HomeMy WebLinkAbout0290 tender to ttie ~lortgugeN in uccontancP wit}? the pmvisioi?s ot tli~ not~• s~•cur+~d h~•r~•1~~•. full pa~•~~~cnt uf tl?~~
entire indebtednesa re~preset?ted thrrt~b~•, the ?~lortga~;e~, sa trustc~e, sball, in coinputi~iK th~• aui~?unt uf su~•h
indebt~~lnc~, credit to th~ ac~•ow?t of t~~e 11ortga~or en~• crndit balanc~ ren?ainin~; ~uui~~r th~~ pm~~isioiis ot (a)
ot saiJ psra~;raph 2. I( ihere shall t~e a ciefault undcr an~• o[ Uie pro~~i.9ions o~ ttus ?~~urtga~;~~ msultin~ in a
public sate of the prn?~~ises covPred !?ereLy, or i! the Mortgag~~~ acyuires the projx~r~}• otherH•is~~ aher d~~fault,
the ~~ortgakee, sa tcustee, ahall appl~•, at Ihe tu~ie of the com~nen~einrnt o( suci? proce~~din~ or at th~ tinu•
tLe propert~ is otherwi~e acyuired, ihe amow~t tl?en remniniu to crc~~lit of !11ort~;a~?or und~~r (a) of p~ra#;raph 2
preceding aa a crndit on the interest sccru~d and unpaid and t~e l,alance to thc~ principal then r~~n~uuunR unpaid
on se~iei notc~.
4. He will psy all Le~ee, asBeesrnente, wster ratee, end other government~l or municipal ch~rgea, fiaee, or
impoaition~, for which provision has not been made hereinbefore~ snd in default thereof the Mortgagee may pe?y t6e
eaone; and that he will promptly deliver the o~ciel reoeiptn t6erefor to the Mortgagee.
5. He will permit, oommit, or sufter no waste~ impairment, or deterioration of said property or any part thereof~
eaccept reagonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildinge on aaid
premises and thoee to be erected on said premieee, or improvementa thereon, in good repair, the Mortgagee may
make such repairs ae in ita diecretion it may deem neceeeary for t6e proper preeervation thereof, and the full amount
of each and every such payment s6all be due and psyable t6irty (30) daye after demand, and ahall be eecwred by
the lien of this mortgage. -
6. He will pay all and eingular the costa, chargee, and eapenses~ including rPasonable lewryer's feea, and coets
of abstr~cts of title, encurn~d or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptl~ and fully to perform the agteements and covenanta of esid promiesory note and Lhis mottgage~ and said
oosts~ chargea, and expenaes ahall be immediately due and payabie and shall be eecured by the lien of this mortgage.
T. Ne vvill continuo~is~y maintain hazsrd insurance, of auch type or types and amounts ~ Mortgagee map
from tiine to time require, on the improvements now or hereafter on said premises and e.icept when payment
!or ell such premiams has theret~ofore been made under (s) of paragreph 2 h~reof ~?e will pay promptly w•hen
due anv premiums therefor. All insurance shall be carried i.n compamea approve~ by I~fortgagee and the poli-
cies and renewals thereof ahall be held by Mortgagee and have attached thereto loss papable clauseB in favor of
and in form acceptgble to the Mortgagee. _ In event of loss he will give unmediate notice by mail to Mortgagee,
and ~iortgagee mey make prooi of loss if not made pmmptly by ~iortgsgor~ and each insurance oompany
concerned is hereb~ authorized and directed to make payment for suc6 loss directly to Mortgagee instead of
to ;~iortgagor and . Sortgagee ointly , and the insurance proceeds~ or any part thereof, may be applied by Mor~
gagee nt its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dameped. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
properts in extinguishment of the indebtedness secured hereby, sf 1 right, title~ and interest of the l~iortgagor
m and to any insurance policies then in foroe shall pASS to the purchaser or grantee.
S. (f ih~ prcuiistw, or ~in~- purt th~mof, Le ~ondc~run~d ut~cler the pow•er of en~inent do~nuin, or a~•quir~~d for
a}?uhG~• use, th~ clan+~~E•s aw-ard~~l, th~ pro~~~~~cis for the tt~kin~ of, or the consideration for su~•h a~•yuisitioi?, to
th~ rxtent ~~f tl~e fuli u»iount of the reniainin~ unpaid inciebtedness secured b~• this inort~aK~~, ar~ fiere~b~•
usst~ned to tLE~ ~lort~a~ee, a~id t?is t?eirs or assigns, und sl?all be paid forth~•itL to saict 3lortg~~~~~ or 1~i.c
a~si~n~c to b~ applied on acc~ount o[ t}?e l~st rnaturir~~ install~~ient~ of su~l~ indebtedness; pro~•ided, Low•e.~er,
thr ~Iort~a~t~~ or his nssign~•c, ~~~a.- a~ ~~~g ~iw~•retian pa~• direct to th~ ~1orlKa~or, his heirs or a,si~ns an~- part
or al! of su~•h aH•ard; pro~uled, tl?at if thc~ loan is Kuarant~e~l or insured, ihe consent of tl~e guarantor or insurer
is obtaini•~t in ad~•an~e of sai~1 pa~-n?cnt:
The blorigagee may~ at any time pending a suit upon this nortgage~ appty to the oourt having jurisdiction
thereof for the appointment of a c~eceiver~ and such conrt shall forthwith appoint a receiver of the premises covered
hereb}• all and singular, including all and singular the income, profits, issues~ and revenues from whatever source
derived, each and every of which, it being expressly understood~ is hereby mortgaged as if apecificaily set forth end
~ described in the granting and habendum clauses hereof. Such appointment shall be made by such ~urt ss an aclmiLted
equit~ and a matter of absolute righL 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 Mortgagor or t:~e defendants. Such
i rents, profits, income~ issues, and revenues shall be applieci by such receiver according to the lien of thia 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 ihe ;liortgagee on demand as a reasonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly instaliments payable in the then current
i year plus the actual amount of the annual taxes, assessments, water rates, and inaurance premiums for such year
not covered by the aforesaid monthty payments.
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~ 1!~. In the event of any breach of this ~mortgage or default on the part af the Mortgagor, or in the event that
; any of said sums of money herein teferred to be not proinptly and fully paid according to the tenor hereof, or in the
; event that each and every the atipulations~ agreements, conditions, and covenants of said note and this mortgage,
~ are noL duly~ promptly~ and fully performed; then in either or any such event, the said aggmgate sum mentioned
in said note then remaining unpaid~ with interest accrued to that time, snd all moneya secured hereby, shall become
' due and payable forthwith, or thereafter, $t the option of said I~iortgagee, ss fully and completely as if all of the
~ esid sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
; the contrary notaithstanding; and thereupon or thereafter. at the option of said Mortgagee, Rzthout 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 17ortgagee may foreclose this mortgage, as to the amount so declared due and paS able, and the said ,
y premises ahall be sold to satisfy and pay the same t~gether with costs, expenses, and allowances. In ca,s~e of partial
foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the continuing lien of Lhis mortgage
` for thc amouat of the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be
` availed oi thereafter from time to time by the 14ortgagee.
; 11. No waiver of any covenant herein or of the obligation secured hemby shall at any time thereafter be held
- to be a weiver of the terma hereof or of the note eecured hereby.
' 12. The lien of this instrument ahall remain in full torce and ePfect during any postponement or extenaion of '
= the time of payment of tt?e indebtedness or anS part thereaf aecured hereby.
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1~;- If the biortgagor default in any of the covenanta or agreements containecl herein, or in eaid note, then Lhe
Mortgagee may perform the same, and all expenditures (including reusonable attomey'e fees) made by the Mortga~ee
~ in so doing shall draw interest at the rate pro~ idc~d for in the principa) in~iebtc•dness, and shall he repa~-able
j thir~y (30) days after demand, and, together with iuterest a~~d costs accrued thereon, siiatl be secured by
~ this mortgage.
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> 14. Upon the request of the ~lorlgagee the Aiortgagor shall e~ecute and dc~liver a siipplementsl note or
notes for the sum or sums sd~~ance~i by the lfortgagee for the alteration, modernization, itnprovemcnt, main-
- tenance, or repair of said premises, for taxes or as.~c~ments a~ainst the samc and for sn~ other purpose author-
ized hereunder. Ssid note or notes shall be secured l~erPby on a parity with ancl as fulty as if the ad~•ance
e~ idenced thereb~ were inciuded in the note first described abo~•e. Said s~ipplem~ntal noie or notes sha11 bear
< interest at Lhe rate provided far in the principal indebtedness and shal! Le j~s~ able in appmximatck equai
a monthly pay~ments for such period as may be agrecd upon by the creditor and debtor. Failin~ to agree on the
maturity, the W~hole of the sum or sums so ad~•anced shnll be due and pa.•abtc thirl~• (30} da~•s aftcr d~mand
by the creditor. In no event shall the meturit~• exteQd Leyond t.6e ultimate ~~aturity of tLe note first
described sbove.
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