HomeMy WebLinkAbout2969 tencier to the- ti~urtgsgee in accordancQ Nitlt tl?e .p~visions of ti~~ ~wtc• s~~~•ur~~~l h~~rrb~~, tull ~~nrii?c~ut ot th~•
entire indebtednesa represented thereb~•, the Mortgsgee, as truste~~, shall, in c•o~nputii?K th~~ t~niuunt of surh
indebtednesa~ ctedit to tl~e accow?t af tlie :11ortga~or an~• eredit balnn~e rnn~ai~~i+~~ un~le•r the~ ~in~~•i:~iuns of (u)
of said paragraph 2. 1~ th~re shall bc~ ~ d~tault u»der an~• o~ tl~e provisions af this niortK,?~;e r~•sultinR in a
public sate oi the premises covered I~erebr, or if U?e Mortgagre ac~{uires IhP prupert~• other~vi.3~~ Ar<<~< <i~ra~,i~,
the Mortgs~?,ee, as trustee, ahsll sppl~, at the time o( the co~iui~Nn~•ement of sucl? proc~~~•din~ or ut tl~~ tir~i~•
the property ia otherwisc? sc•quired, tt?e an?ount then rn~naininK to cre•dit o! ~loriga~~r undi~r {a) nt parakrapl? 2
preceding as a emdit ore th~ mter~st sccrued and unpaid and the balan~•e Io 11?~ pr~nc•ipal then rn~iiiwu~iK unpei~l
on said note.
4. He will psy all Lsuea, a~mente, wster ratee, snd otder governanental or municipal chargee~ finea or
impositione, tor which proviaion hsa not been made hereinbefore~ snd in defnult thereof the Mo~tgagee may pay the
eame; and that he rvili pmmptly deliver t6e o~cia! receipta therEfor to the biortgsgee.
b. He will permi~~ commit, or suBer no waste~ impairment~ or deterioration of said pmperty or any part thereof~
except reaaoaable wear and tear; and in the eveat of tbe failure of the Mortgagor to keep the buildinga on eaid
premiaee and thoee to be erected on said premiee,s, or improvementa t6ereon~ in good repair~ the Mortgagee raay
make such repaire sa iu ita discretion it may deem necesaary for the proper preeervation thereof, and the full amount
of each and every auch payment shall be due and psyable thirty (30) daye after demand, and ahell be eecured by
the lien of t!~ mortgage. - "
6. He will pay all and eingular the coats, chsrges, and expensea, including reasonable ]awyer'e feea, and costs
of abstrecta of title~ incurred or paid at eny time by the Mortgagee because of the failure on the pa~rt of the Mortgagor
promptly and fully to perform the agreements and covenants of esid promissory note and thia mortgage~ $nd said
o~sts, chargea, and expen~es shall be immediately due and payable and ahall be eecwoed by the lien ot this mortgage.
Fie will oontinuously maintain hazard insurance, of auch type or t~pes and amounta as Mortgagee may
from Lime Lo time require, on the unprovements now or hereatter on said premises and eacept when payment
tor all such premiums has theretofore been made under (s) of parsgraph 2 hereof, ~e will pay promptly when
due any prem?ums therefor. All insurance shell be carried in companies approved by l~iortgagee and the poli-
cies and reaeK als thereof shnU bc held by Itiiortgagee and have attsched thereto loss payable clausea in lavor of
and in form acceptable to the Mortga~ee. In event oi loss he will give immediste notice by mail to Mortgagee,
and :1lortgagee may make proof of ioss if not made promptiy by Mortgagor, and each insutance companp
concerned ~s hereby~ suthorized and directed to make payment for such loss directly to Mortga~e~e instead of
Lo Mortgagor and Mortgagee jointly, and the inaurance proceeds, or any part thereof~ may be applied by Mor6-
gagee at its option either to t6e reduction of the indebtedness hereby secured or to the restorat,ion or repair of
the pmperty dama~ed. In eveat of foreclosure of this mortgage ar other transfer of title to the mortgaged
propercy in extingmshment of Lhe indebtedness secured hereby, a~i nght, title, and intcrest of the Mortgagor
m and to any insurance policiea then in force shall p+iss to the purchaser or grantee.
8. lf thi~ pr~n~isi~c, or an~- part tlu~mo~, ix• ~~ondc~tnneci unde~r ihe po~~•~~r of etninrnt domuiu, or uc•yuiri•~I fur
a publi~~ use, th~ ~I~ma~~~s aNard~~d.'th~~ prn~•e•eds for th~ takinK of. or the consideration for su~•I~ a~•yuisition. tn
ihe ertent of ih~ full uu~ount of lL~• ren~aining uupaid indebtc~dnc~s se~urnd bt• thi, ~r~ortKa~,•e•. :tr~~ lu•re•b~-
assi~ned to th~~ \1ort~aKee, nnd hiti h~irs or sssi~ns, nnd sliall be paid forthW ith to said \lortga~~•~~ or 1?i~
u.ssiKnce to tK• applied on a~•~•ount of the last ~naturinK installmeuts ot suci~ indebteclness; pro~•i~i~d, lio~~•~~re•r,
the ~Iortgage~'or his assiKn~~, uiu~- at his disc•rction pa~- dirnc~t to the ~fortgn~or, l~u h~~i~s ar a~~irns au~• pz~rt
or all o[ su~li a~~arct; pro~ ule~l, that if th~~ lusn i~ ~tuirs~nte~~t or insur~•d, the ~oi~srnt of tli~ guArAntor ~r ii?sw~•r
is obtnined in ~dranc~ o[ said pa~~m~~nt.
J• The :4lortgagee may, at any time pending a suit upon this ~ortgage, apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall fort6with appoint a receiver of the premises covered
hereby all arid singular, including all and singular the income, profita, issues, and revenues from ahatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically 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 tight to said Mortgagee~ and without reference to the adequacy or inadequacy of -
the ~•alue of the pmperty mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents~ profits, income, issues, and revenues shall be sppliec! 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 Mortgagor hereunder, the Diortgugor
agrees to pay to the hiorigagee on demand ss a reasonable monthly rental for the premises an amount at least
equi~alent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then curtent
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments.
i 1 U. In the eveat of any breach of this mortgage or default on the part of the 1Vlortgagor~ or in the event that
; any of said sums of money herein referred to be not promptl~ and fully paid according to the tenor hereof, or in the
j event that each and every the atipulations, agreements, conditions, and co~enants of said note and this mortgage,
~ are not duly~ promptly, and fully performecl; then in either or any such erent, the said aggmgate sum mentioned
F in said note then remaining unpaid, v?ith interest accrued to that time, and all mone~~a secured hereby, shz?ll become
E due and pa~•able forthaith, or thereafter, at the option of said l~iortgagee, as fully and completely as if all of the
; said sums of mone}• aere originally stiputated to be paid on such da3•, an~~thing in said note or in this mortgage Lo
~ the contrary nota•ithstaading; sad thereupon or thernafter, at the option of said :1'Iortgagee, aithout notice or
; demand, suit at law or in equity, may be prosecuted as if all mone~~s secured hemby had matured prior to its institu-
~ tion. The liortgagee may foreclose this mortKage, as to the amount so declared due and pa~able, and the said
~ pmmises shalt be sold to satisf~ and pat• the same together w•ith costs, expenses, and allowances. In case of partial
, foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage
3 for the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph ma~• ngain be
; availed of themafter from time to time by the ~Iortgagee.
t 11. No waiver of any covenant 6erein or of the obiigation secumd hereb~• shait at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
i
; 12. The tien of this instcument shall remain in full force and efTect during an~• postponrment or extension of
the time of pa~ ment of the indebtedness or any part thereof secured hereby.
? 1:3- If the Mortgagor default in any of the covenants or agrecments contained herein, or in said note, then the
; l~iortgagee may perform the same, and all expenditures (inclading reasonable attomey's fees) made by the 11~ortqaAee
_ in so doinK shall draw int~rest at the rate pro~•id~d for in ti~e Prin~ipnt in~lebt~~in~ss, and shall t,c~ r~parahle
thirt~- (30) cla~•s after demend, and, together with interest atul costs acerued thereon, sha11 be secured by
this mortgage.
: l~_ Upon thc requcst of the ~iort~agee the ~fortga~;o* shall e~ecute and delivcr a supplemental note or
` notes for the sum or sums ad~•anced by the ~1ort~agce for the nlteration, modernization, impro~-~~m~nt, main-
teiiance, or repair of said premises, for tax~s or a~~essm~nts a~ainst the samer en~i for e:n• otl~c~r purpose ai~tl+or-
~ ized hrreund~•r. tisid note or notc~s sLall be secure~! i~ereb~• on a parity with and as full~ as if the ach•ance
~ e~ idenced thereb~ H ere included in the note first described abo~ e. Said supplemental note or notes shall Uear
~ interest at the rate pro~ ided for in thc principal indebtedness and sliall be pa~•able in appm~imatch- rqual
y monthty pa~ m~nts tor such period as may be a~;recd upon b~• the cr~ditor and ~lct~tor. Failin~ to aKrc~~ o» th~•
maturity, t~~e w•hole of the sum or sums so ad~•anced SIIUI~ I)C IIUC Ail(] ~S~"$})Il~ ti~irt~- (30) da}•s aft~r J~•nuind
- b~ the creditor. In no e~ent shall tlie maturity e~tend be~ond the ultimate r_~aturih• of t1u~ note }i~t
; described abo~ e. '
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