HomeMy WebLinkAbout1977 tender to the :liortgagee in eirconlance v?ith the provi9jot~ oi the note secured he~ebr, full ps~•ment oi tl?e
encire indebtedness represen~ed ther8bv, the Mortgagee, ae trustee, sh~?11, in cc~u~pu~ing tl~e a~iiount o( su~l?
indebted[?esa~ crredit to the Account ot t}ie Mortgegor sny cred~t bala~ce reu~aining under tlie pro~ isions of (a)
of said psregrsph a. lf then? shsll be • deteult under sny c! the provi9io~?s of this u?ortga~e resultin~ in a
public sale ot the premisea covered herehv, or if the Mortgagre acquu~es the propertr otherw~e after default,
the Mortg+~gee, us truatee~ ahall epply~ at the tima of tt,e commencentent oI such proceeciings or at tlie tim~~
the propert~ ia otherwise acquired. the aniount then remsining to crcKiit oi Mortga{~or under (s) af pare?Krapl~ 2
preceding ss s credil, on the interest accrue~ and unpaid and the bals::ce to tl~e principal then rewaiu~ng unpa~d
on aaid note.
4. He will psy ~11 taxes, aeeee~nents, vnter rstee. and ather ~overamental or municiP~ ~~~'6~. ~
impoaitioas, for which provieioa hsa aot been made hereinbetore, and m defsult thereof the Mortg~gee may psy the
aa~ne; and the?t he will PromPUY deliver the official reoeipts tberefor to the Mortg~gee.
b. He will permit, oommit, or autier no waate, impairment, or deteriore~tion of eaid prope~ty or any part thereot
e~ccept reasonable wear aad tesr; snd ia the event af the tailure ot the Mort~sgor to keep the building~a on eu~i~
p~mieee and thoee to be erected on esid premie~, or improvemente Wereon, in good repe~ir~ t6e Mortgagee may .
make such repsire as in its diecretioa jt m~y deeon, aeoeegsry for the proper preeervation t6ereot, ~od t6e fu11 smount
d each and every euch psym~nt ahall be due aad pa,ysble t6irty (30) days dter demand, and ehsll be eecured by
the lien ot t6ie mort~age.
8. He will psy all and ein~ula?r the oosts, and e:peneee, including reaeonsble lswyer's feea, ~?nd ~oeta
of abatracte of title, incurred or paid at any time
b~Mortgagee because of the failure on the part of the Most$agor
promptly and fuLy to pedorm the agreemente and oovenants of eaid promiseory aote and this mortgage, and said
aoeta, chsrgee, and expensee ehall be immediateky due snd p~?yable and shall be eecured by ihe lien of thia mortgage.
7. He wiU oontinuoua~y maintain haaard inauranoe, oi such type or types snd amounta as Mortgagee msy
from time to time require~ on the improvementa noW or Lereafter on said premises and escept when payment
tor all aucL premiums has theretoforc been made under (s) of paragraph 2 hereof ~e will pay promptly when
due sny premiums thorefor. All insurance ahnll be carried in oompsniea approve~ by I?lortgagee snd the poli-
cies and renewals thereot shall be he13 by Mortgagee and have attsched thereto loas payable cCauses in fsvor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
snd Mortgsgee may make proof oI roes if not made promptly by Mortgegor~ and each insuranoe oompany
ooncerned is hereby~authorized and directed to make payment for such loes duectly tc> Mort~a~;~ instead of
to Mortgag~or and Mortgsgee jointly, aad the inaurance procceds, or any part thereof~ may be applied by Morw
gagee st its option eitlier to the reduction of t6e indebtednesa hereby eecured or to the restorat~on or repair of
the propert~ dama&ed. In event oi foreclosure of t6is mortgage or other transfer of title to the mortgaged
property in e~ctinguishment oi the indebtednees eecured hereby, s~l right, title, and int~ereat oi the l~iottgagor
m and to any insurance policies then in torce shall ~s to the purchaser or grantee.
8. If tl~e pre~~~eses, or an~• part thereof, be conden~ned under tlie power of eminent domain, or acquirnd for
a public use, the dan~ages av?arded, the proceeds (or the takin of, or the consideration [or su~•h acyu~sitin~2, to
the extent of U~e full a~nount of tlie rnn?aining unpeid inde~tedness secured b~ thi3 n~orter~e, an• hernb~•
assi~ned to tlie ~'Iortgagee, and hia heirs or assigns, and ~hall be paid forthHith to said rt~ag~e or his
ass~gnee to be applied on account o[ the last matunng installments of sucl~ indeblednc~ss; p~ided, liow-e~er,
the liortgagee or his assignee, uia~ at his dis: retion pa~ direct ta the yiortgagor, his I~eirs or assigns an~- part
or all of such a~ard; ptovided, that if the loan is guaranteed or insured, the consent of the guarantor or insurnr
is obtainecl in sdvance of said pa~n~ent. ~
9• The Mortgagee may, at any Lime pending a euit upon this mortgage, apply to the wurt having juriadiction
thereof for the appointment of a receEver, and such oourt ahall forthwith appoint s n~oeiver of the premises oovered
hereby all arid aingular, including all and ainguiar the income~ profite, issues, and revenues *rom whatever aource
derived, eac6 and every of which, it be~ng ezpressiy underskiod~ is hereb~ mortgaged ss if speci6cally eet forth and
described in the granting and habendum clat~es hereof. Such sppointment ahall be made by such oourt es an admitted
equity and a mutter of absolute right to said Mortgagee, and without reference tc~ the adequacy or inadequacy of
the ~alue of the property mortgaged ~r to the aolvency or inaolvency of said Mortgagor or the defendants. Such
' rents. profits, income, issues, and revenuea shall be appGec! by auch reoeiver aceording to the lien of this mortgage
and the practice of such ooiut. In the eveat of any default on the part of the Mortgagor hereunder, the Mortgagor
~ agre~ to pay to tbe Mortgagce on demsnd as a t~eaeonable monthly rental for the premises an a.mount at least
~ equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of iuc annual taxes, s~menta, water rates, and insuranc~ premiums for such year
not aovered by the aforesaid monthly pa~muenta
10. In the event of any breach of this mortgage or default on the part of the Mortgagor; or in the event t6et
any of said suma of money herein refPn~ed to be not promptly and fully paid according to the tenor hereof, or in the
event that eac6 and every the stipulations, agreemerts, conditions, and covenants of said note and this mortgage~
are not dnly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
an said note thea remaining unpaid, with interest accrued to that time, and all money-s ~ured hereby, shall become
due and payable forthwith, or thereafter~ at the option of said hiorigagee~ as fult~ and completely as if ali of the
said sums of money were originally atipulated to be paid on such day, anyLhing in said note or in this mortgage to
the contrary notwithstanding; and t6ereupon or thereafter~ at the option of said Mortgagee~ wit6out notice or
demand~ suit at law or in equity, may be prosecuted as if all mone~s secured hereby had matured prior to its institu-
tion. The Diortgagee may foreclose this mortgage, as to the amount ~o declared due and payable~ and the said
pmmisea shall be sold to satisfy and pay the same together with costs, e~pens~, and allowances. In ~se of partial
foreclosure of this mortgage, the mortgaged premises Fihail be sold subject to the continuing lien of this mortgage
for the smount of the debt not then dve and unpaid. In such caee the provisions of this paragraph may again be
availed af thereafter irom time to time by the iliortgagee.
11. No waiver of any covenent 6erein or of the obligation secured hereby shall at any ti~e thereafter be held
~ to be a waiver of the terms hereof or of the note eecured hereby.
~ 1`L. The lien of t6ia instrument aball remain in full force and eHect during any poetpoaement or exteasion of
the time of payment of the indebtednees or any part thereof eecured hereby.
1:3. If the Mortgagor default in sny of the covenanta or agreementa contained herein, or in said note, then the
~ Mortgagee may perform the same~ and all eapenditurea (including ieaaonable attorney's fees) made by the 1~lottgaRee
in so doing shall draw interest at the rate pmvided f~r in the principnl indchtrdness, and sha]I be mpa~ able
~ thirty (30) da~s after demand, and, tagether with interc•st and rosts accrued thereon, shall be secured by
~ this mortgage. _
" 14. LTpon the request of the 3~Zortsagee the 1liortgagor shall e.~ecute and del~ver a supplemental note or
~ notes for ihe sum or sums adranceJ by tbe ~tortgagee for the alteration, modcrnization, impro~ ement, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and for aa} other purpose author-
- ized he;eunder. Said no4e or notes shall be secured hereby on a parity with and as tully as if the ad~ance
~ e~ idenczd thereby N ere included in the note first described abore. Said supplemental note or notes shall bear
~ interest at the rete prorided for in the principa! indebtedness snd shall Le payable in approximatelc equal
monthly pa •ments for such period as may be agreed upon by the credit,or and debt,or. Failin~ to a~;ree on the
~ maturity, t~e ~hole of the sum or sums so anvanced shnll be dae and pa~able thirt}~ (30) da}-s after dcmand
~ by the creditor. In no eveat shall t6e maturity extend be}ond the ulLimR~e ciaturity of t6e note first
~ described abore.
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