HomeMy WebLinkAbout0458 tender to the ~lurt~;u~ee in u~~~•ordan~•~ H•itl? ilie pru~•i~ions of th~~ nol~~ s~•<•un•~) I~~•i~~~h~•. full {~u~-nu~iU ~?f tL~•
entire indebtedness reprnscnted therub~~, the ~lortgsgee, trust~~~•, sl~ull, in c~oniputin~; th~• uni~~u~it of su~•1~
indebtedness, credi~ to ti~e a~•~•o~nc or ~L~~ ~tort ~,mr anr cm~lit balunre reniainin~? uml~~r il?~~ pro~•i.ious of ta)
o( said paragtapli 2. I[ th~~r~ sliall tx~ a dcfau~i u~~a~~ a~?~~ or ~i?~ pro~•isions of this inortgu~;~• r~•sulti~~~? in
public sale o( the pre~iiises covered I~ereb~•, or if the :~iortgeg~~e acywrns tlu• pm}~~rir oth~~rw~se uft~~r ~I~~tault,
the Mortga~;ee, as trustee, shall appl~•. at the time o( the c•omi~ic~nc•ement of sueh pro~•~~t•diuk~ ur ut tli~ tiuu~
the property is otherwise acquired, the amount ihen re~nainiuK to cr~~~lit of ~1ortKa~or under la) ~f }~uruKraph '2
preceding ss a credit on the internst accrued aucl unpaid and the balanc~e to the pruicipal then r~~n~ilinii?k unpai~l
on said note.
4. He will pe?y all taxea, eeeeesmente, water rates, and other governmental or municipal chargea~ finee. or
in~poBitiona, for which pmvision haa not been made hereinbefore, and in default thereof the Mortgagee may pay the
eame; snd the?t he will promptly deliver t6e official reoeipt~ therefor to the 14l~rtgagee.
5. He will permit~ commit, or suHer no waste~ impaitment~ or deterioration of eaid property or any patt theceof.
except reasonable wear and tear; and ip t6e event of the failure of the Mortgagor to keep the buildings on eaid
premises and thoee to be erected on ea?id piemieea, or improvements thereon, in good repair, the Morigagee may
make such repaira ae in its discretion it may deem neceaeary tor the proper preaervation thereof~ and the fult amount
of each and every such payment s6all be due and payeble thirty (30) daya after demand, and shsll be eecured by
the lien of thie mortgage. '
6. He will pay all and singular the caeta, chargea, _and eapenses~ including reasonable lawyer'a fees, and oo~ta
of abatr~cta of title~ incurred or paid at any time by t6e Mortgagee becauae of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promiasory note and this mortgage~ and said
caata, charges~ and expenses shall be immediately due and payable end shaU be eecured by the lien of this mortgage.
7. He will oontinuoua~y maintain hazard insurance, oi auch Lype or typee snd amounts as Mortgagee may
irom time to time require~ on the improvementa now or hereaiter on said premises, and e.~cept when payment
tor all such premiums hes theretofore been made under (a) of paragraph 2 hereof he will pay promptly when
due any premiums therefor. All insurence shall be carried in companies approvecf by 1lfortgagee and the poli-
cies and renewals thereo! s6ull be held by Mortgagee and have attached thereto losa payable clausea in favor of
and in form acceptable to the Mortga~ee. In event of loss he will give immediate notice by mail to Mortgagee, ~
and ~lortgagee msy make prooi of ioss if not made promptly by Mortgagor~ and each insurance company
concerned is hereby authorized and d'uected to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereof, may be apphed by Morw
gagee at its option eit6er to t~e reduction of the indebtedness hereby secured or to the rest~ration or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedness aecured hereby, a~l right, title, and interest of the Mortgagor
m and to any iasurunce policies then in force shall pass Lo the purchaser or grantee.
S. I[ th~ pr~•~nis~~, or i?u~- part lh~reot, b~• c•onde~nn~•d undec t}ie ~~~•~~r of eminent don~ain. or arquir~•~1 f~~r
a publi~• use, thc• dau~a~;~~s a~careled. the pro~•eeds for the tukiu~ of, or the consid~~ratiou for su~•h ac•quisition. tc?
the extent of tl« full t~mount of th~ remaining unpaid indcbt~dti~ss se~urnd b~- tl~is ~noriKu~;~~, :ir~~ h~~ri~l~~-
aasigned to the ~lortgagee, and his i?~its or assi~ns, and shnll h~ paid forthH•ith to snid ~tort~:u~?~•~• or i~is
aa~iKnee to be applied on acrount of the last maturing installmeuts of suc~h ind~bteclness; pm~•i~le~l, lio~~•~~~-er,
the ~tort~~gee or his:?ssiKnec, ~ua~- at 6is dis~•r~tion pa~- ~lirec~t to the ~1ort~;u~or, his h~irs or fls~i~?ns an~• purt
or all of suc•h a~sard; pro~•i~le~l, that if th~~ loan is ~uurunter~l or.insured, th~ ~onseut of the guaruntor or insur~v
is obtaincd in nd~•anc~ of said pa~-ment. _
9• 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 shaU forthwit6 appoint a receiver of the premises oovered
herebS all arid 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 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 right 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, proSts, income~ issues, and revenues shall be applieci 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 riortgagor
` ag*_~ees to pay to the 11'Iortgagee on demand as a reasonable monthl~ rental for the premises an amount at least
E equivalent to one-taclfth (y~y) of the aggregate of the twelve monthly installments payable in the then current
E year plus the actual amount of the annual taxes~ a.ssc.~ssments, water rates, and insurance premiums for such year
~ not covered by the aforesaid monthly pa~•ments.
' 10. In the event of any breach of this mortgage or default on the part of the 11'Iortgagor, or in the event that
~ any of said sums of money herein referred to be not promptly and fully paid according to the tenor hemof, or in the
event that each and every the stipulations, agreements, conditions, and covenants of saici note and this mortgage,
are not duly, promptly, and fully performed; then in either or an~~ such event, the said aggmgate sum mentioned
~ in said note then mmaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
~ due and pa~•able fotthwith, or themafter, at the option of said 1lortgagee, as full~ and completel~ as if all of the
~ said sums of mone}• were originally stipulated to be paid on such da~•, anyihing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, w~ithout notice or
demand, suit at law- or in equity, may be pmsecuted as if all mone~~s secured herebS- had matured prior to its i~stita-
~ tion. The :~iortgagee may foreclose this mortgage, as to the amount so declared due and pa~able, and the said
~ premises shall be sold to satisfy and pa~• the same together e•ith 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 such case the pro~~sions of this paragraph ma~• again be
availed of thereafter from time to time b~• the ~iortgagee.
~ 1 1. No waiver of any covenant herein or of the obligation secured hemb~• shall at any~ ti:ne themafter bc held
~ to be a waiver of the terms hereof or of t6e note secured hereby.
~ 12. The lien of this inatrument ehall remain in full force and effect during any postponement or extension of
~ the time of payment of the indebtedness or any part thereof secured hereby~.
- 1:i. If the biortgagor default in any of the covenant9 or agreements contained herein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attome~~'s fees) made by the l~iortgaRee
in so doin~ shall draH interest at the rate pro~•id~~l for in the prin~ipal in~lebte~ln~ss, and shall be~ rnpa~-able
thirt~• (30) da~-s a(ter demand, and, tugether witl! intere~t and costs accrued ihereon, shall be sec:ured b~
this mortgage. ~ _
14. L°pon the request. of the tiort~agee the ~iort~;a~o* shal! e~ecute and ~leli~er a supplemental note or
notes for the sum or sums ad~-anced b~~ the ~tortgagee for the alteration, modnrnization, impro~•~~m~nt, mai~i-
tenance, or repair of said premises, for taxes or as~essm~nts a~ainst the sAme an~l for a:~~• oth~~r purpos~• author-
ized hereunder. tisid note or notes shall be secured hereb~• on a parit~ Kith an~l as full~• as if tLe ad~•ance
e~ idenced thereb~- w~ere included in the note first described atw~ e. 5aid supplemental note or notes shall bear
~ interest at t6e rate pro~•ided for in the principal indebtedness and shall be pa~•able in approximateh- equal
. monthl~• pa~•m~nts for such period as ma~• be agmed upon b}• the creditor and clebtor. Failin~ to agree on the
maturity, tfie ~hole of the sum or s~uns so ad~•anced shnll be due und parahle thirt~• (30) da~•s a(t~r d~~mund
Y 3•
' b the creditor. In no e~•ent shall the maturit extend be ond the ultimate r_~aturit~ of tl~~• n~t~ first
described abo~e. ?
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