HomeMy WebLinkAbout1855 +
tender to the :1lortgagee in uccordsn~•~~ w~ith the p~o~•isions of the uott~ ~reun•d lu•rrl?r, fUll F,a~•nu~ut ~~f tlu•
ei~tire indebtedness represNnted thereb~•, the ~tortKagec, truat~~~~, sLall, in cou~putii?K th~~ uiuuw~t of su~•1~
indebtedness~ creciic to th~ account of tlie Mor~ga~opqn~.q~dit balunce r~~u~ei~iink und~~r th~~ pro~•isiu~?s of te)
ot said paregraph 2: 1( thern si?sll lx~ a dctsult und~~r sn~• ot ihe pro~•isions of this mortKa~~• rn,ultin~; in a
public ssle ot ihe pren?ises covered herebr, or if lhe ;~1ortKag~•e acyuires ihe pro~x~rt~• otl~~n~•u~~ aft~~r ~I~•fauU,
the Morigsgee, as truatee, shall apply, al the tuiie ot the canmencenient of such pro~•~~~~liu~ or at th~~ ti~n~•
the propcrt~• is otherwise acyuired, the aiuount then rnmainin~ to crndit of \1ort~a~or under (a) ~i parx~raph 2
precedi~~g sa a creciit on the inlereat accrued and unpaid and tF?e balance to th~ princ•ipal ihen rr~i~aii~inK unpai~l
on said note.
4. He wiU p?y sll teucee, aeeeesmenta, water rates, snd othes govemmental or municipsl chsrgea, fines„ or
impositione, for which provieion hae not been made hereinbefore, aad in default thereof the Moctgagee msy pay tbe
aame; and thut he will promptly deliver the o8'icial receipti~ therefor to the hi~rtgagee.
b. He will permit~ oommit, or auHer no waste~ impairment~ or deterioration of said property or any part thereof.
eucept rea~onable wear and tear; and in the event of the failure of the Mortgagor to keep th~s building,~ on eaid
premisea and thaee to be erected oa esid premi~es, or improvemente t6ereon~ in good repair~ the Mortgagee may
make such repair8 ae in its diecretioa it muy deem neoeeeary for the pmper preservation thereof~ and the full amount
of eac6 and every auch payment s6all be due and psyable thirty (30) days aiter demand, and ehell be eecured by
the lien of thia mortgage.
8. He will pay all and eingular the coete, sad expeneee, including reasonable lawyer's feea~ and ooste
of abstr~cte of title, incurred or psid at any time
by~Mottgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and oovenanta of eaid pmmissory note and this mortgage, and said
oosta, charges~ and ex~l4~esshall be.j~unediately due and payable and shall be eecured by the lien of this mort.g,age. ~
7. He will oontinuoua~y maint,ain hazard insurance, of such type or typee and amounts as Mortgagee may
trom time to time require, on the improvemente now or hereaiter on said premises and e.~cept when payment
tor all such premiums h!?a theretofore been made under (a of paragraph 2 hereof ~e will pay pmmptiy when
due any premiums therefor. All insurance shall be carri~ in compames appmve~ by biortga~ee and the poli-
cies and renewals thereof shall be held by Mortgagee and have sttached thereto loss payable cCausee in favor of
and in form acceptable to the Mortga~ee. _ In event of loss he will give immediste notice by mail to Mortgagee~
and Mortgagee may make proof oi ioss if not made promptly by Mortgagor~ and each insurance oompany
concerned is 6ereby~ authorized and directed to make payment for such loss directly to Mortga~e~e instead of
to Mortgagor and Mortgagee jointly, and the insurance procceds, or any part thereof, may be applied by Mor~
gagee at its option either to the reduction of the indebtedaess hereby secured or to the restorataon or repair of
the property damaped. In event of foreclosure of this mortgage or other transier of title to the mortgaged
property w extinguishment of the indebtedne.ss secured hereby, afl right, title~ and interest of the Mortgagor
m and to any insurence policiea then in force shall pASS Lo the purchaser or grantee.
8. If the pre~ui~~~, or an~- purt thernof, t~e conclenu?ed un~ler the poK•er of en~inent doinain, or a~•yuir~•d for
a public use, tl~e da~i~ages aw~anled, the~ proc•recls !or the tukinK of, or the eonsicl~ration for suc•h acyui~itio~i, t~~
the eatent of the fell ui~~ount of the rentaining unpaid indeblednc•ss secured b~• t1i~s mortgag~~, arn !u•re~l,~-
assi~ned to the ~1ort~agee, und i?is 1?eirs or assi~ns, tu~d sLall b~ paid forthH•it}? to said ~lortgu#:~•~• or hi~
assignee to I,e appliecl ou ac~•ount of the Ipst ~naturing installiue~~ts of such indebtedness; pro~-i~iE~d, ho~~•~•~~c~r,
the 9lortgagee or his ussign~~e, ma~- at his discretion pa~~ dirnct to the ~~ortgagor, his lt~irs or a.s~igns anr part
or all o( sucl~ aN•ard; pro~i~led, that if th~• loan is ~uarante~d or insured, the consent of the gtturantor or iusur~r
is obtaincd in ad~•anc~ of saici pa~u?ent.
9. The Mortgagee may~ at any time pending a suit upon this mortgage~ apply to the oourt having jurisdiction
thereof for the appointment of a receiver, and such court a6a11 forthwith appoint a receiver of the premises oo~•ered
hereby all arid singular, including all and singular the income~ pro6ts, is4ues~ and revenues from whatever source
derived, each and every of which, it being expressly understood~ is hereby mortgaged as if apeei6~slly set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by sunc ~ourt as an admitte~
equity and a matter of absolute right to said Mortgagee~ and without reference to the adea,uacy or i~adequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mo;tgagor or Li~e defendants. Such
~ mnts, profits, income, issues~ and revenues shall be applied by such receiver according to thG licn of this mortgage
E and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
; agrees to psy to the 3~iortgagee on demand as a reasonable monthly rental for the pmmises i?n amount at least
j equivalent to one-twelfth (3/2) of the aggregate of the twelve monthly installments payable in the then current
4 year plus the actual amount of the annual ta~ces, ass~sments, water tates~ and insurance premiums for auch year
~ not covered by the aforesaid monthly pa~ ments.
~ l0_ In the event of any breach of this mortgage or default on the part of the D'Iortgagor, 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 sum mentioned
~ in said note then rnmaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall become
due and payable forthwith, or thereafter, at the option of said 11•iortgagee, as iullS and completel~ as if all of the
~ said sums of money were originally stipulated to be paid on such da~, 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 law or in equity, may be prosecuted as if all moneys secured hereby had mutured prior to its institu-
tion. The liortgagee may foreclose this mortgage, as to the amount so declared due and pa~•able, and the said
~ pmmises shall be sold to satisfy and pa~• the same together aith costs, 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 may again be
~ availed of themafter from time to time by the biortgagee.
~ 11. No waiver of any covenant 6erein or of the obligation secured hereby shall at any tiaoe thereafter be held
to be a waiver af the ternos hereof or of t6e note secured hereby.
- 12. The lien of this instrument shall mmain in full force and effect during any postponement or extension of
_ the time of payment of the indebtedness or any part thereof secured 6ereby.
= I:i. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the
Morigagee may perlorm the same, and all expenditw~es (including reasonable attomey's fees) made by the 14tortga~ee
in so doinK shall draw interest at the rate pro~•ided for in the principal indebt~~in~ss, and shall ~x~ trpa~-able
thirty (30) da~•s a[ter demand, and, together with inter~~st and costs accrued ll~ereon, shall be securecl L~
this mortgage.
~ 14. Upon the request of the l~fortfiagee the lfortga~;or shall e~ecute and deliver a supplemcntal note or
s% notes for the si~m or sums aci~•anced by the ~tortgagee for the alteration, mod~rnization, impro<<~ment, li~ain-
~ tenance, or repair of said premises, for taxes or as.~essments a~;ainst the same• end for ea~- otLcr purpc?s~ author-
ized hereunder. Said note or noles shall be secured hereL~ on a parity with and as tull~ as if the ad.-ance
~ evidenced thereb~ were included in the note first described above. Said supplemental note or notes sl~all bear
interest at the rate provided for in the principal indebtedness and shall be ps~•able in appmsimateh- c~qual
~ monthly pa~ ments for such period as ma~~ be agreed upon b~ the creditor and debtor. Failin~ to a~;ree on tt?e
~ maturity, t~e H•hole of the sum or sums so aci~•anced shnll be due and pa~•able thirt~• (30) da~•s after dc~mand
by the creditor. In no event shall t6e r~~aturity extend beyond the ultimate r_~aturit~ of tL~~ note fir.~t
described abore.
~ ~ ~ 22i P~„E i855
w~' ~:7~K
~
ar; -
~ ~ "
. _ ~ . _ _