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HomeMy WebLinkAbout1398 te~der to the :1lortga~;ec in acco~daure vritl~ tl~e provisious oi the notc ~•curnil h~~rnbr, full parnu~~~t of tl~c entire endebtc~ines:. represented therchv~ the Aiortgab~ee~ as trustNe~ sl~all, in co~uputin~ th, asununt of sucl~ i~de:;iednesa~ credi~ to the account of t~~e Mortga~or an~ cred'et l,alsncc? remuini:iR und~~r tite pro~•isious af (a) of said paragraph 1. If there al~ali be a default under sny of the pro~i3ious ot this niort~a~~ n~uitiu~ in H public se?le o( the premises covered hereb~•~ or it the :1ior~~agee acquires the uro~~t~• othcrH•i~ a(ter default, the Mortgagee~ as truatee~ shell •pply, at tha tune of tl~e ca~unenc~ment of sucl~ proc~edin~,?~ or at tlie tim~• the propert~ ia otlierw~e acquired~ 4he amount then reu~ainin~ .a cre~tit of Aiortga~ or und~~r (a) of paca~raph 2 preceding ss a credit on the interest accrued and unpaid a~d ille balsnce to the Urincipai then rnmaiuinK unpa~d on said notr. 4. He wiU psy al! tnxee, aeeeesments, wster rat,es, end other governmente?1 or municipal ahsrgee, finee. or impositiona, tor which provieion hsa not been made hereinbefore. und in default thereof the Mortgagee mey pe?y the esme; and that Le will promptly deliver the a~cisl reoeipte t6erefor to the Mortgagee, b. He will permit~ oommiL, or auffer no waste, impsirment. or deterioretion of said property or any pstt thereof~ except reaeonable wear snd t~?r; and in t6e even~ ot tbe failure of the Mortgsgor to keep the baildinga oa said premi9es and thoee to be erected on esid preanieee~ or improvementa thereon, in good repair~ the 1liortgagee msy make auah rep~irs sa in its diec~tion it may deem neoeaesry for the proper preeervation t6ereof, a?nd Lhe tull amount of each and every auch payment a~ll be due snd pe~~rable thirty (30) daye atter demand, and ehall be eecured by tLe lien of thia mortga,ge. 6. He wiU p~sy all and singulae t~e ooste, cha~, and expeneea, including reseonable lawyer's feee, und coste of abstrs~cta of title, incurrcd or paid at sny time by e Mortgagee becauae of the fail~u~e on the psrt of the Mortgagor promptly and fully to pedorm th$ agreements and oovenants of esid gromiseory note and Lhis mortgage~ and said costs, chsrgea, and expenses shall be immediately due and pa} sble and shall be eecured by the lien of t6is mortgage. 7. Ae will oontinuoualy muintain ha:ard insu~anoe, of such type or types and amounte as Mortgagee may trum time to time r~quire~ on the improvemenfs now or hereatter on said premises and e:tcept when payment for all such premiums has theretofore been made under (a) of paragrsph 2 hereof ~e vvill pay prompWy when due any premiums thcrefor. All insurance shall be carried in compa:ues approve~ by I1Iortga~ee and the poli- cies and renewals thereof shall be held by Mort,gagee and have attached thvr~to loes payable cTausea in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediste notice by mail to Martgagee, and ~iortgagee may make proof of Ioss if not made promptZy by Mortgagor, and each insurance oompany ooncerned ia hereby suthorized and directed to make payment for such loes directly to Mort~aQ ~ b tead of to Mortg.agor and l~iortgsgee ointly , and the insurnnce proceeds, or any part thereof~ may be eppli y Mor~ gagee at its option either to t~e reduction of the iadebtedness hereby secured or to the restoration or repau of the property dama~ed. In event of foreclosure oi this mortgage or other transfer of title to the mertgaged pmperty m extingu~shmenc of the indebtedness aecured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policie~ t6en in force shall pess to the purchsser or grantee. R If tl~~ Prniuis~s, or an~• part thernof. ix~ condemned under th~ poKCr of eminent dosnsin, or r.c•quir~~~l for a public use, t4e dainages av?ardevl. tl?e pro~~Feds for the taking of, or the cousideration [or suc•h acquis~tion, to the cxtcnt of tlie [ull umount of lhe retuaining w~paid indebtedness securnd b~- this u~ortg~r, ~rn I?er~~b~- assiKned to th~ ~1ort~age~, and hi.s heirs or a.sstgns, antl shall be paid fort'~w•ith to suid \IortgvK~~~~ or his assiKne~ to br apE~li~~d on a~•~~ount of the last maturing installu~t•t~ts of such incleLiedness; pro~ idecl, lio~~•~ ~~er, the ~lortgage~ or hi~ nssignee, ~us~ at l~is ciiscretion pa~- direct to the `tortgagor, his heirs or i~ssi~,ns an~- part or all of such awarcl; pro~ided,-tiint i[ the toan is ~uaru??t~ed or insurc•cl, the cotisent o[ tl?e guurentor or ii~surnr is obtained in ac<<anc~ of said pa~-metit. 9• The l~iortgagee may, at any time pending a suit upon this moztgage, apply to the court 6aving jurisdiction thereof for the appc~intment of a reoeiver, and such court shall forthwith appoint a receiver of the premiaes covered hereby all arid singular, including all and singular the inoome, profits, issues, and revenues from whatever source derived, each and every of which~ it being expressly understood~ is hereby mortgaged sa if speciScally set forth and descrebed in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted equity and a matter of absolute right to said Mortgagee~ and without reference to the qdequacy or inadequacy of ~ t6e ~ alue of the property mortgaged or to the solvency or insolvency of said Mortgagor-or t:?e defendants. Such rents~ pro6ts, income, issues~ and r~venues shall be applied by such receiver according to the lien of this mortgage ~ and the practice of such court. In the e~ent of any default on the part of the Diortgagor hereunder, the Diortgagor ' agrees to pay to the Mortgagee on demand as a reasonaUle monthly rental for the premises an amount at least equivalent to one-taelfth (~2) of the aggregate of the t~relve monthly installments payable in the then current { y esr plus the actusl am~unt of the annual taaces, assessments, water rates, and insurance ptemiums for such year ~ not covere3 by the aforesaid monthly pay ments. lt). In the e~ent of any breach of this mortgage or default on the part of the biort~sgor, or in the event that any of said sums of money herein referted to be not promptly and fully paid according to the tenor hereoi, or in the event tl:at each and every the stipulations, agreements~ conditions, and co~enants of said note and this mortgage, are not duly~ promptly, and fully performed; then in either or any such event, the said aggmgate sum mentioned in said note then remaining unpaid, a-ith interest accrued to that time, 3nd all moneys secured hereb~•, shall become ~ due and payable forthaith, or themafter~ at the option of said 1lortgagee, ss fully and completely as if all of the said sums of mone~~ vrere originally stipulated to be paid on such day, an~ thing in said note or in this mortgage to the contrary notaithstanding; and thereupou or t.hernafter, at the option of sa~d hiortgugee, without notice or demand, suit at laa or in equity, may be prosecuted ss if all moneys secured hemb~ had matured prior to its institu- tion. The i~lortgagee may foreclose this mortgage~ as to the amount so declared due and pa~•able, and !he said premises shail be sold to satisfy and pa~• the same together aith costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continving lien bf this m~rtgage ' 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 :lfortgagee. ' 11. No waiver of any covenant herein or of the obligation secured hereb~ shall at anS time thereafter be held - to be a waiver of t6e terms hereof or of the note secured hereby. ~ 1'_'_ The lien of this instrument ahall rzmain in full force and ePtect duriag an~• postponement or extension of the time of payment of the indebtedness or an3 oart thereof secured hereby. - i:i_ If the l~iortgagor default in any of the covenanta or agreements contained herein, or in said note, then the ~ Mortgagee may pedorm the same, and all expenditures (including reasonable attorne~'s fees) made by the Dfort~ee ~ in so doin~ shsll drav+ intPrest at the rate pro~ id~d for in the prin~ipa) in~l~•btedn~ss, and shail be mpa~-sble ~ thirt~ (30) da~•s a[ter dema«d, and, togelt~er v?it1? interest an~.l costs accrued thereon, shall be secured by ~ this mortgage. ~ 14. Upon the request of the ~lorigagee the ~fortgago* shall e!cecute sn~l d~lirer a supplemental notc or ~ notes for the sum or sums ad~-anced b~ the ~lortgagee for th~ alteration, modcrnization~ impeu~cm~nt, main- ~ trnance, or rcpair of said prcmiscs, for taxes or a.~.~essmcnts a~8inst the same and tor a:i~- oth~r purposc author- ~ ized hereunuer. Said note or notes shall be secured hereb~• on a parity H ith and f?s fully as if ti~e ad~•ance e~ ideuced thereb~ v~•ere included in the note first described abo~ e. Said supplemental note or notes sl~all bear interest at the rate pro~ ided for in the principal indebtedness and shall be pa~ able in appro~imateh• equal ~ monthly pa~ ments for such period as ma~ be agreed upon b~ the creditor an~i debtor. Failing te agree on the ~ maturity, t~e W hole of the sum or sums so ad~ anced shall be due and pa~-able tfiirLi (30) da}•s after Jemnnd " by the creditor. In no erent shall the maturit~ extPnd be~ond the ultimate r_~aturity of tLe note lirst ~ described ab~re. ~ ao~x~~~ •a~t~~~ ~ ~ ~ _ _ ~ _ - - - ~ _ . . _ _ : _ ~ nz ,x ~ ~ . _ _ ° _ _ , _ = _ _ ~ .