HomeMy WebLinkAbout2241 tender to the I1iurlgagee in ~cconiance v?ith the pro~isiona ot tl~e note secured h~~r~~br, fu!) pa~•iueiit ot tl?e
entire indeblecinesa represented thereb~•, the 4f~ortE ee~ ea trustee, shall, in computii~g the siuount of such
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indebtednesa, credit to the account ~o(~tl1e 1?'IortgsQOr ~ crc~iit balance rNmaining undrr the provisia~s of (a)
of s~id p ph 2. I( there ahall`~be• • default ah7dlt any ot the pro~ isiona of this ~i?octgaKe resulting in a
public a~le~he premises covered hereb~ ~ or it the Mortgsgt~c+ arqu~res the propPrty otherw~~sg a~ter ~lefault,
the Mottgagee, as trustee, ahal) apply~ at ihe time of the commeacement of such proceedings or at tli~ time
the propert~ is otherwise wcquin~d, the smount then remsining to credit o( biortgagor under (a) o~ parn~rapli 2 ;
preceding as s credit on the intereat ~ccrued and unpaid a~d the bal~nce to the principal U~en rrn~aininR unpsid i
on seid note.
4. He will p~y aU t~ur~os. aaeeeemeata. wster es~e~. sa~d otber ~overnanental or municiP~l che?r8ee, finee, or
impoeitions, for wLich proviaion hae not heea made bereiabefore, ~nd in deiwlt thereof the Mort~a6~ m4Y PaY ~
a~a~e; aad t~?t l~s will Pi'oa?Pt1Y deliv~ tlie o8'iaal reoeipts Werefor to the bl~utg~gee.
b. He well peimit~ oommit, or suger no ~?as~e, imPairmeat, o~ deteriorution of estd property or sny ~part thereof
excep! reaaonsbk wear snd tear; aad ia the eveat ot the failure of t6e Mortg¢gor to keep the buildings on eai~
premisee and tboee to be erected on a~id peemises, or improv~ementa thereon. in good repsir tbe Mortgagee may
make suah repsim aa in its discretion. it msy deea~ neoesesry tor the P~P~ Pz'~~~tion thereo~~ and the full smount
of each and every such paymeat si?aD be due aad payabb t~hittY (30) dsys aher demaad, aad ahsll be eeeured by
t6e lien d tbis mortg~e.
6. He ~vill psy sll ,~?nd eingulae the oosts, and expeneea, including reasansbte lswyer'a fees, aad ooets
of sbstracts of title, ipeun~ed or p~id ~t.~qy t,ime
byd
t~Mort;sgee because of t~6e failure on the part of the Mortgagor ;
prumptly sad fully to peiform tbe ~nte ~nd oovenanta of esid promiee~ry note and thia mo~gage~ and said ~
oosta, chargee, and expeneeB ahaU be immediately due and payable and ehaU be eecured by the lien of t~is mortgage. ~
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7. He aill aontinuous], maint~in haaird insursnoe, of auch type or types and amounte sa Mortgagee may
trom time to time require, on the unpmvements now or hereaiter on asid premises and etcept when payment
tor all auc6 premiunas has tLeretofore been made under ~(a) oi paragrspL 2 hereof ~e wiU pay promptly when
due any premiums therefor. All insuranoe ahall be ca~ed ia compsniee sppmve~ by I?lortgsAee and the poli-
cies and renewals thereof shall be held by Mortgagee snd bave Att,e?ched thereto laee payable cfausee in favor of
and in form acceptable to the Mo In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof~ if not made pr~mpdy by Mortgagor. and each inauranoe oompany
ooncerned ia hereb authorir.ed aad directed to make payment for suc6loes directly to Mo~ee instead of
to Mortgagor and ~ortgagee jointly~ and the inaurancs proceeds, or any patt thereof~ may be app 'ed by Mor~
gagee st its option eit6er to tbe reduction of the indebtednees hereby secured or to the resWration or repait of
the pmperty dama~ed. In event of foreclosure of this mortgage or other transfer of title Lo the mortgaged
property in e~ctingu~s6ment oi t6e indebtednees aecured Lerebp, s~l right, title, and intereat oi the Mortgagor
m and to any insuranoe policies then in force shall p+?sa ta the pw~chsser or grsntee.
8. lf the premi~~s, or anr part tLemo(, be condemnecl under the powcr of eminent doniain, or acquired for
a public use, the dainages av?arcic~i, the pt+oreecls tor the taking ot, or the eonsideration for such acqu~sition, to
the extent of the full aiuount of the remaining unpaid indebledness secured b~• this u?ortgage. arn hcrcb~-
assigned to the ~lortga~ee, and his heirs or assigns, and shall be paid forthvrith to said :liortgagcc or his
assignee to bc~ applied on account o[ tlie tast maturu~g i~estallments of suc}i indebtedness; procided, }ioH~~er,
the \lortgt~ee or his assignee, ~na~ at l~is discretion par direct ta the ~lortgagor,l?is heirs or agsigns an~ part
or al) ot sucl~ auard; providc~l, tl~at if the losn is guarnntc~ed or insured, the consent o[ the g~~ura~~tor or insurer
is obtained in ad~ ancc~ of said pa~ u?ent.
The Diortgagee may, st any time pending a suit upon this mortgage, spply to the_ oourt having jurisdictioa
thereof for the appointment of a receiver, and such oourt shaU forthwith appoint a reoeiver of the ptemises covered
hereby atl arid aingular, including all and singulsr tbe income. profite, issue~, and revenuea from whaLever souroe
derived~ each and every of which, it being expressly undeistood, is hereby mortgaged as if apecifically eet forth and
described in the granting and habendum clauses hereoi. Such appointment s6ali be made by such court as an admitted
equity and a matter of absotute rig,ht to said Mort$agee, and without reference to the adequacy or inadequacy of
the va.tue of the property mortgpged or to the eolvency or ineolvency of said Mortgagor or t5e defendanta Such
rEnts, profita. inoome, isaues, and revenuea s6all be applieci by such reoeiver aooording to the lien of t6is mortgage
and the practice of such oourt. In the event of any default on the part of the Mortgagor hereunder, the Mort$agor
agrees to pay to the 1liortgagee on demand ss a reasonable monthly rentsl for the premi~es an amount at least
equivalent to one-twelfth (~2) of the a~ate of the tWelve monthly installments pe?yable in the then current
year plus the actual amount of the annnal taxes, aeaeasmente, wster rat~ea, and insurance premiums for such year
not covered by the aforesaid monthly payunenta
10. In We event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that
any of said suma of money herein referred to be not prompLly and fully paid according to the tenor hereof, or in the
event that each and every the stipulations, sgreements, conditions, and oovenaats of said note and this mortgage,
are not duly, promptly, and fully perEormed; then in either or any such event, the said aggregate sum mentioned
I in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall become ~
; due and payable torthwith, or thereafter, at ihe option of said Diortgagee, as fully and oompletely as if all of the
~ said sums of money were osiginally stipulated to be paid on such day~ an~~thing in said note or in this mortgage to
; the contrary notwithstanding; snd thereupon or thereafter~ at the option of said Mortgagee~ without notice or
; demand, suit at law or in equity, may be ptosecuted as if a11 moneys ~ecur~d hereby had matwetl prior to its institu-
~ tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and pa~ able, and the said
; premises sha11 be sold to satisfy and ga~ the same together wit6 costs, expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged premises shall be eold subject to the continuing lien of this mortgage
~ for the amount of t6e debt not t6en due and unpaid. In such e~se the pr~visions of this parngraph may again be
availed of thereafter from time to time by the ~Iortgagee.
; 11. No waiver of any oovenant herein or of the obligstion ~ecured hereb}• shall at any tiane thereafter be held
to be a waiver of the term~ hereof or of the note aecured hereby.
12_ 'The lien of thia instrument ahall remain in f~ill force and eBect during any postponement or extension of
the time of payment of the indebtedness or any part thereof aecured hereby.
1:3. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the
Mortgagee may perform t6e san~e, and atl eapenditures (including ressonable attorney's fees) made by the Mortgaqee
in so doing shall draw interest at the rate pro~ id~d for in the principal indcbtednrss, and shall be repa~ able
~ thirt~ (30) cia~s after demsad, and, together witii interest and costs accrued thereou, shall be secureci by
! this mortgage.
14. Upoa the request of the I~lortgagee the iiortgago* shall execute and deliver a supplementa) note or
' notes for the sum or sums ad~anced b~ the ltortgagee [or the alteration, modcrnization, impro~cment, main-
tenance, or repair ot said premises, for ta~es or as.~essments a€;sinst the same snd for aa~ othcr purpose autl?or-
; ized hereunder. Said note or noles shall be secured hereb~ on a parity with and ss fully as if the ad~ ance
e~ idenced thereby K ere included in the note first described above. Said supplemental note or notes shal! bear
; interest at the rate pro~ ided tor in the principal indebtedness and shall be pa~ able in ap proximatel~ equal
" monthly pa~ments for such period as may be agreed upon b~ the creditor and debtor. Failing to agree on the
F inaturity~ t~e K hole of 1 he sum or sums so ad~ anced shell be due and parable thirty (30) da~ s aflcr dcmand
; by the creditor. In no e~ent shalt the matutit} e~tend be3ond the ultimate ~iaturity of tLe nnte first ~
~ described above.
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