteclness s~~nmd l~c this n~ortKage, ar~~ h~r~•b~-
assig~?c~d to il~e~ llortgagt~e, und lzis hi~irs or assiKns, illl(I shall be paid ~orthH~ith to sui~l \1oriKa~*~~r or his
a.~ignee to tx~ applied on ac~•owit o[ th~~ last maturin~ installn~ents of such indebtedness; pm~•idt~d, f?u~c~•~•~r,
the \lortgugee or his ~ssignee, u~a~• at his disc•retion pu~• direct to the ~Iart~;+~gor, hi~ lic~its or ussiK~~s an~• p:irt
or att of suc~h n~sard; pro~-~ded, that iF thc~ lc~a~~ is Kaurt~ntc~~d or i~~sure~~l, th~ ~ons~nt of tl~c gunr:intor or insu~, r
i, ohtainr~) in si~i.•anc~ of saici pa~•n?rnt.
The ~tortgagee may, at any time pending a suit upon this mortgage, apply tg 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 the income~ profits, issues, and revenues from whatever source
derived, each and every of whic6, it being exprc~ssly understood, is hereby mortgaged as if specifically set forth and
described in the granLing and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a matter of absolute right to said 141ortgagee, and without reference to the adequacy or inadequacy of
the ti•alue of the property mortgaged or to the sotvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applieJ by such receiver according ta 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 1Zortgagor
agrees to pay to the 11'Iortgagee on demand as a ressonable monthly rental for the premises an amount at least
equivatent to one-tRelfth (~f 2) of the aggregate of the twelve monthly installments pa~able in t-he then current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not co~ ered by the aforesaid monthly pa~ menta.
10. In the event of anv 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 atiputations, agreements, conditions, and co~~enants of said note and this mortgage~
a~+e not duly, promptly, and fully performed; then in either or any such e~•ent, the said aggregate sum mentioned
in said note then remalning unpaid, with interest accrued to that time, and all moneys secured hemb}•, sh~ll become
due and pa~able forthwith, or themafter; at the option of said Diortgagee, as fulIy and comptetely as if ali of the
said sums of mone~• were originally stipulated to be paid on such da3~, anything in said note or in this mortgage to
the contran• notwithstanding; and themupon or thereafter, at the option of said ;1lortgagee, without notice or
demand, suit at la~c or in equity, may be prosecuted as if all moneys secured hereby_ had matured prior f,o its institu-
tion. The ~iortgagee mav foreclose this mortgage, as to the amount so deciared due and payable, nnd the said
~ pmmises shati be sold to satisEy and par the same together e•ith costs, expenses, and allonances. In case of partial
; foreclosure of this mortgage, the mortgagcd 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 paragraph ma~• again be
availed of thereafter from time to time by the Ziortgagee.
11. No waiver of any c:ovenant herein or of the obligation secured hereb~• shall at any time thereaEter t~e held
to be a waiver of the terms hereof or of Lhe nete secured hereb~.
' t_'. The lien of this instrument shall remain in full force and efiect during an~ postponement or extension of
' the time of pa3 ment of the indebtedness or an~ part thereof secured hereby.
If the biortgagor default in any of the covenant9 or agreements contained herein, or in said note, then the
Mortgagee may perfonm the same, and all expenditures (including reasonable attomey's fees) macle by the 1lfortga~ee
in so doinK shall draw~ interest at the rate pro~•i~l~d for in the prin~i~ul in~icbt~~lncs.s, anct s)~al) be r~parable
thirt~• (30) dars after demand, and, togetlier Kith interest an~l costs accrued t}u~reon, shall be se~~ured b~•
this mortgage.
1-1. Upon lhe requcst of the ~1ort~;a~ee the ~1ort~a~o~ shall e~ecute and dcli~cr a supplemental notc or
notes for the sum or sums ad~•anced b~- t c\tortga~ce for the alteration, m~~iernizatio~i, impro~~~m~nt, main-
tenance, or repair of said prcmises, for taxi~s or as~~ssm~~~ts a~ainst. the sam~~ an~f for P.n- othe~r pur~?os•~ author-
ized hereunder. tiaid note or notes shal) be secnred hereLti• on a parit_y ~r•ith and as fulh• as if the ad~•ance
e~ idenced thereb~• H ere inciuded in the note first described atw~ e. Said supplcm~ntal notc or notes sl~all bear
interest at t6e rate pro~ idcd for in the principal indebte~lness and sl?all be pa~ able in approximatci~ ~•quat
; mo~thl~ pa~ ments tor such period as ma~• be a~;reed upon b~- the creditor and clebtor. Failin~; to aRrer w~ th~
~ maturity, i~e H•hole of the sum or sums so ad.•an~cd shall bc di~e and parabl~• thirt~• (30) da~•s aft~•r ~I~~n~an~l
by the creditor. In no e~ent shal! the maturity exlend be}•ond tlie ultimate r_~aturit~• ot t6~~ n~t~ fir~t
described abo~ e.
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