HomeMy WebLinkAbout0275 tender to the Mortgagee in uccordance v?~ith the provisiona of ihP note ~ecured h~~r~~t,~•, full ps~•~«ent of the
entire indebtednesa represented thereb~•, the Mortgagee, as truste~e, slia!!, in computii?R tl~e aii?ount o( surl~
indebtedneas~ credit to the account oPthe Mo agor sny}aredit balance re~naining undc*r ti~~ provi~ious of (a)
is
of eaid p rsph 2. U thete ehsll be s`deteu t under eny ot the provisiot?s of this iiiortga~c resuiting in a
public s~l~ the premises coveted hereby~ or i[ the Mortgagee acquues the property otlierw~se after delaeilt,
the Mortgagee~ sa trustee, ahall apply~ at the Lime of the commencement of such proceedings or at the tiuie
the property ~a otherwise acquired~ the amount then reniaining to crndit of Mortgagor under (a) oi pera~rapl~ 2
preceding aa a credit on the interest sccrued and unpaid and the balance to tLe principal then remaining unpaid
on said note.
4. He wiU psy aI! t,axes~ aeeeesmeats, wst,er ri,tea and other governmentsl or municipal chargea fiaes~ or
Impoeitions, for whieh p~vision haa not been made herciabefore, ~nd in defsult thereof the Mortg~gee msy psy the
eaaae; i?nd thst he will prompt~y deliver the oS'icial reoeipt~ therefor to the Mortg,~gee,
b. 8e will permit, o~mmit, or suBec no wa~ate, impsirment, or det~iorstion of eaid property or sny psrt thereof
except reaeonsble wear and tesr; and in the event of the failure of t6e Mortgagor to keep tbe buildin~s on eai~
prenniaee and thoee to be erected on said p~emiee~e~ or improvementa thereon~ in. good repair Lhe Mo
melce euch repairs as in ite diecretion it m~y deem neoeessry for t~e proper preeervation thereo#, and the
i~ult~amouat
ot each and every such psyment ehe?ll be due aad paysbk thirty (30) de?ys sfter demand, and eball be eecured by
t6e lien d this mortgage.
6• He wi11 ein8utar ezpenees, including reaeonsble tswyer'a feee, and ooete
of sbetracte of ti
~t~ley incurred or psid at aay~q'me b~Mortgagee becauee of the failure on the part of the Mortgagor
pmmptly aad fully to perform tbe ~~eamenta snd covenanta ot eaid promieeory note and thia mortgag~, and eaid
oosts, chsrgea, and eupenaee ahall be immediateb? due aad payable and e6sU be eecured by the lien of thie mortgage.
He wiU oontinuouaky maintsin hszard insuranoe~ of auch type or typee snd amounte sa Mortgagee msy
trom time to time require, on the improvemente now or hereafter on said premiaee and eacept when payment
tor all auch preauums haB theretofore been msde under (s) of psragraph 2 hereot he will pay pramptly when
re
due sng premiums thc3refor. All inaurance shall be carried in oompanies appmve~ by 11io ee and Lhe poli-
ciea snd renewals thereof shall be held by Mortgagee and hsve attached thereto luss payable auses in favor of
and in form acceptable to the Mo . In event of loss he wiil give immediste notice by mail to Mortgagee~
and Mortgagee may make proof~ if not made prompWy by Mortgagor, and each insuranoe oompany
ooncerned is hereby~ suthorized and directed to make payment for such loea directly to Morf,~a~ee instead of
to Mortgagor and Mortgagce jointiy~ and the inaurance proceeda, or any part thereoi, msy be app7ied by Mor~
gagee at ita option either to tbe reduetion oi the indebtednees hereby secured or to Lhe restorat~on or repair of
the prnperty dama~ed. In event of ioreclosurs of tt~iis mortgage or other trsnafer of title to the mortgaged
property in eut,u~gmahment oi the indebtednees eecured hereby, a~l right, title, and intet+eat of the Mortgagor
m and to any inaurance policies then in foroe ahaLl p~?ss to the purchaser or grsntee.
8. I( the pre~nises, or an~- part thereof, be condemned under the pow~r ot eminent don?sin, or acquir~c[ for
a public use, tl?e dama~;es avrarded, the proceeds for the taking of, or the consideration for suc•1~ acquisitio~~, to
the extent. of t}ie full su~ovnt of tlie rnmaining unpsid indebtedness secured bti this inortga~;c, arc~ I~ereb~-
assiRned to U?e :14ort~agee, and his 1?eirs or agsigns, and shall be paid forthwith to said ~lortga~c~~ or I~i.~;
assignee to be applied on ac~ount o( the last ~iiatunng install~uents of sucl? indebtedness; provided, tioK•e~er,
the ;~iortga.~eP or his assignee, »tiay at his discretion pat- direct to the Mortgagor, liis hPirs or assigns an~ par/.
or al! o[ such aNard; provaded, that if the loan is guaranteed or insurc~d, the conaent of the guarantor or ii~surnr
is obtained in advance of said pa~ ~i?ent.
9- The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having juriediction
thereof for the appointment of a r~oeiver, and such oourt shall torthwith sppoint a receiver of t6e premiseR o~vered
hereby all arid singuiar, including all and eingular the inoome, pm6ta, issues, and r~venues from whatever eource
derived~ each and every of which, it being expre~aly underatood, is hereby mortgaged as if apeci6catly set forch and ~
described in the grantiag and habendum clausea hereof. Such appointment ahall be made by such oourt a~ an ndmitted
equity and a mutter of absolute right to said Mortgagce, and without reference to the adequacy o* inadequaa,~ of
the value of the property mottgag~ed or to Lhe eolvency or inaolveacy of said Mortgagor or t3e defendant$. 3uch
rents, pmfits, income, issues, and revenuee ahall be appliec! by such r~ceiver according to the lien of t5is mortEage
e.nd the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mo~
agor
agrees to pay to the Mortgagee on deaoand sa a ressonable montbly rental for the premises an amount at least
equivalent to one-twelfLh (~f z) of the aggregate of the twelve monthly installment8 payable in the then current '
year plus the actuel amount of the annual tauea, aseeasmente, water ratea, and insurance premiums for such year
not covered by t6e a#oresaid monthly paymenta. •
l0. In t6e 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 promptly and fully paid according to the tenor hereof~ or in the
event that each and every the atipulatians, agreements~ conditione, and covenante 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, ahall become
due and payable forthwith, or thereafter, st the option of said Mortgagee, as fully and comptetely as if all of the
~aid sums of moaey were originally stipulated to be paid on such day, anyihing in said note ot in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby hnd matured prior to its institu-
tion. The 11Sortgagee may for~elose this mortgage, se to the amount eo declared due and payable, and the said
premiaes sha11 be sold Lo satiefy and pay the same together with coat8, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premisea ahall be sold eubject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In auch case the provisions of this paragraph may again be
availed of thereafter fmm time to time by t6e Mortgagee.
I 1. No waiver of any oovenant 6erein or of the obligation secured hereby shall at any time thereafter be held
to be a wsiver of the terma hereof or of tLe noLe secured hereby.
12. The lien of thia insLrument ahall remain in full force and effect during any postponement or extension of
the time of payment of the indebtednese or any part thereof eecured hereby.
13. If the Mortgagor default in any of the covenanta or agreements oontained herein, or in said note, then the
Mortgagee mny perform the same, and all expenditutes (inciuding reasonable attorney'a fees) made by the biortgaAee
in so domg shall draw interest at the rate pm. ided for in the p~incipu) inciebtedness, and shall be mpa~-able
thirty (30) da~•s after demand, and, together with interest and costs accrued thereon, shall be secured ~by
this mortgage.
14. Upon the request of the MorLgagee the Mortgagor shall ea~ecute and deliver a supplemental note or
notes for the sum or sums ad~ anced by the titortgagee for the alteration, modernization, improvement, main-
tenance, or repair o[ said premises, for taxes or as.~essments against the same and for any other purpose suthor-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ ance
evidenced thereby were included in the note first described atwve. Said supplemental note or notes shall bear
interest at the rate pmvided for in the principal indebtedness and shall be payable in approsimately equal
monthty pay•ments for such period as may be agreed upon by the creditor snd debtor. Failing tv agree on che
maturity, the xhole of the sum or sums so advenced shnll bc due and pa~•Qble thirt~ (30) da~s aftcr d~manci
by the creditor. I~ no eve~t shall the maturity exteud beyond the ultimaLe r.iaturity of t,Le not~ first
described sbove.
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