HomeMy WebLinkAbout2270 tQ1U~8~ ~O ~I18 i~~Ot~~;i?~,1'N ID ILCCACI~lllll'P N1~~1 ~~IC ~1POYll31UI18 OI IIIH IIOIC l3Nl'UCCII Ul•~t'u~. ~uu a~~ua-~~a v~ aan
entire indebted~esa reprc~rnted therebv, the Mortgugee, aa lruat~. shall~ in computing t}u~ ai~iuunl at such
indebte~lnesa, credit to tl?e account of tl~e 1~'Iort~w ~or st?y c~clii balunce rnmainin~ unci~r tho pro~ i~io»s uf (a)
of asid parugnph Z. If thern ahAll be s det~ult undec any o! th~ provisiona ot U~is u?ortga~e rPSUltinK in a
public sale ot the premisea coverecl iiereb~, or it the Mortgagee acyuu~ea the propert~ otherw~ae a(1er deta~lt,
the Mortgagee. se trus~er~ ahell epply~ at the tuue of the caiunencement o[ such proreedings or at U?e tim~
the property ia otherwise acquireci~ the smount then rewaining to crt?ciit, of Mortgagar under (s) af paragrapli 2
preceding as s credit on the inlerest sccrued and unpaid and tl~e balance to the priac~pal tl~en remain~ng unpa~d
oa aud note.
4. 8e will p~y ~il taxee~ aaeeaaments, ~?ster i'ntes, aad other government~l or municiPal chi?B~es. 6nee. oi
impoeit~ons, for wbic6 provieion has noL been made boreiabefore~ snd in default thereof tbe Mort~og~ee mi4Y PRY ~
~re; and Lhat hs wiU promPt~Y deliver the o~fiaial reoeipts theretor b the Mortg~gee.
b. He will pesmlt, oommit, or suHer no wa8te, impairmcnt, or deterion?tion of said property or y~srt Lhee~eof
except reaeonabb Mesr and teu; snd in the event ot Lhe fsilure ot the Mort~sgor to keep the b~iuldiaga on esi~
premises and those to be erected on eaid premises, or improvements thereon, in good repeir the Mortgagee me?y
make such repairs as in its diecretion it msy deem neoeeesry for L6e W'oPer Prescn!stion thereo~, and the full amount
of each and every euch psymen~ ehaU be due and p~,ysbb t~hirty (30) dsys dt~er demand, and elull be secured by
the lien of tLie mortg,a~e.
8. He will psy sU and dngulsr ths ooats. c6s~es, and exPene~, including reaeonsble Iswyer's fees, and ooats
ef sbetracts of title, incurred or psid ati any time by the Mortgegee becsuee of t,he fsilure on the part of t6e Mortga~or
promptly and full,y to pedorm the agiceemente aad oovenanta of esid promieeory note and thia mortg,nge, snd eaid
~ost,s„ chargee, and enpenses 1[uJl be imy~ediately due and paysble and shall be eeeured by the lien of tbia mortg~ge.
7. He arill oontinuous~y maintain hszard inenrsnae, of sucL type or types and amounts as Mortgagee msy
irom time to time require, on Lhe improvementa now or hereAtter on said premises snd except when psyment
tor all such premiums has theretofore been made under ~(s] of paragrsPh 2 hereo~ ~e wiU psy promptdy when
due sny pr~miurn~ tt~or~far. A3l iASUrsar.a shsll t~ carri.ed in compenieB ~pgrnv by I~iortgagee and the poli-
cies snd renewals thereof shsll be held by Mortgagee and have attsched Lhereto loas payable ctausee in favor of
and in form acceptable to tha Mo . In event of loss he will give immediste notice by mail to Mortgagee,
and Mortgagee may make proof~ if not made promptly by Mortgagor, and each insurance o~mpsny
ouncerned is hereby~suthorized aad directed to make payment for such lo~s du~ectly to Mortga~ee inatead oi
to Mortgagor and Mortgegee ointly , and the insurance proceeds~ or any part thereoi msy be apphed by Mortr ~
gagee at its option either to L~e reduction of the indebtedneea hereby eecured or to the restontion or repair of
the pmperty dama~ed. In event of forecloaure of this mortgege or other t~nsfer of title to the mortga~ed
pmperty ia eatu~guishmeat oi the indebtedneea secured bereby, ~1 nght, title, snd intereet of the Mortgagor
m and to sny inaurance policies then in force s6all pnss to the purchsser or gnntee.
8. If tLe preiuise•s, or an~ purt U~erno(. be rondenm~cl under th~ poWer of e~uinent• douinu~, or acquirecl ior
a publie use, tlie datua~;es av?arclecl, tl~e pro~•eecis for tl~e taking of, or the ~ansiclemtion for suc•l~ aequ~s~t~on, to
the ertent of U?e full a~i~ount of the rnmaining unpaid indebtednc~s serureci b~• tt~is inort~c, arn hernb~-
ussikned to tl« ~Zortgagee, and t~is I«irs or assiKns, un~l shaU tx~ puid fortl?w~itl~ to said :~fort~aKec or I~is
assignee to be applied on ac~•ount of Ihe lust n?ttturinK installiu~~uts of sui•L indebicdness; pro~ided, hoHe~er,
the Mortgagee or h~s assignee, wa~• at l~is dis~•rt~tiou pur din~c•t to ihe Vlortga~or, l?is heirs or ussigns an~• part.
or all o[ sucl~ award; pro<tled. ti~ut if the loau is Kuuruiite~•d or insurecl, th~ consent of tl~e guarantor or insurer
is obtained in advance of said pa~•ineut.
9- The Mortgagee may, at any time pending a suit upon this mort$age, spply to the o~urt hsving juriediction
thereof for the appointment of a receiver, and such court shall forthwith appoint a reoeiver of the premisea oovered
bereby all srid singular, including sll and eingular the income, pmfita, issuea~ and revenuea from whatever eouroe
derived, each and every of which~ it being expressly underetood, ie hereby mortgaged ea if speciscslly eet forth and
deecribed in the granting and habendum clsuses hereof. 3uch appointment s6a11 be made by such oourt sa sn admitted
equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the value d the property mortg,~ged or to the aolvency or inaolvency of said Mortgagor or t'~e defendante. Such
rents, profite, income~ ieauee, and revenues shall be applied by such receiver ac~ordiag to the liea of this mortg,age
' and the prsct~ce of suc6 oowrt. In the event of any defsult on the part of the Mort~gor hereunder~ the Mortg,agor
' a~ees to psy to the Mortgagee on demand as a reasonabk monthly rental for t6e premiees sn amount at leaat
~ equivalent to one-twelfth (~g) of the ag~egate of the twelve monthly installmenta payable in the then curm.nt
~ year plus the actual amount of the annual taues, a~nente, ~vster rates, and inauranee premiuws for s~ch year
not oovered by the afot~easid mont~lly payments.
10. In the event of any b*each of this mortgsge or default on the part of tt?e Mortgagor~ or in the event thst
any of asid suma of money herein referred to be not pmmptly and fully paid accordu'~g to the tenor hereof, or in the
event that ei?ch and every the stipulations, agreements, conditione~ and covenants of said note and this mortgage,
are not duly, promptly~ snd fully performed; then in either or any such event~ t6e said aggregate sum mentioned
in said note then remaining unpaid, with interest accrue~ to that time~ and all moneys secnred her~by~ s6ali beoome
due and psyable forthwit6, or thereafter, at the option of said Mortgagee, as Eully and completely ,ia if all of the
eaid sume of ~noney ~vere ori~nally stipulated to be paid on such day, anyLhing in said note or in this mortgage to
the oontrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without aotice or
demand~ suit at law or in equity, may be prosecuted as if all moneys eecured hereby had matured prior to ita institu-
tion. The Mortgagee may forecloee this mortgage, as to the amount ao declared due and payable, and the said
premieea shall be sold to satisfy and pay the same together with oosis, eupenees, snd allowancea In case of p~artial
for~closnre oi thia mortgage, the mortgsged premises shaU be sold subject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In suc6 caee the pmvisions of thia para~aph may again be
availed of thereafter from time to time by the Mortg,agee.
11. No ~vaiver of any oovenant herein or of the obligation eec~red hereby shaU at any time thereafter be held
to be s waiver of the terma her~of or of t6e note eecured hereby.
l2. The lien of this inscrument ehall remsin in full force and eHect during any postponement or extension of
tbe time of psyment of tLe indebtedneee or any part thereof eecured her~by.
~ 13. U the Mortgagos default in sny of the oovenante or agre.ements contained herein, or in said note, t6en the
~ Mortgagee may perform tbe same, and sll expenditures (including r~aeonable attorney's feea) made by the MortgaAee
in eo doing shall draw interest at the rate provided for in the principal indebtedness, and shal! be rnpayable
thirty (30) dsys after demand, and, together with interest snd costs accrued thereon, s6e11 be secured by
this mortgage. . ,
14. Upon t6e request of the Mortgagee the Mortgagor shali eaecute and deliver a supplemental note or ~
notes for the sum or sums advanced Dy the \tortgagee for the alteration, modernization, improvement, main- '
tenaace, oc repair ot said premises, for taxes or assessments against the same and tor any other purpose author-
ized 6ereunder. 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 6rst described above. Said s~~pplemental note or notes shall bear ~
interest at t6e rate provided for in the principal indebtedn~ss and ahall be payable in a pmiimstely equal ~
monthly psyments for such period as may be agreed upon by the creditor and debtor. Fa~ing to agree on the i
msturity, the wbole ot tha sum or sums so advanced shall bc due and pa~able t6irty (30) days a[ter demand ~
by the creditor. In no event s6all the meturity extend beyond the ult,imate r~aturity oi the note first
described above.
e:":s ?27 P~2~8
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