HomeMy WebLinkAbout1132 lendc•r to the'~lotlgQgee in a~•cor~len~•~~ H•ith tlu~ pro~•i,iun:~ ~if tlie noti• s~•~•unvl h~~r~•i,~', f~ill pa~~nu•nt of tlu•
entire indebteduess repn•srnt~•d thrrrb~•, the \lortKaKre, u.. trust~~~~. ~ht?11, iu ~•~~iu~~utiiik ~he an~~~ui~t u( su~~li
indebtedness, rredit to th~ sc~•uunt of t~~e Mortg~Equr any.~•rn~1it balan~•~ r~•i~~ui~+ii~~; un~l~•r th~• ~?n,ri,i~?n~ af (u)
of asid parsgraph 2. I! th~~n• ~hall tx~ s default u~~der an~• o( the prn~•isions of thi, inort~;u},~~~ r~~.ultiu~ in a
public sale of the preu?isea co~~ercd hercb~, or i~ the Morl~aKr~ aequirc~ the pn?~x~rt~~ ~?tlu•r~~~~s~~ af~~~r ~1~•fault,
the 114ottgage~e, us truatec, sl~all appl~~, at the tin~e of Ihe c•onuuen~•e~nent of such prur~~t•~iin~,?s or at th~~ tiin~•
che propen~' is atLer~i~e ac•yuimd, the amount th~n reinxininR to ~re~lit of ~lurtka~or under (a) of paraKraph
preceding sa a credit on th~ interesi accruN~i and unpaid snd thc~ bular~~•e to the prin~•ipsl th<~n r~~niainin~ u~?pni~l
on said note.
4. He wiU pay el! ts~cee~ aee~ment,e~ water ratee~ and other governmental or municipal chsrgea~ finee. or
impoeiWone, for wtuc6 provision has not been made hersinbe(ore~ snd in default thereof the Mortgagee may pay the
eame; e~nd the?t he will pmmptly deliver the o~cial reoeiptn t6erefor to the Mortgagee.
b. He will permit~ oommit, or auSer no waste, impairment, or deterioration of said pmperty or any part thereof,
eaccept reaeonable wear snd tear; and in the event of the failure of the Mottgsgor to keep the buildinga on eaid
premisea and thoee to be~erected on said premiees, or improvemente thereon, in good repair, the Mortgagce may
make such repaire ae in ifs diacretion it may deem nece~ary for the proper preservation thereof, and the full amount
of each and every auch payment ahall be due end psyable thirty (30) daya n[ter demand, and e6all be eecured by
the lien of this mortgage.
6. He will pay all and singular the coats~ chargea~ and eapensee, including reasonable lawyer'8 feea, and costs
of abatr~cts oi title~ incurred or paid at any time by the Mortgagee beceuse of the failure on the part of the Mortgagor
promptly and fully to pedorm the agreements and covenants of said promiesory note ~nd this mortgage, and said
oosta, charges, and expenses ehal! be immediately due and payable and shall be eecured by the Gen ot t6is mortgage.
He will oontinuous~y maintain hazard insurance, of such type or types and amounta as Mortgagee msy
trom time to time require, on the itnpmvements now or hereaiter on said premises, and eacept when payment
tor all such premiums hss theretofore been made under (a) of paragraph 2 hereof, he K~ill pay promptly when
due any premroms therefor. All insurance ahall be carried in compamea approved by :1lortgagee and the poli-
cies and renewals thereot shall be held by Mottgagee and hsve attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss he w-ill give immediate notice by mail to I4iortgagee,
and :~iortgagee may make proof oi Ioss if not made promptly by Mortgagor, and each insurance company _
concerned is hereby_authorized and directed to make payment for such loss directlv to Mortgagce instead of
to Mortgagor and Mortgagee ointly , and the insurance proceeds~ or any part thereof, may be applied by M~rtr
~ gagee at ?ta option eit6er to t~e re~uction of the indebtedneas hereby secured or to the restoratio~ or repair of
the property dama~ed. In event of forecloaure oi this mortgage or other tmnsfer of title to the mortgaged- "
Property ue extingu~s6ment of the indebtedneea secured hereby, a~l right, title, and interest of the Mortgagor .
m and to eny insurance policies then in force shall pnss to the purchaser or grantee.
S. 1f the premist•s. or an~• purt thereof. t~ eond~n~ned und~•r th~ poH•er of en~in~nt ~louiain, or arquir~•~I for
a public use, ~i~~~~~K,~~ a~-a~~i~~~i, tlu~ pro~•~~t~ds for ih~• tukin~ of, or the consideretion for surh aequ~~iti~n, tu
the ~•!ctent of the futl uniou~it of tli~~ remaining unpaid ind~bt~dne•ss seeured L~• this n~ort~ar~~. Hr~~ h~•rc~b~-
assi~?ne~1 to tli~ ~lort~a~~v, and h4. h~~i~s or assi~ns, an~l shaill ~ pai~i forthK•ith to said ~lort~t~g~•~~ r?r his
assiKnec to lx~ xpplied on a~•~ow~t of tl?e last maturinR iustallments of suct~ indebtedne~.; pro~•i~lyd, how•c•ver,
the ~Iort~x~~~ or hi.c a,~.signec~, n~a~ at his clis~•relion pa~• dimct to the `lortga~or, his 1?eir~ ur u,siKus uu~- purt
or all of suc•h flw•ar~i : pro~ idecl, that i( th~ loan is Kui~runtc~~d or insured, the consc~nt of th~~ guurantor or insur~~r
is obtained in ad~-an~e c?f said pa~-nuv?t.
The Mortgagee may, at any time pending a auit upon this mortgage~ apply to the oourt hsving juriecliction
thereof for the appointment of a receiver~ and such cowrt shall forthwith sppoint a receiver of the premises covered
hereby all arid singular~ including all and singular the income, pro6ts, iasues~ and revenues from whatever source
derived, each and every of which, it being expressly underatood, is hereby mortgaged as if speci6cally eet forth and
described in the granting and habendum clauses hereof. Such appointment ahall be made by such court sa an admitted
equity and a matter of absolute right to said Morcgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said 1Vlortgagor or the defendants. Such
~ rents~ proSts, 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 Mortgagor hereunder, the Mortgagor
agrees to pay to the hiortgagee on demand as a reasonable monthly rental for t6e prnmises an emount at least
equivalent to on~twelfth (~2) of the aggregate of the twelve monthly installments pa~able in the then current
year plus the actual amount of the annual taxes, asqessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments. ~
10_ In the event of any breach of this mortgage or default on the part of t6e Mortgagor; or in the event that
any of said sums of money herein teferred to be not promptly 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 not duly~ promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
due and payable forthwith, or thereafter~ at the option of said ~lortgagee, as fully and completelS as if all of the
said sums of money were originally stipulated to be paid on such daS•, an~ Lhing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said hiortgagee, w~thout notice or
demand, suit at law or in equity, may be prosecuted as if all moneya secured hereby had matured prior to its instit.u-
tion. The lsortgagee may foreclose this mortgage, as to the amount so declared due and pa~•able, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing Gen of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be
~ availed of thereafter from time to time by the hiortgagee.
~ 11. No waiver of any covenant herein or of the obligation secured hereb3• shall at any time thereafter be held
~ to be a waiver of the terrma hereof . or of the note secured hereby.
iF 1'l. The lien of thia instrument shall remain in full force and ef~ect during an~• postponement or extension of
` the time of payment of the indebtedness or any part thereof eecured hereby.
l:i. If the Mortgagor default in any of the covenanta or agreements contained herein, or in said note, then the
Mortgagee may perform the same, and all ezFenditw~es (including reasonable attorney's fees) made by the 1Vlortga~ee
in so doin~ shall draw interest. at the rate pro~ ided for in the principal indrbt~dne•ss, and shal) be repa~•able
thiri~ (30) da~•s after demand, and, together with interest and cosl.s accrued thereon, shall be secured by
y% this mortgage.
14. Lpon the request of the lbiort,gagee the :~Zortgagor shall execute and deliver a supplemental note oc
~ notes for the sum or sums ad~•anced by the ~tortgagee fot the alteration, modcrnization, improvcment, main-
~ tenance, or repair of said premises, for taxes or as.~cssments against the same and for eny- otlicr purpose author-
~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the adrance
~a er•idenced thereby were included in the note first described above. Said snpplemental note or notes shall bear
interest at the rate pro~ ided for in the principal indebtedness and shall be pa~ able in approsimat,el~ equsl
a monthly pey ments for such period as may be agreed upon by the creditor and debtor. Failing to a~rec on the
maturity, the Hhole of the sum or sums so ad~anced shtiU be due and pa~•able thirt~• (30) days aft~r d~~mand
by the creditor. In no erent shall the maturity extend beyond the ultimate r_iaturit~• of t,he n~t~ first
described above. ~
3~~Cr.:1.~ ~a~F1~~2
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