HomeMy WebLinkAbout1615 tendee to the 111uMgagee in uccordsnce ~•itl~ tLe provisions of tlie notr secured h~~r~~b~•, full pa~•n~ent o( th~~
entire indebtednesa represented therebv, the 11f;ottg~ee, as trus~et~, shall, in cou~putinK tli~~ amount ot su~•li
indebtedness, credit. to the account oi tl~e :~tortgeRor sny c•rndit lsalunce rnu~ainii~~? uud~~r th~~ pro~~isioi~s o( (a)
of asid paragraph 2. lt thcre sha11 be a dc(ault under any o( tlie provisions o( this ~uortga~;e msultin~ in a
public sale o! the premisea covered hereby~ or if the Morlgagre acqu?res the pro~M}• othe•rw~ise~ after detault,
the Mortgsgee~ sa tcustee, ahall apply, at the time of the coi~tn~encement of suci~ proc~edings or ut tl?e timi~
the pmpert,~ ia otherwise acquired, the amou~t then remainin to crndit of 111ortKagar under (a) of ~~aruKraph 2
preceding aa a credit on the internat accrued snd unpaid and t~e halunce to the pr~n~~pal th~n rnu~ain~nR unpaul
on said note.
4. He will psy all ta~~es, aeeeesmenta water rate0. and other governmental or municipal chsrgee, finee. or
impoeitions, for wbich provision hsa not beea me?de herEinbefore~ and in default thereof the Mortgagee msy pay t6e
asme; snd tbat he will promptly ~ieliver th~ official reoeipte t6erefor to the 11~tortgagee.
b. 8e will permit~ oommit, or auHer no ~vaste, impairanent, or deterioration of eaid pmperty or any pa?~ thereof.
eaccept reaeoneble weac and tear; and in the event ot the failure of the Mortg,egor to keep the buildinga on eaid
premisea and thaee to be erected on said premieee~ or improvementa thereon, in good repair, the Mortgagee may
make such rEpaire ae in ite diecretion it msy deem neceeeary for t6e pmper preeervation thereof, aad the full amount
of each and every such payment ehall be due and psysble thirty (30) daya aiter demand, and shsll be eecured by
the lien of fbia mortgage.
6. He will pay all and eingular the c.uata, chargea snd expeneee, includiug reseonable lawyer's feee, and oosta
of abstr~cte of title. incurred or paid at any time by the Mort$agee becauee of the failure on the pe?rt of the Mortgagor
promptly and fully to pedorm the agrcements and oovenants of said promiesory note and thia mortgage, and said
oosta, c6argea, and expensea ehall be immediately due ead paysble and shall be eecured by the lien of thie mortgage.
He will continu0nal~ tpaintain hazard insursnoe, of such type or types and smounts as Mortgagee may
from time to time require~ on'~the improvement8 now or hereafter on said premises and e.~cept when payment
tor all such preaaiums hsa theretofore been made under (s of parsgraph 2 hereof 'he will pay promptly when
due any premiums thcrefor. All insurance ahall be carr?~ in compsnies spprove~ by 11iort~agee and the poli-
cies and renewals thereot shall be held by Mortgagee and hsve attached thereto loss payable cfsuses in fsvor of
and in form acceptable to the Mortgsgee. In eveat of loss he will give immediate notice by mail to Mortgagee, .
and ~iortgagee may make.proot of Ioss if not made pmmptly by Mortgsgor~ and each insurance oompany
concemed is hereby~authonzed and directed to make payment for such loss directly to Mortga~e~e instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds~ or any part thereof~ may be applied by Mor~
gagee at ita option either to t~e reduction of t6e indebtedness hereby secured or to the restoration or repair of
the pmperty dama~ed. In event of foreclosure of this mortgage or other transfer of Wtle to the mortgaged
pmperty in extingu~ahment of the indebtedneee aecured hereby, afl iright, title~ and int,erest of the Mortgagor ~
m and to any wsurance policies then in force shall pASa Lo the purchaset or grantee.
8. It the prnmis~~s. or an~- part thetraf. lx~ condenined under the poH~r of emineM domain, or ncquir~~~l for
a public use, tl~e dama~c~s aWardecl, tl?e proceeds for t}?e takinK of, or the consideratiou for such acqu~s~t~on, to
tlie ertent o( tlie full umount of the remaining unpaici indcbtedncss secured b~• ti~is mortga~~~, ~rn hrmbr
ussi~neci ta the~ ~ioctgagee, und his lieirs or assigns, und shall t~ paid fortiiK•ith to said ~lortgagr~ or I~is
assi~nee to t~ applied on ac~•ount o[ thr last uiaturmg instaliu~ents of such indebtedness; pm~ ided, lioH•~~~•er,
thc :~iortgagec or his ussignec, ma~• at his discretion pa~- direc•t to the ~fortga~or, l~is heirs or assigns an~~ purt.
or all o[ sucii a~eard; pro~ided, that if the lonn is ~uarant~ed or insured, th~ ~onsent of tlie guarantor or insurer
is obtained in ad~•anc~ of said pa~'n?ent. ,
9• The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the court having juri~cliction
thereof for the appointment of a receiver~ and such court shaU forthwith appoint a receiver of the premises covered
hereby all snd singular, including all and singular the income, profits, iasues~ and revenu~ from arnatevEt eource
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifics?lly set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by sucb~oourt as an admitted
equity and a matter of absolute right to said Mortgagee, and without reference to the adeyUaey, or inacieqnacy of
~ the value of Lhe property mortgaged or to the solvency or insolvency of said Mortgagor or ~e: deferi~ants. Such
; rents, profits, income~ issues, and revenues shall be applied by such receiver according to the lien of'this- cnortgag~e
~ and the practice of such court. In the event of any default on the part of the Mortgagor hereund~r, tha lliortgsgor
~ agrees to pay to the l~iortgagee on demand as a reasonable monthly rental for the premises an anwant st least
i equivelent to one-twelfth (y~2) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annual taxes, as~essments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly pa~ menta.
~ 10. 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 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 8um mentioned
in said note then rnmaining unpaid, a~th interest accrued to that time, and all moneys secured hereby, shall bec;ome
due and payable forthwith~ or theteafter, at the option of said 1liortgagee, as fully and completely as if all of the
said sums of money ~ere originally stipulated to be paid on such day~ anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, a~ithout 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 Mortgagee may foreclose this mortgage, as to the amount so declared due and paS~able, and the said
premises shall be sold to satisfy and pa~ the same together a~th cwsts, 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 provisions of this paragraph ma~ again be
~ availed of thereafter from time to time by the hiortgagee.
~ I 1. No waiver of any oovenant herein or of the obligation secured hereb~• shall at an} time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
~ 12. The lien of thie instrument ahall remain in full force and eftect durin an • st nement or extension of
B ) Pa P~
r;, the time of payment of the indebtedness or any part thereof secured hereby.
~ 1:3. If the Mortgagor default in any of the oovenants or agreements contained herein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attoroey's fees) made by the Mortgagee
in so doin~ shall draw interest at the rate pro~ ided for in the prin~ipnl indebtecln~ss, and shal) br mpa~•able
thirt~ (30) da~•s after demand, and~ together Hith inten~st and costs accrued tliereon, shall be sccured by
~ this mortgage.
~ 14. Lpon the request. of the illort~agee the ~tortgagor shall e~ecute and deliver a supplemental note or
~ notcs (or the sum or sums ad~ anced by the ~iortgagee for the alteration, modernization, emprov~mcnt, main-
tenance, or repair o( said premises, for taxes or a.s~essments against the same and for An~- other purpose author-
ized hereunder. Said note or notes_shall be secured hereL~• on a parity with and as (ull~ as i[ the ad~ ance
~ eridenced thereb~ N ere inc'i'udcd--in the note first described above. Said s~~pplemental note or notes shall bear
interest at t6e rate pro~ ided for in the principal indebtedness and shaU be pa~•able in approximatel~ equal
~r monthly pa~ ments for such period as may be agreed upon b~ the creditor and debtor. Failing t.o agre~ on thc
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maturity~ tfie e•hole of the sum or s~uns so ad~•anced shall be due and pa~•able thirL~~ (30) da~-s efter demund
~ by the crcditor. In no e~ent shall the maturit,y extend be,yond the ultimate r_~aturitp of t6e note first
described above.
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