HomeMy WebLinkAbout2428 tender to the Murtgagee in ucconlanee w•ith the pro~isions of tl?e ~iole secure~! lu•r~~b~•, full ~~i~~•iue~~t ot tlu~
entire indebtedness represented tl~ereb~•, the Mortgagee, as truste~~, shall, in con?putiiiK the Aniount of suel~
indebtedness~ credit to t}ie accow~t ofi the!1~iortgagor an~• eredit balau~•P rninaini~i~; und~~r th~ pro~~isions of (u)
of said paragraph 2. ]f thern shall be a deTeUlt uncler an~ of tlie pro~isions of ti~is ~uortga~e rnsutliu~; in u
public sale ot the prnmises covered hereb~~ or if the hlortgagee acquires the pro~x•~t~• otherw•~st~ After ~lefsult,
the Mortgagee, as trustee~ ahall apply~ at the tuue o( the commencement o[ such proi~eedings or xt the ti~t~~~
the propert~ ia otherwise acquired, thc+ amount then re~naininR to credit of :14ortgagor und~•r (a) of pur~raph 2
preceding aa a credit~on the inte~est accrued and unpaid and the balence to thP pr~ncipal then rnu~au?inK unpa~d
on said note.
4. Ha ~vill psy all ta~cee, aeeeeementa~ water ratee, and other governmentai or municipal chargee~ 6nee„ or
impoeitioas, for which pmvision haa not been made hereinbefore~ and in default thereof the Mortgagee muy psy t6e
eaone; snd t6at 6e will pmmptly deliver the o~cial reoeiptt~ therefor to the Murtgagee.
5. He will permit~ oommit, or auHer no ~vsate, impsirment, or deterioratioa of eaid propertq or any part thereof,
eacept reaeonable wear snd tear; and in the event of the failure of the Mottgagor to keep tMs buildinga on said
premises and thoee to be erected on said premieea, or impmvemente thereon, in good repair, the Mortgagee may
make euch repalis ea in its diecretion it muy deem neceeeary for t6e prop~r preeervation thereof, and the tult amount
of each and every euch payment ahaU be due and psyable thirty (30) daye after demand, and ehsll be eecured by
the lien of thia mortgage.
6. Iie will psy all snd singular the ooata, cberges, and eapeneee, including reseonable lawyer's feee, and coste
of abstracta of title, incurred or,~sid at any time by the Mortgagee because of Lhe failure on the part of the Mortgagor
promptly and fully to perforan tL1~ `agrcem+enta and oovenants of eaid promiseory note and thia mortgage, and said
ooeta, chargea, and eupenses ahaU be immediately due and payable and shall be eecured by the lien of this mortgage.
He will oontanuously maintain haiard insurance, of such type or types and amonnte as Mortgagee may
from time to time require, on the improvemeata now or hereatter on said premises and e.~cept when peyment
tor all such premiums has theretofore been made under (a) of paragrnph 2 hereof 'he will pap promptly w hen •
due any premiums therefor. All insurance ahall be carried in compames approve~ by 111ortgagee and the poli-
ciea and renewals thereoi shall be held by Mortgagee and have attsched thereto lags payable cTausee in favor of
and in form acceptable to the Mortgagee. . In event of loss he will give immediaLe notice by mail to Mortgagee,
and Mortgagee may make proof of Ioss ~f not made pmmptly by Mortgsgor~ and each insuraace oompany
ooncerned is hereby~ authorized and directed to make payment for such loss directly to Mortgagee instead of ;
to Mortgagor and Mortgagee loinl.ly , and the insurance proceeds, or any part thereof~ may be appLed by Mor~ ~
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoratioa or repair of
the property damaged. In event of foreclosure of this mortgage or other transier of title to Lhe mortgaged
property in eatingmshment oi the indebtedness secured hereby, a~l right, title, and interest of the 141ortgagor
m and to any insurance policies then in force ahall pass to the purchaser or grantee.
8. If the prn~uists, or an~- purt th~~reof, tx~ conde~uned under the poHer of emiuent domain, or acc~uir~~d for _
a public use, the dau~uges aH•arded, tht• proceecls for th~ tukiug of, or the consicieration for suc•h acquisitio~~, to
t}~e extcnt M tl~e full a~nount of th~~ reniaining unpaid indebtednrss se~ured b~• ihis u~oriKage; arc~ h~•rni,~-
assigned to the ~fort~a~ee, uiid }?is 1?eirs or xa~igns, and sl?ali be pai~l fortl?Hit1? to said :~tortgag~~~ or liis
assignee to be applied on acc~ount o[ the last n~aturing installments of surh indebtedness; pro~ided, ho~c~~~•er, ~
the ~iortgage~ or his nssignee, ~na~ at Lis dis~retion pa~• direct to t)~e ~fortgagor, liis l~eirs or iissegns an~- part
or all of such a~~•ard; pm~ided, tl?at i( th~ loa~? is ~u:~runt~ed or insured, tlie consenl of the guarantc~r ar insurer
is obtained in nd~•anc~ of said parment.
The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction
thereof for the appointment of a receiver~ and suc6 court ahaU forthwit6 appoint a receiver of the premisea covered
hereby all arid singular, including all and singular the inoome~ profits, issues, and revenues from wb.atever source ~
derived~ esch and every of whic6, it being expressly understood, is hereby mortgagecl as if speci6cally set forth and
described 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~ snd without reference to the adequacy or inadequacy of
~ the value of the property mortgaged or to the solvency or insolvency of said ~lortgagor or the defendants. Such
~ rents, profits, income, issues~ 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 riortgagee on demand as a reasonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~f 2) of the aggregate of the twelve monthly installments payable in the then current
; year plus the actual amount oi the annual taxes, assessments, water rates, and insurance premiuma for such year
~ not covered by the aforesaid monthly payments.
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~ l0_ In the event of any breach of this mort.gage or default on the part of the Mortgagor; or in the event that
~ any of said sums oi money herein referred to be not promptly and fully paid according to the tenor hereof~ or in the
r event t6at each and every the stipulatioas, agreements, conditions~ and covenants of said note and this mortgage,
s are not duly, promptly, and fully performed; then in either or any such e~ent~ the said aggregate sum mentioned
~ in said note then mmaining unpaid, with interest accrued to that time, and all moneys securecl hereby, shall become :
due and pay able forthwith, or thereafter, ati the option of said D'Iortgagee, as fully and completely as if all of t6e
~ said sums of money ~cere originallp stipulated to be paid on such day, anything in said note or in this mortgage to
$ the contrary notwithstanding; and thereupon or thernafter, at the option of said Niortgagee, a~ithout 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 ~tortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
~ premises shall be sold to satisfy and pa~ the same together with costs, expenses, and allon-ances. 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 such case the provisions of this paragraph ma~• again be
availed of thereafter ftom time to time by the rlortgagee.
~ 11. No waiver of any covenant 6erein or of the obligation secured hereby shall at an~~ time thereafter be held
s to be a waiver of the terpos hereof or of t6e note aecured hereby.
~ 12. The lien of thia instrument shall remain in full force and eSect during an~ postponement or extension of
the time of payme~t of the indebtedness or any part thereof secured hereby.
1:3. If the Mortgagor default in any of the covenanta or agreement9 contained herein, or in said note, then the
~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ee
in so doing shall draw interesl at the rate provided for in the principnl indebtednrss, and shall bc~ mpa~-able
~ thirt~• (30) da~•s after demand, and, together w~itl~ interest and costs accrued tliereon, shall be sccured by
{iLlj 1ltVl1~O~G. '
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~ 14. L'pon the request of the ~iort~agee the :1lortgago* shall execute and deliver a supplemental note or
- notes for the sum or sums ad~-anced by the ~tort.gagee for the alteration, modcrnization, impro«mcnt, main-
- tenance, or repair of said premises, for taxes or as.~essments a~sinst the same and for sn~- otl~er purpos~ sutlior-
ized hereunder. Said note or notes shall be secured t~ereby on a parity with and as tull~ as if the ad~•ance
e~ idenced thereby w ere included in the note first described abo~ e. 5aid si~pplrmental note or notes shall bear
i~ interest at the rate pro~ ided for in the principal indebtedness and sl~all be pa~•able in appro~imatel~- equal
~ monthly pa~ ments for such period as may be agreecl upon b~• the cmditor and ~lebtor. Failin~ to a#;m~ on the
maturity, t~?e Whole of the sum or sums so ad~anced shnll bc due aad parable thirt~• (30) da~s aftcr J~mand
; by the creditor. In no event shall t6e maturit~ extend bc~ond the ultimate r_~aturit} of the note first
`x described above.
~y~ ~~R~~15 ~'~.~-`~422
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