HomeMy WebLinkAbout1188 tender to t}~e ~lurtgagee in arcor~iance Nith tlie pro~•iaions of tlie e?ot~~ s~~cure~l h~~re~b~-, full px~•n?ent of th~~
entire indebtednNSS represented ihereb~•~ the Mortgage~, eis truster, ~haU, in camputii~g ~h~• aiuount o[ such
indebtedness, credit to the accow~t of~t~~e \lortga~or an~ credit baldnce rc~~ne~ininK und~~r the pro~•isions. of (u)
ot said paragruph 2. It there shall be a default under an~• of the pro~isions of this u~urtKNK~~ resultink in a
public sale o[ the pren~isea covered hereb~•, or if tl?e \iortgagre acquirc~s the pm~rt~• other~~•ise ufter ~lifault,
the 11'Ioriga~;ee, as irnstec~, shal) appl~•, at the time of the comn~encement ol' such pmc~~~~lin~,?s or at tl~e 1im~~
the propert~• is otherwisc~ scyuired, the au~ount then retnainin~ to credit of ~tortKa~or und~~r (a) of F~are~reph 2
preceding as s credit on tl?e interest accrued and unpaid and the bala~ice to the prin~i~al 1h~n n~~~~uini»R unpaid
on said note.
4. He wiU pe?y alt taxes~ a~essmente, w~ter rates, aad other governmental or municipal chergea, finea, or
impoeitione, for Which proviaion hsa not been made bereinbefore, snd in default Lhereof the i~ortgagee me?y pay the
eame; and thst he ~vill pmmptly deliver the official reoeipta therefor to the Ntortgagee.
5. He will permi~, commit, or suffer no waate, impairment~ or deterioration oE said property or any part thereoi,
exoept reasonable wear snd tear; and in the event of the failure of the Mortgagor to keep ti~e buildings on said
premises and thoee to be erected on said premiees~ or improvemente thereon, in good repair, the Morigagee ma~
make euch repaire ae in ita discretion it may deem neceesary for the proper preeervation thereof, and the full amount
of each and every euch payment sh~ll=be due and payable Lhir~y (30) daye after demand, and ehali be secured by
the lien of this mortgage.
6. He will pay all and singular the coata, chsrgee~ and expeneea~ including reasonable lawyer'e fe~ee, and coats
ot abstracta of title~ incurred or paid at any Lime by the Mortgagee because of the failure on the part of the Mortgagor
pramptly and fully to perform the agreemente and oovenanta of said promisaory note and this mortgage, and said
oosta, charges~ and expenses shall be immediately due and payable and ahall be eecured by the lien of this mortgage.
He will continuously maintsin hszard inaurance, of such type or Lypee nnd amounta as ll~ortgagee may
tmm time to time require~ on t6e improvemmenta now or hereafter on said premises end e.tcept when payment
tor all such premiums hes theretofore been made under (a) of paregrapb 2 hereaf, ~e will pay promptly when
due any premiums therefor. All insurance shall be carried in compsniea approved by ~1lortgagce and the h-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausee in favor of
and in form acceptable to lhe 11Tortga~ee. In event of loss he v~ill give immediate notice by mail to Mortgagee,
and Mortgagee may make praof of ioss if not made promptly by Mortgagor, and each insurance oompany
concerned is hereby authorized and directed to make payment for such loss d'uectlj to Mortga~e~e instead of
to ;~'Iortgagor and biortgagee jointly~ and the inaurance proceeds, or anp part therea~, may be applied by 111orL-
gagee at ita option either to the reduction of the indebtedness hereby secured or to the resturation or repnu of
Lhe property damaped. In event of forecloeure of this mortgage or other transfer of title to t6e mortgaged
property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
m and to any insurance policies then in force shalt pxss to the purchsser or grantee.
8. If the premis~~, or au~~ purl th~~reof, lx~ ~•onde~mne~l m~der the po~~~~r af eu~inent c~ot~iain, or ac•quir~~~i f~?r
a pubtic use, the dama~es a~•arcled, tl~c~ proc~~•e~~is for tli~ tt~king of, or the ~unsisic~ration for suc•h aryuisition, tu
the extent of the fu11 n~uount of th~ remaining unpaid indebtech~ess secureci b~• th4~ inoriKu~:~•, an• h~~ml,~-
ussi~ned to th~• ~~Iort~aKee, uncl I?~s heirs or assi~ns, and shall bc~ paid forthHitl~ to sui~i ~fortga~:~•~~ or hi~
assignec to b~ appli~il on x~•~•ount of the la,t n~aturing install~uents of such ind~btedn~~u; pmri~le~d, lio~~-~~i-cr,
the ~tartga~ce ur his ussi~nee, ~ua~• at his dwcretion pa~- direet to the ~Iortga~or,1?is 1?ri~ ur ussiKns anr p:?rt
or all of su~•h nH~ard; pro~•?ded, that if th~• loan is ~~arnnte~~l or insured, the ronsent o[ thc• guurunt~?r or insurc~r
is obtained in ad~'~1RC~ O~ SRl(~ N&~'tllPllt.
The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court hsving jurisdiction
thereof for the appointment of a rECeiver, and such court ahall forthwith appoint a t~ec;eiver of the premises covered
heteby all and singular~ including all and singular the income; profits, issues, and revenues from whatever source
derived, egch and every of which, it being expressly understood, is hereby mortgaged as if apecifically set forth and
described in the grantiag and hnbendum clausea hereaf. Such appointment shali 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 vslue of ihe property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
r2nts; profits, income, issues~ and revenues shall be applieJ bp 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 Aiortgs.gor hemuLu~.r, the Mortgagor
agrees to pay to the 1tTortgagee on demand as a masonable monthly rental for the pmmises an amount at least
equivalent to one-tAelfth (~f 2) af the aggregate of the twelve monthly installments paSable in the then current
year plus the actual amount of the annual t~es, assessments, water rates, and insurance premiums for such year
not coveted by the aforesaid monthly payments.
10_ In the event of any breach of this mortgage or default on the part of the Mortgagor, or in t6e event that
any of said sums of money herein referred to be not promptly snd fully paid according to the tenor hereof, or in the
event that eaci~ and every the stipulations, agreements, conditions, and covenants of said no*.p and this mortgage,
are not duly, promptly, and fully perforaned; then in either or an~• such event, the said aggmgate sum mentioned
in said note then mmaining un~aid, aith interest accrued to that time, and alt mone~•s secumd i?emb}•, shall become
due and pa~~able forthwith, or thereafter, at the option of said 1lfortgagee, as full~• and completely As if all of the
said sums of mone~• were orig'?nally stipulated to be paid on such daS, an~•thing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the opt.ion of said ~Iortgagee, a-ithout notice or
demand, suit at law or in equity, may~ be prosecuted as if all mone~•s secured hereb~~ had matured prior to its institu-
tion. The Atortgagee ms~• foreclose this mortRage, as to the amount so declared due and pa~•able, and the suid
premiscs shall be sold to satisfy and pa~~ the same together w•ith costs, expenses, and alloaances. In case of partial
fomclosure of this mortgage, the mortgPged pmmises shall be sold subject to the continuing tien of this mortgage
for the amount of the debt not then due and unpaid. In suc6 case the proti•isions of this paragraph ma~• again be
availed of thereafter from time to time by the !~tortgagee.
11. No waiver of any covenant herein or of the obligation secured hereb~• shall at an~• time thereafter be held
to be a waiver of the terms hereof or of the note secured hereb~•.
1'~. The lien of this instrument ahall remain in full force and effect during an}~ postpon~ment or ertension of
the time of payment of the indebtedness or an~• part thereof eecured hereby.
If the hiortgagor default in an} of the covenanta or agreementa contained herein, or in said note, then the
biortgagee may perform the same, and aU expenditures (including ressonab~e attorney's fersl mzde by the l~iortqa~ce
in so doin~ shal! draw• intere~t at the rate pro~•ided tor in the prin~•ipnl in~lt~ht~~ln~ss, and shall b~ rnparablc
thirt~- (30) da~•s after df•mand, and, together w•ith inter~~st and costs a~•crued thereot~, shall be secumd by
this mortgage. -
1~#_ L'pon the request ot the ~lort~:agee the ~fortga~;o~ sha11 eqccute and deli~cr a suppiemental note or
note, for the si~m or ~ums ad~•ancr~t bc• the ~IortKa~;ee for the alte•ration, modc~rnization, impro~•~•me~iit, tnai~i-
t~nance, or repair of said pr~mis~~s, for tas~~ or as~essm~nts agait~st the sanu• and for Pa~- othe~r purpe?s~~ sutl?or-
ized hereunder. ;aid note or notes shall be secured hereb~• on a parit~ w•ith and as fully as if the ed.~ance
e~ idenced thereb~• v?ere included in th~ note first described at~o~ e. 5sid s~ipplemental notr or notes shall bear
interest at the rate prorided for in the principe) indebtedness and sl?all be pa~•able in approximat~l~- ~~qual
monthl~ pa~-ments for such period as ma~ be a~;recd upon b~ the cre~iitor and ~febtor. Failin~ to Akrc~r on th~
maturit~, t~?e Whole of the s?im or ~ums so ad~•anced shall be ~lue and pa~-ablr thirt~• (:i0) da}-s aftc~r ~Irrnan~t
b~ the creditor. In,no c~ent shatt tt~e maturit~• exte~d be)~onu the ultimate r_~nturit~• of tt,t• nnte fint
described abo~•e.
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