HomeMy WebLinkAbout0997 tt•n~ler tu lht• ~1url~;i~~;~•~~ in u~•cunium•t• with th~~ ~~n?vi~iun+ uf ll?~~ n~?l~• ;~•cUn•~I h~~r~~l,~', fuU pu~•~ut•t~t uf tl~~•
rntire inde6tedu~•a~ rrpr~•,~•nted th~~r~~b~•. thi~ \1ort~akee, a.~ tru,~~~~~, .I~KII. in couiputii~~ ~h~• ainuunt uf ,u~•h
indebteJu~~sa, ~•reilit to tlu~ u~•~•ouut o! th~~'.1ott ~aRor un~• ~•n•~lit !?alun~•e rnu~aii~in~; un~l~•r th~• pn,~•i;i~~i~; of (a)
ot saiJ para~ruph 2. It tlu~rn sliall Ix• a defau~t wul~~r un~' ~o[ 1h~~ pro~•i~ious of thi: nu?rt~;uK~~ ri•;ultiu~! in a
public sale ot thi• prru~u~•s ~•o~•~~red hrret?~•, or it tiu~ ~tortKaK~~~~ a~•yuires tl~r pru~k~rt~~ otlu•rH~is~• aft~~r d~•fuult,
thP hlortgagee, u:; truat~~e. shall appl~•. at th~ tiiue of thr ru~~uuen~~~•u~eut c?f suc•h pnN•~~relin~,~s or at th~~ tiin~~
the pm~rt~• i.~ oth~r~ri3~~ ac•quirnd, the amount then rn~ueinin~ to ~•redit ot \lortKa~ur uu~i~~r (a) nf ~~ara};rnph 2
prcK~edinK as a rr~•dit on tiu~ inten•st accru~~) an~l unpaid and the balam•e to tht~ prin~•~pal th~•n ~~~uainu~~,~ uupaid
on said note.
4. He wiU pay sll taxea, aeeeeaments~ wster ratea. and other governmental or municipal chsrges, fines. os
impoeitione, tor which provision haa not been made bereinbefore, and in default thereof the Mortgagee msy pay tbe
aame; snd thst he will promptly deliver the o~cial i~eoeiptn theretor to the Mortgagee.
5. He will permit~ oommit, or suHer no ~aate~ impairment, or deterioration of said property or any psrt thereof.
e~ccept reasoaable wear and tear; and in the event of the failure of the Mortgagor to Iceep the buildinga on aaid
premi~es and thoee to be erected on esid premises~ or improyements thereoa, in good repair~ the Mortgagee msy
make such repaire sa in its discretion it may deem nec~sary for the proper presc.rvation thereof, and the full amounL
of each and every such payment ahall be due and payable thirty (30) dsys atter demand, and s6sll be eecured by
the lien of this mortgage.
6. He will pay all and aingular the oosts, charges~ and e:pensee~ including reasonable lewyer'a feea.~ and ~
of abatracts of title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promis~ory note and this mortgage. snd saud
ooets~ chargee, and expens~ees shall be immediately due and payable and shall be eecured by the lien of this mortg~ge.
7. He will oontinuously tinaintain hazard insurance, oi auch type or types snd umounta ss I?iortgagee may
from cime to time require~ on the improvements now or hereaiter on said premises, and except vvhen payment
tor all such premiums a~s R.here~,pfore been made under (s) of parsgraph 2 hereoi, he will pay pmmptlv when
due any premiums tharefor:' All insurance shall be carned in companies approved by I1lortgagee and tbe poli-
cies and renewals thereo! shull be held by Mortgagee and have attached thereto loss payable cfausea in favor of
and in form acceptable to the Mortga~ee. In event of loss he w•ill give immediate notice by mail to Aiortgagee~
and ~iortgagee may make _proo! of ioss if not made promptly by Mortgagor, and each insurance eompany
ooncerned ~s hereby suthonzed and directed to make payment for such loes duectly to Mortgagee instead of
to riortgagor and Mortgagee ointly , and the inswance proceeds, or any part thereof, msy be spplied by Mor~
gagee at its option either to t~e reduction of the iadebtedne,ss hereby secured or to the restorataon or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transier of title to the mortga~ed
property in e.Ytingu~shment of the indebtedness secured hereby, a~ll right, title~ and interest oi the 14iortgagor
m and to any insurnnce policiea then in force shall pasa to the purchaser or grantee.
R. If th~~ pr~~iuis~w, or un~- purt lhc•mof. l~ ~•an~l~~nn~~l uu~ler th~ ~H•~~r of eminent ~lou?u~n, or x~•yuir~~d (ar
a publi~• us~•. tlu~ du~~~aK~~s nH•arde~l. tlu• pro~•i~~~ds for th~~ takiuk of, or th~• ~•onsid~ration for su~•h acyu~s~tion, tc~
the extent of th~ full uu~ount of th~~ r~~niuiniu~ unpui~i in~lel~tt~~ln~•ss si•~•urnd h~~ ti~~ n~ortKa~~~. um hernbr
~issi~?n~~d to th~• \1ort~i~kee. uu~l {?i. I~~~ir ur :i~.,i~ns, :uul .1~:?11 IN• pui~l (orth~~-itl? to sai~l \tort~;ag~•~• or hi.~.
u~.siKnc~• to iN~ appli~~il on ~u•~•ow?t ~~f thi~ lu.t n~a~~uru~~ iti•tullui~~nt, of sw•L ind~~Ltt~~ln~•..: pn?~-i~l~•d. ho~?~•~-er. -
the ~1ort~?u~;~~~• ~~r his .~.~sikn~•~~, iiw~- ut i?ia ~li~~~n•lion ~?u~- ~lir~•~•t to Ih~~ ~Iort~akor, I«, he•in ur :i::itn. an~- part
or aU of su~•h u~canl; pro~-i~l~~~l. thut if th~• l~~un i, ku.ir.u?t~•~•il or in,ur~~d, th~• ronseut o( the ~?uurun~ur or ~nsurrr
is obtain~~d in a~l~ai?cr of sni~l pariu~~ul.
The 1liortgagee may, at any time pending a suit upon this mortgage, apply to the court having juri.9diction
thereof for the appointment of a receiver, and suc6 court shall forthwith appoint a receiver of the pr~mises aovered
hereby all arid singular~ including all and sing~~lar the income, profits, issuea, and revenues from whatever source
derived, each and every of whic6~ it being expressly underatood, is hereby morcgaged ss if speciScally see forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted
equity and a matter of absolute right to said Mottgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the sfllvency or insolvency of said Mortgagor or the deiendants. Such
rents~ proSts, income, issues, and revenues shsll be applied by such receiver according to the lien of this mort$age
and the practice of suc6 court. In the event of any default on the part of the Mortgagor her~under, the Mortga6or
agrees to pay to the Mortgagee on demand as s reasonable monthly rental for t6e premises an amount at lesst
equivalent to one-twelfth (~/12) o[ the aggregate of the twelve monthly installments payable in the then current
year plus t:~e actual amount of the annual taxes, assessments, water rstes, and insurance premiuma for euch yeas
not covered by the aforeeaid monthly payments.
10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event t6st
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 atipulations, agreements, conditions, and covenants of said note and this mortgage~
u+e not duly, promptly~ and fully performed; then in either or any such event, the said aggregate aum mentioned
in said note then remaining unpaid, wit6 intetest accrued to that time, and all moneys secured hereby, shall become
due aad payable forthwith. or thereafter, at the option of said Mortgagee, as fully and completely ua if all of tl~e
esid sums of money were originaUy stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter~ at the option of said Mortgagee, without not~ce 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 I~iortgagee may foreclose 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 c~ts, expenses, and allowances. In case of partial
forecloaure of this mortgage, the mortgaged pmmises shall 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 provisions of this para~aph may again be
availed of thereafter fmm time to time by the Mortgagee.
11. No vvaiver of any oovenant herein or of the obligation secured hereby shall at an} tiane thereafter be held
to be a wsiver of the terms hereof or of t6e note secured hereby.
12_ The lien of this instrument shall remain in full force and eSect during any p~stponement or extension of
the time of payment of the indebtednese or any part Lhereof 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 eame, and all expenditures (including reasonable attoroey's fces) made by the biortga~ee
in so doin~ st~all draN~ interest at the rate provided for in the principal indebtednc~ss, and shall be reps~able .
thirty (30) days after demand, and, toget6er with intere~t and costs accrued thereon, sl~sll be secured by
this mortgage.
14_ Upon the request of the Mortga~ee t6e :~'Iortga~or shall eaecute and delivcr a supplemental note or
notes for the sum or sums ad~ anced by the ~iortgagee far the alteration, modrrnization, impro~ ement, main-
tenance, or repair of said premises, for taxes or a~.~essments a~ainst the same and for en~- otLer purpose author-
ized hereunder. Said note or notes shall bc secured hereb~ on a parity with and as fully as if the ad~ance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be Parable in approzimatelti equal
monthly pay•ments for such period as may be a~reed upon by the creditor and debtor. Failin~ to agree on the
maturity, the whole of the sum or sums so ad~•anced shull be due and pacable t6irty (30} dars atter Jemand
by t6e creditor. In no event shalt t6e maturity extend beyond the ultimate raaturit~ of tt,e note first
described sbove.
BOOK ~~b ~'~Gf J ~S
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