HomeMy WebLinkAbout0851 i'L,
trn~l~~r to tl~e ~loriMLy;r~• iu uc~•unla~?~•~• Nitl~ th~~ pruvui~~t~.c of tl~r uutr se~unvl hen~b~•, full {~u~•~u~•nl of th~•
et~lire indebt~ltu~v rrp:~wr~u~til tl~en•b~•, tiir ~lurt~»~r~, ~?s trust~~, sl~all. in cu~uE?utin~ ti?i• au?ow~t o( sucl~
indeutrJii~~ ~rrdit ta tl~i~ er~~ount of t~~c~ ~lort Ks~ur a~~ rndit t~alance n~uiaiuiu~ uu~l~•r th~• pn~~•uiuii, of (a)
oi said puragn?ph 2. If thrrn ~i~all a de(attlt ul~d~r an~• oI Ihr pm~iyiuus of thia niortKa~m r~~sulti~?~ in a
public salr of the prrmu~5 coventil l~rn~by, or if th~ ~1o~tgugrr acyu~res the pru~x•rt~ ~th~~~~?~• efter ~i~•tault,
the ~io~tgagee. as trua~~~•, sl~all appl~. at the tinie of tl?e ~'OIIUIICIICNII1PIIl o! such pr«•~li~~~,~ ar at th~ tin~r
the proprrl~ r? otl~~rwi~ u~•yuired~ tt~e s~?iount tl~en r~~u~yinin~ to rn~lit o~ \lortkagor und~•r (e) of {~a~uKrapl~ 2
precedi~ig aa a crrdit ~~n the intPrnst ercrur~l and unpuid und tl1e Lale~~re to tlu~ prmc~pal il~et~ rnn?xinu?~ unpaid
on said note.
4. He ~viU pe?y all taxee~ a~eements, wster rs'~es~ and ot6er ~overnmental or municipal chargas. 6n~ee. os
impomtions. for which prov~sion hea not been made hereinbetore, and ~a def~?ult there~f the Moc~tgagee mqY P~U? ~
aame~ and t6.t he wilt prompUy deliver the o~eial reoeipce? theretor w che Morcg~agve.
b. He w?ill peranit~ oommit, or suHer no waate. impsirment~ or deterioration oi eaid P~P~Y an psrt thet+eof
exoept teaeonabla ~vear snd tear; and in tbe event of the failure of the Mort~gor to keep the bu~dinga oa eai~
premises and thaee to be erected on aand przmiees. c,r improvemeats thereon, in ~th~ and the
full~sanount
make such rap~us as in its dieerewon it msy deem neceeeary for the P~'oP~ P~~~tion .
of each and every eucL gayment s6slt be due and pa~ysbb tbirty (30) dsya dtec demand, snd a6sU be eecured by
the lien oE t6is mott~e.
6. He will psy all and singe~;,ir the oomta, ge~ and expeneea including rPasonable Lwyer'a fees, snd eo~ts
oi abetracts of title, incur~ed or paid at any time
b~y
the Mortgsgee becsuee of the fauure on t6e psrt of the Mortgagor
promptly snd fully to pedorm t6e agrcements and oovenaata ot eaid promiaeory note and thia mort~age, and eaid
oosts, chsrges, and expenses shaU be immediately due and payabk and shaU be eecured by the lien of this mortgage.
7. He will con ' uoualy maintain hszard inaurance, of such type or types snd smounta as Mortgagee may
trom time to ~ime re~uire, on the i~ipR+ovesnenta n:.a or hereaiter on said premises and eaoept when payment
tor all such premiums has t
Lereto
fore b e e
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de uader (s) oi p
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a ph 2 hereof ~he will pa
y promptly when
due any premiums therefor. All insuraaoe a6all be carried in companie~ appmve~ by 111ortgagee snd the poli-
cies aad reaewals thereof shall be beld by Mortgagee end have attached thereto loss payable crauses in isvor of
e~nd in form acceptable to the Mor In event of loss he will give-immediate notioe by mail to Mortgsgee,
and ~iortg~ee may make .proof a~ if not made promptly by Mortgagor~ and each insuraace oompany
ooncerned is hereby authonzed and direeted to mske psyment for such loss directly to Mortgagee instead of
to :liortgagor and liortgagee ointly ~ and the inaurence pmceeds~ or any psrt thereoi~ may be applied by Mor~
gagee at its option either to t~e reduction oi the indebtedness hereby secured or to the restorat~on or repair of
the property dsmaped. Ia event oi foreciosure of this mo-tgage or other transier of title to the mortgaged
perty in extwguishment oi the indebtednesa secured hereby, a~l right, title, and interest ot the Mortgagor
~Snd to any insurance policiea then in force ahall pASS to tLe purch~et' or grant~ee.
R. 1f the preu~i~c~, or uu~- pvrt tliemuf. l~ eondctuni•d un~ler the pow~r of eu~inent do~uuu:. ur ~tc~quirnd for
~ public use, the da~~~aKes aNarclMl, tlir prarcKls far the taking o[, or th~• consid~rution for su~li acyuuition, to
tlie extent oi-tl?c full siuount o( tlie r~~meining un~»i~l in:1~1,1~•~In~:~ ~~rurncl b~• this ~nort~sK~, arn l~cr~h~-
assi~ned to tli~ 1longaK~e. uu~l hi.. hi~in c~t u~si~ns. :?~~J sh:?Il tH~ puid (orthNith to ~id ~1oM~;a~;e~ or hu
assiKncr 1o Ix• applit4l 01~ acY~u~~t of thi• lact n~ulunu;: i~istallnu~nts of su~~L indrbic~ira~+s: pmri~l~d. hu~c~~rer,
tl~c ~tortKu~c~ or his :i.csiKn~Y•, n~ur at hi~z d~u•rrtiun pa~• din~•t to tL~ ~lortga~;or, 6is L~•iR or u_c,i~,ns an~- part
or all of such aHard; pro~id~l, tliut if the louu u Kuaninle•i~~l or i~uuMd, the ronsent of tl?e guarantor or iusurnr
4S OI)18111MI Ul dtl~BllCP O~ 5a11I N8~'IUPUt.
!1• T6e Mortgagce may, at any time pending a suit upon this mortg,age, apply to the oourt having juriediction
thereof for the appointment of a receiver, and such oourt ahall forthwit6 appoint a reoeives of tbe premisea oovered
hereby all aud siagular, including all and singular the income. profits, issues, and revenues from wbetever source
derived, each and every of whic6, it being eupressly understood, is hereby mortg,aged as if speciScally eet forth and
described in the granting and habendum clau~ea hereof. Such sppointment s6all be made by such o~urt as an admitted
equity and a matter of absolute right to said Mortgsgee, and without reference to the adequacy or inadeq~?cy of
the value of the property mortgn~e-.~ or to the aolvency or in~olvency of said Mortgagor or tre defendants. Such
ients, pro~!s, inoome~ issues, snd r~venues shall be appliecf by such receiver aocording to t~e lien of this mortg,age
and the practice of such courk In the event of any defsult on the p~srt of the Mortg,agor hereunder, the Mortg,agor
~ a~ees to psy to the l~isrtgsgee on demand as s reasonable monthly rentsl for the premises an amount at leaat
equivalent to on~tvrelfth (~s) ot the aggreg,ate of the twelve montbly installments psyable in the then current
year plus the actuai amount of the annusl taxes, assessments, ~vster rates, and insurance premiums for such year
not oovered bq the aforessid monthly paymenta.
10. In the event of any b-~each of this mortgsge or deianlt on the p~art of the Mortgagor; or in the event thst
sny ot said sums of mocey herein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe
event that ea~ch and every the stapulations, sgreements, oonditiona, and oovenants of said note and t6is mortgage,
are not duly. promptly. aad fuliy pzrformed; t6en in either or any such event~ the said sggregste sum mentioned
in said note thea remsinin~ unpaid, ~vit6 interest accrued to that time~ and aU moneys secured hereby, shaU become
- due sad psyable forthwit6, or thereafter~ at the option of said 1Liortg,~gce, as fully and oompleteiy as if all of the
eaid aums of money were ori~inally stipulated to be paid on such day, anything in said noi.e or in this mortgage to
the oontrary notwithstsnding; sad thereupon or thereafter~ st the option of said biortgagee, without notice or
demand, suit at Iaw or in equity, may be prosecuted as if sU moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this morigage, as to the amaunt ao deciareci due and payable, and the said
premises shall be sold to satisfy snd pay the same together wit6 oosts~ ezpenses, an~ allowances. In case of partisi
foreclofwre of this mortgage. the mortgaged pmmises shall be sold subject to the oontinuing lien of this mortgage
for the amount oi the debt not t6en due and unpaid. In such csee the provisions of this paragrsph may again be
srailed of thereaftes Irom time to time by the Mortgagee.
11. No waiver of any oovenant 6erein or of We obligation secured hereby ahsll at any ti-ne t6ereafter be held
to be s waiver of the terma hereot or ai the note eecure~ hereby.
12. T6e lien of this ins~rument shall remain in full force aad etfect during any postponemenL or extension of
4;e time of psyn~ent of the indebtedness or any part tbereof secared hereby.
I:i. It the Martg,agor default in any of the oovenants or a~eements oontained herein, or in said note, then the
Mortgagee may pedorm the same, and all ezpendicures (including reasonabie attorney's fees) made by the MortgaRee
in so doing shall draw interest at the rate proviJcil for in the principa) inJehte~lnc~ss, and shall be mpa~•able
thirty (30) da~s after Jemand, and, together with interx.st and costs acerue~i thereon, sliall be secured by
this mortgage.
14. Upon the request. af the ~iortga~ee the ~iortgagor shali eaecute and deliver a supplemental note or
notes for the sum or sums ad~ ance~l by the ~iortgagee for the alteration, modcrnization~ impmvement, main-
tenance, or repair o[ said premises, for taxes or a.~essments against the same and f~r an~ other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ance
evidenced L6ereby were included in the note fi~st described abo~ e. Said snpplcmcntal note or notes shall bear
interest at G6e rate pro~idcd for in the principal indebtedness anc! shall be pa?able in approximatel}- equal
monthly pay ments for such period as may be a~reed upon b~ Lhe creditor and deb~or. Failing tu agree on the
msturity, the v?hole of the sum or sums so sd~anccJ sliall bc due and pa~able thirly (~0) days a[ter dcmand
by t6e crediWr. ;n no event shall the-maturity eatend beyond tbe ulLimste raaturity oi the note first
desetibed ahove.
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