HomeMy WebLinkAbout1505 tender ~o the I~lurtgagee in ucconlence with the provisiona of ~he note sc:cured h~~n•b~•, tull pa~•n?~n~ o( tl~e
entire indebtednesa represented therebv~ tha I1lortgagce. as truatee, sl~all. in computing th~~ emount ot sucli
indebtedneas, credit to the sccount of t~e Mort~a~ore~?~'cre~iit Lalance rrmaini~~K und~~r th~ pro~•isions ot (a)
ot said p raph 2. If there ahall be a dePault unde~ an;0'Df tlie provisioiis of this u~ortgage rnsultin~ in a
public asl~ the premiaea covered 1?ereb~ ~ or i[ tl?e Mortgagre acquires tl~e propert~• o~ne~w?~ ar~~~ aPr~u~c,
the Mortgagee~ sa trusl~ee, ahall apply~ al the Lime o( the co~n~iiencement ot such proccedinga or at the tiui~
the propert,r is otherwise acquired, the amount then reniai~ing to crndit of Mortgagor uneler (a) of para~;reph 2
preceding sa a credit on the intereat acetueci and unpaid and ttie balance to the principal then rru~ainmR unpa~d
on said note. ~
4. He ~vill p?y all taxee, aeeeeements, water rates„ aad othergo vernment~t or municiPel ahdTB~? ~0. 0= ~
ianpoeitions, for wbioh provision haa not been made hereinbefore~ and in defsult thereof the Mortgagee may pay the
eame; and thst be will prompt~y deliver the officisl reoeipte therefor to the Mortgagee. j
b. He will permit, oommit, or eu8er no wa8te, impsiranent~ or deterioration of eaid pmperty or any patt thereof #
e~ccept reaeonsble wear and tear; and ia the event of the failure of Lhe Mortgagor to keep the buildingya oa eai~
premisea and Woee to be erected on eaid premieee, or improvementa thereon, in good repair We Mortgagee may ~
make such repsirs aa in its discretion it me~y deem neoeeeary for the pmper preeervation thereo~~ and the full amount
of each snd svery suc6 payment shell be due and psyi?ble thirty (30) dsys after demand, and ehall be eecured by
t6e lien of this mortgage. ~
6. He will psy all und singular the ooste,charg~ and e:penee~ including reaeonable lawyer'e feee, and ooste
of abatr~cta of title, incurred or paid at any time by ht
e~Mortgagee becsuse of the failure on the part of the Mortgagor }
promptly and fully to pedorm the agreements and oovenante of esid promieeory note and this mortg~e, and aaid ~
oosts, chargee, and expenees ahall be immediately due sad payable and ahaII be eecured by the lien of thia mortgage. ;
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7. He will oontinuous~y maintsin hazard inaurance, of euch type or types and amounta as Mortgagee may i
imm time to time require, on the impmvemente now or hereafter on said prem~.ges and ezcept when payment
tor all sucL premiums hss theretofore been made under (s) of paragraph 2 hereof 'he will pay pmmptly when
due any premiuma thorefor. All insurance ahall be carried in oompanies appmve~ by l~iortgagee and the poli-
cies and renewals thereof ahall be held by Mortgagee and have attached thereto lo~a payable ctauses in favor of
and in form acceptable to the Mort~agee. In event of loss he will give immediate notioe by mail to Mortgagee,
and MortgageE msy make proof of toes if not made promptly by 1Vlortgagor, and each insurance oompany
ooncemed is hereby~ authorized and directed to make payment for such losa directly to Mortga~ee inatead of
to Mortg.agor and Mortgagee jointly; and the insurance proceeda, or any part thereof, may be applied by Mor~
gsgee at its option either to the reduction oi the indebtednees hereby eecured or to the resturation or repair of
the property dama~ed. In event of forecloeure of this mortgage or other transfer of title to the mortgaged
property in extingu~ahment of the indebtednese eecured Lereby, a~l right, title, and intereat of the Mortgagor
m and to any wsurance pohcies then in force ahall pnss:to the purchsaer or grantee. .
8. 1f the prnmis~~s, or an~- part tl?ernof, be condeumeci under Uie powrr of eminent domnin, or acquircd for
a public use, the.daniages aNardecl, the proceeds for the taking o[, or the consideration [or such acqu~sition, to
tl~e extent of the tull at»ount of the remaining unpaid indebtedness secured b~• this mortgage, arn l~ereb~-
assigned to the ~fortgagee, nnci his heirs or assigns, and shatl be paid forthwith to said :~1oM~agee or his
assignee to be appliecl on ac~ount o[ t}?e last maturing installments of sucl? indebtedness; pro~ided, liow~e~er,
the ~tottgagee or his nssignec, n~8~ at his discrction pa~ direel to t}~e Mortgagor, Iiis lieirs or assigns an~• part
or all of sucii aHard; pro~ided, tl~at i[ the loan is guaranteecl or insured, t}~e consent of tlie guarantor ~r insun•r
is obtained in aclvance of said pa~~ment.
9• The Mortgagee may, at any time pending a suit upon this mortgag~~ apply to the court having jurie~liction
thereof for the appointment of a receiver, and auch oourt shall forthwith appoint a receiver of the premises covered
hereby all arid singular, including all and singular the income, prosts, iasues, and revenues fmm whatever eource
derived~ each and every of which, it being expressly underatood, is hereby mortgaged as if apecifically set forth and
described in the granting and habendum clausea hereof. Such appointment ahall be made by such oourt 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 aolvency or inaolvency of said Mortgagor or t3e defendants. Such
rents~ profits, income~ issues, and revenues shall be applied by such receiver according to the lien of this mortgage
' snd the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
Ij agrees to pay to the Mortgagee on demand sa a reasonable monthly rental for the premises an amount at least
t equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
! year plus the actual amount of the annual taxes, sss~sments, water rates, and insurance premiuma for such year
` not covered by the aforesaid monthly paymenta.
~ 10. In the event of any breach of this mortgage or defanlt on the part of the Mortgagor; or in the event that ~
any of said aums of money herein referred to be not prompWy and fully pajd acco~ding tq the tenor hereof, or in the
event that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and aU moneys secured hereby, shall beoome
due and payable forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
said sums of money were originally stipulated ta be paid on such day, anyLhing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand~ Sll1L 8t ISW 4! lII ~lllf~, may be prosecut~l as if all moneys secured hereby had ~atured 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 co~ts, expenses, and allowsnces. In case of partial
forecloswe of this mortgage, the mortg3ged pmmises shall be sold subject to the continuing 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 themafter from time to time by the Mortgagee.
I 1. No waiver of any covenant herein or of the obligation secured hereb~ shall at any ti~ne thereafter be held
to be a waiver of the terma hereof•or of the note eecured hereby.
12_ The lien of thia inatrument ahall remain in full force and efiect during any postponement or extenaion of
the time of payment of the indebtednea~s or any part thereof eecured hereby.
~ l:i. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~ Mortgagee may perform the same, and all expenditures (including resaonable attomey'a fees) made by the Mortgattee
in so doing shall draw interest at the rate pm~ icled for in the principal indebtednc~ss, and shall be rnpa~•able
thirt} (30) da~•s aicer demand, and, together witl~ interest and costs acerued thereon, shall be secured by
this mortgage.
14. Upon the requeat of the 1~1orLgagee the blortgagor shall eaecute and deliver a supplemental note or
notes for the sum or sums ad~ anced by t6e ~tortgagee for the alteration, modernization, improvcment, rnain-
tenance, or repair of said premises, for taxes or as.~essments against the same and [or en~- other purpose sutl~or- '
ized hereunder. Said note or notes sl~sll be secured hereby on a parity with and as fully as i[ the ad~ ance
e~ idenced 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 appmximatrl~ equai
monthly pavments for such period as may be agreed upon by tl?e creditor and debtor. Failing to agrec on the
maturity, t~e whole o( the sum or sums so ad~•anced shall be due and pa~•able thirt~ (30) da~s after dcmand
by the creditor. In no event shall t6e maturity extend beyond the ultima~e r_~aturity of the note first
described above.
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