HomeMy WebLinkAbout2861 t~~ndrr to the ~lortKe~~~e iu ~u~runl~?n~~r witb the provisiuus ot tl?r no~~ s.cuntil t~rn•b~•. full pa,ru~el~t o( u~~ t
entire indebtednc~s n~pn~rnte~l thernbv. thP Mortgagee. aa truut~~~, shull. in co~aputing the an~uw?~ oi sud~
indebte~lnesa. crec1it to tl~r uceount o( Il~e ~tor1geKu~ sn~ cn~l~t balunce rnineiain~ und~~ tl~P pro~ i~ia?s of (a)
or s.id raph 2. It tl~ctr ali~ll bc • dPfault unile~ ~ny ot thr pru~isious of thi~ ~uortgs~e ~YSUltiu~; in a t
public sal~ the prcint~~s co~ered ~iereb~~ or if tl~e Mortge~re arqu~res the pro~rt~ otl~ervvuzr attec default. ~
the ~ioclg~gee. as t~uatee, sl~all ~Pply. ~t ~he lin~ of Ihe couuuP~cemeut ot sucl~ procMrli~iga ar at tl~e tiuir
tl~e ropert~~ ia otl~erwise ac uirecl. tt~e ~?mount tl~eq triuqu~i to enKlit of riortgagor uuder (a) of peragrapl~ 2 ~
p ay 1
preceding ss a credit on the intPCest ~ccrued and unpaic~ and t ~e bal4nce to U~e prtncipal tl~en re~uaiu~n~ unpaid
on said note. ~
4. He will pay all wcea ~eseaemeab, wate~ r~tes, and othee aoveramenLal or muaiciPal e6ar~es. 8aes. or
~npoeitions. for w6ieh prov~sion h~s no~ been made hereinbetore, and ia detsult thereot ths Mort~ee auU? P,Y ~
same; and t6at ~ will prompt~y detiver Lhe o~citl reoeipts tberetor to tLe Mort~ee.
b. He will permit~ oonnmi~, or suBer no waate. impsirment~ or deterioration of edd property a~ny part thereot
escept rwwnsble aear sad tear• end in the event of the tailure of tbe to keep the buiidingp on ni~
premises and t6ose to be erecte~ on s~id premiees, or ianprovementa tbereon, repair the Mostgagee m~y ~
make such npaiie aa in its discretion it may dcem aeoeeeary for t6e p'oPes P~esc.~vstioa thereo~ and the full amount
oi each and every such p?ynnent ehall be due and p~y~?b~s thir~y C30) daYs ~ttee demand~ an~ shaU be secured by
the liea of t6is nnort~e.
6. He will psy sll snd ein~ular the oosts, cbug~. and exPen~s. ineludin~ rasonsble Lwyer's fees, aad oosts
ot sbscracta ot ticle~ ;ncurred or p.id ac any tiwne by t~hs Mort~ee ba;suse ot ths fsilure oa Lhe part ot the Moitg~gor
P~P~1? snd fu1~Y ~o pedorm t6e ageementa and oovenanLs of said prommeory note snd t6ie mortga~e, and said
ooste, c6argee, and expensea shaU be immediaceiy due snd psysble and shsll be seeured by cbe lien oi this mort~gage.
7. He will o~ntinuoua~y maintain h~zard i~ataaoe, oi euc6 type or types snd amouats aa Mortgsgee msy
fmm time to time require, on the impmvemente now or hereatter on said premises and exoept when psymenL
tor all such premiuma h~a theretofore been made under (s of paragrsph 2 6ereof ~e will pa,y promp~,~y when
due any premiums thorefor. AU insuraaoe ahaU be in oompwies approve~ by I?1ortgag and t6e poli-
ciea and renewala t6ereof shall be Leld by Mortgagee and hsve a~tached theret~o 1Qea p~yable ~[a~uaes in favor of
and in form acceptable to the Mo In event oi losa he will give immediste notioe by mail to Martgsgee,
and Mortgsgee msy mske prooi~ if not made promptly by Mortgagor~ and each iasuraaoe company
y ea
ooncerned ia hereb authorized and directed to make payment for such loes directl to Mor es i~t~ead of
to Mortgsgor aad ~ortgagee ointly, and the insurance pmc~eda, or any Part thereof may be app 'ed by Mor~
gegee st its opwon either to t~e reduction of the indebtednesa hereby secured or to the restontion or repair of
the property dama~ed. In event oi foreclosure of tLis mortgage or other tranater of title to tLe mortgaged '
property in ext,ingwshment oi the iadebtedness aecured Lereby, a~l right, title~ and interesi ot the Mortgagor
m and to sny insurance policies Lhen in force s6all pnss to the purc6aser or grantee.
8. If tl~e prrmi.~s, or unr purt tl~cnwf. be roude~uncd undcr the powcr of en~inent~ don~nu~~ or acquitrd for
a public use. tLe dama~~~s a~arded, the proc•eecis for tl?e taking of, or the consiclerntion [or such acquisrtion, to
th~ extent of tl~e full un~ount o( tl~e rnmaining unpaid indebtrdnc~s sec~urccl br this mort~;e, arn herrb~•
ussi~;ned to th~• `tort~aKee, uud I~is h~i~s or ass?~;~u, und shull ix• puid forthv?ith to suicl ~1ort~age~ or his
assignee to lH~ appliecl on aci~ount of thr lASt u?uturu~~ installu~ents of su~•h indcLteclnrss; pro~i~led, 1?ovt~rer,
tl~c ~iorl~PC or 1?~s as~iKm~c. i~~u~ at l~is di~•ri~tion par dir~K•t to thc ~Iortga~or, l~is 1?ei~ or ussigi?s an~ part
or all o[ sucl~ uw•anl; pro~ idc~cl. tl~nt if the lou~i is Kuarnnt~d or insur~l, the consent o( the guurantur or insurnr
is obtainecl in advance o( said pa~'~uetit.
9. Tbe Mortgagee may, at any time pending a suit upon this mortgage, apply to the oouit hsvinB jnrisdiction :
t6ereoE for the appoiatment of s receiver. and such court shall forthwith.appoint s seoeiver of the premiees oovered ~
hereby all srid singular. including all a•~d ~ the inoome, profita, issues. and revenues from whatever eource ~
derived, each and every of a hic6, it being expressly understood. ia hereby mortg,aged as if apecifically set forth and
deacribed in the granting and habendum clsu~ea hereof. Such appointment ahaU be msde by such oourt as an admitted
equity and s matter of absolute right to said Mortgagee. and anthout re[erenoe to the adequa~.y or insdequacy ot
the value ot the property mortgx~ed or to t6e eolvency or inaolvency of said Mortg,agor or t'~e defendant8. Such
renta. Pmfits. income~ ~ssues~ aad revenuea shsll be appGei! by such receiver acoording to the lien of this mortg,age
and the practioe of such oourt. In the event of any defsult on the part of the Mort~agor hereunder~ the Mo
s,g~,eea to pay to the Mortgagee on demand as s reaeonable montWy rental for the p~emi~es an smouat s~
I~ te of the twelve monthl installmente psyable m the then current
equivalent to on~twelith (~2) of th~ aggrega Y
year plas the actual amount of tbe annual taxea, aseessments, wster rates, and insursaoe premiums tor snch year
not oovered by the aforesaid monthly psymenta
10. Ia tLe event of any b~+esch of this mortgsge or default on the part of the Mortgagor; or in the event t6at
uny of eaid euma ot money herein referred to be not pmmptly sad fully p~aid accord~'ng to the tenor hereof, or in tLe
event i,hat each and every the stipulations, a~ements, conditione, and oovenants of said note and t6is mortgage~
are not duly, ProwptlY, and fu11Y Performed; then in either or any such event. t6e ~id aggregste sum mentioned ~
in eaid note t6en remain?ng unpaid, with interest accnied to that time~ and all mouey?s eecured h~y, shall become
due snd payabk forthwith, or thereafter, at the option of said Mortgagee, as fully and oompletely ~a if all of the
eaid aums of money were originally stipulated to be paid on such day, anyLhing in asid note or in this mortg~ge to
the oontrary notwithstanding; aad ther~upon or thereaiter, st the option of said Mortgagee, without notice ar
demand, suit at law or in equit~, may be prosecuted as if all moneys secured hereby had matured prior to ita inatitu-
tion. T6e Mortgagee may forecloee this mortgage, as to the amount e~ declared due and psyeble~ and the said
premiees ahall be sold to satisfy and psy the same together w~it6 oosts, expenses, snd allawances. In csae of pattial
foreclosure of thia mortgage, t6e mortgaged premis~es shall be sold ~,ubject to t6e eontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In sucb caee the proviaiona of this parn.graph may again be
svailed of thereafter fmm time to time by t6e Mortgagee.
11. No waiver of say oovenant herein or of the obligation secur~d hereby ahall st any time thereafter be held
to be s waiver of the terme hereof or of We note eecured hereby.
12. The lien of t6is in6trument shall remain in full force and eSect during any postponement or extension of
the time of psyment of t6e indebtednees or any part thereof aecured hereby.
13. If the Mortgagor default in any of the covenants or agreements oontained herein, or in said note, then the
Mortgagee may perform the asme. and all e:pcnditures (including reasonable attorney's fees) made by the MortgaRee
in so do~ng shsll draw interest at the rete provided for in the principal indebtedness, and shall be repayable
thirty (30) days atter demaad~ and, Wgether with interest and costs accrued thereon, shal! be secured by
this mortgage.
14. Upon t6e request of the Mortgagee the Mortgagor shall e~cecute and delirer s supplemental note or
notes for the sum or sums advanced Dy the ~tortgagee (or the alteration, modernization~ improvement, main-
tensnce, or repair oI said premises, tor taxes or a~essments against the same and for an~ otiier purpose author-
ized 6ereunder. Said note or uotes shall be secured hereby on a pariiy with and as tully as it the advance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall beer
interest st the rate pmvided tor in the principat indebtedness and shall be payable in a prorimately equal
monthly pey ments for such period as may be a~eed upon by the creditor and debtor. Fai~ to agree on the
meturity, the wbole ot the sum or sums so ad~ anccd shall bc due and pa~ able thirt,y (30) days atter demand
by t6e creditor. In no event ahnll the maturit,y extend beyond the ultimste raa6wity of the note first
deacribed above.
8001(~.~.a7 PAGf
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