HomeMy WebLinkAbout2687 tender to the :~lu~tgugee in a~•cordan~•~• witli tlir pco~~i~i~ns of th~ not~~ secured h~~reb~•, full pa~iiu~ut of th~•
entire indeh~edness repreaNnted tl~erel,~•, the I~lortgagee, as tru.~tr~, shall, in c•anpu'tin~ the aniow~t oi suc•1~
indebtedness, credit to the account of tl~e Mort a~or an~• credit balance rnn?aininK undc~r the pmvisions af (s)
of said paraf;raph 2. If there yLall be a defau~t under an~• of the pm~•isio~?s of tl~is uiortga~?~ resuttiu~ in a
public sale of the premises covered hereb~, or i[ the Mortgagee acqu~rc~s the propert~• otherN~ist• aiter ~1~~(ault,
the MortgaF;~e~ as trustee, s}iall apply, at the time of the comuiencement of suci? prnceedinga or at the ti~n~~
the propert~• is otherwise acquired, the sn~ount then rc~uaining to cr~dit of Nlort~e~.;or under (a) of par~raph 2
precediug as a crndit on the inlerest eccrued and unpaid and the balance to the principal then remain~n~ unpatd
on said note.
4. He will psy sll ta~cee, aHeeeementa water ratea~ and other governmental or municipal chargea, finee. or
impoaitions, for which provieion hae not been made hereinbe[ore, and in defsult thereof the 1lriortgagee may pe?y the
eame; snd thst he will promptly deliver the offieial reoeipt~ thecetor to the Mortgagee.
5. He will permit, oommit, or ~sHer no wsate, impairment~ or deterioration of said property or an part thereof
except reseonable wear and t~ear; snd in the event of the failure of the Mortgagor to keep the bu ldinga on eai~
premises and thoee to be erected on eaid premiees, or improvements thereon~ in good repair the Mortgagee may
make auch repaire aa in ite diecretion it msy deem neoeeesry for the proper preeervation thereo€, and the full amount
of eac6 and every euch payment shall be due and puyable thirty (30) daye after demand, and ehall be eecured by
t6e lien of this mortgage.
6. He will pey all and aingular the coeta~ chargee. and e:penses~ including reasonable lswyer'e fcea, and oosta
of ebetracta of title~ incurred or paid at asytina~~ the Mortgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform the agreementa and oovenunte of se?id promiseory noLe and thia mortgage, and said
ooats, charges, and expenaea ahall be immediately due and payable and shall be eecured by the lien of this mortgage. .
7. He will oontinuously maintain 6azard insurance, of auch type or types and amounts as Mortgagee may
trom time to time require, on Lhe impmvemente now or hereafter on asid premises and ezcept when payment
tor all such premiums hsa theretofore been made under (a of paragraph 2 hereof ~e will pay pmmptly when
due any prenuums thcrefor. All insurance shall be carri~ in companies sppmve~ by biortgagee and the poli-
ciea and renewals thereoi shall be held by Mortgagee and have attached thereto losa payable clausee in favor of
and in form acceptable to the Mo~ee. In event of loss he will give immediste notice by mail to Mortgagee,
and ~4ortgagee msy mske proof of oss if not made pmmptly by Mortgagor~ and each inaurance oompany
ooncerned ~s hereby~authorized and directed to make payment for suc6 losa directly to Mortgagee instead of
to Mortg.agor and Mortgagee ointly, and the inaurance procceds, or any part thereof, may be apphed by Mor~
gagee at ita option either to t~e reduction of the indebtedness hereby eecured or to the restoration or repair of
the property dama&ed. In event of foreclosure of this mortgage or other transfer of title to LLe mortgaged
property m extinguishment oi the indebtedness aecured hereby, aii nght, title, and interest of t,he Mortgagor
m and to eny tnsurance policiea then in force shall p~s to the purcheser or grantee.
8. If the premis~s, or t?n~- parl thernof, Ue conden~ned under the poH•er of eminent don~sin, or acquir~~d tor
a public use, tl?e damages av?arcled, tlie pm~•eeds for the taking of, or the considerat.ion for such acqu~sition, to
' the extent of the full amount of tl~e reniaining unpaid indeUtedness secured b~~ tl~is n?ortgage, are 1?ercb~-
nssi~ned to the ~iortgagee, and his lieirs or assigns, and shall be paid (orthwith to said Mortgagce or }iis
assignee to t~e applied on ac~ow~t of the last matur~ng installments of sucl~ indebtedness; pmvided, however,
the ~iortga~re or his assignee, ina~• at his discretion par direet to th~ Mortgsgor, his heirs or assigns ans• part
or all o[ such award; prov~~led, that if the loan is guaraiiteed or insured, the consent o( t•he guarantor or insurer
i is obtained in advanc~ o[ said pa~•~nent.
~ 9. The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the court having juriediction
thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of the premisea oovered
her~by all arid aingular, including all and singular the income, proSts, issues, and revenuea from whatever eource
~ derived, each and every of whic6, it being expresaly understood, ia hereby mortgaged as if specifically set forth and
' described in the granting and habendum clausee hereof. Such appointment shall 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
the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or t~e defendants. Such
# rents, profits, income~ issues, snd revenues ahall be appGed by such receiver aceording t4 the lien of t6is mortgage
~ and~t6e practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
a _ a~eee to pay to the Mortgagee on demand ns a reaeonable mont~ly rental for the premiees an amount at lesat
~ equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly inata~lments payable in the then current
year plus the actual amount of the annual taxes, aseesaments, water rates, and insurance premiums for auch year
not oovered by the aforesaid 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 suma of money herein refen~ed to be not promptly and fully paid according to the tenor hereof~ or in the
& event that eac6 and every the etipulations, agreements, conditione, and cwvenanta of said note and this mortgage,
~ are not duly, promptly, and fully performed; then in either or any such event, the said aggregate 8um mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneys secure~ hereby, ahall bec:ome
~ due snd payable forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
esid sums of money were originally atipulated to be paid on such day, enyLhing in esid note or in this mortgage to
~ the contrary notwithatandwg; aud thereupon or thereafter, at the option of said Mortgagee, ~eithout 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 1liortgagee may forecloee 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 coate, eapensea, and allowsnces. In cas~ of partial
~ foreclosure of this mortgage~ the mortgaged premisea shall be eold eubject to the continuing lien of this mortgage
~ for the amount of the debt not then due and unpaid. In auch csse the proviaiona of thia paragraph may again be
~ availed of thereafter from time to time by the Mortgagee.
11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be 6eld
~
F to be a waiver of the ternos hereof or of the note eecured hereby.
y 12. The lien of thia inatrument ehall remain in fuU force and etiect during any poatponement or extenaion of
~ the time of payment of the indebtedneee or any part thereof eecured hereby.
1:3. If the Mortgagor default in any of the covenante or agreemente contained hemin, or in eaid note, then the
Mortgagee may periorm the eame, and all eapenditures (including reasonable attorney's fees) made by the MortgaRee
v~ in so doing shall draw interest at the rate providcd for in the principal indebtedncss, and shall be repa~•able
thirty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
i4. Upon t6e request of the Mortgagee the Mortgagor shall eatecute and dcliver a supplemental note or
aotes for the sum or sums advanced by the titortgagee for the alteration, modernization, improvcment, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and for any other purpose autiior-
ized bereunder. Said note or notes shsll be secured hereby on a parity with and as tully as if the ad~ ance
n`a - evidenced thereby were included in the note first described above. Said s»pplemental note or notes shall bear
~ interest at the rate provided for in the principal indebtedness and shatl be payable in ap proximatcly equal
monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
msturity, the whole of the sum or sums so ad~anced shall be due and pa~•able thirty (30) days attcr dcmand
by the creditor. In no event ahall t,he maturity extend beyond the ultimate ~iaturity of tl~e nnte first
;~;5 described sbove. . ~
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