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HomeMy WebLinkAbout2615 t~~ndec to ti?e ~lurlkaKe~~ in u~~cordun~•e ~I~itl~ the ptoviaioi~s o( tl~~~ not~~ s~~~•uri•d h~~r~•1,~~, full ~?i?~•nu~~U of th~~ entire indebtcdness rrpreset?ted thernL~~,.tl?P ~lortgagee, a~ trust~~~•, slirtll, in c•ou~putiiiK llu~ iiiununt oi su~•1? indebteduess, creciit to ilit~ a~•~•uun! of t~~e ~1ortgeKor any cre~lit l,i~l~u~r~~ reiuaiuin~? ~ui~l~•r th~• pru~~i,io~?s of ~u) of said paragraph 2. If th~~rr shall tK• a default ui~der any of the pro~•i~ious uf tl`is iuortku~?~~ r~~sultin~; ii? public sale of tlie prnmises co~ered hereL~•, or it the :1ZorIKttK~~e acyuires tiie proix~rt~- oth~~nrisi~ uRc~r ~Ic•fuult, ti~e Mortgagee~ as trustee, st?sU appl~•, at the tinir o! t1~P ~~o~n~nrnr~uient of such ~~ro~•~~~~~lin~,?a or ut th~~ tiiiu• the properti• is otheruise arquired, tl~e ainount then re~uainin~ to c•r~~~lit ~~f ~tortKa~?or wut~•r (a) of para~?r~?pL 2 preceding es a credit on th~ ~nternsl accrued and unpaid and the balan~e to tla~ pnnc•ipal thc~n r~~m:~i~?ii~k unpni~t on said note. 4. He ~vill pe?y all taxea aeeeeamenta, wster rat~ee. and other governmental or municipal charg~ee, 6nes. or impositione, [or which pmvision has not been made hereinbefore~ and in deiault thereof the Mortgagee may pay the eame; aad that he will pmmptly deliver the official receiptn therefor to the hiortgagee, 5. He wiU permit~ oommit, or suffer no waste, i.mpairment, or deterioration of eaid propetty or any part thereof. except reasonable wear and tear; and in t6e event of the failure of the l~iortgagor to keep the buildinga on said premises aad thoee to be erected on eaid premieee~ or improvements t6ereon, in good repair, the Mortgagee may make auch repaiis as in ite diacretiun it may deem neoeaeary for the proper preeervation thereof, and the full amount of each and every such payment shall be due and paysble thirty (30) days atter demand~ and sdsll be secured by the lien ot thie mortgage. 6. He will p~y all and singular the coate, chsrgea, and e~cpendes, including res~sonable lawyer's feea, and costa of abstracts of title~ incurred or paid at any time by the 1liortgagee becau~e of the failure on the part of the Morigagor promptly and fully to perform the agreemepts and oovenants ot said promissory note and this mortgage, and said costs, charges, and expenges ahall be immediately due and payable and s6a11 be eecureci by the lien of this mortgage. 7. He will oontinuoualy maintain hazard insurance, of such type or types snd amounts as Mortgagee may from Lime to time require, on t6e unprovementa now or hereatter on said premises, and e~cept when payment tor all such premiums 6as theretofore been made under (s) of paragraph 2 hereof, he will pay promptlv when due any premiums thcrefor. A!1 insurance shall be carried in compames approved by 111ortgagee and t~e poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausea in favor of and in form acceptable to the 114ortga~ee. In event of loss he will give immedinte notice by mail to Mortgagee, and ;liortgagee may make ptoof of ~oss if not made promptly by Mortgagor, and each insurance t~umpany concerned is hereb authorized and directed to make payment for such loss directly to Mortgage~e instead of to Mortgagor and ~ortgagee jointly, and the insurance proceeds, or any part thereof, may be appGed by 117or~ gagee at its option either to t6e reduction of the indebtedness heteby secured or to t6e restoraLion or repair of the property dama~ed. In e~ ent of foreclosure of this mortgege or other transfer of title to t6e mortgaged property in extingu~shment of the indebtedness secured hereby, afl right~ title, and interest ot the biortgagor m and to any iasurance policies then in force shall pnss to the purchaser or grantee. R. 1f tli~ pn•mis~~, or nn~- purl thi•reof, br eon~lemnc~~l under the ~~~•~r of etninent cloiiiain. or a~•quirn~l for a public ~sc, th~• d~?n?u~~~s tiH•ard~d, th~~ pro~•~~~•ds for th~ takinK of, or thc~ e•onsidc~re~tion fv+• su<•i~ u~•quisition, ~i? tli~ ertent uf th~~ ful~ a~nount of t}u• re•nisining unpai~l inrl~~bte~lncss securnd b~- thi5 ~i~ortk:~~;~~. nir~• h~•r~~l?~- acsiku~~i to th~~ ~lortKak~~~ , und his h~~in or ~siK~~s. an~l shall ht~ paid fortt?w•i1h to suid \Iort~;ai~?~•~~ ~~r hi~ ussiknee to b~ appli~~d on ae~~ount of the last iuaturin~ instaflm~~nts of suc•1? ind~bt~c{ness; pro~•i~ii~~l, ho~~•~•v~~r. tl?e \fortguge~ or his as.siKne•~, ~nar ut liis disc•r~~tion pa}- clir~~c~t to il~~ ~Iortgrefior, IIIS I1P11;C OI' USS1~11C All~' ,)tll'1 ar ul! of su~h n~ti•ar~l: prorul~ci, that if th~ lonn is Kuurt~nt~~~d or insurnd, thc ~onsc~nt of th~~ gunrnntor or ii~sur~~r is obtuincd in n~l~•anr~~ o( said pa~•~n~•ut. The Mortgagee may, at any time pending a suit upon this mortgage~ apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the pmmises coveted hereby all and singular, including all and singular the income, ptofits, issues, and revenues from w6atever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificalty 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~ and without reference to the adequacy or inadequacy~ of the ~•atue of the property mortgaged or to the solvency or insolvency of said Nlortgagor or the defendants. Such rents, profits, income, issues, and revenues shall be applied 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 :~'Iortgagor hereunder, the Iliortgagor agrees to pay to the Aiortgagee on demand as a reasonabte monthly rental for the pmmises an amount at least equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly instaqments pa~able in the then current , year plus the actual amount of the annual taxes, assessmente, water rates, and insurance premiums for such y ear not covered by the aforesaid monthly paS•ments. ~ 11). In the 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 prompt.ty and fully paid according to the tenor hemof, or in the ~ event that each and every the stipulations, agreements, conditions, and co~•enants of said note and this mortgage, 4 are not duly, promptly, and fully perfortned; then in either or an~- such event~ the said aggrrgate sum mentioned ; in said note then remaining unpaid, aith inten~st accrued to that time, and all mone~~s secured hemb~•, shall become ' due and pa~•able forthaith, or themafter, at thc option of said I1lortgagee, as full~• and completely as if all of the ~ said sums of mone~• were origina113 sLipulatcxl to be paid on such da~•, an~ thing in said note or in this mortgage to ~ the contrar~~ notaithstanding; and themu~~on or thereafter. at the option of said 11ort~agee, nithout notice or ; demxnd, suit at law or in equitp, may be prosecuted as if al! moncl•s secured hereby had matured prior to its institu- ~ tion. The ~Iortgagee may foreclose this mort~age, as to thr. amount so declared due and pa~•able, and the said premises shall t,e sold to satisfy and pa~• the same together with costs, expenst~s, and ulloaances. In case of partial foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In suc6 case the provisions of this parugraph ma~• again be availed of thereafter from time to +ime by the ~lortgagee. ' 11. No waiver of any covenant berein or of the obligation secured hereb~~ shall at an~• ti;ne thereafter t?e held : to be a csaiver of the terms hereof or of the note secured hereb~~. _ 1'_'. The lien of this instniment ahall rnmain in full force and effect during an~• postponement or extension of the time of pa~•ment of the indebtedness or any part thereof secured hereb~ . . < <~t. If t6e blortgagor default in any of the covenants or agreements contained herein, or in said note, then the ~ Mortgagee may per[orm the same, and atl expenditures (inciuding reasonable attorney's fees) made by the l~ortQaRee in so doinK shall draw• interPSt et the rate pro~•i~1~~~1 for in the ~uin~~ipa) in~lebtrdnrss, and shaU b~ r~pa~•able ~ thirt~- (30) da~•s after demsnd, and, together w•itl~ iuter~~st and costs accrued thereon, shall be ~~~cured by this mortgage. : ~4. L'pon the request of the 11ort~;agce the 1~ort~x~o~ shall eeecute an~1 delirer a si~pplcm~ntal note or r not~~s for the sum or sums ad~•anc~~~i b~• the ~tort~a~;ee for thc alteration, modcrnization, irupro~•~•nic~nt, tuain- ~ tetten~t~, or rnpair of said pre~mi~es, !or taxi~s or as~~~~sm~nts a~;ainst the sau~~ and f~r P,a~- othrr purp~?sc~ nuthor- : ized hereunder. tisid note or notes ~hall be sec~ured hereb~• on a parit.~• ~~ith and as full~• as it the ad.-ancc~ ? e~•idenced thereb~• N•ere included in th~ note.first described abo. e. ~aid suppl~~m~~ntal note or notes sl?ali bear ' interest at the rate pro~ ided for in the principal indebtedness and sLsll t~ pa~•abte in approximatc~l~• ec~ua) ~ monthl~• pa~•me~nts for surh period as inati• bc a~,?rced upon b~- the creditor an~l dcbtor. Failin~; to a~?m~~ o» th~~ ; maturit~, t~~e N•hole of t??e sum or si~ms so ad~~am~ed shnll be due and pa~-abl~~ thirt~• (:~0) da~•s a(t~~r d~•mun~1 ' b~ the cr~•ditor_ In no e~•ent shall tl~e malurit~• exteiid be~•ond tf~e ulti~nate r_~uturit~• of tlic n~?te~ firnt ~ described atwre. - ~ ~ i T:S~;