HomeMy WebLinkAbout1583 tender to the Morigagee in sccordanc~e w?ith the provisi~o~~s o~ tl?e note secured 1?~rebr~ fuU pa~ment of tl?e
entire indebtednesa reprnsented thereb~•~ tha Aiortgsgee;'as truslee, shall, in computing tlie amount o[ suclt
indebtednese, c.redit to the account of tLe :~1ortgagor ai~y credil Lalance rnmaining under the'pro~uions of (a)
• of said paragraph 2. II there slieil be a default under sn~ o[ the provigio»s of this iuortga~;e rnsulting in a
public sale of tlie premisea covered hereby, or i( the 1liortgagre scq~eires tl?e propert,~ otl~erv?ise af~er de(ault~
the Mortgagee~ ss truatee~ ahsA spply~ at the time of the coinuiencement o[ auch proceedings or a1, thc timP
the propert~ ia otherwise scquired, the amount then Temaini~~~t to credit o[ 11Tortgagor under (s) of par~reph 2
preceding es a credit on t}?a intereat accrued and unpaid and the balence to llio pcincipal4iien reiuauung ur?paid
on ea~d notr. .
4. He ~vill psy afl ts~cea, ~eeeaments, w~?ter rat,ee, und other governmental or municip~l chargea, 5nea or
pq~ ma
im tione, for which pmviaion has not been made bereinbefore, and in defsult thereof the Mortgagee may pay the
e~e; i?nd t6at he ~vill prompt~y deliver the o~cial reoeipta Lherefor to the Mortgagee.
b. He will permit, commit, or suBer no ~vaste~ impairment, or deterioration of eaid property or ~ny part thcreot'~
eucept reasonable wear and tcar; ~d in the event of t6e failure of the biorfgagor to keep the buildings on anid
premi~e8 and thoee to be erecLed on said premiae8, or iuipruvements iLerean, in gvod repair the Mortgagee may
make such repsire as in its diacretion it msy deem neceseary for t6e ptoper preservation thereo~, snd the full amount
oi each and every such payment shall be due and pqyaLle t6irty (30) dsys attet demand, ~+ad ehall be eacurad by
the liea of thia mortgage. .
8. He ~vill psy W! and eingular tbe oosta, chsraes~s~nd e:penees, including reason~?ble lawyer's feea, and oosts
of sbstracta of title, incurnd or paid at aay time by tbe iortgagee becsuse of tbe failure on the part of the Tiortgagor
pramptly and fully b pedorm tbe agreements and covenanta of e~?id promisaory note aad this mortgage, and said
ooeta, chsrgee, and eupense~ ehall ba immediately due sud payable and shall be eecured by the lien of this mortgage.
7. Ae will oontinuouaky maintain Lszsrd insurance, oi such type or typee snd amounts as'.1~iortgsgee msp
from time to time require, on the impmvementa now or hereafter an said premises and e.tcept Rhen payment
for all such premiums has theretofore been made under (a) of psragra~L 2 hereof, ~e will pay promptly vehen
due any premiuma therefor. All insurance shall be carried in compaYUes approved bp Diortgagoe and the poli-
ciee sad renewsls thereof shall be held by Mortgagee and hsve attached thereto losa payable clauses i.n isvor of
and in form acxeptable to the Mort.gagee, In event of loss Le will give immediste notice by mail to I?Sortgagee,
and Mortgagee may make proof of foss if not made promptly bp biortgagor, and each inauraace c~ompany
ooncerned is Lereby~ suthoriaed and directed to make payment for such losa directly to Mortga~e~e instead of
to I~iortgag~or sad Mortgsgee jointdy, and the inaw~ance proceeda, or any part thereof may be applied by Mort-
gagee at ite opWon either Lo the reduction of the indebtedness hereby secured or to t6e restoration or repair of
the pmperty dama~ed. In event of foreclosure of t6is mortgage or other transfer of title to the mortgaged
properiy in eztiagu~ahunent oi the indebtednees eecured Lereby, a~l right, title, and intereat of the Mortgagor
in and to aqy insurance policies then in foroe ahAll pqss to the pum,h~ser or gre~ntee. -
8. I[ the premises, or an~ pari tl~ereo[, be condenined under the power of eminent, don?ain or acquired for
a public use, tlie daniages awarcied, tl~e proceecis for the taking oi, or the consi~icration [or sur~~ arqui~~tion, to ~
the extent ot the tull amount of the remaining unpaid indebtedness secnrcd b~ tliis mortgs~~, ar~ 1~ercb~
assi~,ed to tl?e Mongagee. and his 1?eirs or asaigns, and shall be paid forihwith to eaid Mortgage~ or 1~
sss nee to be applied on account ot the last matunng installments o[ sucli indebte~dness; pmvi~iecl, 1?owe~~r,
the~ortgagee or his assi~nee, may at~ his diecretion pa~ direct to the Morigagor, liis 1?eirs or nssigns unr part
or sll o[ sucti aw•srd; pro~~~ed, that if the loan is guaranteed or insured, tlie conseiU o! t~?e guurautur or insunr
~ ~ obtained in advance of eaid pa»uent.
~ 9. The Mortgagee may, st uny tinne pending s euit upon this mortgag~, appIy to the oourt having jutiediction
i tbereof for the appointment of a reoeiver, and such tourt ahall forthwith appoint a receiver of the premises o~vered
her~by all srid eingular, including all snd singular the income, profits, issues, and rsvenues from whatever source
derived, esch and every of which, it being e~cpresaly underatocid, is hereby mortgaged as if apecifically set fort~ and
deecribed in the granting and habendum clausea here~of. Such appointment shall be tnade by such cowrt as an admitted
equity and s matter af absolute right to esid 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 tae defendants. Such
rente, pro6ts, income, issues, and revenues ahall be spplied by Buch reaeiver according to the lien of this mortgage
~ snd the practice of auch oourt. In the event of any default on the part of the Mortgagor hereunder, the Mort$s~gor
agrees to pay to the Mortgagee on demand as a reseonable monthly rental for the premises an amount at least
equivalent to on~twelfth (~Z) of the aggregate of the twelve monthly instaliments payable in the then current
~ year plus the actual amount of the annual tax~, assessments, water rut~es, and insurance premiuma for euch year
~ not covered by the uforesaid monthly paymenta
~
~ lO.In the event of any breach of this mortgage or default on the part of the 1liortgagorf_or in the event that
~ sny of eaid sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each sad every the-atapulations, agreements, conditions, and covenants of said note and this mortgage~
at~e not duly, promptly, and fully performed; then in either or any such event, the arsid aggrc~ate sum mentioned
~ in said note then remaining unpaid, with interest accrued to that time, and all moneya secumd hereb3•, shall Uecome
due and payable forthwith, or thercafter, at thc option of suid Diortgagee, as fully and completcl~ s~s if all of the
~ eaid sums of money were originally stipulated to be paid on such da~, anything in said note or in this mortgage to
~ the _contrary notwithstanding; and thereupon or thereafter, at the option of said Diortgagce, v?ithout notice or
~ demand, suit at law or in equity, may be prosecuted as if all mone~s secured hereb3 had matured prior Lo its iastitu-
~ tion. The Tiortgagee may foreclose this_ mortgage, as to the amount so declamd due and pa~~ablc, and thc said
pmmises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cxse o[ partial
~ foreclosure of this mortgage, the mortgaged premises ahall be sr~ld subject to the continuing Gen of this mortgxge
for the amount of the debt not then due and unpaid. In such case the pro~isions of this paragraph may again be
~ availed of thereafter irom time to time by the riortgagee.
I 1. No waiver of any covenant herein or of the obl;gafion secured hereby ahall at any time thereafter be held
to be a waiver of t;~e terma hereof or of the noie eecured hereby.
" l2. The lien of this inst~iiment ahall remain in full force end eaect during any poetponement or extcneion of
the time of payment of the indebtednees or any part thereoi eecured hereby.
13. If the Mortgagor default in twy of the oovenante or agreements oontained herein, or in eaid note, then the
Mortgagee may perform the same, and all eapenditures (including rea.sonable attomey's fees) made by the Mortga~ee
in so doing shall draw interest at the rate pro~•idcd for in the principnl indebtedness, and ahall be rnpa~-aUle
thirty (30) days after demand, snd, t,ogetber wit,li int~erest and costs accrueci 1Lereon, shall be secureci by
thia mortgage.
14. Upon the request of the Mortgagee the Mortga~o* shall exc~cute snd deliver s aupplemental not~ or
'i`i
:_3 notes tor the sum or sums advanced by the ~tortgagce for the alteration, modcrnization, imprnvcment, rnain-
t~ tenance, or repair o[ said premises, for taxes or as.~essments agains6 the same and for any other pur~~ose autl~or-
ized hereunder. Said not,e or notes ehall be secured hereby on a parity with and as fully as it Lhe ad~•ance
e~ idenced thereby were included in the note first described above. Said si~pplemental note or notes shall Lear
_ inlerest at the rate provided !or in the principal indebteclness and shall be pa~ able in approximatel~ eq~~s)
= monthly pay•ments for such period as may be a{;reed upon bv the creditor and dcbtor. ~ ailin~ to a~;re~. on thc
' maturity~ ttie v?~l~ole of the sum or siims Po a~l~•anced shnll ~be diie and pa~-ablc t6irl~~ (:~(1) days aft~r dcm~+n~l
by the crcditor. In no ~vent shsll tLe niaturity exlcud bc~-oud Lhc ultiuiate rsaturity ot LLc uote liret,
described above. 0 R -
eoc~ ~+~~~J~