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HomeMy WebLinkAbout2165 Pll~l['N UII~CU~1•l~lll'~1 rrpn•~PII~~•lI UIN[Y!UY~ UIP ~lUK~B~!PP. M.`j IfU~tl`;•. ~I~n~I. i~~ ~~r~~:~.ui~~~F: i.~- intlrbt~lu~~ss~ ~•re~dit to the uc~•uuut I~ir Llorl Ke oc an~' crr~lit t?:tluui•~• rru?ui~iiu~, uu~l~•r ~hi• pn~~•i:iuu: uf (a) oi asid paraK~aph 'l. If tl~i~~~• sl~all bc a de(uult iinder ~?u~• uf th~ ~frovisiuu. of 1hi: niort~u~,~• r~•.ultiu~, in u public sa1N of tl« prriuu~~ ru~•ern~l h~•rel~~•, ur i( th~~ \lortga~;~•~• ai•qu~re. Il~i~ pro~H•~t~- ullu~~w•~..~• aft~•~ ~I~~fault, ttie !11ortKagee, x~ t~uat~~~~, shuil e?pply. ~at th~ tiuie of th~• ~•uuiuu•m•~~n?ent c?( su~•h pnN•~•r~lin~,?~ u~ ut th~~ tiiu~~ tl~e propen~ i.~c utl~rr~vi~• u~•quirnd. thN al•:ount then rru?einin~ tu ~•n~dit of \lort~;ny;o~ und~~r lal ~?f ~~urukrupl~ 2 precedinK u~ a i•n~lit uu tl?~• intenwl a~•cru~~d arnl w?puid end tlle bnlaui•~ to tlu~ prin~~ipal tl~~~n n•~uuiniu~; unpaid an said notN. 4. He ~ri!! pny all tsxes. eseeesments. wster rst~es, snd other governmental or municipet chsrges. 6nes~ or impoeitione~ for which provisioa hes not beea made hereinbefore. and in default thereof the Mortgagee msy psy the swne; snd t6st he will promptly deliver the o~cial n~oeipta therefor to the Mortgagee. 5. He will permit~ oommil, or suHer no waste, impairment~ or deterioration ot eaid property or any pect thereof. except reseonable we~r and tear; and in t6e event of the fsilure ot the Mortgagor to keep the bu?ld~nga on eaid premi~ea and thoee to be erect~ed on ssid premiees, or improvementa thereon~ in good repair~ the Mortgagee uuy make auch repsirs as in ite diacretion it may deem neceeeary for tbe proper preac.cvation thereof~ and the full sanounL of esch and every sucl~ psyment sball be due and psyable t~6irty (30) dsya sfter demand, s?nd shall be eecured by the lien ot thie mortgage. 6. He will pay all and singular the ooata~ chargea, and expensea~ including reasonsble lawyer's feee, and ooeta of abstrscta of title, incurred or psid at aay time by the Mortgagee becauee of the failure on the part of the Mortgagor ~promptiy aud fully to periorm the agreeaienta and oovenanta of esid pi+omiseory note and thia mortgage, and said ooeta, chargee. and expenses sha11 be immediately due snd payable and shaU be eecured by the lien of this mortgage. 7. He will oontinuously mainisin hazard insurance~ o! auch type or types and smounta ss Mortgagee may {rom time to time require, on the itnprovements now or hereatter on said premises~ and e.~cept when paymeat tor a{i such premiums has theretofore been made under {a) of paragcaph 2 hereof, he will pay promptly v?hen due any prenuums thcrefor. AN i~surance shall be carned in comPanies appmved by \lortgagee and the poli- cies and reneweis thereo! shall be held by 141ortgagee and 6ave attached thereto loss payable clausee in favor of and in form acceptable to the Mortga~ee. . In event oi loss he will give immediate notice by mail to ~iortgagee, and ~iortgagee may make prooi of ioss d not made pmmptly by ;tiiortgagor, and euch insurancs oompany ooncerned is hereb authorized and clirected to make payment for such loss du~ecUy to Mortgagoe instead of Lo ~iortg.agor and ~iortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to t~e reduction oi the indebtedness hereby secw~d or to the restorataon or repair of the property damea~ed. ln event of foreclosure oi this mortgags~ or other transfer of title to the mortgaged property in $xtinguishment of the indebtedness secuced hereby~ all nght, title~ and interest of the 1~lortgagor m and to any insurance poGcies then in force shall pnss to the purch~ser or grantee. R_ If the~ pri•ini.~~, or u~:~- purt tL~mof. i~ ~~ond~•mni~~f und~~r tlir po~~•~•r of cmiuc~nt doi~?s~~u, .?r ui•yuin•cl for a public us~~. Ih~ daini?~~~ u~card~d. th~• pm~•~•~•ds for th~~ takin~ of. or th~~ ~•unsid~n~tion for su~•h u~•qui.,~t~on, to th~~ ~•xtent ~~f the full umount of thr r~•iuui~~in~; unpui~i in~lrbt~•~hu~, ci•rur~•cl h~- tl~i; ~~iort~?:~~~~. an~ lu~mb~- u~.i~:n~•d lo tl~~• ~lort~A~;~•~. iuul hi~ hi•i~ or u~;i~ns, :uid ;I~:~II Ix• pui~l furtl~~~•ith to .t?id ~lortks~:~•~• :u hi.. u~~i~n~~• to tx~ appli~•~I on a~•~•out~t uf th~• lu:t ~uuturin~ in.~alLiu~nt~ uf w~•h iud~•bt~~dm~.+: ~~n?ri~l~~~l. lin~~-~•~•er, tli~ ~Iort~?u~~~c• or li~, :LC;ikn~•~~, inu~• ut I~ia du~•r~•ti~?n pa~- ~lin•~-t to th~• ~Iortru~ur. l~i, h~~irti ur :~:,i~u+ :~ur +?urt ur ull of su~•1~ u~~ard: pro~•iil~•d. th:?t if th~• luan is kuarauu~~r~l or insun•d. tl?i~ ~•onse~~t uf th~• guari~nl~~r ur in~ur~r is obtaine~l in ad~•anr~ c?f sHid pu}~~u~~nl. The 1~iortgagee may. at any time pending a suit upon this mortgage~ apply to the court having juriadiction thereof the app~intment of a receiver~ and such court shall forthwith appoint a n~oeiver of the premises oovered herehy a!I sud siagular~ including all and singular the income. pro5ta, issues, and revenues from whatever source derived, each and every of which. it being exprc~ssly understood~ ia hereby mortgaged as if specificaAy set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such oouri as an admitted equity and a matter of absolute right to said l~iortgagee~ and without reference to the adequacy or inadeyuacy of the value of the pmperty mortgaged or to the solvency or insolvency of said Mortgagor or t!?e defendants. Such rents, pmfits. income~ issues, and revenues shall be applieJ by such reoeiver according to the lien uf this mortgaga and f.he practice oi such cour~ In the event ot any default on the part of the Mort$agor hereunder, the Mortgagor agrees to pay to the 11Sortgagee on demand as a reasonable montWy rental for the premi~es an amount at least ; eqwvalect to one-tael[th (~y) of the aggregate of the twelve monthly installments payable in t6e'then current i year plus the actusl amount of the annual t~uces, assessments, water rates, and insurance ptemiums for such year ~ not covered by the tJoresaid montWy paymenta 10_ In the event of any b-each of this mortgage or default on the part of the Mortgagor; or iu the event that i any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that each and every t6e stipulations. agreemPnts~ conditions, and covenants of said note and this mortgage, are not duly, pr~mptly, and fully pedormeci; then in either or any such e~~ent~ the said aggregate sum mentioned in eaid note then remsining unpaid~ with interest accrued to that time, and all monevs secured hereby, shall become due and payable forthwith~ or thereafter. at the option of said 111ortgagee, as fully and completel~ as if all of the esid sums of money were originally stipulated to be paid on such day, anyt6ing in said note or in this mortgage to the contrary notwithstanding; and thereupon or themafter, at t_he option of said Mortgagee~ without notice or demand~ suit at law or in equity, mny be prosecuted a4 if all mone~ s secured hereby had matured prior to its iustitu- tion. The Nlortgegce may foreclose this mo: tRage, as to the amount so declared due and payable~ and the said premises shall be sold to satisfy and pay the same together with oosts~ expenses, and allowances. In case of partisl forerlosure of this mortgage, the mortgaged pmmises shall be sold subject to the oontinuing lien of this mortgage for the amount c~f !tie uebt :hcn due snd unpaid. In suc6 case the provisions of chis naragrap6 may again be availed of t6ereafter from time to time by the Diortgagee. No waiver of any covenant 6erein or of the obligation ~ecured hereby shall at any ti~ne thereafter be 6eld to be s waiver of the terms hereof or of the note secured hereby. 12. The lien of this inscrument ahall remain in Eutl foroe and effect during aoy postponement or extension of Lhe time of payment oi we inde~fi~eaness or any part t6ereof secured hereby. 1:3. It the Mortgagor default in any of ihe covenant9 or sgreements contained herein, or in said note, then the L:ortgagee may ~:::orm the $ame. and all expenditures (inclu~ing reasonable aitomey's fecs) made by the 1~SortgaRee i ~ in so doing shall drav? interest at the rate pro~~i~led for in the principal indebt~dn~, and shait be rrpa~ able thirty (30) da}s att,er demand, and, together with interest and costs ~crued l,hereon, shall be secured by ~ this mortgage. 14. Upon the request of thc ~iort~a~ee the ~iort,€;a{;or shall eaecute and dcliver a supplemenlal note or notes (or the sum or sums ad~ anced by the ~1ortKugee for ~he alteration, modernization, impror~~ment, main- tenance, or rcpair of said premises, tor tax~~s or as.~cssments a~;ainst the samc and for an~ other pur~>ose author- ized hereunder. Said notr or noles shall be secured herehy on a parity H ith and as fully as it the aci~ ance evidenced thereby were ineluded in the note fi~~ dASCribed above. 5sid snpplem~ntal note or notes s}?all bear interest at~the rate pro~ided for in the principal indebtedness and shall be pa~able in approrimxtelr equal monthly pay ments for such period as may be a~;reed upon by the creditor and debtor. Failin~ to agree on the maturity, the whole o( the sum or sums so ad~anced shall bc due and pa~•ahlc thirt~ (30) days aftcr dcr.~and by the creditor. In no event shall t6e maturity extend beyond t6e ultimate ciaturity o( t6e note 6rst described above. gaRK z~~ ~~~Ez~s~ r _ _ s. E _ _ _ _ ~ _ . - _ "~`=~r~ . . ~ -~i _ . .