HomeMy WebLinkAbout1643 tend~r to tho !11a~tg~gee in e~ccardanc~ witl? tlie pro~•isions of tlu~ note aecurn~i h~~r~~t,~•, full pa~•nuv?t uf th~~
entire indebtednesa repr~ented thereb~•, the~,hiortgigee, as tru.st~~r, shall, in coniputiiiK 1he ain~unt ot su~•h
indebtednesa~ credit to tt?e account of Il~e :ltortga[~or an~~ eredit bulance r~•u~ainin~; und~~r th~ pn?~•isious of (u)
of said paragrapl~ 2. I( ihere shall be a de(ault under sn~• of the pro~•isiuns oi this ~uortgaKe rnaultin~ in a
public sale ot the preu~ises covered licreb~•, or i( the Mortga~;ee acqwres the proEx•rt~• oth~~rw~we after defuult,
tt~e Mortgagee, sa trustee, shall appl~•, at the tu~ie of the co~iimcncement of sucl~ pm~•eedings or at tl?e tim~•
the propert~ ia otherwise scquired, the an~ount then remainin~ to credit of ~lortgaKor under (a) of ~~ara~raph 'l
preceding as a credit on tl~e intereat accrued and unpaid and tt'e baleuce to tl~~ prin~ipal then rewainin~ unpaid
on eaid note.
He will p?y all taucee, aeeeesmenta, water ratee, and other governmental or municipal chargee~ 6nee. or
impositione, for wluch pmviaion has not been m~de hereinbefore, and in default thereof the Mortgagee aoay pey the
eame; and t6at he will promptly deliver the official reoeiptn therefor to the Mortgagee.
b. He will permit~ oommit~ or auHer no waate, impairment, or deterioration of esid property or any part thereof~
except resaon$ble wear and tear; and in the eveat of the failure of the Mortgagor to keep the buildinga on said
premiees and Lhoee to be erected on said premieee, or improvemente thereon~ in good repair, the Mortgagee may
meke such repairs sa ia ite diecretion it msy deem neoeeBary for the pmper preeervation thereol, and the full amount
of each and every euch payment shaU be due snd pe?yable thirty (30) daye after demand, and ebsll be eecured by
t6e lien of t6is mortgage.
6. He will pay all and aingular t6e caste~ charge~ snd eapeneea~ including reaeonable 18wyer's feee, and coeta
of abetracts of title, incurred or paid at uny time by the Mortgagee becsuse of the failure on the part of the Mortgagor
pmmptly and fully to perform t6e agreements and oovenanta of said promiesory note and thia mortgage, and said
ooete~ chargee, and expenses shall be immediately due and payable and shall be eecured by Lhe lien of this mortgage.
7. He will oontinuous~y maintaia hazacd insurance, of auch type or typea snd amounte as Mortgagee may
trom time to time require, on the impmvemente now or hereaher on said premises and e.tcept when peyment
for all auch premiums haa theretofore been made under (s) of paragraph 2 hereof 'he will pay promptly when
due any premiums thcrefor. All insurance shall be carried in companiee appmved by riortgagee and the poli-
cies and reaewals thereof s6t?ll be held by Mortgagee and have attached thereto loss payable clnuses in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by marl to Mortgagee,
and yiortgagee may meke proof of Ioss if ~not msde promptly by Mortgagor~ and each insurance c~ompany
concerned is hereb suthorized and directed to make payment for such losa directly to Mortgage~e inatead of
to Mortgagor and ~ortgagee jointly, and the inaurance proceeds, or any part thereof, may be applied by Mor~
gagee at its option either to tbe reduction of the indebtedness hereby secured or to the restoration or repair of
the property dama~ed. In event of forecloeure of this mortgage or other transfer of title to the mortgaged
property in eatingu~shment of the indebtednese secured hereby, a~l right, title~ and interest of the Mortgagor
m and to any insurance policies then in force shall p~ss to the purchaser or grantee.
S. If ti~e premises, or an~• part tliereof, bc~ conden~ned under tl~e pow•er of eminent~ cio~nain, or acquin•d f~r
a public use, th~ dau~a~es aw•arded, tLe proceeds [or the taking of, or the consideration for suc•h acyuisition, to
the cxtent of the full nii~ount of the remaining unpaid indebtedneac secured h~• this mort~:~;~, ar~ liereb~-
s~ssigned to th~ ~lortga~ee, and his I~eirs or assigns, t?nd shall he paid fortt?w•ith to said ~lortga~~ ~ or t?ie
assignee to be applied on account of the last ~iiaturin~ installments of sucli indebtedneas; pm~ided, l~oK•e~•er,
the Mottga~;ee or hi.s assignee, ~ua~- at his di.scretion pa~- direct to the ~fortgagor, his 1?eirs or assigns an~• pnrt
or all o[ sucl~ aH•ard; pro~lded, that if the loan is ~uarantc~d or insured, the consent of the guarantor or ittsurer
is obtained in aci~~anc•e of said pg~'n~ent.
9. The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the court haviag Juriediction
thereof for the appointment of a receiver, and such cowrt shall forthwith appoint a receiver of the premiees coti ered
hereby all arid singulat, including al! and singular the income, profits, issues, and revenues from whatever eource
derived, each and every of which, it being expre~ly understood~ is heteby mortgaged sa if specifically aet for~h and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a mutter of absolute right to eaid Mortgagee~ and without reference to the adequacy or inadeyu~c-; of
t6e value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defend~nts. Such
i rents, profits. income, isgues, end revenuea shall be applied by such receiver aceording to the lien of this m~rtRage
~ and the practice of such court. In the event of any default on the part of the Mort.gagor hereunder, the M~rtga~ror
; agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
i equivalent to one-twelfth (~y) of the aggregate of the twelve monthly installmenta payable in the then current
year plus the actual amount of the annual taxea, aseeasments, water rates, and insurance premiuma for such year
; not co~ered by the aforesaid monthly payments.
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s 10. In the event of any breach of this mortgage or default on thp part of the Mortgagor, or in the event that
E any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in t6e
~ 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.hereb~•, shall become
~ due and payable forthwith, or thereafter, at the option of said Aiortgagee, as fully and completely as if all of the
~ said sums of mone~• were originally stipulated to be paid. on such day, an~~thing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
~ demand, suit at laa or in equitp, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
~ tion. The 1~'Iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
3 premises shall be sold to satisfy and pay the same together aith costs~ expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged premises shaU be sold subject to the continuing lien of this mortgage
~ for the amount of the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be
; aveiled of thereafter from time to time by the 1lortgagee.
~ 11. No waiver of any covenant 6erein or of the obligation secured hereb~ shall at any time thereafter be held
~ to be a waiver of the terms hereof or of the note secured hereby.
_ I2. T6e lien of thia inatrument ahall remain in full force and eSect during any postponement or extension of
the time of payment of the indebtedness or any part thereof eecured hereby.
~ 13. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attomey's fees) made b~• the Mortga~ee
_ in so doin~ shall draw• interest at the rate pro~ id~d for in the prinripnl in~lebtedness, and 5hall be repa~•able
_ thirt~- (30) da}•s atter demaad, and, together with interest, and costs accrued thereon, shall be secured by
" t6is mortgage.
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14. L'pon the request of the ;~fort.~agee the 1'Iortgago~ shall execute and deliver a supplemental note or
notes for the sum or sums ad~~ance~l by the ~[ortgagee for the alteration, modcrnization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and tor sa~• other purpose author-
ized hereunder. Said note or notes shall be secured herebv on a parity with and as fully as if tl?e ad~~ance
' e~ idenced thereb~ were included in the note first described above. 5aid suppiemenlal note or notes shall bear
interest at the rate pro~ ided for in the principal indebtedness and shall be payable in approximatrl~ equal
_ moathly pay•mcnts for such period as may be aKreed upon by the creditor end debtor. F'ailin~; to agrec on the
~ b at ~ity fthe w•hole oi the sum or sums so adranced shnll be due and pa~•aLlc thirt~• (30) da~•s aft~r J~~mand
~ y t e c cd~tor. In no e~ent shall the maturity extend beyond the ultimate r_iat,urit~• ot tlie note first
~ described abo~ e. ~ ~ _
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