HomeMy WebLinkAbout1468 lrn~ler tu th~• \l~~rl~::?~;r~• iu ac~•~?nlum•~~ wilh ihe pruvisioi?. ~?f th~• n~~t~~ s~•cu~~•~1 lu~n•i,~•, full pa~•uu~~U of tlu•
e~~tin• indebtedn~•~ rrpn•~ent~•~i thrrnl,~•, tlu~ ~1ort~;uKee, a.~ tru.i~>~•. ~haU. in c~?~nputin~? th~• aiuount of ,u~•h
indebtedu~•~.~~ ~~redit t~~ tlu• a~•~•ount di t1Se ~1ur1 ugor An~'.~•r~•~lit l?ulun~•~~ rnn?uinin}? u~id~~r tlu~ pru~•i~ic»?s of (a)
of aaid paraKraph 'l. It th~~n• :?l~al1 be s d~fuu~i u~?,i~~ e~~~~ ~~r ~i«~ provi.3iona ot tliis u?ort~;u~;e r~~sultin~? in a
public sele o( the prr~~?is~~a ~•~?~•ernd h~•mhy, or if th~~ \tortKe?K~•c~ u~•quires thN pn~Ex•rl~~ Wh~•rw•~e uft~~r ~I~~fault,
the :~iortgugee, e?s t~uat~•~~, ~l~e~ll appl~'. at tl~r tune uf Ihe ~•o~unu•~ic•en~eut of sucli pmcer~link~s or at tl?e ti~n~•
the propert~• i.~ otht~r~vi~e acquired, ihe awow~t tlien rni~~e?it?inR ~o ~•rr~lit ot ~lor~Ka~;or un~i~~r (a) c?f ~,uru#~raph 'l
prece:li~?K ux a erndit ~?t? tiu~ intert•st aecrued and unpaid eud ihe balan~•~ to tlu• pru~c~pal th~~n r~~n?ainiuK uupxi~l
un said tiutP. '
4. He will pay sil taxea~ aeeeaements~ water rates~ and other governmental or municipal chargea, finee. or
impoeitione, tor which pmvision haa not been me?de hereinbefore~ and in default thereof the Mortgagee may pay tLe
eame; and that he will promptly deliver the o~cisl reoeipt~ therefor to the Mortgagee.
5. He will permit, oommit~ or suffer no wa8te, impairment, or deterioration ot said pmperty or aay part thereof~
e~ccept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the building,s on said
premi~es and thoea to be erected on said premiees. or improvements thereon, in good repair~ the Mortgagee may
make such repairs as in its discretion it may deem neceasary for the proper presc.rvation thereof, and the fult amount
of ench and every such paymen~ ahall be due and payable thirty (30) dsye sfter demand, aad sball be eecured by
the lien of this mortgage•
6. He will pay all and singular the oosta. charges~ and e~cpenaee, including reasonable lawyer's feea, and coste
o[ abstracte of title, incurred or paid af. eny time by the Mottgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform tUe'agreementa and'covenanta of eaid promiseory note and this mortgage~ and sa~d
oosts, charges, and expenses shatl be immediately due and payabte and shatl be eecured by the lien of this mortgage.
He will oontinuously maint,sin hazard insurance, of auch type or typee and amount8 as Mortgagee msy
trom time to time require~ on the improvementa now or hereaiter on said premises snd e.tcept when psyment
tor all such premiums hsa t6eretofore been made under (a) of pacagraph 2 hereot~'he will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by I1lortgagee end the poli-
ciea and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to t6e Mortga~ee. . In event of loss he will give immediate notice by mail to Mortgagee,
and ~iortgagee may make proof of toss if not made promptly by Mortgagor~ and each insurance oompany
concerned is hereby authorized and d'uected to make payment for such loss du~ectly Lo Mort~a~ee instead of
Lo bsortgagor and :liortgagee jointly , and the insurance proceeds, or any part thereof, may be apptied by Morw
gagee at ita option either to the reduction of the indebtedness hereby secured or to the restorstaon or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedne3s secured hereby, af I right~ title, and interest of the Mortgagor
m and to sny insurnnce policies then in force shall pnss to the purchaser or grantee.
R. If lhe pren?is~•,, or ut?~- N.?rt th~•r~•of. tx~ ~•oud~~iuu~•il tn~d~r the poH-~~r of c~n~inent don~um, ur ucyuired for
a public use, th~~ da~na~~•s uH•ar~i~~l, th~~ pra•~~~~~Is for thi~ ti?kiu~; of, or th~~ ~onsi~l~rution for suc•h acqu4,~Uon, to
ihe ~~xtent of tl~~ full iuiiount of th~~ reniaininK unpai~l in~l~bt~•~In~~ss serured b~- tLis niorl~age, am hernb~•
u~~i~n~~d to ih~~ \lort~a~?~~e, uu~l lii. hi•it~ or u.sirns, un~l .I~ull b~~ ~~uid forth~sith to ,uid ~lortgu~~~~' or {iis
assiKnee to tH• applit~~l ac~rount of thi~ lust nuituriu~ in;t:~lluu~nt. of su~~h iud~•bt~~~lm•~.s: pro~•i~le~l, 1?0~~•~~~•er,
tiu~ \lortgu~e~• ur h~. :~~;iku~~~•, ~~~u~• ut his dis~•r~~tion p~~~- ~lir~~rt to tl« ~fort~;u~;or, his.h~~irs or ua,i~~is an~• pnrt
or all ~?f su~~l~ :i~cHnl; Pmri~l~~l. thut if th~• lu~~u ~:u:~r:~nl~~~~il or insur~~d, the c•onseut of tl~e gu~ruutor or insurer
is obtained in ad~•~nc•e of ~aid pu~•~n~~nt.
!1- The 1lortgagee may~ at any time pending a suit upon this mortgage~ apply to the court having jurisdiction
thereof for the app~intment of a receiver, and such court ahall forthwith appoint a receiver of the premisea oovered
hereby all arid singular, including all and singular the income~ proSta~ iasue~ and revenuea imm whatever source
` derived~ each and every af which, it being expressly underatood~ is hereby mortgaged as if specifically set forth and
j described in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted
~ equity and e 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 solvency or insolvency oi said Mortgagor or t~e defendanta. Such
a rents~ pmfits. income~ issues, 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 on the part of the Mortgagor hereunder, the Mortgagor
; s~ees to pay to the biortgagee on demand as a reasonable monthly rental for ths premi~es an amount at lesat
= equivalent to one-twel(th (~2) of_ the aggregate of the twelve monthly installments payable in the then current
~ year plus the actusl amount of the annual taxes, assessments, water rates~ and insurance premiuma for such yeas
~ not covered by the aforesaic3 monthly paymenta.
~ 10. In the event of any b*eac6 of this mortgage or default on the part of the Mortgagor; ar in the event t6at
~ any of said sums oi money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each snd svery• the atipulations, agreements, conditions, and covenants of said note and this mortgage,
~ are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned
~ in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, sha11 beoome
~ due and payable forthwith, or thereafter~ at the option of said Mortgagee, as fully and completely ~s if all of t6e -
~ eaid suma of money were originally 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 notice ~r
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
' tion. The Mortgagee may foreclose this mortgage~ as to the amount so declared due and payable, and the said
~ premises ahall be sold to satisfy and pay the same together wit6 co~ts~ expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged prem~ses 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 paragraph may again be
availed of thereafter from time to time by the Mortgagee.
~ I 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time theresfter be 6eld
- to be a waiver of the terme hereof or of the note secured hereby.
12. The lien of thia instrument ahall remain in full force and effect during any postponement or extension of
the time of payment of the indebtednesa or any part thereof secured hereby.
' I:i. If the Mortgagor default in any of the covenanta or agreementa contained herein, or in said note~ then the
= Mortgagee msy perform the same, and all ezpenditures (including reasonable attorney's fees) made by the MortgaAee
in so doinK shall draw interest at the rate pro~ ided for in the principal indE•btednc•ss, and shall be repa~ able
thirty (30) days afcer demand, and, Logel6er with interest and costs accr~ed thereon, shall be secured by
:=s this mortgage.
_N 14. Upon the request of t.he Mortga~ee the :~tortgagor shall eaecute and deliver a supplemental note or
notes for the sum or sums ad~ anced by the ~iortgagee for t,he alteration, modernization, impro~ cment, main-
- tenance, or repair of said prc:mises, for taxes or a.s.~cssments against the same and for an~• other purpose sutlior-
ized hereundcr. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ance
evidenced thereby were included in the note first described above. Said s»pplemental note or notes shall bear
"'~z interest at the rate provided for in the principal indebtedness and shall be payable in a
pproximat,ely equal
monthly psyments for such periocf as may be a~;reed upon by tt~e creditor and debtor. Fai lit~ to agrec on t he .
maturity, lhe whole o( the sum or sums so advanced shnll be due and pa~•able tliirty (30) days a(ter Jemand
by t6e creditor. In no event shalt the maturity extenJ beyond lhe ultimate raaturity oi t6e note fi~st
f'=~ described sbove.
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~ . 226 ~ 146~
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