HomeMy WebLinkAbout2146 tender to ti~e tiiortge~gee in uccurdsnce w•ith the pro~•i.wiuna of the not~~ s~•~•ur~~~i li~•n•1?~•, tull {~a~•nient uf th~•
entire indebte~iness repm~ented tht~ret~r, the rtortgagc~e,:~s trust~~~~, shall, in ~•oiupu~ii~k !h~• anu,unt o( su~•h
indebttviness, credit 1o tt~e accuunt of t~~e Mortga~or an~• ceWl~t balancP retnai~?iuk und~~r th~~ pro~•isious of (a)
ot esid paraKraph 2. If therN shbll t~e a default under an~• of tlie pro~•i9ions of tlii, n~ortgu~;r m:~ultin~ in n
public snle of the pr~~mist~ covered h~rnby, or i[ the Atortgag.~e acywre~ the pro~x~rt~• otherH•~,~~ ~ft~~~ de(ault,
the ~iortgagee, sa trustee, ahall appl~•, at the tirne of thc~ ~•onuiu•ni~e~ne~nt of such proc~~~•~1i~~~;s or at 11~~ tim~•
the properl~• is otlierwi~ acyuired, thP a~i~ount then remainin~ to ~r~~dit c?f \lort~;aKor un~ler (s) of para~;rapi~ 2
preceding as s credit on the interest acerued and unpaid and tile bulnn~•e to tlu~ prinri~~al then r~~~uaininK unpHid
on said notr.
4. He wiU psy all tsxee~ aaee9emente, wster ratee, and other governmental or municipal chsrgee, fines. or
impoeitione. for wDich pmvieion hsa not been made her~inbefore, and in default thereof the Mortgagee msy psy t6e
sa?me; and thet he will promptly deliver the official nroeipta therefor to the Mortgagee.
5. He will permi~, oommit~ or eufier no waate~ impairment~ or deterioration of said property or any part thereot
ea~cept reasonnble wear and teat; and in the event of the failure of the Mortg,agor to keep the buildinge on sai~
premises and thoee to be erected on said premisee, or improvementa thereon, in good repair~ the Mortgagee may
make such repaire as in its diecretion it may deem neceesary for the proper preeervation thereof~ and the full amount
of each and every such payment ahall be due and psysble thirty (30) deye after demand, and ehall be eecured by
the lien of this mortgage.
6. He will pay all and singular the coate~ charges, and eapenses, including resaonable lawyer's fee8, and oosta
of at,at,r~cts ot titk~ incun~ed ot pAid at, aqy time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and oovenants of eaid piomiasory note and this mortgage~ and said
oosts, charges, and expen~ea shall be immediately due and payable and shall be eecured by the lien of t6is mortgage.
7. ~~e will uontiuuously maintain hazard insurance~ of such type or types and amounte as Mortgagee may
from time to time require~ on the itnprovemente now or hereatter on said premises and eacept when payment
tor all such preiniums haa theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when
due anp premwms therefor. AU insurance shall be carried in compenies approved by ;1lortgagee and the poli-
cies and renewals thereof shall be held bs Mortgagee and have attached thereto loss payeble clauses in favor of
and in (orm acceptable to the 114ortga~ee. In event of loss he will give immediate notice bp mail to 111ortgagee,
an~i ~iortgagee may make proof of ?oss if not raade promptly by l~iortgagor~ and each insurance company
conczrned is hereby authorized and d'uected to make payment for such loss directlv to Mortgagee instead of
to ~iortgagor and Mortgagee jointly~ and the insurance proceeda, or any part thereo~, may be applied by Mor~
gagee at ~ta option either to the reduction of the indebtedness hereby secured or to the restoration or repau of
the pmperty damaped. In e~ ent o! foreclosure of this mortgage or other transfer of title to the mortgaged
propertv in extinguishment ot t6e indebtedness secured hereby, a~l right, title, and interest of the 111ortgagor
in and to aay insura~ce poGcies then in force ahall pass to the purchaser or grantee.
t~. If th~• prei~~ises, or an~- p:?rt th~~r~~of. bt~ ~~undc•n~nc~d under th~ pow•~r of eu~in~nt doi»~in. or arc~uir~•d f~ir
e publi~• ust~, th~~ ~lain~Kes ew~ar~lc~~i. th~• pror~~~ds for th~ takinK of, or lhe consicleralion for sw'II RC({UISIIIO11, tu
t}u~ ~~xtent ~,f thr full anu~unt of th~~ rnu~sinin~; unpaid ind~biedness securnd L~• this niort~;a~;r, ar~• Iu~rnL~- .
u~tiiKuc~d to th~• \lortKagc~e, und I~is heirs or a.,siKns, nnd shall be pai~l forthw•ith to said ~lortKa~;~~~~ or his
a~.;i~;nee tu b~~ applic~~l on a~•~•ount of ti?e la~t ~~~aturin~ instali~nents of suc)i indebte~lnc•ss; pro~•i~i~~~, IioK•~~~•er,
ttie ~lort~;:?gt•i~ or hi.s assiK~?ic•, n?a~• at his dis~•retion E,a~- dir~ct to th~ ~iortKaKor, }?is h~ir~ or a.s.si~ns anr part
ur ail of sue~h aw-ard; pru~•ided, that if tht~ loun is Kuarunl~~ed or insur~•d, the ~onsent of th~ guarAntor or i~?surer
is ohtAinc~~l in ad~-an~~ of said pa~-inent.
The ~iortgagee may~ at any time pending a suit upon this mortgage, apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwit6 appoint a receiver of L6e premises covered
hereby all and singular, including all and singular the income, profits, iss~es, and revenues from whatever souroe
derived, each and every of which, it being expressly understood, is hereby mortgaged ss if speci5cally set forth and
described in the granting snd habendum clauses hereof. Such appointment ahall be made by such court as an admitted
equity and a matter of absolute right to said Mortgagee~ and without reference to the adequacy or inadequacy of
; tlie ~ alue of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applied by auch receiver according to the lien of this mortgage
and the prsctice of auch court. In the event of any default on the part of the Mortgagor hereunder~ the ~iortgagor
agrees to ~,sy to the ~'Iortgagee on demand as a reasonable monthly rental for the premises an amount at least
equi~alent to one-twelfth (~f2) of the aggregate of the twelve monthly installments payable in the then current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
; not covered by the aforesaid montWy peyments.
i 1 U_ In t6e event of any breach ot this mortgage or default on the part of the Mortgagor, or in the event that
; any of said aums of money herein referred to be not promptly and fuUy paid according to the tenor hereof, or in the
event that each and every the atipulations, agreementa, conditione, and covenanta 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 mmaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
due and payable forthwith, or thereafter, at the option of said hlortgagee, as fully and completely as if all of the
~ said sums of money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to
; the contrary notwithstanding; snd thereupon or themafter, at the option of said hiortgagee, without notice or
~ demand. suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
~ tion. The ~~ortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with coats, expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged premises ahall be aold subject 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 from time to time by the Diortgagee.
? 11. I~'o waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held -
~ to be a waever of the ternos hereof or of the note aecured hereby.
~ 12. The lien of thia instrument ahall remain in full force and effect during any postponement or extension of
- the time of pa3 ment of the indebtedness or any part themof secured hereby.
1:i. If the Mortgagor default in any of the covenants or agreementa contained herein, or in eaid note, then the
l~iortgagce may petform the same, and all expenditures (including reasonable attorney's fees) made by the 141ortga~ee
' in so doing shail draw interest at the rate pro~•id~d for in the principal sndebtednc~~,s, and shatl b~ repa~•able
thirty (30) days after demand, and, together w•ith interest and costs accrued thereon, shall be secured by
t6is mortgage.
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14. Upon the request of the ~1ort,~;agee the ~lortgagor shall e~ecute and delivcr a supplernental note or
- notes for the sum or sums ad~•anced b~ the ~tortgagee for the alteration, mod~~rnization, impro~•~m~~nt, main-
~ tenance, or repair of said premises, for taxes or ag.~essments against tl~e same and for ea~- otLer p«r}wsc~ autl~or- .
ized hereunder. Said noce or notes shall be secured herebY on a parit~ with and as tully as if the ad~•ance
~ evidenced thereb~ were included in the note first described al,o~•e. Said supplem~ntal note or notes shall bear
F interest st the rate pm~ided for in the principat indebtedne.ss and shall be pa~•able in appmximatel~• ~~ue)
' mont6ly pa}~ments for such period as ~na}- be a~;reed upon by~ the creditor and ile}~tor. Failing to a~re~ on the
; maturity, the whole ot the sum or sums so ad~anced shnll bc due and pa~•able thirly (30) da~•s aftcr demnnd
by the creditor. In no event ahall the maturity extend beyond the ultimste r.iaturity of t6e note first
; described above.
' Eocx?22 ~~:2146
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