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HomeMy WebLinkAbout1183 sad shall par atl whec wm~ provided to be paid b~ this Mon~ase, and shall per[onu. complr with aad abide b~ eaeh ~ad ere~ tbe stipulatioas. a~enaents. coaditaos and eoreaaats ot uid proa?i»ory nWe and oI this deed. thea tha deed tad the atate he~eby ereated stull cea~e and be aull and roid. AND THE 1~lORTGAGOR does henb~ (urther eoreaant aad asree as tolbrs: l. To par all and sinaulu the p~incipal ~nd intcrcst and othsr sums o[ moner wrable Ar ~inue ot a;d p~omisaory ao~e aad thL nnnortp`a or either. P~vmpdy oa ~he dars cespec~iv~clr iAe wae sererallr come dua 2. To pap all ~nd sin6ular taxes. assea.uaents. leviea, liabilitiea. obligations and encumbrancq ot erery natue~e oa said daeribed propcrtr. each and erery, withia the time speei(ied in Parag~aph 6 belor. and it ehe same ahall aot be pmwptir paid. the Mort~ee mar, at aar time cit6e~ betore or after delinquencp, pay the same ~rithout waivinR o~ af(ectias the optioo to tore- elo~e, or aar right Aereuader and erery pannent so made aball beu interat t~an the date t6ereo[ at the rue o[ 10 peroent p~ aaaum. 3. To keep the buildinga now o~ hereatter on aid land and the fi:tura and persoaal ptopcrty thecein coatained insured. ia a compaar or eompanid approved bp the mort6agce, aaainst loa br fire aed Mrindstorm, tar the highast insurable ralue a that tbe mortRagees interest is not suLject to ro-in~urance, and the policp or polieies shall be held br and be payable to said mortaa6ee. and the moKgagre eb~U ha~e the option to rcreive and applr uid paYmeat on aecount o[ the indebtedness 6ereb~ seeured, or pemnit lhe mortgaaor to rceeire or use it, or anr pact therco(, for any purposes ~rithout thereby Wl1YlI16 or im- pairins the equitr. lirn. or right u~der aad br virtue of this mortsage and may place aad pay for suc6 insuraaee or aar part thereot wit6out waiving or at(ecting tl~e op~ion to foreclose or aar right hereunder. and eaeh such papme~t shall txa~ interest irom date at the rate of 10 percent per annum. 4. To permit. eommit. o~ sutter no Mraste. impairment. abandonment. or deteriontion oi said pmpertr, or anr part there- of. and upoa the (ailurc of the ~tortgagor to ketp the buildings and pe~soaal pmperty on said pmpertr in good condition or re- pair. t6e 11toN6agee may demand the immediate npair ot said propertr. or an increase in the amount of securitr. or the im- med'ute npayanent ot the d~bt hereby secnrrd. and the failure oI the Alortgagor to complr xit6 said demand ot the .ltortgagee for a period of 1S da~-s, shdl constitute a brcach of this !ltongage, and at t6e option of the ~tortgagee, imm~diatelr mature the eatira amount of principal and inte~est herebr secured. and the ~Iortgagee. immediately and without notiee. mar institute proceedinbs to [oreclose this ~Iortgage and apply for the appointment of a Receiver. as hereiRafter provided. S. To pedo~m. complr rrit6 and abide br eac6 and erery the stipulat'was, asraments, conditions. and oo~enaata in ;aid promisson aote aad deed set forth. 6~ To delicer to t6e 1liort6agee. on or before Febrvary I o[ uc6 year. tax receipts evidencin6 the paymeat of all lawtullr imposed ta:es upon t6e mottgaRed pmpertr (or the precedinR calendar rw; to deli~er to the Mortg~gee reeeipts evidencing the pqmeats o[ all liena for public impmremmts ~rithin Niaety~ (90) days dter the same shall become due aud papable. aad to par or disc6~rRe ~rithin Ninety (90) days a[ter due date, anr and a1l go~emmrntal le~~ies that ma~ be mede on the mortgaged . propertp, on tbiZ 1liortgagQ or note o~ in anr other wa~ resultiag from the mo~tgage indebtedness secured br this 1liongage. 7. To par all aad siagular t6e costs, char6es, and expenses, including law~ers fees, rcawnablr ineurred or paid at aay time br t6e 11Iort6ageq because of the failure of the Alortgagor to per[onn. comply with and abide by each and ever~ the stipu- luions. aareemrnts. conditiau and eo~enants ot ssid pmwis~ory note`and this deed. or either, and every such pa~ment ahall bear interest frnm date at the nte of 10 percent per annum. _ •_8. : 7'bat if aap ~etioa. or proceeding, ahall be commenced b7r an~ perwn aher than the holder oE this mortga6e (exeept . an actiaa_to foreclose this mortgage, or to collect the debt secured thereby) to rrhich action, or proceeding, the holder of this mort6aae is made a paKr~ or in whic6 it shall bewme neces~ary to defead. or uphold, the lien of t6u mort6agq aU wms paid bp t6e hoider ot tl~,is mortgage for the e:pense of any litigation to pmsecute. or de(rnd, the ri6hts aad liens crcatod br - ' this.a~o~igaae (includin6 reasonable counsel fee~). ahall be paid br t}tip ~Iortgagor, together ~rith interest thereon, at the nte of IO.percent, p.~. r annuak aqd ;qy such sum, and the iateieest thereon, shall be a claim upon said premises. a~d shall be deemed to - be secured br this mortgage. ?he sums paid by or u~cuaed by the holder. hercof in accordance kith the ternu of this paragraph, shall be paid by the ~fortgagor unto the hotder hereol withi~ thirtr (30) daps, and the (ailure or omi9sion of the liortgagor so to do s6a11 eatjtle the \foctgagee to add such sums to the principal indebtednesa of t6is mortgage and the ~ote it secura. and/or at its ~ optan dectire t6is mortgage and the note it secures w be in default. t6ereupon maturing all of the unpaid indebtedness ineluding • tLe sums adcanced hereunder. . 9. 1'6at ao extension of the time or modification ot the terms of psrment hereiaabo~e, and no release of any part or part+ of the mortgaged premises, e~en though made irithout the consrnt of ihe :1lortgagor shall release. telieie, or discfisrge the 111ortgagor fmm the pajment of any o[ the sums herebY secured but in such evrnt the ~tortgagor shall nerMh4less be liable to ~ pa~ mch sums according to the terms oI such eztension or mod'Jications unlas specifically released and discharged in xriting bY t6e 111ortgagee; and [urthermore, that acceptaaee o[ put pa~ment of anr installment of principal or interest, or both, or o[ ! part pedormance oE anp corenant or delay Eor anY period of time in ezercising the option to mature the entire debt, shsll not ~ operate as a wair•ei o[ the right to ececute wch option or act m such de(ault. partial acceptanee or anr subsequent default t •10 ~7nti1 detault in the per[ormance of the corenants atd agreements of this ~fortgagc. the Ilforigagor shall be entitled ~ to tollect t6e nnts, iswes, and pro(its from thc prcmises 6ereinbetore described, but in case of a de(ault in an~ of t6e terna o[ this Mortgage, or the filing o[ a bill to foreclose this or an~ other mortgage encumberin¢ the Kithin described pmpertr, the t Mortgagee shall immediatel~ and Kithout notice be entitled, u a matter of right, and +rithout regard to the ~alue o( the premises, ~ or solreacr or insol~enc~ ot the psnies, to the appointment of a Receiver of the mortgaged property, both rea) and personal, and ~ of t6e nnts, issua and protits thercof. with the usual po~rer of Receivers in such cases, and such Recei~er mar be continued in posiession of the said pmpertr until the time of ihe sale t6ereof. under auc6 foreclosurt. and uatil the con[irmatioo of ~uch ~ sale br the Coun. Il. It foreclosure proceedings should be instituted on anp mortgage inkrior to this mortgage or iE anr foreelosure pro- ~ oeediag is instituted on an~ lirn of any kind, the mortgagee may at its option immcdiately or therea(ter declare this mortgage md t6e indebtedness securcd hereby, dce and payable. I[ therc is any mongage superior to this mortgage, then failure to par said mortgage r+hen due and in accordance rrith its terms or failure to abide by the terms oE said mortgage shall be deemed a ~ brac6 of thi+ mortgage and the mortgagee at its option may immediately or theredter declare t6is mort6sae and the indebtedness 6erebr secured due and papable. Anr modification ot anr mongsge supe~ior to this mortgage or Kairer of anT principal or interest paYmeots on any note or mortgage superior to this mortgage shall be deemed a brtach of the terms and covenan~s of this mortgage a and thk mortg~aee hereo[ ma~ at its option declare thi~ mortgage and the indeLtedness secured hereby duo and payable. _ ~ 12. T6at t6e mailing ot a written notice oi demand. addre,ssed to the owner of reeord of the mortgaged pmaises. directed ~ to the said o~rner at the last address actually furnuhed to the Dlortgagee, or dirocted to the said orrner at said mort6aged pre- miaes, and mailed by_ the United States mails, shalt be snf[icient notice and demand in anr case arisiog under t6i+ iastrument and . ~ required br t6e provisions hercof or by la~. _ ;k Y 13. ?hat in the ecent the '.lfoctgagor should a.~sign t6e rena ot the awrtgaged premises or an~ part thereof nithout the ~ eooseat of tbe ~iortgagee. then the entirc principal sum secured hereby shall, at the optioa of the ~iortgagee. become immediate- ~ ly due and pa~able. ~ 14. To the extent o( the indebtedness of ihe ~fortgagor to the J~ortgagee drscribed herein or secuted hereby, the ~fortgagee ~ is 6ereb~ subrogated to the lien or liens and to the rights of the o~rners and holders thereot o[ each and ereq mortgage, lien or ~ ot6er entumbrance on the Isnd described herein Mhich is paid and/or satis(ied. in whole or in part, out of t6e proceeds ot the loan ~ deacribed 6erein or secured hercbr aod the respeMive liens ot said mortgages, lieru or other encumbrances, shall be and the same and dc6 of them hereb~ is presened and shall psss to and be held by the ~tortgagee herein u aeeuritp for the indebtednecc to th~ 111ortga6ee herein described or herebp secureJ, to the same e:tent that it would har•e been preserved and ~ould ha~e Leen passed to and been held br the Mortgagee had it txen duly and rcgulazly assigned. transferred, set or•er and delivered unto the \[ortgagee br sepuate deed ot assignment not~ithstanding the tact that the same map be satis(ied and cancelled of record, it being the intention of t6e panies hereto that the same will tx satisfied and uacelled ot record b~r the holders thereo( at or about the time o[ the ~ recordia6 oE this \fortgage. • ~ > ~ ~oox 213 PacE 1182 ~ ~ - ~.~Y_ X~~~~_ ~ u~~~::~~~~~ ~ - :~~w_.