HomeMy WebLinkAbout1835 tender to the Murlgagee in uccordance with tl?e pmvisioi?s ot tl?e ~wt~ xrcurnd hereb~•, full pa~ ment of tlu•
entire indebtedneas represented therebv~ the Mortg~?gee. as ~ruatee~ shall. in computing the aii~ow~~ of sucl?
indebtedneea, c~r.dil to lhe account oi ~~e Moct~t r spy crecfit, balanc~ reinaininR un~ler the pro~isiona of (s)
ot said n?ph 2. It there ahaU b0 ~cMfsull ~i1de?~~ny of the provisions of this ~~~ortga~ resultin~ in a :
public si?l~ the premiaes covered here~~ ~ or it the Mortgagee acquires the propert~ otherw~se after default,
the Mortg~gee~ ~+s truatee~ ahall apply, st the ~ime ot the canu~encement of such pcoccedinga or at the tim~
the pmpert~ ie otherwise ecquirecl~ the amount then remsining to credit of Mortgagor under (s) o~ paragrapli 2 '
preceding sa a credit on the intereat sccrued snd unpaid snd the balence to the principal tl~en rruiainm~ unpaid ~
on said note.
4. 8s will p~y all tsxes, aeeeeements, wster tat~es„ and othergo
vernmental or municiP~ or ;
impoeitions~ for wbieh provieion hae not been m~ie hereiabefore~ snd in default thereof We Mortg~ges mqy pqy the ~
ssme; and thut 6e will promptly deliver the o~icial reoeipt~ themfor to the Mortgagee. ;
~
b. He will permi0, ooaamit, or euffet no wastie. impairment~ or deterioration of eaid property or sny pnrt thereof
e~ccept reasonable aear snd tear; sad in the event af tbe failure of the Mortg,agor to keep the buildinga on eaic~ .
premisee and those to be erected on eaid ~emieee, or impmvemeate thereon~ ia good repair the Mortgagee msy
make euch repaira as in its diacr8tiQu._it ay?y deem a for the pmper preeervstion thereo~, aad the full amouat
of each and eveey suc6 payment ~aH bs du8 ~ p~/~_e_~,~LhirtY (30) dsys atter demand, end ehall be eeeured by
the lien of this mortgxge.
6. He will psy sll and einguls?r the oosr~s, a~s~an~espenaee, iacluding reasonable lawyer'e feee, snd ooscs t
of abst~cts of tiUe, incurred or paid at any time bq . ottgagee b~use of the f
ailure on the part of the Mortgagor
promptly and fully to perform the a~eementa t?nd oo~v~nsnte ot eaud promieeory note and this mortgage, and said ;
oosta, chargea, and expensea shaU be immediste~? due and ~e?ysble and ahsll be eecured by the lien of thie mortgage. +
;
7. He will oontinuous~y meintein hazard inaurance, oi auc6 type or typea and smounts as Mortgagee may
from time to time require, on the impmvemente nov~ ~ar ~~reatter on eaid premisea and eiccept when payment
for all such premiums hsa theretofore been made under (s) o: ~aragraph 2 hereof ~e will pay promptly when
due any premiuma thorefor. All insuranoe ahall be carried ia oon:~'an?es aPProve~ by 1liortgegee and the poli-
cies and renewala t,hereof shall be held by Mortgagee snd have attached thereto loas payable ctausee in fevor of ~
and in form acceptable to the Mort~ag . In event of losa he will give~ immediste notice by mail to Mortgagee, t
and Mortgagee msy make proof fo I~ if not made promptly by Mortgagor, and each inaurance oompany ~
c~oncerned is hereb authorized snd directed to make payment for sucl~ lo~s directly to Mo~ee inatead of ~
0
to Mortg.agor and ortgagee jointdy, and the insurance proc~eda, or any part thereof, may be app 'ed by Morw ~ ~
gagee st its option either to tbe reduction of the indebtednesa hereby eecur~.~d or to the restaration or repsir of
the property dsma~ed. In event of forecloaure oi this mortgage or other transfer of title to the mortgaged
property in extanguishment of the indebtedneee eecured Lereby, a~l right, title, and intsreat of the Mortgagor
m and to aoy insurance policies then in force ahall pnss to the pumhaser or g~sntee. {
8. I[ tl?e premises, or an~ part tl~ereof, be conden~neci under tl?e pow~r of en?inent douisin, or acquired for
a public use, t)ie damages awarclecl~, tl~e proceeds [or the taking o[, or the consideration ior suc•1~ acquisition, to
the Pstent ~f tl~e rWi a»>ou~t-ar r>>~ remaining unpaid indebtedness secured b~• this u~ortgage, arn 1«rcb~-
assigned to tLe Mortgagee, und his heirs or assigns, and shall bc paid torthwith to said blortgagee or his
assignee to be appliecl on account of the lasG ~uaturing instalLnents of such indebtedness; pro~•ided, hoH•e~•er,
the Mortgagee or his ussignee, ~na~ at his discretion pa~ dirnct to tl?e Mortgagor, his heirs or assigns an~• purt
or all of suc}i awarci; provided, that if the loan is guaranterd or insured, the consent of the guarantor or insurer
is obtained in advance of said parment.
9• The Mortgagee may, at any time pending a suit upon thia mortgage, apply to the oourt having jurisdiction i
thereof for the appointment of a receiver, and such oourt Bhall forthwith appoint a receiver of the premises oovered `
hereby all arid aingular, including all and singular.the income, proSta, iesues, and revenues from whatever source ;
derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecifically set forth and :
deecribed in the granting 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 . ~
the value of the property mortgaged or to the solvency or inaolvency of said Mortgagor or t3e defendants. 3uch ~
rents, pmfita, inoome~ issues, and revenues shall be applieci by 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 Mort~gor hereunder, the Mortgagor '
; agrees to pay to tbe Mortgsgee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (3/2) of the aggregate of the twelve monthly installmeats payable in the then current
~ year plus the actual amount of the annusl taxee, assessmente, water ratee, and inaurance premiums for such year
not covered by the aforesaid monthly payments.
10_ In t6e event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the "
event that each and every the stipulations~ agreementa, conditions~ and covenants of said note and this mortgage, ;
are not duly, promptly, and fully pedormed; t6en in either or any such event~ the said aggregate sum mentioned '
in eaid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall bec;ome
due and payable forthwith, or thereafter, at the option of said Mortgagee~ ss fully and completely as if all of the
said suma of money were originally stipulated to be paid on-such day, anyLhing in said note or in this mortgage to
the contrary notwithstanding; snd thereupon or thereafter, at the option of said Mortgagee, without notice or
demand~ suit at law or in equity, may be prosecuted sa if all moneya secured-hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with ooata, expenses, and aUowances. ~In case of partial
for~closure of this mortgage, the mortgaged premises shall be sold subject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be :
~ availed of thereafter from time to time by the Mortgagee.
~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note eecured hereby.
~ 12. The lien of this instrument shall remain in full force and effect during any postponement or extension of
the time of payment of the indebtedness or any part thereof eecured hereby.
~ 1:3. If the Mo or default in an of the covenants or
rtgag y agreements oontained herein, or in said note~ then the
~ Mortgagee may perform the same, and all expenditures (including reaeonable attorney's fees) made by the Mortga~ee
~ in so doing shall draw interest at the rate pro~ ided for in the principnl indebtedn~ss, and shall be rnpa~•able :
~ thirty (30) da~•s after demand, and, together witL interest and costs accrued thereon, shall be secured by
~ this mortgage. .
~14. Upon the request of the biortgagee the Mortgagor shall eaecute and deliver a supplemental note or
~ notes for the sum or sums ad~ anced by the ~iortgagee [or the aiteration, modernization, improvcmcnt, main-
~ tensnce, or repair of said premises, for taxes or as.~cssments against the same and for any other purpose suthor-
ized hereunder. Said note or notes shall be secured liereby on a parity with and as tutly as i[ the ad~•ance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be payable in approsimatel~ equal
~ffi monthly pay ments for such period as may be agreed upon by the creditor and debLor. Fail"~ to agrec on the
maturity, the whole ot the sum or sums so adranced shnll bc due and pa~•able thirty (30) da~s aftcr demnnd
by the crcditor. In no event shslt the maturity extend beyond the ultimate r_~aturit3 oi t6e note first
described above.
EooK213 Pa~E183z
- - - ~~s -
ti:n.~ £ -