HomeMy WebLinkAbout0685 tendrr tu the \lurtKu~rt~ in u~rutd~tn~•~• witl~ thr pn~~isiut~ of ~i~~toU~ .rcun~d hernb~•, full µ?~•nu•nt u( tl~r
~ntere indrbtrdm~ repn~rutrd therrb~, ll~s ~iortgsgee, a~ tr~trr, shall, in cwu~~,utii~ thP ~u?uuu: ot sucl~
indebteuu~s, c•nYlit to tl?i• acrou~t of tl~e ~iq~t{~ ~Kur un~•.•~adlt !?ulau~~r mn?aiuiu~ uud~~~ the ptv~uiuus oI (a)
of s~id {wr~nph 2. I~ Iherr aliull ix• ~t de~a~lt u~~lc~r an~• of tt« NfOY1910118 O~ 1I~13 IIIO[tg~jr ~tyUIU11~ ltl N
puWic ssle of tt~e prnn~is~~ covered I~ereby, or if tt~e hlortgagre a~•ywrt~ tlte pmpr~t~ otherw~ aftc~ ~lefault,
the ;~lortg~gee, as truatee, si?all appl~. et the time o~ tt.e cauu~encen~ent o~ surh proce~e~lin~,ra or at tl~e tim~
the propen~• is otherwi~e acquice~l. thc an~ount the~ ~e~~~eini~R tu rredit of ?liortgaKor unclcr (a) o( Naru~raph 2
preceding as a credit on the interesl uccrued and unpaid ar?d the balance to the principal then rnu~ainiu~ unpaid
on said note.
4. He wiU psy dl taxea, ~eea~aaents, w~?tec rutes, ~n~d otber governmental ar municipal cl,at~, fines. oe
impositioas, tot which proviaion hae not been muk hereinbefore. snd in deisult thereot tbe Moct6~ ~1Y P~U? ~
a~me; aud :baL he will promptly deliver the o~cial reoeipta t6eretor to t~he Mortg~gee.
b. He ~rill permit~ oommit, ar auHer no waate, ianpairmeat~ or deterioration ot aaid property or sn~ theeeot
exoept e+e~onsbk weu and tRar• and in the even~ of the iai:ure of t6e Mortgagor to kaep the b' on eai~
premisee and thoee to be erectec~ on said premisea or improvementa thereoo~ in good repair We Mort6~ m4Y
mske auch repairs aa in its discretioa it msy deem neoee~ry for the proper predcrvetion thereo~, and the fult amount
of each and every euch paymen! s6all be due .nd P~r+~ ~Y ~?rs stter demaad~ snd ehsU be eecured by
tbe liea of tLis mori~gaae.
6. He wil! psy aU and eingular the ooste, clhu~e, and expense~. inctudin~ re~aonable lswyer'e fees, and oosts
of sbatncts of title, incurred or peid at aoy time by Lbe Mortgagee bec~wae of the failure on the part of the Mortgagor
promptly and fully to pedorm tbe agrcements and oovenanta of esid pr:•miaeury note anc~ this mort~e . and eaid
• ooste, charges„ :md expens~s shaU be immediately due and payable sad e6all be secured by the lien of t~is mortga~e.
7. Ne will oontinu~~tnsiatsia:h ~ps
uranoe~ oi auch typa or types sad amounte as Mortgagee msy
trom time to time r~equire, on the impro~~is novv or hereaiter on said premises and e.~cep~ ~vhen payment
tor all sc~ch premiums hsa tberetofore been mede under (e) of psragraph 2 hereof ~e will pay prompt1y whea
due aay premiums thcrefor. AYl insurance aba11 ba csrried in oompanies spprove~ by Aiortgsgee and the poli-
cies and renewals thereof s6all be held by 141ortgagee snd beve attachod thereto losa payable cCauses in isvor of
and in form aceeptable to the Mortgagee. In ev$nt oi loa3 he will give immediate notice by mail to Mortgagee,
and Mortgagee may make prooi of Io~a if not made prompWy by Mortgagor~ and each insurance oompany
ooncemed ia hereby authorized and directed to make payment for such Ioas directly to Mor~g~gce ia+stead of
to 1liortgagor and :liortgagee jointly~ and the inaurance proceeds. or any past thereof, may be appled by Mor~
gsgee at its option either to tbe reduction of the indebtedness hereby aecured or to the restorsWon ar rapair of
the property dama~ed. In event of foreclosure of this mortgage or other taanafer of titte to the mortgaged
property in extinguishmeat of tha iade~'.,edness aecured Lereby, sil right, title, and interest of the Mortgagor
m and to any insurance policies then in force shall p~?ss to the purchsser or grantee.
S. If tl~e preiuis~~s~ or unr p~rt th~rc~of, br con~l~mni•d un~lcr tl~e poH~r of ~miuenl danam, ur ncquirnd tor
a public use, tLe ~IemA~cs a~iarclecl, tl~i• pra•eeds for the taking of, or tl?c• ~onsiderution for surh aequ~sition, to
the extent af •lie (ull un~ount of tli~ r~niainin~ w~pai~i i~idrbt~•~lnc:cs ~ecurecl 1?i~ tl~is ~uort~agr, arn lietrb~•
assikned to ih~• ~tortKa~;ec. and hi.~ lit~ir~ or ~,.sikus, ~n~l ~I~all ix~ puid forthNith to ~id ~tort~a~e~ or his
r~si~nee to be~ appliecl on acc•~~unt of ihe last muturinr installuu•nts of su~•h ind~btMlness; pro~•i~lPd, ho~~erer,
thc ~iort~~r or his assiKn~, mu~ at his di.s~•n•tion pur din~•t to the ~IortgAKor, l~it lu~irs ur u.csinns anr part
or all of such award; pro~ideel, tli~?t i( thc louu is kuuru~it~c~l or i~~.surtYl, th~ ro~~ent of the guarantur or ii~.surnr -
is oblained in advance of saicl pa~•meut.
9. The Mortgngee msy~ at any time pending a suit upon *.bis mortgage, apply to the oourt hsviag juriediction
thereof fos the appoiatment, of a reeeiver~ and such oourt s6all forthwith appoint s receiver of the premiaes oovered
hereby ali arid sinqular, including sIl and singular the income, pro6ts~ issuea, and revenuea from whatever source
derived, each and every of which, it being e~cpressly underatood~ is hereby morLgaged sa if apeci6cally eet forth and
described in the grantiag and habendum ~;lauses hereof. Such appointment shall be made by such oourt as aa sdmitted
equity and a matter of absolute right to snid Mortgagee, and without reference to the adequa~y or inade~uacy of
We value of the property mortg,aged or to t6e solvency or inqolvency of said Mortgagor or the ddendsate. Such
rents. Pr~fite. income, issuea, and reven~ea s6all be applied by such reaeiver aooording to the lien of this mortgage
' and th~ practice of such courk In the event of any default on the part of the Mort~agor her~under, tbe Mortgagor
I a~,ees to p~y to the Mortgagee on dennaad as a reasonable monthly rental for the premises an amount at least
equivalent to on~twelfth (~z) of the aggregate of the twelve montlily installmente p~yable in the then current
year plua the actual amount of t6e annuat ta~ces, as~essments, water rates, snd insuranoe premiums for auch year
f not oovered by the dore8aid 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
~ aay of aaid auma of money 6erein refen~ed to be not pmmptly and fully paid according to the tenor hereof, or in the
event that each and every the stipulations, agreements, conditione, and oovenanta of said note and thi~s mortgsge,
are noti duly, promptly~ end fully pedormed; then in either or any such event~ the said aggregate sum mentio~d
in eaid note then remaining unpaid, with interest accrued to that time~ and all moneys secured her~by, shall beoome
due snd psyable forthwith, or thpreafter, at the option of said Mortgagee, as fully and completely as if al! of the
aaid sums of money +vere orig~nallq stipulated to be paid on suc3 day, any~Lhing in said no;e or in this mortgage to
the contrary notwrithstanding; aad thereupon or t6ereafter, at the option of said tliortgsgee~ without notice 3r
demand, suit at lavr or in equity, may be prosecuted as if all moneys secured 6ereby had matured prior to its insf.itu-
tion. T6e Morc~ee may foreclose this mortgage, as to Lhe amount so declared due and payable, and the said
premisea shall be aold to satisfy and psy the same together wit6 oosta, e~cpenses, and allowancea In ca~e of partial
foreclosure of this mort~gage. the mort.gaged prnmiszs shall be sold subject to the cantinuing lien of this mortgage
for the amount oi t6e debt not t6en due and unpaid. In sucb ce~e the provisions of this paragraph msy agaiu be
svsiled of t6ereafter from time to time by the Mortgagee.
11. No waiver of any oovenant 6erein or of the obligation ~ecured hereby shall at any time thereafter be held
to be s~vsiver of the terma hereof or of the note aecured hereby.
12. The Iuen of this instrument shall remain in full force and efiect during any po~tponement or extension of
the time of payune~t of the indebLeri~ss or ,wy part thereof secured hereby.
~ 13. If t6e 1blortgagor default in any of the oovenante or agreements contained herein, or in said note, then the
Mortgagee may pedorm the same. and all espenditures (including reasonabk attorney's fces) made by the MortgaAee
in so do"sng shall draw interest at the rate provi~led !or in the principal indebtedness, and shsll be repay able
thirty (30) days aiter Jemaad~ and, toget6er with interest and costs accrued thereon, shall be secured bq
this mortgage. -
14_ Upon the requesl, ~f t6e Mortgagee the Mortga~;or shall execute and deliver a supplcmental note or
notes for the sum or sums advancec! by lhe ~tortgagee [or the alteration, modernization, impro~ ement, main-
tenance, or repair of ssid premises, for taxes or a~essments egainst the samc and [or an~ otl~er purpose author-
ized hereunder. Said note or notes shall be secur^d hereby on a parity with and as fully as if the ad~ ance
evidenced thereby were included in the note 6rst deseribed above. Said supplem~ntal note or notes sha11 bear
interest at the rate pmvided tor in the principal indebtedness and shall be payable in approsimately equal
monthly pay ments [or such period as may be a~rced upon by the credilor and debtor. Fail"ing to agree on the
maturity, the whole o[ the sum or sums so ad~anced shall bc due and pa~•able tleirty (30) days after demand
by the credilor. In no event s6all the maturi~y eatend beyend lhe ultunate ~iaturity ot the note 6rst
des~ribed above.
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