HomeMy WebLinkAbout3789 tender to the ~lurt~ag~r in ncconlance w•itl~ the pro~'1310113 O~ IIIN IIOtP sc~~•un•~I I~~~r~•b~-, (ull }~a~~~~u~nt uf tl~~•
entire indebtedness repmsented there4v~ llle_Mortea~eQ, as truster, sLall, in eampu~ing th~• a+u~?uut of su~•1~
indebtedness, credit to the account 4t` t~ie ~\lortgagpr p,j' crndit bala~ice ren?ainin~ un~lrr th~~ pro~•isio~~s of
of said paregrapl~ 2. I( there sltal) be a default unc~er an~• o( tl?e pro~•isions of ihis u~ort~?uKe rnsultin~ in ei
public sale of the premises co~ered hereb~•, or if the Mortgsgre acquires the proEx~rt~~ otl~rrwiar af1N~ ~INfault.
the ~tortgagee, as tntatee, st?all appl~•, at the tinie o( the conu«enc~~~~ent af sucl? proci~edit?~;s or at tht~ liin~~
the propert~• is otherwise a~•quired, the au~ount tl~en rnmainin~ to rredit o( \tortKa~;or und~~r (a) of puruKrapl~ 2
precediu~ ss a credit on the ~nt~rest acerued and unpaid a~?d the balance to ihe principal tl~en re~nai~un~; unp+~i~l
on said note.
4. He will p?y ull teuceB, seeeeementa, ~?ter ratea~ und ot6er governmental or municipal charg~~ 6aee. or
impositione~ for which provision has not been made hereinbefore~ and in default thereof the Mortgagee may pay the
saone; and that he will promptly deliver the oRicial receipts therefor to the I~Iortgagee.
b. He will permit~ oommit, or suSer no waste, impairment~ or deterioration of eaid property or any part thereof~ ~
except reasonable wear and tear; and ia the event of the failure of the Mortgagor to keep the buildinga on eaid
premises and thoae to be erected on said premiezs~ or impmvements thereon~ in good repair~ the Morigagee may
make auch repaire sa in it8 diecretion it may deem nece~ary for the proper preeervation thereof~ and the full amount
of each and every such payment shall be due and gayable thirty (30) daya after demand, and shall be eecured by
the lisn of thia mortgage.
6. He will pay all and aingular the coats~ c6arges~ and expensea, including reasonable lawyer's feee, and costa
ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part oi the Mortgagor
promptiy and fully to perfor~q~ ..tt~ ~agreements and cuvenants of said promisaory note and this mortgage, and said
costs, chargea~ and expenses $~l b~ ianr~ec~~y~dui~and payable and ahall be eecured by the lien of this mortgage.
7. He will oontinuous~y maintain hazerd insurance, of such type or types and amounts as Mortgagee may
from time to time require, on the improvement;s~now or hereafter on said premises, and e.~cept when payment
for all such preriuums has theretofore been made under (s) of paragraph 2 hereof he will pay promptly N hen
due any premiums therefor. ~ All insurance sha~l be cartied in co~?paniea approve~ by 1liortgagce and the poli-
cies and renewals thereof s6all be held by Mortgagee snd have attached thereto Ioss payable ci~uses in favor ot
and in form acceptable to the Mortga~ee. In event oi loss 6e will give immediate notice by mail to Mortgagee~
and ~iortgagee may make proof of ioss if not made promptly by Mortgagor, and each insurance company
concerned is hereby euthonzed and directed to make payment for such loss directly• to hiortgagee instead of
to bsortgagor and Mortgagee jointly, and the insurance proceeds~ or any part thereof, may be applied by 111orw
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property dama&ed. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
property in eattingu~shment of the indebtedness secured hereby, a~l right, title~ and inte~.rest of the Mortgagor
m and to any insurance policies then in force shall pass to the purchaser or grantes.
R. If tlie pr~~uiist~s, or au~- purt tht~reof, lx~ condeinned u~~dc•r t}?~ po~~'~•r of e~nine~it do~uiiin, or:u•quir~~~l fc?r
a publie~ use, tl~e dnn?a~~~s a~~•arded. tlie proe~ee~ls for tl~e tukinK of, or ihe consicieraliou for cu~~h uc~yu~s~t~ou, t~~
the extcnt of the full amount of th~ rnmainin~ unpaid indebtedness secured b~- thi, mort~?a~;~~, ar~• li~~r~~b~-
ASSI~',IIP(1 t0 ~{IP ~~OI'~~'R.F{PP. Ail(~'11S ~1Ptt5 OT 8.~Stgi1S. flilt~ Sf1A~~ hP p83f~ qn:.1 \1n~~oo~?;.n nr I~i. _
assi~;nee to l~ applied on ac~•ount o[ the last u~aturmK installments of suc•h indeLt~~dn~~ss: prorided. ho~~•~~~-~v.
the ~1ort~a~ec or his assiKnee, n~a~- at his discretion pn~' direet to the ~fortgu~or, Lis hein or as.cigns an~• purt
or all of su~~l? a~~•ard; pro~•idecl, that if iht~ loan is ~unrunl~e~l or insur~d, the ~o~isent of tl?~ gunra~~tor or insur~~r
is obtained in ud~~ance of said pa~•ment.
!1• The Mortgagee may, at any time pending a suit ut,on this mortgage~ apply to the court ha~-ing jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
hereby all sud singular~ including all and singular the income, proStsj issues, and revenues from whatever source
derived~ each and every of which, it being expresgly understooci, is heiebb mortgaged as if specifically set forth and
f described in the gmnting 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
F the ~•alue of the property mortgaged or to the solvency or insolvency of said 11'Iortgagor or the 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 suc6 court. In the event of any default on the part of the'_1'Iortgagor hereunder, the 1ltortgugor
agrees to pay to the ~'Iortgagee on demand as a reasonable monthl}~ rental for the pmmises an amount at least
equivalent to ane-twelith (~f2) of the aggregate of the twelve monthly installments paSable in the then current
~ year plus the actusl amount of the annual taxes, assessmente, water rates, and insurance premiums for such year
~ not covered by the atoresaid monthly pa~•ments.
10. In the event of any breach of this mortgage or default on the part of the Diortgagor, or in the event thot
~ any of said sums of money herein referred to be not promptlS 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 nat duly~ pmmptl~, and fully performed; then in either or any~ such e~•ent, the said aggmgate sum mentioned
~ in said note then remaining unpaid, aith intemst accrued to that time, and all mone~•s secured hemby, shall become
~ due and payable forthwith, or thereafter, at the option of said :~tortgagee, as full~~ and completel~ as if all of the
said sums of mone~ aere originall~• stipulated to be paid on such da~•, an~•thing in said note or in this mortgage to
the contrar~• notwithstanding; and thereupon or themafter, at the option of said tiiortgagee, without notice or
demand, suit at law~ or in equity, may be prosecuted as if all moneys sec~u~ed hemb~• had matured prior to its institu-
~ tion. The ~iortgagee may foreclose this mortRage. as to the amount so declared due and pa~•aUle, and the said
pmmises shall be sold to satisfy and pa~• the same together with costs, expenses, and alloR•ances. In ca.5e of partial
~ foreclosure of this mortgage, the mortgaged prcmises shall be sold suLject 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 by the 1lortgagee.
11. No waiver of any covenant herein or of the obligation secured hemb~• shall at an~• time themafter be held
`~.F to be a waiver of the terms hereof or of the note aecured hereby.
~ 1''. The lien of thia instrument shall remain in full force and effect during an~• postpooement or extension of
- the time of pay ment of t6e indebtedness or an~~ part thereof secured hereby.
I:i. If the ;1lortgagor default in an~ of the co~enant3 or agreements contained herein, or in said note, then the
`-s. biortgagee may perform the same, and all expenditures (including masonable attorne~•'s fec~) made by the D~ortqa~ee
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in so doin~ ~hall draw• intrr~st at the rate pro~•i~l~~~l f~r in thc rrin~~~pal in~li~ht~~ln~•ss, and ~hall h~ r~pa~•able
tt?irt~• (30) da~-s atter demancl, anel, toge~ther w•itL iutere~st an~l custs ae~crued thereon, shnll be srcum~ b~
° t6is mortgage.
;r 1-i_ L}wn the requcst of the ~fort~agce t6e ~iort~:a~o~ shall c~ecute and d~licer a ~upplemental note or
notes for the sum or sums ad~•ance~l b~• thc ~tort~agec for the alteration, mo~l~~rnization, i~npm~•~~n?rnt. n~ain-
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tenance, or r~~pair of said prcmiscs, for ta~~~s or as~t~~.~mcnts a~;ainst the sam~~ an~l G~r Pa~- oth~~r purE?~~s~~ auti?or-
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ize~i hcreunder. ~ai~l note or notcs shall bc secured hereb~- on a parit~- ~~~it6 and as full~• as i( tLe ad~-ance
~r" e~•idenced thereb~~ W ere included in the note fitst described al~o~ e. Said si~pplem~ntal note or notes shall bear
.
~ interest at the rate pro~•ided for in the principal indebtedness and st~sll l~e pa~•able in approx~matel~- ~•qual
°T-~ monthh pa~•ments for such period as ma~- be agreed upon b~ the cr~ditor and debtor. Failin~; to a~;m~• on tii~
maturit~, t~e H•hole o( the sum or sinns ~o ad~-anced sl~nll bc due and pa~•a}?I~~ tl~irt~• (30) ~la~•. aft~•r ~Ir~neiml
b~• the cr~~ditor. In no e~•~nt shall the maturit~- extend bc~•ond the ultimate r~aturit~- of t6~~ n~te fir~t
described abo~ e.
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