HomeMy WebLinkAbout2775 tender to the Mortgegee in accordsnce aith the provisions o[ tl~e note secureci I~Prnbr, fuU pscment of t}~e
entire indebtedness represented therebv~ the Mortgagee, as trustee~ ahall, in computing tLe amount of such
indebtednesa, etedit to the sccount oi the :~iortgagur an~ crediL balance rnmaining under the' pro~~isio~is of (s)
o[ said paragraph 2, lf there al~all be a default under sn~ ot tlie provisioe?a of this iuortga~;c rnsuUin~ in s
public sale ot tl~e premisca covemd hereby~ or if the Mortgagee acquuea tlie propert~ otlierNUe afte~ de[ault,
the Morigagee~ as trustee~ sl~all spply, st the time ot the co~umencement of such proceedings or at il~e tii?iP
the propert~ is othPrNise acquired, the amount then xemainin to credit of I1lortgagor under (s) of parnKraph 2
preceding as u crediL on U~e interest acerued and unpaid and t~e balencP to tliu p~incipal tl~en reiuaiiiu~g unpaid
on said note.
4. He ~vill psy aYl taxee. a~esrnente, wster rates, and other governmental or municipat cbarges, finea, or
impositione~ for ~vLich provisioa has not been made herein6efore, and in default thereot t6e Mortgagee may pay the
eame; ~?nd thst be ~vill promptly deliver the o~cial reeeipca therefor to the Diortgagee.
b. He will permit, oommit~ or auffer no waste, impairment, or deterioratioa of said property or any part thereof~
eacept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildinRs on eaid
premises and thoae to be erected on said premisee, or improvemeaia Lhcrean, in g~wd reFaiq the Morigngce may
make auch repairs a8 in ita diacretioa it may deem neoeseary for the proper preeervation thereof, and the full amount
oi each and every euch payment shall be due aad p~y~able thirty (30) daya after demand, and ehall be eecured by
the L'en of thia mortgag8.
6. He will pay all and singular the eoat~e, char~s, and e~cpensee, including reasonable lswyer's fees, end oost~t
of sbstracts oi title, incurred or paid st any time by the Diortgagee because of the failure on the part of the Diortgagor
promptly and fully to pcrform the agreements and oovenanLs of said promis9ory note and this mortgage, and said
oosts, charges, and eupenses shaU be immediately due and pay able and shall be eecured by the lien of this mortgage.
T. He will oontinuous~y maintain hazerd insursnce, of such type or typee and amounts as :1Sortgagee map
irom time to time require, on the improvemente now or Lereatter an said premises and e~cept when payment
tor all such premiums has theretofore been made under (a) of psragra~h 2 hereoi,'he will pay promptly a hen
due any premiums therefor. All insurance shall be canaed in companiee approved by riortgagce and the poli-
cies and renewala thereof shall be held by Mortgagee and hsve attached thereto loss payable clausea in iavor of
and in form aoceptable to the Mortgagee. In event of loss he will give immediate notice by mail to rtortgagee,
and Mortgagee may make proof oi Ioes if not made pmmptly by Mortgagor, and each insurance oompany
ooncerned is hereby~authorized and direeted to make payment for such loss directly to biortga~e~e instesd of
to biortgagor and Mortgagee ointly, and tLe inausance proceeds, or sny part thereof, may be applied by Morw
gagee at its option either to t~e reduction oi the indebtedness hereby eecured or to tho restoraUon or repair of
the pmperty dama~ed. In event of foreclosure of this mortgsge ar othe~r transfer of title to the mortgaged
property in eutinguishment of the indebtedness eecnred bereby, a~l right, title~ and interest of the Mortgagor
m and to aqy insurance policiee Wen ia foroe shall pn9s to the purchsser or gn?ntee.
8. T[ the prnmises, or anr part thereo[, be condenined under the power ot eniinent doniain, or acquircd for
s public use, tlie dau~ages ewarded, tl?e proceeds for the taking of, or the consideration tor suc•!z ecquuition, to
the extent of U~e full aroount of thp remaining unpaid indebtedness secured b~ tliis niortg~r~, arn )iereb~
assigned to tlie I4lortgagee~ and his lieirs or assigc~s, and sl?all be paid torihwith to sni~i ~tortgaKc~ or lus
a4s nee to be applied on account of the lest ~naturmg installments of sucli indebtedn~s; pro~ i~~ed, liowe~ er,
the~sortgagee or h~s assipnee, may at~ his discretion par d'uect to tlie biortgagor, liis lieirs or ussigns on~ part
or all o[ sucli aw~arei; provideci~ that if the loan is guarantc~ed or insured, Lhe consent o! Uie guuraiitur or insur~r
; is obtained in advance of eaid pai-~nent,
f 9. T6e Mortgagee may, st any time pending s suit upon this mortgage, spply f,o the court hering juriediction
s tbereof for the appointment of s reoeiver, and guch eourt ehall fotthwith appoint a receiver of the premises oovered
hereby sll sad singular, including all and eingular the income, proSte, issues, and revenues from whatever eource
derived, each snd every of which, it being expressly underatond, ia hereby mortgaged as if apecifically set fori~ and
deecribed in the granting and habendnm clauses hereof. Such appointment shall be made by such court as an acimitted
equity and a mutter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
; the value of the property mortgaged or to the solvency or insolvency oi said Diortgagor or the detenciants. Such
~ renta, profits, income, issues, and revenues shall be appliecl by auch reociver according to the lien of this mortgage
€ and the practice of auch oourt. In the event of any default on thepart of the 111ortgagor bereunder, the Mortgagor
~ ~ to pay to the biortgagee on demand as a resaonable ~onthly rental for the premises an amount at least
~ equivalent to one-twelith (~2) of the aggregate of the twelve monthly installments payable in the then curmnt
~ year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiunos for euch year
& not covered bq the aforesaid monthly p~ymenta.
~ lO.In the event of any breach of this mortgage or default on the part of the 1lforf.gagor,.or in the event that
~ sny of said eums of money herein refened to be not promptly and fully paid according to the tenor hereof, or in the
event that each snd every the atipulations, agreements, cond'ttiona, and co~enants of said note and this mort~age~
are not duly, promptly, and fully performed; then in eit6er or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that~ time~ and all monetis secureJ t~ereb~~, shall become
~ due and payable forthwith, or thereafter, at the option of said Diortgagee, as fully and completcl~• as if all of the
aaid sums of money vrere origina113 stipulated to be paid on such day, anything in s~id note or in this mortkage to
~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Dtortgagce~ aithout n~,tice or
~ demend, suit at law or in equity, may be prosccuted as if all money s secured hemb~• had matumd prior to its institu-
tion. The Tlortgagee may foreclose this mortgage, as to the amount so declared due su~~ pa~•able, and tt~e said
~ premises shall be sold to satisfy and pa~• the same together aith costs, expenses, and alluwances. In case of partial
~ foreclosure of this mortgage, the mortgaged premises shall be sold subject to tl~e contenuing lien of this mortqa~e
_ for the amount of the debt not then due and unpaid. In such case the pro~isions of this paragraph ma~• again be
availed of thereafter from time to time by the I?lortgngee.
l 1. No waiver of any covenant herein or of the obligation secured hereby shaU at any timc lhereafter be held
- to be a~aiver oE the terme hereof or of the note aecured hereby.
_ ~ l2. The lien of thia instrument shall remain in full force and ePFect during any poetponement or exteneion of
the time of payment of the indebtedness or any part thereof secured hereby.
13. If the Mortgagor default in i+ny of the covenanta or agreementa contained herein, or in eaid note, then the
- Mortgagee may perform the same, and all expenditures (including rea.gonatile uttarney's fees) made by the ltortRa~ee
in eo doing shall draw interest at the rate pro~ idcd for in the principal indrLtedncss, and shall bc rePay le
thirt~ (30) days after demand, and, together wit.h interest and costs accrued tLereon, atiall be secure~y
thie mortgage.
s~
14. Upon the request af tbe Mortgagee the Mortgagor shell execute and deliver s aupplement$1 note or
notes for the sum or sums advancecl by the 1lortgagee tor the alteration~ modcrnization, impi•o~~~ment, main-
tenance, or repair oi said premises, for ta~es or as.~essments against Lhe same ap d for sny other purposc suthor-
= ized hereunder. Seid note or notes shall be secured hereby on s parity wit~ and as fully es if the ad~-ance
e~ idenced thereby v~ere included in the note first descriUed above. Said.siipplement,al note or notes sl,nll bcar
inlerest at the rate provided for in the principal indebteclncss and shall be pa~•able in approximatrl} equal
monthly pa~•ments for such period as may be a~recd upon bv the crcditor and debtor. Failin~ tv e~rei• on thc
maturit~•, t~~e H•hole of it?e sum or sams so a~i~•anced shnll ~be due an~l pa~-ahle thirt~• (3O) da~•t r+ft~~r cl~~man~i
~ by the creditor. In no er•ent sha11 lLe nialurity extend bc3-oud the ultiiiiate r~nturit~ ot tLe iic,te tire6
- described above.
- ~ f 2~3 ~,,~:E 2775