HomeMy WebLinkAbout1633 tender to u?e• ~lurt~;u~~•~~ ~n a~•~•urduu~•~~ v?•u~~ u~~~ pn?v~.,wns u~ t~i~~ ~~ut~• se~•un•~~ u~~r~~u~•, tu~~ pa~n~~~ut ut t~u~
entirN indebl~~d~~~~? rrpre~ri?le~l tl?Nn~l,~•, tLe ~lorlguKee, aa tru,t~~~•, sl?Nil, iu ~•on~putii~K tL~• aiuu~u?t uf ,uel~
indebtedu~~as, ~•redit to 11u~ u~•~•ount of t~ie ~4ort ga~COr uuy ~•n•dit bulam•e reu?ainink uu~ti~r ~la~ pru~•i.i~ms oI (a)
of said par~rapl~ 2. thc~ri~ yhall I~e a de(ault under uny of th~~ provi~iuus of Ihis ~uortKu~?e rnsultin~; in u
public sale of the pn~iui~~~ cuvered ht~rel~~•, ur if the 11ortKuK~'e a~'<lu~rc~ tl~e pn?Ex~rty o11u~rN•~~~ atte~ ~I~~fault,
th~ ~iongagee, us trustre, st~sll appl~•, at the tiu~e o( the ~~omii~encNment of suc•h pra•~~r~liu~ ur ut the tiuu~
the propert~ i~ oth~rwise a~•yuired, the aniount then rruiainiii~ ~o ~•~Ndit of ~1ortKakor und~~r (a) of ~~uru~?raph •l
precedinK aa a cre~lit on th~ int~rest acc•rur~) and unpaicl and tl,e balan~~e to the prinripal th~~n rnn?uiiunK uupa~d
on ssid note.
- 4. He will psy sll taxea, saeeeements, water rst~ee, and other governmental or municipsl ahargea 6nes„ os
impositions, tor which pmviaion haa not been mede hereinbefore, and in delault thereof the Mortgagee msy psy the
e~?me; and that he ~+ill promptly deliver the o~cial reeeipte therefor to tha Mortgagee.
5. He will permi~. oommit, or suHer ao ~reate, imp~irment~ or deterioration of esid pmperty or any part thereof~
except reasonable wear and tear; and in the event of the failure of tl?e Mortgagor to keep t6e buildings on aald
nremiBea and thoae to be erected on aaid nremiees. or imorovement8 thereon, in aood reoair, the MortQaaee mav
malce sueh repsirs ae in ita diseretion it msy deem neceeeaty tor the pmper preec.rvation thereof~ and the full amoun~
of each and every such psyment s6all be due and psyable thirty (30) dsye after demand, and ehall be eecured by
the lien o[ this mortgage.
8. He ~vil! pay all and eingular the eo~ta, chargea and ezpeneee, including reaeonable lawyer'e feea, and ooste
of abstracte of title, incurred or paid at any time by the Mortgagee becauae of the failure on tbe part of the Mortgagor
promptly and fully to per(orm the agc~eements and covenanta of eaid pmmiseory note and thia mortgage, and said
oosta, chargea, and expen~es ahall be immediately due and payable and ahaU be eecured by the lien of this mortgage.
7. He will oontinuously maintsin hazard inaurance, of auch type or typee and amounta as Mortgagee mey
irom time to time require, on Lhe improveaaenta now or herestter on said premises~ and e~cept when payment
tor all such premiums has theretofore been msde under (a) of paragraph 2 hereoi~ he will pay promptly when
due any premiums thcrefor. All insurance shall be carried in companies appmved by I1lortgagee and the poli-
cies and renewals t6eceof shall be held by Mortgagee and have attached thereto losa payable cCauses in fsvor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and :1rlortgagee may make proof oi tosa if not mnde promptly by Mortgagor~ end each insurance c~ompany
ouncerned is hereb authorized and directed to make payment for such losa directly to Mortgagee instead of
to l~iortgagor and ~iort~agee jointly, and the insurance proceeds. or :.nf gart thercof, mas bc app7ied bs :~Sar~
gsgee at its option either to the reduction of the indebtedness hereby eecured or to the restorat~on or repair of
the property dama~ed. In event of foreclosure of t,his mortgage or other transfer of title to the mortgaged
property m extinguishment oi the indebtednesa secured hereby, a~l right, title~ and interest of the Mortgagor
m and to any insurance policies then in force shall pASa to the purchsser or grantee.
R. If the~ preiuisih, or un~• purt tlu•n•of, ix• c•ond~•nuu~d und~ r th~ poN~~r of ~~n~in~~nt da~iuui, ur a~•yitired for
a pubiie ust~, U~~ da~nuK~~s a~~•arde~l, thi• proi~~~e~ls for the takin~; of, or tht~ ~onsidcration for sa•h a~•yuisition, to
the ~~xtent of the full uuiount of ih~~ rrniainin~ 1111F)ill(~ indt•bt~•~Im:.ti si•c•urecl b~• thu niortka~;~~. ar~• hernb~-
uasikn~~d to 1h~• ~tort~a~;e~. uud his h~~in or u.c,i~;~~., .~n~l sluill iK• pui~l fortha•ith to suid ~1ortKa~;~~~• or his
astiiKnee to 1~ ~ppli~~~l ott a~~i~ouut of th~~ lust n?:~turin;: i~~ctalinu•nts of sui•L ind~•btedn~ws; pro~-i~le~~l. hc?~~•~~rer,
tLe ~lorigu~c~~ ur his .issikm~~•, ~uu~- ut his dis~•r~•tiou pa~- dir~~~•t to Ilu• ~Iortru~;or, l~is lu~it~ or u.;irns an~- part
or ~tl o( surh a~card; pro~ iil~~~l, thut if tlu~ loan is ~;uart~nt~~~~il or insurt•il, tl?a ronseut of th~~ guurat~tur or insur~~r
is obtained in advam~e of ,aid pu~•nu•nt.
9. The Mort¢a¢ee mav. at any time pendina a suit upon this mort~a~e. apply to the court havinR jucisdiction
thereof for the appointment of a receiver, and such court s6all forthwith appoint a receiver of the premiaes oovered
hereby all arid singular, including all and singular the income~ profite; issues, and revenues from whatever source
derived, each and every of which, it being expressly understood~ is hereby mortgaged s~ if specificslly eet forth and
described in the granting and habendum clauses hereof. $uch appointment st?all be made by such oourt as an admitted
equity and a matter of absolute rig6t to said Mortgagce~ and without reference to the adequacy or inadequscy of
the value of the property mortgaged or to the aolvency or insolvency of said Mortgagor or t'ae defendants. Such
rents, profits, inoome, issues, and revenues shall be applied by such receiver acoording to the lien of thia mortgage
j and the practice of such court. In t6e event of any default on the part of the Mortgagor hereunder, tbe Mortg,agor
agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesst
{ equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments psyable in the then cun~ent
~ year plus the actuel amount of the annual taxes, assessmenta, water rates, and inaurance premiums for such yesr
not covered by the aforesaid monthly paymenta.
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 suma of money herein referred to be not promptly and fully paid accordu'~g to the tenor hereof~ or in the
event that each and every the atipulations, agreements~ conditions, and oovenants 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 esid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, ahall bec:ome
due and payable forthwith, or thereafter~ at the option of said Mottgagee~ as fully and completely as if all of the
said sums of money were ori~nally stipulated to be paid on such day~ anything in said note or in this mortgage to
the oontrary notwithstanding; aad 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 with c~sts, expenses~ and allowances. In case of partial
foreclo~we of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due a.nd unpaid. In such csse 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 tiave thereafter be 6eld
to be s waiver of the terme hereof or of the note secured hereby.
12. The lien of this instrument shall remain in full force and eBect during any postponement or extenaion of
the time of payment of the indebtedneas or any part thereof eecur~d hereby.
~ I:i. If the Mortgagor default in any of the covenant9 or agreementa oontained herein, or in said note, then the
Mortgagee may perform t6e same~ and all expenditures (including reasonable attorney's fees) made by the MortgaRee
in so doing shall draw interest at the rate provided (or in the principal indebtednrss, and shall be repa~ able
thirty (30) days after demand, anJ, together with interest and costs acerued thereon, shall be secured by
this mortgage.
14. Upon t6e request of the Mortgagee the 1lortgaf;or shall eaecute and deliver a supplemental note or
notes tor the sum or sums advanced by the ~1ortgagee for the altecation, modernization, impro~ement, main-
tenance, or repair of said premises, for taxes or as.~essments against the samc and (or aa~• otlier purpose auit~or-
ized hereunder. Said note or noles shall be secured herebv on a parity with and as fully as i[ the acl~ance
evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear
interest et the rate provided !or in the principal indebtedness and s6s11 be pa~ able in appro!cimately equal
monthly pay ments for such period as may be a~.?reed upon by the creditor and debtor. Fail~in~ to agree on the
maturity, the whole oI the sum or sums so advanced shal) be due and pa~ able thirt~• (30) days after demand
by the creditor. In no even6 shall Lt~e maturi~y extend beyond the ult,imate ~iaturity of tt,e note first
described above.
p i FAGE 1~~ ~
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