HomeMy WebLinkAbout1221 tender to th~+ riortgagee in ~?ceordance with the prori~io~?s ot ti~e note srcun~d lu~mb~•, full pa~•iuent of th~•
entire indebtednesa represented Iher~bv, lhe Mortgagee, as truatee, shell, in co~nputinK tlie auiount of su~•I?
indebtedneas~ credit to the account o( Il?e 114ortgagor uny crndit bula~~ce rnmainin~ under tl?N pmvisions of (a)
of ssid parngreph 2. If thern shell be a defsult under an~• o! the provisions of this uiortga~e resultinK in a•
public asle ot the premisea covered hereb~, or if the Mortgagre acquues tlie propert~~ otherwise aft~r default,
the Mortgagee~ as tcuatee, ahall apply, at the time of the can~nencement of such pmcc~din~s or at the time
the propert~ ia otherwise acquired, the amoun~ then rnu~ainin~ to credit of Mortgagor under (a) of paru~raph 2
preceding aa a credit on the intereat accrued and u~paid and ti,e balance to thc+ principal then remaining unpe~d
on said note.
4. He will psy sll taxee~ aeeaesments~ water rates~ and other governmental or munieipal ehiu~gee~ 6nes~ or
imp~itie~a, fos w~ch grovi~~a h~n n~t t~?.n msde bereinbefore, and in default thereof the Mortgagee ms~? pav the .
eame; snd that he will pmmptly de4ver the o~cii?i reeeipte t6erefor to the Mortg,n~ee.
5. He ~vill parmit, oommit, or su6er no wsate, impairment, or deterioration of eaid pmperty or any part thereof~
except reaeonable wear and tear; and in the event ot the failure of the Mortgagor t~ keep the buildinp on eaid
premieee and thaee to be erected on eaid premisee~ or improvemente thereon, in good repair, the Mortgagee mey
make such repaire ae in ite diecretion it may deem neoeeeary for the proper preeervstion thereof, snd t6e full amount
of each sad every euch psyment ahall be due aad psysble thirty (30) days after demand, e?ad ehall be eecured by
the lien of thia mortgage.
6. He ~vill pe?y all and aing~ilar the oosta, ~ end expe~ea, iacluding reaeonable ]swyer's feea, and ooete
of abstracte of title~ incurred or paid st any time by t e Mortgagee becauee of the failure on the psrt of the Mortgagor
promptly snd fully to pedorm the agreementa and covenants of eaid promieeory note and this mortgage, and said
coeta, chargea, an~]~nsea ahall be immediately due and payable and shall be eecured by the lien of thia mortgage. ,
T. Ae will o~on~us~j~~ ~~zard ineurance, of such type or typeg and emounts as Mortgagee mey
from time to time require, on t6e p#ovementa now or hereafter on said premises and e.~cept when payment
tor all such premiums Lsa theretQfore been made under (s) of paragraph 2 hereoi he will pay prnmptly when
c~ue ~np gremiuma thc~refor. All uisQ~nce ahsll be carried in c~ompaniea approved by 1liortgagee and the poli-
cies snd renewals thereof ahsll be held by Mortgsgee and have attached thereto loss payable clauses in favor of
and in form acceptsble to the•Mo~ee. In event of loss he vPill give immediete notice by mail to Mortgagee,
and Mortgagee may make proof ei oes if not made pmmptly by Mortgagor, and each insurance oomp~ny
ooncerned is hereby~suthorized and directed to make payment for such loss directly to Mortgage~e instead of
to l~iortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Morti-
gsgee at ?ta option either to t~e reduction of the indebtedness hereby eecured or to the restoration or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
pmperty m eztanguishment of the indebtednees secured hereby, a'tl right, title, and intsrest oi the Mortgagvr
m snd to any insurance policies then in force ahall pnss to the purchsaer or grantee.
A. If the pren~ise•s, or an~• part thereof, be conden~ned undcr the power of en?inent douiain, or a~quired for
a public use, the da~ua~es av?arded, the proceeds for the takin~ of, or the consideration for su~~h acqu~sriion, to
the extent of t}?e full emount of the remaining unpaid indebtedness secured b~• this mortgsKe, are Lereb~~
assiRned to th~~ ~lortgaKPe, and his heirs or assigns, and shall be paid forthwitl~ to said :1lortgx~c~~• or I~is
st,esient+r tn IM aonliPd on account of the last maturine installments o( such indebtedness; pm~ ided, hoWe~•er,
the~ionga~;ee or his assi~nee, ~na~• at his discretion pa~• direct to the Viortgagor, his lieirc ar assigi?s an~• part
or all of such aH-Ard; pm~ided, that i( the loan is guaranteed or insured, the consent of the guarantor or ins~~~r
is obtained in ad~•ance o( said pa~-inent.
The Mortgagee may~ at any time pending a suit upon this mortgage~ spply to the oourt having juriediction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premisea ~o ~ered
~ hereby all sud singular, including aU and singular the inoome, pm6ts, issues, and revenues froni whatever aource
I derived, each and every of whic6~ it bein~ eupressly undezstood, ia hereby mortgaged as if speci6cally aet fort,h and
E described in the granting and habendum clsuses hereof. Such appointment shall be m~ade by such caur*. ag an admitted
; equity and a mutter of absolute right to said Mortgagee~ and without reference to the adequacy or inadequACy of
~ the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or the dcfendants. Such
~ rents~ proSts, income, issues, and revenues s~all be applied by such receiver according to the lien of thia mnrt,gs?ge
and t6e practice of such court. In the eveat of any default on the part of the Mortgagor hereunder, the 3V[ortaagor
~ agrees to pay to the Mortgagee on demaad as a reaeonable monthly rental for the premises an amount at least
4 equivalent to one-twelfth (~z) of the ag~regate of the twelve monthly installmenta payable in the then current
~ year plus the actual amount of the annual taxea, aseesamente, water rat~ea, and inaurance premiuma for auch year
~ not covered by t6e aforesaid monthly gayments.
~ 10. In the event of any breach of this mortgage or default on the part af 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 atipulationa, agreements, conditions, and covenanta of said note and this mortgage,
are not duly~ promptly, and fully pedormed; 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, st the option of said l~iortgagee, as fully and completely as if ail of the
said sums of money were originally stipulsted to be paid on such day~ anything in said note or in this mortgage to
~ the contrary notwithstanding; aud thereupon or thereafter, at the option of said ~iortgagee~ wit6out notice or
demand, suit at law or in equity, may be prosecuted as if ail moneys secut+ed hereby had matured prior to its institu-
~ tion. The 1ltortgagee may foreclose thia mortgage, as to the amount so declared due and payable, and the said
premises ahali be sold to satisfy and pay the same together a-itb costa, expenses~ and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged pmmises ahall be sold subject to the oontinuing lien of this mortgage
~ for the amount of the debt not then due and unpaid. In such caee the provisions of this paragraph may again be
~ availed of thereafter fmm time to time by the Mortgagee.
- 11. No waiver of any covenant herein or of t6e obligation secured hereby shall at any time thereafter be held
- to be a waiver of t6e terms hereof or of the note secured hereby.
- %l2. T6e lien oi this instrument shall temain in full force and eRect during any postponement or extenaion of
" the time of payment of t6e indebtedness or any part thereof eecured hereby.
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T-~ 13. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the
~i, Ivlortgagee may per[orm the same, and all expenditw~es (including reasonable attomey's fees) made by the MortgaRee
~ in so doing shail draw interest at the rate pro~ ided for in the principal indebtedn~ss, and shall be repa~~able
tt?irt~ (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by
- tbis mortgage. _
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14. Upon the request of the 141ortg ee the Mortgagor shall execute and deliver a supplemental note or
~ notes tor the sum or sums ad~anced by e~tortgagee tor the alteration, modernization, improvement, main-
tensnce, or repair of said premises, for taxes or assessments against the samc and for eny~ other purposc author-
ized hereunder. Said note or notes shall be secured hereb~ on a parity with and as fully as if the adcance
eridenced thereby were included in the note first described abo~ e. Said sapplemental note or notes shall bear
w interest at the' rate ro~ ided for in the nnci al indebtedness and shall be pa able in e~proximatel~• cqual
P P P Y
monthly pavments for such period as may be agreed upon by the creditor and debtor. Faihn~ to a~;ree on the
maturity, t~e w•hole of the sum or sums so ad~ anced shell be due and pa~-able thirt~• (30) dars after d~mand
~~t_ by the creditor. In no event shall the maturit.y extend be}ond the ultirnatc r_~aturity of t6c note first .
~ described above. ~ £ ~h
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