HomeMy WebLinkAbout1462 teuderlt~ tl~~• \lurt~;:t~;~•~~ in ut•~•or~luu~•r H'itl~ lh~• {?~u~•i,iuns o~ tl~~• n~~t~• +~•~~ure•~I h~~r~~l,~•, full ~u~~n~~•i?t uf th~•
enti~e indebtrdn~ys rrpn•,~•nt~•d th~~reb tl?c+ :~ioriRa~re; :ui trutit~•~~. .h~sll, in ~•oiu~,utii~~? th~• uiuuuut ~~f su~•ii
ind~btN~lu~~.~~ ~•,~•~lit to tl~~~ u~•~•uunt ot t~u~ ~tort •a~;~~r un~• ~•redit baluu~•e~ reinuii~in~; un~l~•r tL~~ pru~•ision, c~f (u)
o( said paraKraph 2. If th~~rn si~ell tH• x~I~~tuu~t und~•r an~• uf th~~ pro~•i.yi~?ns uf thi, ~nortka~;~~ r~~,ultin~; in
public sale ot thc prrn~u~~ ~•~n•c~ed lu•rrb~•, ur i( tla~ :~lortKaK~~~~ a~•qu~rcs tlu~ propt•rt~• u~hrr~•u~• uf~~~r ~i~•fault,
thp ~1ort~ee, ~ trusl~•e, shall s~ppl~•, at ti~N tiuu• of the ~•uii?u?enc~•n?ent af such pro~~~•~~lin~,?s or u1 th~ tim~~
the propcrt~• oth~•rwi~~~ xcquirnd, the un~ount ihem m~iaininK to ~•r~~dit ut'~tort~;a~;or uud~~r (,s) of ~,:~ru~;ra~,h 2
precrdinK aR a~•rndit on th~• iuter~•st u~•~•ru~~d and unpaid and the balan~•~ to the pr~nc~pal th~~n r~~~i~xinin~ unpaid
un suid notP.
4. He ~vill psy ell taxea~ ae~menta, we?ter ratee, snd other governmental or municipal chsrgea~ fine0. or
impoentione~ for which provision haa not been made hereinbefore~ and in default thereof the Mortgagee may pay the
eame; end that 6e wiU promptly deliver the official receiPtn theretor to the Mortgagee.
5. He will permiL~ oommit~ or sutfer no wsate, itnpairment, or deterioration of said pmperty or any part thereot~
except reaeonable wear and tesr; and in t6e event of the failure of the Mortgagor to keep the building,a on said
premises and thoee to be erected on said premiees, or impmvements thereon, in good repair, the Mortgagee m~?y
of
~ch and evp
ery eu b~PsYment lshall be due
ana
~e
yce
abie i~~iriy day ~cc~ ae~a, s~nd ehalihbe aeeured by
t,he lien of thia mortgage.
6. He will pay all and singular the c~osta~ charges~ and eapensee. including reasona4le lawyer's feea, and ooete
of abstracts of title~ incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenanta of eaid promiseory note and thia mortgage, and said ~
ooata, charges, and expenses shall be immediately due and payable and ahall be aecured by the lien of this mottgage.
He will oontinuously maintain hazard insurance~ of such type or typee and amounts as Mortgagee may
~+om time to time requir~t, oir the unprovements now or hereaiter on sa~d premises~ and eacept when payment
tor all such premiums h~ theretoforebee~'made under (a) ot paragraph 2 hereof~ he will gay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by 111ortgagee and the poli-
cies and renewals thereot s6a11 be held by Mortgagee and have attached thereto loss payable clausee in fsvor of
sad in form acceptable to the Mortga~ee. , In event of loss 6e will give immediate notice by mail to Mortgagee,
and ~'Iortgage~ may make prooi of ioss d not made promptly by Mortgagor, and each insurance eompany
coacerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of
to 111ortgagor and :~iortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Mor~
gagee at its option either to t~e reduction of the indebtednesa hereby secured or to the restorataon or repair of
the pmperty dama~ed. In e~ ent af foreclasure of this mortgagea,llor_~oh~ e~ le and interest of the 141ortga~gor
property in eatinguishment of the indebtedness secured hereby,
m and to any insurance policies then in force ahall pnss to the purchsser or grantee. „
R. If ihe pn•iuistw, ur un~- pt~rt th~•n•~~i. b~• ~•oml~~iiu?r~l u~?~ler th~ ~~~•~•r o( eu~iu~nt don~uw, or a~•yuir~~~l for
d public• ust•. th~ ~lama~~~c aw•ardcd. th~• pro~•~~e~ls for tl?c• ttikink of. or th~~ ~~onsid~ruti~n for surh ac'(~U4S1~1011, to
th~• ertent of ih~~ full aniount of iL~~ remainink unpaiil iud~~l~t~•~lu~~~.s s~~~•urnd b~- this iuort~u~~•. are~ I~emL~-
ua,i~m~~l to th~• ~lortKa}~~~~, uu~l his ht•in or u.si~~~,. :?n~l ,hull h~• p:?i~l (ortl~H-ith to ~ui~l ~1ort~;~~:~~~ or I~i..
wsiKnee to lN~ a{~plied on u~•~•ount ~?f th~~ lu:t niuiuru~~ i~i:tulliu~,uts of ,u~~h in~t~~bt~•~In~•ss: pro~-i~i~~~l, ho~c~•~-er,
the ~tortgu~~~~~ or I~is :~.•.•i~;iu•~~. nii~~• at 1?is ~li:~•n•ti~?n p:~~- ~iir~•~•t to !h~~ ~Iortru~?or, lii:: h~~ir or a:.;irus un~• pa~t
or ull af su~•h u~cer~l: pn~~•ui~•~I. [h.~t if th~~ lu:~n is ~uar:int~•~~~I or insun•~I, tlu• ~•on;~•ut of the guuruntor or insurc~r
is obtain~~~l in ud~•an~•e of ~ai~l pu~~n~~•nt.
The Diortgagee may, at any time pending a suit upon this mortgage~ apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the pmmises covered
hereby all arid singular, including sll and singular the income, profits, issues~ and revenues from whatever source
derived, each and every of which, it being expn~ssly undezstood, is hereby mortgaged as if apecificaUy set forth and
E 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 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
s rents, profits, income~ issues, and revenuea stiall be applied by such receiver according to the lien of this mortgage
F and the practice of suc6 court. In the event of any deisult on the part of the Mortgagor hereunder~ the Mortgagor
s agre~ to pay to the l~iortgagee on demand as a reasonable monthly rental for the premises an amount at lesst
~ equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
~ yesr plus the actusl amount of the annual taxes, as~essmente, water rates, and insurance premiums for such year
~ not oovered by the aforesaid monthly payments.
4_
~ 10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that
~ any of said ~uma 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, conditiona~ and covenants of said note and this mortgage~
are not duly, promptly, and fully performed; then in either or any such event, the said aggrcgate sum mentioned
~ in eaid aote then remaining unpaid, with interest aceraed to that time, and all moneys secured hereby, shall become
due and 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 stipulated to be paid on such day, anything in said note or in t is mortgage to
~ the oontrary notwithstanding; and thereupon or themafter, at the option of said Mortgagee~ without notice ~r
~ demand~ suit at law or in equity, may be prosecuted as if ail moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mort~age, es to the amount so declared due and payable, and the said
~ premises shall be sold to sat~sfy and pa~• the same together with costs, expenses, and allowances. In case of partial
foreclosure of this mortgage, t6e mortgaged pmmises shall be sold subject to the continuing lien of this mortgage
for the amount of Lhe debt not then due and unpaid. In such case t6e provisiona of this paragraph may again be
~
- availed of thereafter from Lime to time by the ~'Iortgagee.
11. No waiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terme hereof or of the note secured hereby.
~
t 12. The lien of this instrument shall remain in full force and effect during any postponement or extension of
- the time of payment of the indebtednesa or any part thereof eecured 6ereby.
l:i. If the Mortgagor default in any of the covenante or agreements contained herein, or in sa.id note, then the
= Mortgagee may perform t6e same, and all eacpenditures (including reasonable attorney's fees) made by the Mortgagee
in so doinK shall draw interest at the rate pro~•idcd for in the principal indebtedness, and shall bc repa~~able
thirLy (30) days after demand, and, together with interest and costs accrued thereon~ sl~all be secured by
this mortgage.
14. Upon the request of the :~fort~aKee the \tortgagor shall execute and deliver a supplemental note or
notes (or tt~e sum or sums ad~•anced by the ~iortgagee (or the afteration, modernization, impro~ement., main-
tenance. or repair of said premises, for ta~es or as.~essments against the samc and [or ea~• othcr purpose suthor-
ized 6ereunder. Said note or notes shall be secured hrreby on a parity Hith 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
'r== interest at the rate pro~•ided (or in the principal indebtedncss and shall be pati•able in approximately equal
- monthly pa}~ments for such period as may be a~reed upon by the creclilor and debtor. I~'ailin~ to agree on the
x'; maturity, the whole o( the sum or sums so ad~•anced shall bc due and pa~•able thirt,v (30) da~s after Jemand
y~~ by the cred~tor. In no event shall the maturit3 extend beyond the ullimate raaturity ot lLe note first
~:-w described sbove.
R=>-
80~~226 ~fi4b~ '
-
~ -
~ _ :
- - - _ ~ =