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HomeMy WebLinkAbout3780 tender to tl?e ~lurtgugee in uccordau~•~• w'itl? the pru~•isiou~ ot tlie nutc~ xecur~~d lu~r~~l?~-, full pa~'in~•nt o[ th~~ entire i~debtedness represented thereb~•~ thR hiort~gee, ~ ~rus~c•~~, ,iiall, in ~•ou?putin~? th~~ an?ount ot such indebtedness, credit to the sccount at tl~e 1lfort~a~ot iu;Y credit balance rrmainin~ w~d~~r tlu~ pm~•isions o( (:i) of said paragraph 2. I~ there s}~ali br a dcfau t undcr an~• o[ the prori~io~~s of tliis mortKa~;~ rrsulti~~~; iii n public sale of the premises co~•ered hereL~•~ or if the ~lortge~re acquires the pn~iH~rt~• other~~~isr aft~•r ~icfault, the Mortgagee, as trustee, shull epp1~, at. the tu~te o( tl?e co~iiiiienceu~ent o[ such procre~link?a or et th~ tiiuc~ the propert~• is otherwise acyuired~ the amount U~en remainin~ to credit of ~1ortKa~;or un~ler (a) of puruKrapl~ 2 preceding as a credit on it?e interest arcrued and unpaid and tl?e balan~~e to tl?e pnn~•~pul tl?en r~~n~:iin~nK uhpaul on said note. 4. He wiU psy sll tsxea, ~eeeeanuente~ water ratee, and other governmental or municipal chargea, finee. or impositione, tor which provision haa not beea made hereinbefore~ and in default thereof the Mortgsgee may pe?y the eame; and that he wiU promptly deliver the official teoeiptt~ t6erefor to the ;~Iortgagee. 5. He will permit~ oommit~ or suffer no waste, impairment~ or deterioration of said property or any part thereot~ except r~asonable wear and tear; e?nd in t6e event of the f~?i~ure of the Mortgagor to keep the building,e on said premises and thoee to be erected on~1 p~emie~, yd! imp~vementa thereon, in good repair, the I~iortgagee may make such repaire ae in ita diacretioa it'ma~ deem nece~asry for the proper preeervation thereof, and the full amount of eech and every such payment ahall be due and psyable thirty (30) daya after demand, and ahall be eecured by the lien of this mort.~age. 8. He will pay all and singular the caat8, charges, sW~ eapenses. including reasonable lawyer'e feea, and ooate of abstr~cts of title, incurred or paid at any time by the Mottgagee because of ~he failure on the part of the Mortgagor pmmptly and fully to perform the agreements and covenants 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 this mortgage. 7. He will cont~inuously maintain hazard insurance, of such Lype or tvpes and amounta ss Mortga~ee may from time to time require, on the improvements now or hereatter on said premises and e.tcept when payment for all such premiums has Lheretofore been made under (a) of paragraph 2 hereof ~he will pay promptly K hen due any preauums therefor. All insurance shall be carried in companies appmve~ by I1lortgagee and the poli- cies and renewals thereof shaU be held by Mortgagee and have attached thereto loss payable crausea in favor of and in form acceptable to the ~iortga~ee. In event of loss 6e will give immediste notice by mail to Mortgagee, and ~lortgagee may make proof of ioss if not made pmmptly by Mortgagor, and each insurance company . ooncerned is hereby~authorized and d'uected to make payment for such loss du~ectly to Mortga~e~e instead of to liortgagor and Mortgagee jointly~ and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to the reduction of the indebt~dness hereby secured or to the restoration or repair of the property dama~ed. In event of foreclosure of this mortgage or other transfer oi title to the mortgaged proper~,y in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in torce shall p+iss to the purchaser or grantee. R. If tl?~ pr~~~iiise~, or su~• part ih~~reof. t~e cond~inned umler th~ ~«•~~r of eiuinent doniain. or a~•quirr~l f~?r a public• ust•, th~ da~uaKes aH•arde~l, th~~ pm~•t~eds for the taking of, or the c•onsi~ieration for su~•h ucyuisition, tu tl?e estent oF tl?e full au~ount of tl?c~ r~~n~aininR unpaid indebt~~dne•ss sc•curnd b~• ti?is n~ort~?a~i~, ur~~ h~~r~•1,~~ assi~necl to th~~ \tort~aK~~~~, and h~ti hei~ or a.~igns, and sl?ull be pni~! forthH•itl~ to suid ~lortgut~rr or hi• assiKnee to bi• applie~l on ac~•ount of th~~ last ntatur?n~ iustalln~ents of such indtbtednes~; pro~-i~l~~~l, iio~~'r~'~r, the '.11oM~;u~e~~ or his ~~.Gign~•e, ~ua~- nt his dis~•mlion pt~~- dirnct to tl~c~ ~IoriKa~?or, h~ti h~~in or uaci~;~~s uu~• purt ~?r all of su~•h :?~~-ar~l ; pro~•i~lcd, tl?at if th~~ lo:in i~s kuurunt~~•~I or insur~~d, the ~on~~~nt o[ tl?e gu:~r:~nt~?r or insi~r~~r i~ obtt?ined in adran~•~ of said pa~•mcv~t. ine iviortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereb~ all and singular~ including all and singular the income, profita, 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 j described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted E equity and a matter 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 Nlortgagor or the defendants. Such ~ rents, proSts, income, issues, and revenues shall be appliecl 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 :Viortgagor hereunder, the D'iortgagor ' agrees to pay to the ~iortgagee on demand as a masonable monthly rental for the premises an amount at least ~ equivalent to one-twelfth (~y) of the aggregate of the twelve monthly installments pa~able in the then current ; year plus the actual amount of the annual taxes, assessmente, water rates, and insurance premiums for such year r not co~ered b~ the aforesaid monthly pa}•ments. ~ 10. In the event of anv bmach of this mortgage or default on the part of the DSortgagor, 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~ pmmptly~ and full} performed; then in either or any- such e~ent, the said aggmgate sum mentioned ' in said note then remaining unpaid, aith interest accrued to that timc, and all mone~•s sec~m~i hereb~•, shall become due and a~able forthaith, or thereafter, at the o Uon of said :11ort a ee as full and com letely as it all of the ~ P.' P~ BB ~ Y P ~ said sums of mone~• nere origi.nally stipulated to be paid on such da3, an~•thing in said note or in this mortgage to ~ the contrary notwithstanding; and t6ereupon or themafter, at the option of said 111ortgagee, without notice or ~ demand, suit at taw or in equity, ma~• be prosecuted as if all mone~•s secured hereby had matared prior to its institu- tion. The ltortgagee may foreclose this mortgage, as to the amount so declared due and pa~•able, and the said ~ premises shall be sold to satisfv and pa~• the same together e•ith costs, expenses, and allon•ances. In ca.~e 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 pro~~isions of this parugraph ma~- again be ~ availed of thereafter from time to time b~• the ltortgagee. 11. No waiver of any covenant herein or of the obligation secumd hemb~• shaU at any time thereafter be held ~ to be a v~aiver of the terms hereof or of the note secured hereb}•. l''. The lien of thia instrument ahall remain in full force and etiect durin¢ an~~ oostoonement or extension of - the time of pa~•ment of the indebtedness or an~• part• thereof secured hemby. = 1:i. If the :~iortgagor default in any of the covenants or a~reements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attornev's feesl made by the ;~~ortqaRee in so doink chall draw• interest at the ratc pro~-i~le~~) for in th~ prin~•ipal in~icbte~in~ss, and ~hall b~ mpa~-able r:a thirt~- (30) da~•s atter deman~l, an~l, together «-itl~ inter~~st an~l c•osts acerued thereon, shall be u•cured b}- ;::~j this mortgage. ' 1-~.. t'pon the request of the ~1ort~agee the ~iortga~o* shall esecute aml dc~li~er a supplemental note or notes for the sum or sums ad~•ance~l b}• the ~iortKagec: for the alteration, mo~i~•rnization, itni~ro~•~~rn~~nt, ~nai~i- - r;~ tenance, or n•pair of sai~l premises, for ta~~•s or as~ecsm~nts akainst the same an~l for an~- oth~~r purE~~~•r author- ized hereunder_ tisid note or notes sLall be seciired hereb~- on a parit~~ ~cith and as tull~~ as i( tLe ad~~ance e~ idenced thereb~• H•ere inclo~led in the note first described aiwre. ~aid snpplem~ntal note or notes shall brar f: interest at the rate pro~•ided for in the principal indebtedness and sl~all Le pa~-able in appmximat~~l~- cquai monthl}- pa~•ments for such period as ma~• be akre~d upon b~• the creditor and debtor. Failin~? to a~;ree on th~~ - maturit~, tf~e «-hole of the sum or curns co a~l~-an~•ed s6till be due and pa~-able thirt~• (30) da~•s afte r~l~~mund - b~ the creditor. In no e~ent shall t~e maturit~ e~tend be~-ond the ultimate r.~aturit~• of tt~~~ n~~t~ fir.t described abo~•e. ~ ~ ~ ~ 209 F~a~E ??5 gQ4K x _ ~ I`F ~ a ,a~~:~'~~~~~ y~,.,.~` p_"°+`.~` -F ~ 4:,5a ~•~.t _ _ ~ _ _ ~z'?.~~~~'"e.~'~~~~'~r~=r - ~ '