HomeMy WebLinkAbout0326 tende~ to the I14ortge~;re in ~~~ur~pnrP w~u~ u~e ~~~sw~w o~ ~~~r M-....~..
entire indebtedneaa represen~~Kl therebv~ the Mort ee~ as tru.Q~ee, shall~ in con~puting th~ an?ount ot ~ucli
indebtsdness~ creciit to tlie account ot i~~e :~4ort gaRor any credit balance reuiaining under tl?c+ pro~isiona o[ (s)
of said pu'agraph 2. If tl~ere shall detault uade~ any of tlie provisio~~s of tt~is mortga~e n•sulting in a
public sale ot the prnmisea cbveced fiereb~, or if the Mortg+lgre acyuirea 11ie property oti~erw~se aftcr detault~
the Mortgogre~ sa truatee~ ahsU apply. at the tune ot the caiin~encement ot sucl~ proceedinge or at th'a i~;i2
the pmperty ia otherwise sequiceci, the smount then ren~aiaing to cr~it o[ Mortgagor uncler (s) of parag p,
preceding aa s credit on the ~nteresC accrued and unpaid snd tt~e balence to the principal then rrn?aining unpaid
on said notc. .
4. Hs will p~y all tsx~. ~+~eeeementa? watec raLes~ ~ad other ¢overnmental or municipnl char~es. 8ne~. os
impodtione, for w6ich provieion ~~er the oBi
'aal reoapta therefor to tha M tartg~gee. t6e Mo~t~,agee m~?Y P~Y ~
~ame; and tbaL be witl promP~Y
b. He will permiR~ o~mmit~ or suSer no waste, impsirment, or deterlorstion ot edd property or ~aY ~~hereo~
esoept reae~nsbk ~?r snd tear• and in t~he avent oE the tailure oi the Mortg~gor to keep the buildwg~s on ad~
preenises and those to be erecLe~ on said pnmises~ or improvements thereon, in ~ood repair the Mortg~gee msy
make_such rep~irs ~s in its disaretion it m~y deem neoees~rY for the ProP~ P~~!suon thee~eo~, and tbe full amount
oi each and every such p~yment ahsll be due aad p~?yabb thirty (30) dsys attAr demaad~ aad ah~ll bs secu:ed by
the lien of this raort~e.
8. He will p?y sU and eingulsr the ooats, chargee, and e~cPenses. including ra~eonsble 4wyer's feee, and oost~
of abstn?cts of titte, incun~ed or paid st any time by ths Mortgaaee be«?uee of the tailure on the part of the Mortgagor
P~P~Y ~ f~ ~ P~orm the agr~menta snd ooven~nte of eaid pmmieeory ~k snd this most~~e~ and esid
~ge~ sn expenees shaU be immediately due and psyable s?nd ehall be eec~red bY the lien d t~ua mortg¢ge.
7. Ha wiU oontinuo~t~ m4nt~aip ~~?zard inaw~ance, of such type or types and smounts as Mortgagee msy
from time to tiane requu83 6n Lhe improye~enta now or Lereatter on ssid premises sad ezoept ~vhen payment
e
tor aU such premiums baa theretofore been made under (a oi psra8n!Ph 2 hereof ~he wiU psy pmmptl when
due any premiums thorefor. All inauranee~6al~be ia comPawes spprovec~ by MotBa~ee and e poli
cies aad renewsla thereof shall be held by Moe~tgsgee wd 6sve attached thereto loss psYsble c~suses in favor of
and in form acceptable to the M In event of-losa he will give immediate notioe by msil to Martgsgee,
and Mortgagee mey mske ,proofa~~ ii not made pmmptly by Mortgagor, and esch inauranoe oompany
ooncerne~l ia hereby~autLorised and directed to make payment for auch loes directiy to Mortgagoe~
b
tead of
to Mortgagror and Mortgagee jointly, and the inaurancs proceecis, or any part thereof may be sppli y Mor~
e restoration or re
gagee at its option either to the reduction of the indebtednees herebY secured or t° psir of
the property damaped. In event oi foreclosure of this mortgsge or other transter of title to the mortga~ed
proper6y in extanguisLment of tha indebtednees eecured hereby, ~1 rigLt, title. sad interest oi tLe Mortgagor
m and to any waurance policies Wen in force ahall pnss to the purch~eer or gisntee.
8. 1f the preiuises, or an~ part tliereof, bc condeu~ned under tl?~ power of en~inent domam, or acquired for
a public use, tl~e dama~;es awarcleci. the proc•eeds tor the taking oi, or the consicierulion for such acqu~sit?on, to
the eatent of the (ull sii~ount of tlie rnmaining unpt?id inclebte~lness secured b~ this n~ortgeRe, arn l~ernb~'
ussiKned to tl~e :~lortgagee, and his i~eirs or ass~ns, u~?d sl~all tx~ paid fortl?with to said :~tort~age~ or l~is
assignee to ?x~ applied on aceow?t of the last ~i~nturin~ installnients of such indebteclness; pro~ided, howe~er~
the Mort~ee or his ~ssignee, ma~• at his dis~•retion pa~- clim~•t to tl~e Mortgagor, his 1?eirs or assigns an~ part
or all o[ such aNard; provuled, tl~at if thc loan is Kuarant~cd or insured~ the consent o[ the guucantor or insurer
to the oourt having juriediction
is obt9aln~e
e Mo
`irtgagee mayaat any'time.pending s suit upon this mortg,age, apply
thereof for the appointment of a receiver, and such oourt ahall forthwith appoint a receiver of t6e premises oovered
bereby all arid singular~ including all and aingiilar t~he inoome, profita, iasue8, sad revenues fmm whatever euuroe
derived~ each and every of which, it being ezpreasly. underatood~ ie her~by mort~aged aa if specificallY eet forth end
deecribed in the granting and 6abendum clausea hereof. Such appointment ehall be msde by such oourt as an admitted
equity and a matter of absolute right to eaid MortBsBee~ and without referenoe to the adequacy or inadequa~y ot
t~e value of the property mortg,saed or to the e~lvency or insolvency of eaid Mortg,agor or t'~e defeadsnta. Such
r~nta. Profits.,inoome~ ~suea, aad revenues shall be applied by such reoeiver a~oordin6 to tbe lien of thia mortgage
and the practaoe of such eourt. In fhe event of aay default on tbe pe?rt of the Mort~or hereunder, the Mo
a~ees to pay to the Mortgagee on demand ss a r~asonable mont~ly rental for the premieea sn amount st~
~ equivalent to one-twelfth (~z) of Lhea~ga
te of the twelve monthly installments psYabk in the thea aurre°t
~ year plua the actual amount of the annual taaea, sseeesmente, wster ratee, and insuraaoe premiuma for ~ch qear
~ not covered by the atoresaid montLlY PsYmente.
10. In the event of any b*esch of this mort~g,age or default on the p~art of the Mortgagor; or ia the event that
~ny of said euma of money herein refen~ed to be not promptly and fully paid accord'wg to the tenor hereof, or in the
event thst each and every the atipnlstiuns, agreements~ oonditione, and oovenants of said note and thia mortgage,
are not dulY. Pron?P~Y, ~ f~Y Pe~o~~; ~~~er or sny such event, the ssid agg~^egate s~m mentioned
in eaid note then remaimng wnpaid, ~vith interest accnied to that time~ snd all moneys eecured hereby, shall beoome
due and payable fortbWith~ or theresfter, at the option of seud Mort,g,agee, sa fully and oompletely ~s if all of the
asid sums of money were ori~nally etip~ilated to be P~id on such day, anyt.hing in said note or in this mortgsge to
the oontrary notwit6atandinB; and thereuPon or t6ereafter, at the option of said Mortgagee, without notice or
demand, suit at Isw or in equity, msy be pmsecuted as if aU moneys secured hereby had matured prior to ita institu-
tion. The Mortgagee msy forecloee th~s mortgage, as to the amount so declared due and payable, and the said
premiees shall be ~old to satisfy and pay the same together wit6 costs, expenses, and allowances. In caee of psrtial
torecloaure of thia mortgage, the mortgaged premises shall be sold eubject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such caee the provisiona of this Fara~aph ma; ag,sin be
availed of thereafter from time to time by the Mortgagee.
11. No waiver of any oovensnt herein or of the obligation eecue+ed hereby shall at any time thereatter be held
to be s wsiver of the terma hereof or ot the note eecured hereby.
12. 1'he lien of this inbcrument s6sU remain in full force and effect during any poatponement or extension of
the time of psyment of the indebtedneas or any part thereof eecured hereby.
13. If the Mortgagor default in any ot the oovenants or a~eementa oontsined her~in, or in esid note, then the
Mort~gee msy perform the eame, snd all e~cpenditures (including reasonable sttorney's fees) made by the Mortg~ee
in ao d 30 d~s aiter demandaand, togetphervwith interest snd nco~ts accrued thereon, shall~be secur~ by
~~~,y ( ) Y
this mortgage.
14. Upon the request oi the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced by t,he Mortgagee for the alteration~ moderniZation, improvement, mnin-
teni?nce, or repair ot ssid premises, for taxes or as.Qessments against the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as ~f the advance
evidenced thereby were included in the note first deacribed above. Said supplemental note or notes shall bear
intetest at the rste provided for in the principal indebtedness and shall be paysble in ap protimately equal
monthly psy ments for such period as may be egreed upon by the creditor and debtor. Fsiling to agree on the
maturity, the wbole of the sum or sums so advanced shall be due aad pa~able thirty (30) d4ys after demsnd
by the crediWr. In no event shall the maturity extend beyond the ultimate rsatunty of t6e nate first
deecribed above.
aQOK ~ ( PAGE 3~
~ .
_ _ _ -
.r ~ , -
~
-`~~.°ry- _