HomeMy WebLinkAbout2148 tender lo the Nlurtgagee in iucorda~c~ v?ith the pro~isious of tl~e note st~curNd h~~reb~•, full pa~•iuei~t of t!«
entire indebtedneea represented thereb~•~ the Mongsgee, as truatee, ahall. in coinputi~ig tl?~ amount of sucli
indebtedness~ c~redit to the account of the Mori gor,any cr~edit b~alence remaini~ig und~~r th~ pro~•isio~?s of (a)
o! snid ~raph 2. l[ there aholl ~s defal~f u~c~er any o~ tl~e pmvisious of tl~is ~~?or~gx~c resulting in a ~
public aale o t1?e premisea covered'}ie by, or it the Mortgagee acquirea the propeny otl~erw~se a(t~r deteult.
the Mortgsgee~ aa ~ruatee, shall appty, at the time ot the commencement ot sucl~ prac~eclings or at the tim~
che propen~• m otherwise acquirecl~ the amount then remaining to credit ot Morlgsgor under (a) of paragrapli 2
preceding as a creciit on the interest sccrued snd unpaid and the balance to tlie principal then reu~sinu~~ unpa~d
on asid note.
4. Hs will p~y all tyces, aaeeeeanenta. w~?ter re?tes„ ~?d ot6er governmental or municiPal ehaB~ee. 6nes. or !
impoeitione, for wbie~ provieion hae not been made hereinbefore, aad in default t~hereot the Mortgagee may psy the i
aame; snd tbut he will prompt.~y deliver the officisl reoeipte therefor t~o the Mortg,sg~ea.
b. He will permit, oommit, or euHer ao waete, imp~airment, or deteriorst~on of eaid property or sayp~r~ thereof
eo~cept reaeonsble wear :?nd tesr; and in the event of the failnre of the Mort~sgor to keep thA buil
idngs on eai~ ;
premieee and thaee to be erected oa eaid premieee, or improvementn thereon, in good repair the Mortgagee may
make auch repsira as ia ite discret~on it msy,deem neQee~sary for the proper preeervation thereo~~ and the full amount
of each and every auch psymeat ahaU'be'due and P~ysble thittY (30) daya ~?fter demaad, end eball be eecured by
t6e lien of thia mortgage.
6. He ~vill p~?y all and aingulsr the coete, and e:peneee, including reaeonable lawyer's feee, and ooste :
of abatracts of title, incurred or paid at sny time b~Mortgagee becauee of the failure on the part of the Mortgagor '
pmmptly and fully to perform the agreementa and oovenanta of eaid promiseory note snd this mor~gage, and said ~
oosta, chargee, and eupenses shaU be immediately due and psyable and shall be eecured by the lien of thia mortgage, ;
7. He will oontinuoua~y maintain hazard insurewoe, of suc6 type or types and amounts sa Mortgagee msy ~
tmm time to time require; on the improvements now or hereaiter on said premises and except when payment
for all auch premiums has theretofore been msde under ~(a) of paragraph 2 hereof ~e will pay pmmpWy when
m
due any premmms thcsrefor. All insurauoe ahall be caMied in oumpaiues approve~ by I?io ee and the poli-
cies and renewala thereof shall be held by Mortgagee and hsve attached theteto loea payable ausee in fsvor of
and in form scceptable to the Mor . In event of loea he will give immediate notice by mail to Mortgagee, i
and Mortgagee may make proof ~ iE not made promptly by Mortgagor, and each inaurance oompany ;
o~cerned is hereb authorized and directed to make payment for such losa directly to Mo~ee instead of
to Mortgagor and ~ortgagee joinWy, and the insurance proceeda, or any part thereof, may be app ed by Mor4- ~
gagee st its option either to tbe reduction of the indebtednesa hereby eecured or to the restoration or repair of
the property dama~ed In event of forecloeure of t~6is mortgage~or other transfer oi title to the mortgaged . ;
pmperty in extinguishment of the indebtednees eecured Lereby, right, title~ and int,erest of t6e Mortgagor '
m and to any inaurance policies then in force aLall p~ss to the purchsser or grantee.
8. I[ tl~e prnmis~s, or au~- part thercwf, be condemned under the power ot eminent clc:nain, or acquired tor
a publie use, tlie clan~ages awardect, tl?~ proceecis for tlie taicing ot, or the eonsideration for su~li aequisitioi~, to
tl~e catent of the full amount of tlie rnmaining unpaid indebtedness secured b~• this u~ortgage, ar~ 1?ernb~-
assigned to the Mortgagee, and his I~eirs or ass~gns, und shall be paid forthKith to said :~•lottga~ee or hi.s ~
assignee to be applied on account o[ the last ~naturing installments of sucli indebtedness; pmvi~ied, lio~~-e~er, ;
the 4fortgagee or his assi~nee, ~ua~ at his discretion pa~- direct to the Mortgagor, ltis heirs or assigns an~~ part :
or all of svcli awarcl; pravided, that if the loan is guaranteed or insured, t.he consent of the guaranior or insurer ~
is obtained in ndvance of said pa~ ment. ;
~
9• The Mortgagee may, at any time pending a suit upon t6ie mortgage, apply to the oourt hsving jurisdiction ~
theriof for the appointment of a reoeiver, and such court s6all forthwith appoint s receiver of the premisea covered
hereby ali arid aingular, inctuding all and singular the income, proSts, issues~ and revenues from whatever aource
derived, each and every of which, it being expressly underatood,.is hereby mortgaged as if apecifically set forth and `
deacribed in the grewting and habendum clauses hereof, Such appointment shall be made by such oourt as an admitted '
equity and a matter of absolute right to asid Mortgagee, and without refer~nce to the adequacy or inadequacy of
the value of the pmperty mortg,aged or to the solvency or insolvency of said MorLgagor or t'ae defendants. Such s
rents, pmSts. income, isgues, and revenues shall be applied by such reoeiver according to the lien of this mortgage
and the practice of such court. ~ In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
agrees to pay to the Mortgagee on demand as a reasonable montWy rental for the premiaes an amount at least
equivalent to one-twelfth (~z) of the aggr8gate of the twelve monthly installmenta payable in the then curnent
year plus the actual amount of the annual taxes~ assessments, water rates, and ina~rance premiums for such year
not covered by the aforesaid monthly payments.
10. In the eveat 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, agteements, conditiona, 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 Lo that time, and all moneys secured hereby, shall become
due and payable forthwith, 9r thereafter, at the option of said Mortgagee, as futly and campletely as if all of the i
said sums of money were originally stipulated to be paid on such day, anything 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, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
; tion. The Mortgagee may foreclose this mortgage, ss to the amount so declsred due and payable, and the said
premises ahall be sold to satisfy and pay the sume together with costs, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In suc6 ca~e the pmvisions of this paragraph may again be
availed of thereafter lrom time to time by the Mortgagee.
11. No waiver of any covenant herein or of the obligation secured hereby shall st any ti~e Lhereafter be held
to be a waiver of the terms hereof or of the note eecured hereby.
12. The lien oi thie instrument ahall remain in full force and effect during any postponement or extension of
the time of payment of the indebtedneas or any part thereof eecured hereby.
13. If the Mortgagor default in any of the oovenants or agreementa oontained herein~ or in said note, then the
Mortgagee may pedorm the same~ and all expenditures (including reseonabte attorney'a fees) made by the Mort~ee
in so doing shall draW interest at the raLe prorided for in the ~rincipul indebtedness, and shall bc~ rnpa~•able
Lhirty (30) da~•s after demand, and, together with interesi and costs accrued lhereon, ~l~all be se~t~red hy
this mortgage.
14. Upon the request of the Mortgagee the i4lortgagos shall execute and deliver a supplemental note or
notes for the sum or sums advanced by the ~tortgagee for the alteration, modernization, improvement, main-
' tenance, or repair of said premises, for taxes or as.~essments against the same and for an~ other purpose author- -
i ized hereunder. Said note ot notes shall be secured hereb~ on a parity with and as tully as if the ad.•ance
evidenced thereby were included in the note first described above. Said snpplemental note or notes slialt bear
interest at the rate pro~ided for in the principal indebtedness and shall be pa~~able in ap prosimately equal
monthly payments !or such period as may be agrced upon by the creditor and debtor. Failing to agree on the '
maturity, the whole of the sum or s~~ms so ad~•anced shall be due and parable thirty (30) days a(tcr J~~mund °
by the crnditor. In no event she11 the maturity extend beyond the ultimate r.~aturity of t6e note first
described above.
~ocKz1~ PAGEz~47
~
-y. : ~ t _ - - _
~ t~
~ r.~;_~