HomeMy WebLinkAbout0024 trnder 1o the :~lurtKe~~•~~ in ac~~onlan~•~~ N•ith ihe provi5iu~i~? of th~~ not~~ ,~~~•urt•~l }~t•r~~h~-. ftill pa~•u?~•i~t ot ilu~
entire indehtt•~inc:~.~ rnprnventt~d th~~r~~l,~~, ihe !11ortKag~~e, x~ tru;tc~~•, shall, in ~•o~n~,uti~iK thr aiuuu<<1 of su~•li
indebte~u~•~, ~•re~iit to ti~c~ etc~•uunt c?t tl~c• \lort •a~;or an~• rm~iit t,alunc~~ r~~~uai~iin~; uncl~~r th~~ pro~~i.iuus of (fii
of said paraKraph 2. lt there shall L~~ a de[au~l undcr anr of tlie F)t0\'L`i10113 O~ IIIIS iuc?rt~;a~;~~ r~•sul~in~; in a
public sale the prnmu~~a covered hereL~•, ar if the \iorlgag~•e acquires ti~e prnp~~rt~~ o1lu~ra•is~~ nft~~r default,
t}~e ~1ortKaK~~H. as irustre, s!?all apply, at ti?~ time of the ~•oniinen~~e~~i~nt of suci? pro~•~•~~~lin~?s ~?r at tlie tinu•
the proEx•rt~- i~ oU?er~~?se ac•c~uired, 11u~ an~ount tl?en reniainit?K to crrd'st of ~Iort~;a~;or tu?~ii~r (a) of E~i?ra~rapli 2
prNCedinK as a~•redit on the int~~mat dccrurd and unpaid and the balauce to ih~~ prin~•ipal th~~n remainin~? unpxid
on se~id note.
4. He will pay sll Uuces, aeeeasmente, water rates, and other governmental or municipal, chargea~ finen, or
impositiona, for which provision he~ not been n:ade hereinbefote, and in default thereof the Mortgagee may pay tha
same; and that he will pi~omptly deliver the o6ciel reoeipte therefor to the Mortgagea.
5. He will permit, oommit, or suHer no waste, impairment, or deterioration of said property or any part thereof~
except rea:wnable wear and tear; and in the event ot the failure of the Mortgagor to keep the buildinga on said
premises and thoae to be erected on esid premieee~ or improvements thereon, in good repair, the Mortgagee may
make such repairs 8a in its discretion it msy deem necessary for the proper preservation thereof, aad the full amount
of ~~ach and every such paS ment ahall be due and payable thirty (30) days a[ter demand, and ehall be eecured by
the lien of this mortgage.
6. He will pay all and aingular the coste, charges, and eapenses, including masonable lawyer's fees, and oosta
of abstrACts of title, incurred or paid at any time by the Mottgagee because of the failure on the psrt of the biortgagor
prompth• and fully t4 perform the agreements and covenants of said promissory ndte and this mortgage, and said
coats~ c6arges, and expenses ahall be immediately due and payable and Ahall be eecured by the.lien of this morcgage.
7. He will eontinuously maintain hazard insurance, of auch type or types and amounte as Mortgagee may
from time to time require, on the improvements now or hereafter on said premises and e.~cept v~hen payment
!or all such premiums haa theretofore been made under (a) of paragraph 2 hereof,'he will pay promptly When
, due any premiums therefor. All insurance shall be carried in companies approved bp 1lfortgagee a~}d the poli-
cies and renew als thereof shall be held by Mortgagee and have attached thereto loss payable clausee m favor of
' snd in form acceptable to the Mort,gagee. In event of loss he wi11 give itnmediate notice by mail to Mortgagee,
- and ~fortgagee moy make proof of Ioss if not made promptly by tiiortgagor, aad each insurance company
concerned ~s hereby authorized and directed to make payment for Quch loss directly to 11-fortgagee instead of
to ~iortgagor and Mortgagee jointly , and the insurance proceeds, or any part thereo~, may be applied by Mor~
gagee at its option either to the reduction of the indebtedne,ss hereby secured or to the restoration or repair of
the property dama~ed. In event of forecloaure of this mortgage or other transfer of title to the mortgaged
property in ea~tinguishment of the indebtedness secured hereby, afl right, Litle~ and interest of the 141ortgagor
iu and to any insurance policies then in force shall pnss to the purchaser or grantee.
lf th~ prn~nist~s, or an~• purt th~~rnof, be' l`OIl(~P1UTled un~ler tlie pow~~~r of en?inent don~ain, or ac•~i ,u~'imd for
a pUbli~• use, tl~e dau?x~es aH•~rd~d, ihc~ proe~•~~ds for ihe takin~ oi, qr the consideralion [or suc•h acyut~ion, to
t~ie ~~xtent of the full amount of tle~• rc~mainin~ unpaid in~lebtedness seeured b~• tliis :~;ortKa~~•, arc~ liernb~•
ussi~?ned to thi~ ~iortga~ee, and his heirs or~ussiKns, und shall be pai~l [ortl~w•ith to said :~lortKa~ee or liis
assi~n~e to 1?e appli~~l on ac~•ount of th~~ la~t inaturin~ installn?et~ts of such indebtedness; pro~•i~lecl, 1?o«•e~er,
th~~ ~lori~;u~;t~r or i?ic ussiKn~~e, n~a~- nt his d~~i~rrtion pa~• dirnc•t to th~ Liortga~or, his hc~i~ or assi~;ns an~• part
i~r all ot ~u~•li K~~~ar~l; pro~-idt~d, that if th~~ lo:u~ is ~uarflnt~~d or insurrd, the consen! of 1}?c gunrantor or insur~•r
is ~htaiue~i in zui~-ance of said pa~-inc~ut.
j The :liortgagee may, at any time pending a suit upon t6is mortgage, apply to the court having juriedictioa
thereof for the appointment of a receiver, and such court shall fort6with appoint a receiver of t6e premises covered
hereby all and singular, including a11 and singular the income, pmfits, issues, and revenues from whatever source
; derived, each and every of which, it being expressly underatood, is hereby mortgaged as if specifically set forth and
` described iu the granting and habendum clauses hereof. Such appointment shall be made by such c~ourt as an admitted
~ equit~~ and a matter of absolute right to said Mortgagee, and without reference to the adequacS or inadequacy of
~ the ~•alue of the propert~ mortgaged_ or to the solvenc~ or insolvency of said biortgagor or t~e defendants. Such
2 rents, pro6ts, income, is4ues, and revenues shall be applied by such receiver according to the lien of this mortgage
; and the practice of such court. In the event of any default un the part of the Diortgagor heteunder, the Mortgagor
" agrec~s to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least •
~ equi~•alent to one-twelfth (!SZ) of the aggregate of the twelve monthly installments pa~•able in the then current
~ ~•car plus the actual amount of the annual tares, a.5sessments, water rates, and insurance premiums for such year
y not covered by the afores~id monthly pa~•ments.
# 1~ I. In the event of any breach of this mortguge or default on the part of the Mortgagor, or in the event that
any of said sums of money herein referred to be not promptl3 and fully paid according t4 the tenor hereof, or in the
- event. that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage,
~ are not duh•, promptly, and fully performed; then in either or any such e~•ent, the said aggmgate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
due and pa~•able forthwith, or thereafter, at the option of said biortgagee, as fully and completely as if all of the
said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contran- notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, withou~ notice or
demand, suit at lav~• or in equitp, may be prosecuted as if all moneys secured hereby had matui~ed prior to its institu-
~ tion. The :1lortgagee may foreclose this mortRage, as to the amount so declared due and pa~•aUle, and the said
~ premises shall be sold to satisfy and pa~• the sarne together with costs, expenses, and allowances. In case of partial
foreclosure of t.his mortgage, the mortgaged premises shall be sold subject to the continuing Uen of this mortgage
for the amount of the debt not then due and unpaid. In such case the pmvisions ~of thia paragraph ma~• again be
availed of themafter from Lime to time bv the ~iortgagee.
i t. I~o waiver of an~ covenant herein or of the obligation secumd hereby shall at an~• ti~ne thereafter be held
= to be a waiver af the terms hereof or of the note secumd hereb~•_
::2 The lien of this instrument shall remain in full force and ef~ect d~ring an~• p~~stponement or extension of
the time of pa}•nient of the indebtedne~ or an~• part theteof secured hereb~•.
1:i. If the ~1lurtgagor default in any of the coti~enants or agreements contained herein, or in said note, then the
:4iortRagee ma}• perform the aame, and all expenditure~ (including reasonable attorne}•'s fee~~ made b~• the'~lortqaQee
in ~ doing .hall draw- int~rest at the rate pro~•i~l~~l for iu the prin~~i~nl indebte~~irn~ss, and shall b~~ mpa~-able '
thirt~- (301 da~-s after detnand, and, tugettier witl? inter~st and custs necrue~l tLereon, sliall be ,~~~urrd by~
this mortgage. . "
1~. L'po~ the requrst o[ thn ~tort~;a~ee the liortgagor shall e~ecute and cleli~•er a suppie~rn~ntal riote or
- notf~s for the st~m or sums ad~-at~ced b~• t ie ~tortgagee for the altFration, m~~l~~rnizatiun, impro~•~~nu•nt, tnain-
tenance, or rcpa~r of said premises, (or tase~s or as~c~ccm~nts a~ainsG the satu~• an~l for aa~- otlier piirpo~~~ uuti~or-
iaed hereund~r. tisid notP or nr~tes shall h~ se~•;~rrd hereb~- on a pArit~• with and as full~• as if tlie ad~-ance
= e~•idenced therf~in- w~ere inclu~te~: in ihe note first dc:sc•ribe~l at,o~-e. ~ai~i supplcm~~ntal note or notes shail bcar
'y~ interest at the rate~ pmridcu for in the prin~ ~pal ind~btcdness and sl?all t~e pa~-able in approxitr.utE~l~• equa!
; monthl~~ pa~•m~nts f~~r such perio~l as ma~- be a~r~~ed u~n b~- the cr~ditor and debtor. Failink to a~r~~~~ un the
maturity; t~e .~-hole of thc sum or s~im. ~o a~~vnn~~e~i sf~fln r~~ ~i,~e a~,<i ~~a,~at~i~~ thirt~- da~-s aft~r ~Irmflnd
=:=3 b~ the creditor. In no e~~ent shall t}ie n~aturit~~ estend be~or~d the ulUtuate. r_inturit~• of tL~~ n~te first
deacribed abo~ e. ~ =
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