HomeMy WebLinkAbout2578 tender to the Mortgu~;~~e in accunluu~•~~ with the pruvisiu~?a u~ t~1~ot~~ ~~ured hc~n•b~•, full pa~•n?ent ot th~~
en~ire indebtedn~sa reprc~nted therob~. the MorlKugee~ aa lruater, ahall, in computin~ U?r siuou~~t ot such
indebieclne$s, credit to tlie account of tl~e ~1art Ke~or un~• c~rdit balancP rnmainin~ und~~r th~~ pruvuio~?s of (a)
of si?id paragreph 2. l~ there al~all be A default under un~ af the provisious of this u~ortga~e n~suU~n~ in a
public si?le of the premises covered hereb~. or it the Mortgagre a~•yu~res tlie pro~~rt~• otherw•cse after detault,
the Mortgagee~ as tn~te~~ si~all apply, st the tune ot tho ca~unenceuie~?t of such proceedin~,*s or at the timr
tha properi~ ia ot}~erwise acyuimcl~ the amount tl?en r~u~ainiog to credil ot I~4ortgagor undec (a) af paragrapli 2
preceding as a crc~iit on the ~nteresC accrued a~d unpaicl and tl?e balanee to tbe prtnc~pal th~n rn~naiiun~ unpaid
on said note.
4. He wiU p?y ell taae0. aeaeesments. water ratee, and other governmentsl or municipal char6es. 6ne0. or
impoeit~ons, ior wLich provision hae not been made hereinbefore, sad in defsult thereof the Mortgagee an~Y P~?Y ~
e~r?e; and that he will promptly deliver tha off'icial reoeipte therefor ta the Mortg~gee.
b. He will permtt, oommit, or suffer no waate, impairment, or deteriorstion of eaid property or any part thereoi.
~cep~ ~~b~ aear and tear; aad in the event ot the failute of the Morigagor to keep the buildwg,e on eatd
premieee and those Lo ba erected on sa~d premise0. or improvementa thereon~ in good repair the Mortgagee msy
make suc6 repeua aa m ita d~ec nt ~shall be due andn~y i~thir~Y (30) de?Ys dter demand, an~d ehaU be eecured b~?
of esc6 and every such psyme P~U'
t6e lien of t,6ie mort~e•
6. He will psy sU and dngu4ir t.6e oosta, chi?rgea, snd expenees. including reasonable lawyer's fees, and coeta
ai sbstracts oi title, incurred or psid at aoy time by the Mortgsgee becauea oi t6e failure on t6e part of the Mortgagor
w~p~y ~d d~'ex~ ~~shall be
!'~nnmeediatel due rand~
yable and pshai~l
b~e
eryecnred by thte
lien ofr
h~monrtl~8&
oosts, c6ar6es. i~e Y Pa
7. He will oontinuoue~j t~oeintqin hazard insurance, of aucL type or types and smounte as Mortgagee msy
trom Lime to time require, on Lhe improvements now or hereatter on said prenuses and e~cept vrhon payment
tor all such premiums hsa theretofore been made under (s~ of paragrePh 2 hereof 'he will pay promptly when
due any premiums thorefor. All inauranc~e ahall be canied in companieg approvec~ by I1lortgagee and the poli-
ciea and renewals thereof ahall be beld by Mortgagee and have ottached thereto loea payable ciauses in favor of
and in form acceptable to the Mor In event of loss he will give immediste notice by mail to Mortgag~e,
and Mortgaghereb
y~au
h
eri~p.ed and
~Led to n?elte p
Ymenti foi such 1~
rdirectl3 Mo ~~~gee instead of
ooncerned ~ereof, map be app~ied by Mortr
to Mortgagor snd biortgagee lointly , and the inaurance Proceecis~ or g°Y P~
gagee at its option either to the reduction of the indebtedne~ hereby eecured or to the restoration or repair of
the property dama~ed. In event of foreclosure oi this mortgage or other traosfer of title to the mortgaged
props; ty tn extanguishment of the indebtedness secured herebp, ail right, title. and interest of the Mortgagor
m and Lo any insursnce policies then in force ahall pASa to the purchaser or grantee.
8. If tl?e prnmis~5, or un~- part U~~~mof, Le eondemt~ecl under th~ poWer of en~inent~ douisu~, ur acc~uimd for
a public use, tlie dau~a~;es awarded, th~~ proeeeds (or the takinK o[, or the ~•onsideration for su~•L acqu~sition, to
the extent of the full s~nount of tl?~ rnmaining w?paid indebte~liicss serured b~' tl~is n~ort~a~e, arc liernb~•
assi~?n~Kl to tl~e 11ort~a~c~e, und I~ic heiR or us.Sign~, un~l sLnll tK~ pui~i Eortl~Nith to suid ~1ort~a~;~~~ or hi.ti
~iKnee to tx~ applied on ac~~oui~t of the lust n?aturu~~ installni~~nts of su~•h indcbtcdm~s: pm~i~l~d. ho~~e~er,
the liortKu~ee or his assiKnee, n~u~' at his cii.,i•rnlioi? par dirnct to ihe ~Iortga~or, his hei~s or ussi~ns an~ part
or all of such award; prov«led, tl~ut if the luun is guurant~•~~d or insured, U~e consent of ihe guarantor or insurer
is obtained in advance of said pa~-nu•nt.
'J• The Mortgagee msy, st anY time pending a suit upon this mortgage, apply to the eourt hsving jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premisea oovered
hereby all arid singular, including all and singular the inoome. ProSte. issuea. and revenues fmm whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecifically set forth and
described in the granting and habendum clauses hereof. Suc6 sppointment ahall be made by such court as an admitted
equity and a matter of absolute right to eaid Mortgagee~ and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the eolvency or inaolvency of said Mortgagor or t5e defendants. Such
i rents, profits, income, issues, aad rEVenues shall be appliE:: by such receiver according to the lien of this mortg,age
i snd the practace of such courk In the event of sny default on the parr of the Mortgagor hereunder, the Mortgagor
~ s~rees to.pay to the Mortgagee on demand aa a reasonable monthly rental for the premises an amount at least
equit•alent to one-twelfth (~Z) of t6e aggregate of the twelve montWy installments p~?yable in the then current
year plus the actusl amount of the annual taaes, as~snnente, water rates, and insurance premiums for such year
aot oovered by the aforesaid monthly paymenta
10. In the event of any b~each of thia mortgage or default on the part of the Mortgagorf or in the event that
any of esid sums of money herein refen~ed to be not pmmptly and fully paid according 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 sggregate sum mentioned
in eaid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall beoome
due and payable forthwith. or thereafter, at the option of said Mortgagee, as fully and completely as if all of the
eaid sums of money were ori~inally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; aad t6ereupon or thereafter~ at the option of said Mortgagee, without notice ~r
demsnd, suit at law or in equity, may be prosecated as if all moneys secured hereby had matured prior to ita institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount ao declared due and payabte, and the said
premiees ahall be sold to satisfy and pay the same together with costs~ expenses, and allowances. In case of p~rt,ial
foreclo~ure of this mortgage~ the mortgaged premises shall be eold subject to t6e oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In snch case the provisions of this paragraph may again be
availed of thereaftsr from time to time by the Mortgagee.
11. No waiver of any oovenant herein or of the obligation aecured hereby shall at any time Lhereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
12. The lien of thia inscrument s6sll remain in full force and effect during any postponement or extension of
" the time of psyment of the indebtedness or any part thereof secured hereby.
13. If the Mortg~agor default in any of the covenants or agreements oontained herein, or in said note, then the
~
Mortpgee may perform the eame, and all eupenditures (including reasonable attorney a fees) made by the MortgaRee
in so doing shall draw interest at the rate providcd [or in the principal indebte~lness, and shall be repayable
thirty (30) days after demand, and, together with interest and costs accrued thereon, shsll be secured by
this mortgage.
14. Upon the request of the Mort,~a~ee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanceci by the ltortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for tar?es or as.aessments a~;ainst the samc and tor aa~ otlier purpose suthor-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as d the advance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall besr
interest at the rate provided tor in the principal indebtedness and s6all be peyable in a proximately equal
~ monthly payments for such period as may be agreed upon by the creditor and debLor. Fai ng to agree on the
msturity~ the wbole of the sum or sums so advanced shall be due and pa~•able thirty (30) dsys after demand
by t6e creditor. In no event ahall the maturity extend beyond the ult,imate ciatwity of tbe note first
described above.
Pi ~ .
E--t PA~E~~
. x~~x_.
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