HomeMy WebLinkAbout2016 tender lo the Murtgagee in uccordance witl? lhe provisia?s of the uote s~cure~i lu~r~•1,~•, full pa~~u?eut oi th~
entire indebtednesa represented therebv, the Mortgagee, as trustE•e, si?all, in cu~nputinK the an?ount of sucli
indebtednesa~ credit 1o the accowit of 1he ~tort~agor an~ cred~l bala~?ce rn~naininK uusl~•r th~ pm~•isions o~ (a)
of aaid paragraph 2. It there shall be a de(au ~ under an~• o( the provisiona of ihis ~nortgage n~sultiu~; in a
public asle ot the premises coveted hereb~ ~ or i( the Mortgagee acquues the propert~• otherw~ue after ~letault,
the Mortgsgee, as truatee~ ahall apply~ at the time of 4he commence~nent a[ such procee~lings ur at the ti~u~•
the property ia otherwise acquirnd, the amount then rnn~aining to ~•redit of 1~iortgaKor undrr (a) of paragrapl~ 2
preceding as a credit on the interest accrued and unpeid and the balance to the principal tl?en rninaintn~ unpaid
on said note.
4. He will psy all ta~cee, aeeeeaments, wst~er rstee~ sad ot,her governmental or municipm?t charge~, fiaee. or
impoeitione, for whieh provisioa haa not been made hereinbefore~ and in default thereof the Mortgagee msy pey the
eawe; aad t6sL he wiU prompWy deliver the o~cial reoeipt~ therefor to t6e Mortgagee.
6. He will permit~ oommit, or suHer no waste, impairment, or deLerioration of eaid property or any peu~t thereof,
e~ccept reseonsble wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on eaid
premiees and thaee to be erected on ssid premiees, or improvements thereon~ in good repair~ the Mortgagee may
make such repsire aa in its diecretion it msy deeau neoeesaty for the proper preeervation thereof, and the fult amount
of each and every such psyment a6sll be due and pe?ysble thirty (30) dsys after d~mand, aud shall be eecured by
the lien of this mortgage.
6. He will psy all snd singulsr the east0. charge~, and e:Peneea, includin8 reasonsble lawyer'8 feee, and coete
of abatrACta of title, incur~d or pe?id at any time by the Mortgagee because of the fsilure on the part of the Mortgagor
pmmptly snd fully to p~do~rm the agreements and oovenants of esid promiseory note and thia mortgage, and said
ooste, charges, and pacpenaes shall be immediate~jr due and payabk and shall be eecured by t6e lien of this mortgage.
7. He will oontinuoualy maintain hazsrd insursnoe, of auch type or types and amounts as Mortgagee msy
from time to time require, on the improvements now or hereafter on said premises . and ezcept when payment
for all auch premiums haa theretofore been made under (a) of paragn?ph 2 hereof ~e will pay pmmptly when
due any premiums therefor. All insurance shall be carried in compenies sppmve~ by 11iort~a~;ee and the poli-
cies and renewals thereof shall be held by Mortgagee and hsve attached thereto loss payable cCauses in favor of
and in form acceptable to the Mortgag~ . In event of loss he will give immediete notice by mail to Mortgagee,
and hiortgagee msy mske proof of Ioss if not made promptly by Mortgagor, and each inaurance aompany
ooncerned is hereby authorized and directed to make payment for such loea du~ectly to Mortgagee instead of
to Mortgagor and Mortgagee ointly ~ and the inaurance proceeds, or any part thereof~ may be appLed by Mor~
gagee at its option either to t~e reduction of the indebtednees hereby secured or to the restoration or repair of
the property dama~ed. In event o! foreclosure oi t~is mortgage or other transfer of title to the mortgaged
property in ext~ngmshment oi the indebtednees eecured hereby, af
1 right, title. and interest of the Mortgagor
m and to any inaurance policiea then in~ torce ahall pnsa to the purchsser or grantee.
8.~ I( tl~e premis~~s, or an~- part tl?ereof, be condemned under the power of en?inent dou~ain, or acquirecl for
a public use, the daniages awarded, the pra•eeds [or the taking of, or t}?e consideration for sucL acquus~tion, tu
the extent of tl?e full an~ount of the rnmaining unpaid indebtedness secured b~~ this ~nortgage, ar~ hereb~-
assigned to the Mort~agee, and his heirs or assigns, and shall he paid forthwith to said \tort~age~ or his
assignee ~o be applied on accou~rt o[ the last matunng installmer_ts of such indebtt~dness; provideci, ho~e~•er,
the ~iortga~ee or his assignee, ~i~ay at his discretion pa~• duect to the Morigagor, l~is heirs or assigns an~ part
or all of such a~ard; providecl, that ~f the loan is guarantc~ed or insurnd, the conseut o[ the guarantor or insurer
is obtained in ad~anc~ of said pa~•n~ent.
~ 9• The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt havin~ Pu~isdiction
y thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the prem~.~e+s oovered
E hereby all arid singular, including all and singular the income, pcofits, issues, and revenues trom wbatever eource
; derived, eac6 and every of which, it being expre.gsly understood, is hereby mortgaged as if speci~cally aet forth and
i described in the granting and habendum clauses hereof. Such appointment a6all be made by such court~ es an admitted
~ - equity and a matter of absolute right to eaid Mortgagee~ and without r~ference to the adequacy ~r inadequacy of
the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or the defen~r.nts. Such
~ rents~ profits, income, issues, and revenues shall be applied by such receiver according to the lien of thia mortgage
? and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Diortgagor
€ agrees to pay to the Mortgagee on demand as a reasonable monthly rental for t6e premiaes an x~no~:nt at least
; equivalent to one-tweifth (~z) of the aggregate of the twelve monthly installments payable in the s~en c~uzeat
~ year plus the actual amount of the annual taxes, sasessmente, water rat~ea, and insurance premiuma for sucb year
~ not covered by the atoresaid monthly paymente.
~ 10. In the event of any breach of thia mortgage or default on the part of the Mortgagor, or in the event that
~ any of said eums of money herein referred to be not promptl~ and fully paid according to the tenor hereof, or in the
event that each and every the atipulations, agreements~ conditiona, and covenanta of said note and this mortgage~
~ are not duly, promptty, and fully performed; then in either or any such event, the said aggregate 8um mentioned
~ in said note then remaining unpaid, with interest acerued to that time, and aU moneys secured hereby, ahall become
~ due and payable forthwith~ or thereafter~ at the option of said Mortgagee, as full3 and completely as if all of the
~ said sums of moneS were ori~inally stipulated to be paid on such day, anyLhing in said note or in this mortgage to
~ the contrary notwithstanding; and thereupon or thereafter, at the option of said 114ortgagee, without notice or
~ demand, suit at law or in equity, may be prosecuted as if all moneys secureti hereby had matured prior to its institu-
tion. The 1liortgagee may foreclose this mortgage, as to the amount ao decla.red due and payable, and the said
~ premises ahaU be sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged premises ahall 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 pro~~sions of this paragraph may again be
~ availed of thereafter from time to time by ~-he Niortgagee.
I 1. No waiver of any covenant herein or of the obligation secured hemb~• shall at any time thereafter be held
to be a waiver of the terma hereof or of the note aecured hereby. ~
- 12. T6e lien of this instrument ehall remain in full force and efiect during an~• postponement or extension of y
sti the time of payment of the indebtedness or any part thereof eecured hereby.
1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
Mortgagee may perform the same, and all expenditures (including reasonable attoroey's fees) made by the MortgaRee
in so doing shall draw interest at the rate pro~ ided for in thc principnl in{lebtednc~ss, anJ shal) be mpa~~able
- thirtti (30) da}•s after demand, and, together with interc~t and costs accrued thereon, shall be secured by
= this mortgage.
14~'pon the request of the Mortgagce the :4lortga~;or shail eaecute and deliver a supplemental note or
notes for the sum or sums ad~•anced by the ~tort,gagee !or the alteration, modernization, impro~ement, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and tor eay oi-her purpose auU~or-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ance
e~ idenced therehy were included in the note first described above. Said supplem~ntal note or notes shall bear
interest at t6e rate pro~ ided for in the principal indebtedness and shalf be pa~•able in approsimatel~ equal
monthly pa
y•ments for such period as may be agreed upon b~ the creditor and debtor. Failin~ to agree on the
- maturity, the v?hole of the sum or sums so ach•anced shall bc due and pa~•able~ thirt,~~ (30) da~-s after d~mand
' by the creditor. In no event shall the maturit3 extend beyond the uitimate r_iaturit} ot t6~~ n~te first
;3 deacribed abo~ e. ,
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