HomeMy WebLinkAbout2277 tender to the Mortgagee in accordsnce ~vith the provisio»s ot tl~e note secured hcrnb~, full pa~nient ot the
entire indebtednesa representcd ttiereb~~, the ~iortgagee~ as trustee~ shall, in computing tlie an~ount oi sucl~
indebtedness~ credil, to ti~e account ot the :~4ortgagur auy credil balance rc~maining under tl~e' pro~•isions of (a)
of said paragraph 2. II there shall be s de[ault under en~ o[ the provisioils o[ this mortgage rnsulting iu a
public sale of lhe premises covered hereby, or if the Mortgagee acquires the pmpertr otherwise eftec default,
the Mortgagee~ ss truatee, shall appl~ ~ at the time of the co~n~nencement of such proceedings or at ti~e liuie
the pmpert~ is otherw•ise acquired, tlie amount tl~en ~emaining to credit o[ Mortg~?gor under (s) of paragrapl~ 2
preceding as u credit on tl?o interest accrued and unpaid aud tt?e balance to t~?a p~incipal t,hen re~naiiiing unpaid
on said note.
4. He will pay sil tsxee~ ~mente, ~rster ratee~ snd other governmental or municipal cbargea, 5nea~ ot
impoeitions, for which provision bas not been ma~de hereinbefore, and in deiault thereof the Mortgagee may pay the
eame; and thut he will promptly deliver the o~cial reoeipta tberefor to the Mortgagee.
b. He will permit, oomanit, or suRer no waste, impsirment, or deterioration oi said property or any part t~ereof,
eacept reasonable aear and tear; and in the event of the failure of the Mortgagor to keep the buildings on eaid
premises and thoea to be erected on eaid premiees, or improvements thereon, in goal repair the Mort~tagre may
m$ke auch repaire aa in its diecretion it may deem n~cessary for t~e proprr greservation theiee~, nnd the full amount
of each ~?nd every auch payment s6a11 be due ~nd pqyable tLicty (30) daye after demand, aad shall be eecured by
t6e liea of thie mortgage. ~
6. He wnll pay all snd siagtilar tbe coet~e, chargee~and expeenees, includiag reesonsble L~vqer'e fees, and oosta
of sbstra~cts of litle, incurrecl or paid at uny time by t6e ortgagee beceuee of the failure on the part of the Morigegor
promptly and fully to perform the agreements and ouvenante of said promisaory aote and this mortgage, and said
eoata, cLarges, and e~cpenaes ahall be immediate~y due and payable and shall be eecured by the lien of this mortgage.
7, He will aontinuous~y maintsin hazard inaurance, of euch type or types snd am~unte as :4iortgagee map
from time to time require, on the impmvementa now or Lereaiter on said premises and eacept wLen payment
Ior all such premiums has~ theretofore been made under (a) of perasrs~h 2 hereof ~e will pay promptly when
due any premiuma thcrefor. All insursnce shall be carried in compames appmve~ by 11~iorigagoe and the poli-
cies nnd renewala therooi ahall be held by Mortgagee and bave attached thareto loes payable clauses in iavor of
and in form acceptable to the Mort~s~ee. In event of loss hewill give immediate notice by mail to riortgagee,
•nd Mortgagee mey mske.proof oi Ioea if not made pmmptly by Mortgagor? and each insurance oompanp
ooncerned is hereby~authonsed and direeted to make payment for such loes d~rectly to Mortga~e~e instead of
to l~lortgag~or and Mortgagee ointly, and tLe i~nrs~~ proceede, or any part thereof, map be applied bp Mort-
gagee st its option either to ~e reduction of t~ indebtednesa hereby secured or to the restorat~on or repair of
t6e property dama~ed. In event of foreclosure of tLis mo~t~a~, or other tcanafer of title to the mortgaged
praparty in ez4ngu~menti oi the indebtednees secured Lereby; all right, title, and iat~erest of the Mortgsgor
in and to any inaurance policies then ia foroe shaU p~ss to the purchaser or grantee,
8. Tf tl~e preni~ses, or an,r pari thereof, be candemned nnder t~he power oi eminent don~ain, or acquircd for
s public use, tliR dsniages awarcied, the proceeds for the taki of or the consideration for surh acquuition~ to
the extent ot the fuU amount ot the remaining unpaid ind~te'dnesa secured br this n~ongs~~, nrn 1?ercb~
assigaed to Uie Mortgagee, and his heirs or ass~gns, and shall be paid torihwith to said Mortgagc~ or 1~
ass nee to be applied on account of the laat ~naturing instsllments of such indebtc~dness; provided, )iowe~er,
the~ortgagee or his sssi~nee, nisy at~ hi~ distretion pa~ direct to the Mortgagor, lus lie'us or nssigns nn~ part
! or all o[ sucli aW-arcl; provided, that if the loan is guaranteed or insured, tlie conseut oI t}te gtturanlur ar insurnP
~ is obtained in advenca of said pat~nent.
? 9. The Mortgagee may, st any time pending s suit ttpon this mortgage, spply to the ~ourt hering jurisdict3on
! tbereof for the appointmenL of a receiver, snd guch eoust shall forthwith appoint a receiver of the premises oovered
€ hereby all arid eingular, including all and aingular the inoome, profits, issues, and revenues from whatever eource
~ derived, each snd every of which, it being eupreesly understood, is hereby mortgaged sa if epecifically ect forth and
deacribed in the granting snd habenduan clsuees hereof. Snch appointment ahall be made by euch court as an admitted
; equity and s mutter of absolute right to esid Mortgng~ee, and ~vithout r~f'erence to the adequacy or inadequacy of
~ the value of the pmperty mortgaged or to the eolvency or insolvency of said Mortgsgor or t3e defendants. Such
# renta, pmfits. income, issues, and revenues ahall be spplied by ~h reoeiver acxording to t~he lien of this mortgage
~ and the practice of euch oourt. In the event of any default on thep~ of the Mortgagor bereunder, the Mortgagor .
~ a~es to pay to the Mo on demand as a reseonable mont~ly rentat for the premises an amount at least
~ equivi?lent to one-twelith ( z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annual taxea, ass~sment~, water satRS, and insurance premiums for euch yeat
~ not covered by the ~for~aaid montbly paymenta.
~ 10. In the event of any breach of thia mostgage or default on tbe pait of the 1liortgagorf.or in the event tha$
~ 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 etipulations, sgreemenf~e, oondition~, and oovenants of eaid note and this mortg.-?ge,
~ sre not duly, promptly, uad fully performed; then in either or an~? such event, the said aggregate sum mentioned
~ in eaid note then remaining unpaid, with iaterest accrued to that time, and all moneya secured hereby, shall become -
~ due snd payable forthwith, or thereafter at the option of said Mortgagee, as fully and completel~~ as if all of the
~ aaid sums of money were originally stipu~ated to be paid on such day, anyLhing in said note or in this mortgage to
~ the contrary notwithstanding; and thereupon or theresfter, at the option of said Mortgagee, a~thout notice or
T~3 demand, suit at law or in equitp, may be pro~ecuted a8 if all moneys ~ecured hereby had matured prior to its institu-
~ tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and pa~ablc, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partisl
r' foreclosure of this mortgage, the mortgaged premises shall be eold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid: In such caee tbe provisions of this paragraph may again ba
= s?vailed of thereafter fmm time to time bp the biortgagee. 't
l 1. No waiver of uay oovenant berein or of the obligation eecured bereby ahall at any time thereafter be held
;=,=-3 to be a~vaiver of the terme hereof or of We note eecured hereby. ~
2. The lien of this instrument eball remain in full ioroe and ef'ffect during any postponement or extenaion of
We time of payment of the indebtedneee or any part thereot eecured hereby.
13. If tbe Mortgagor default in any of tbe oovenants or ag~+eemente contained herein, or in said no±,e, then the
Mortgsgce may pedorm the eame, and all e~penditurea (including rn.~aonable attorney's fces) made by the Mortga~ee
in eo doing shall draw interest at the rate provided tor in the principal indebtednesa, and shall be repa~•able
thirty (30) da~s after demand, and, together rvith intarcje6 and costa accrued thereon, shall be secured by
thie mortgage.
= 14. Upon the reqnest of the Mo~ the MorEgsgor sha1I ea~ecute and deliver s aupplemental note or
notes for.the sum or suros advanced by e Mortgagee tor the alteration, modcrnization, improvcment, main-
tenance, or repAir oi said premises, !or ta~ces or asee~sments against the same and for any other purpose autl~or-
;P.'~ ized hereunder. Ssid note or notes ehsll be secut+ed hereby on a perity with and as fully as if the ed~ ance
evidenced thereby were included in the note Srst described sbove. Seid snpplemental note or notes shall bear
interest st the rate provided for in the principal indebtedness sad a6all be payable in epproximatclS equal
monthiy paymenta for such period ss may be agreed upon by the ~creditor and debtor. Failing to n~re~ on the
_ maturity, the whole of the aum or sums so advanced shall be due and parable thirtv (30) dR~s eftcr ~l~mnnd
- by the creJit,or. In no event ~hall t4e maturity extettd beyond the ultimate ~iat,urity ot the note first .
described above. - r ;
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