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HomeMy WebLinkAbout0325 ten~l~•r lo !h~• \lorl};u~;~•~• iu a~•i•ur~lun~•~• witli ll~~• pro~'isiuu. of Ilu• notl• w•cureil ~'•n•u~~ IUU ~u?~n?en~ o~ u«~ entie~~ indeGtedn~~ rrp~r:+rnte~l thrrebr, tlie ~1ortK~Cer, eu: tru.~~~i~, •hnll. iu ruiu ?uti~~ tli~~ uinuunt ot surh indebtrd~u~s.~~ cr~~dit to th~~ a~•~•ount of tLe ~lon aKor uu~' ~•rr~lil t~alun~•e minainin ui~d~~r thi~ ru~•i~iun, of (g) of seiJ pu,ragraph 2. If th~~r~~ ~hxll ?x~ a ilc•fau~t und~~r an~• o( th~~ pro~~i~ions ~~f thi, mort~u~c r~~ultiu~ in a ' public sale of the premui•s rovered Lerrb~•, or if tl?e ~1urlgaK~•r a~•qwres Il~e pro~x~rt~• otlu•rw~• after J~~fault. . the ?~lortgaKee, us trust~~e. shall appl~. at the tune o( the ~•oiuiu~ncemet?t of sucl~ pruc•~•r~lin~,?s or ut th~ tim~~ the proEx~ri~• i.v otii~ra-u~ ui•quimd, tl« en?ount tl?Pn rrwuiniu~ to ~•r~li1 of \1artKa#;or un~l~•r (a) ot ~~ara~rapl~ 2 prece~lin~ aa a~•n•dit on th~~ iut~•r~~t a~•crued und unpaid a~~d tite balan~•e to tI~P pn~~~•ipal tl~en rnn?uin~u~ unpa~d OIl Sall~ IIU~P. 4. He wiU pay alt taxea aeeeesments? - watet rates. and other governmental oc municipal chsr~ea, 6nes. or impositione, for whic6 proviaion hsa not been mede 6ereinbefore~ and in detault thereof tbe Mortgsgee m~y p?Y the esme; and that 6e wrill promptly deliver tbe o8'icisl reoeipta thez~efor w ehe Mortgagee. 5. He will pernnit~ oommit, or suBer no weate, impairanent, or deterioration of eaid propertY or anY Part thereoi? eucept reasouable wear and te~?r; snd in t6e event of the failure of the Mortgagor to keep t6e buildin~s on eaid premises and thoee to be erected on eaid premieae. or improvementa t6ereon, in good reprir~ the Mortgagee may mske auch repaira as in ite discretion it may deem neoesesry for the proper preec.rvation Wercof, and tbe full amount of esch and every euch psyoaent at?all be due aad psyable thisty (30) daye dtet demaad, aad eball be eecured by the lien of thia mortgage. 6. He will pe?y ell and singular the ooata, charges, und eupeneea including reaeonsble lswyer'a feee, and ooste of sbatrscte of title~ incwre~d or paid at any time by !he Mortgsgee becsuee oi the failure on the part oi t,he Mortgagor prompUy and fully to perform t6e agreetnents and oovenants of eaid promiasory note and thia mortgage, snd said cost,s~ chargea~ and expenses shall be immediately due and paysble and shall be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain hazard inaurance, of such type or types and smounte as Mortgagee may from time Lo time require, on the unproveraente now or hereatter on ssid premisea~ and e~cept when payment tor all such premiums hsa theretofore been made under (a) of psragraph 2 hereoi~ he will pay pmmptly when due any premiums therefor. All insurance ahall be carried in companiea appmved by riortgsgee and the poli- cies and renewals thereof shell be held by Mortgagee and hwve attac6ed thereto loss pavsble clauses in favor ot and in form scceptable to the Mortga~ee. In event of loss he wilt give imrne3iuLn ~~tice by mail to Mortgagee, and ~iortgagee mey maka.proof ot ioss if not made promptly by biortgagor~ and each iasurance oompany ooncerned is hereby authonzed and directed to make payment for suc6 loss du~ectly to Mortgagee instead oi to l~iortgagor and :1~iortgagee ointly , snd the insurance proceeds, or sny part thereof, msy be applied by Mor~ gsgee at its option eriher to t~e reduction of the indebteduess hereby eec~u^ed or to the restoration or repair of the property dama~ed. In event of foreclasure oi this moctgage or other transier of title to the mortgaged property in extinguts6ment oi the indebtedness secured hereby~ a~i nght, Litle, snd interest of the Mortgagor m and to any msurence policiea then in force shall pASa to the purcha~er or grantee. S_ lf tlie prnmis«. ar un~- part th~•r~~~f, tx~ ~•on~lc~uuu~d un~ler tli~ pov?er of cmiii~nt do~ua?n, ur :trc~uimd for a i~ublic us~~, the dutuug~~s nHar~led. tlu• pro~•~~~•ils for iLe takin~; of, or th~ ~•onsid~rution for such acyu~,ition, to ih~~ ~~xtent of th~ full amount of• th~• n•maininK unpui~l ind~bt~•~lnt:.s se•rurnd b~• tl~is ~nort~aK~. am hernb~- ua.ikn~vi to tli~~ ~Iort}:uk~~e. un~l hi. h~•irn cir uc,i~?ns, u~e~l sluill IH~ pai~l fnrtiiaitl~ to suid ~1ort~;ag~~~• or his as~iKnce to lx• appliE~~l on ar~•~nu?1 of tl~i• lu,t n~utunur installnu•nis of sw•h ind~•bt~•dn~~..; prn~-id~•~1. ho~~~•~-er, tl~e \~ort~u~e~~ or i~is u..,i~n~~c•, iuur t~t hia ~li.:~•r~~tiou pu~- ~lir~•~•t to th~~ ~1ort~;ukor.l?u I~~•i~. or z?s.,irns an~- part or all of su~•h n~curd; proti•ul~•d, thut if ttu• l~?ui~ i~ ~?u:?r~nti~~~~l or ir~surt•d, tL~ ~•on~cut of th~ guuraniur ar insurer is obtain~•d in ad~•an~~r of said pu~~nu~nt. 'J- The ;~lortgagee may~ at any time pending a suit upon this mortgage~ apply to the court hsving jt~risdiction thereoi for the appointment of a receiver~ and such court shall forthwith appoint s receiver of the premises oovered hereby all arid singular~ including all and singular the income~ pro5te, issues. snd revenues from whatever souroe derived, each and every of which~ it being expresgly understood, is hereby mortgaged sa if specifieally eet forth and described in the granting and habendum clauses hereof. Such appointment ahall be made by such court es an admitted equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or-inadequacy of the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or t~e defendanta Such . rents, pro6ta, income, issues, and revenuea shall be applieJ by such reoeiver acoorciing to the hen of this mort~age snd t6e practice of such court. In t6e event d any defa?ult on the part of the Mortg~gor her~wder~ the Mortgagor agrees to pay to the 1Sortgagee on demand aa a reasonable monthly rental for the premises an smount at lesst - ~ equivalent to one-twelfth (~jj2) of the aggregate of the twelve monthly installmenta payable in the then current ~ yesr plus the actual amount of the annual tsxes, asse~ments, wster rates, and insurance premiuma for such year f not covered by the aforeeaid monthly paymente. ; 10. In the event of any b-esch of this mortgage or default on the part of the Mortgsgor; or in the event that any of said sums o( money herein referred to be not pramptly and fully paidaccordu~~g b the tenor hereof~ or in the event t6at each snd every the atipulations, agreements, conditione, and covenants d said note and t6is mortgage, are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned in said note then remaining unpaid, with interest aocrued to that time, and all moneys secured hereby, shall become ~ due and payable forthwith, or thereafter~ at the option of said Mortgagee~ as. fully snd completely as if all of the said sums of money were ori~inally stipulated to be paid on suc6 day, anyLbing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand~ suit at law or in equity, may be prosecuted ss if all moneys secured hereby had matured prior to its institu- tion. The biortgagee may foreclase this mortqage, as to the amount eo declared due and payable~ and the said premises shall be sold to satisfy sad pay the same together with c~ta, expenaes, and allowances. In case of partisl foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to t6e continuing lien of this mortgage for Lhe amount of the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be svailed of thereafter from time to lime by the Mortgsgee. I 1. No waiver of any oovenant herein or of the obligation secured hemby shall at any time t6eresiter be held - to be s weiver of the terms hereof or of the note ~ecured hereby. ~ 12. The lien of this inbtrument ahall remain in full force sad eSect during any postponement or eaten~on of the time of payment of the indebtednesa or any part thereoi secured 6ereby. . ~ i:i. If the Mortgagor default in any of the covenanta or agreements contained herein~ or in said note~ then the Mortgagee may perform the sawe~ and all expenditures (including reasonable attorney's fees) made by t6e MortgaAee ~ in so doinK shall draw interest at the rate provided tor in the principal indebtedness, snd shall be mpayable ~ thirty (30) days after demsnd, anJ, toget6er with inter~t and costs 8cerued Lhereon, s1~a11 be secured by this mortgage. ~ 19. Upon the request of the ~1ort,~a~ee the ~iortgaf;or shall e~ecute and deliver a supplemental note or notE~s for the sum or sums ad~ anced by t6e 1[ort.gagee for S,he alteration, moJernization, improcement, main- tenance, or repair of said premises, for taxes or as.Gessments against the same and for an~ o~Ler purpose author- ~ ized bereundcr. Said note or notes shall Ue secured hereb~ on a pariLy with sud as fully as d ~he acl~ ance eviJenced thereby were included in lhe note firsl described atwve. Said supplem~ntal note or notes shall bear ~ interest at t6e rate pm~ided for in the principal indebtedness and shaU be pa~able in ap proximately equal ~ monthly pavments for such period as may be a~;reed upon by the crcditor and deblo~. _ Failin~ to agree on the meturity, t~e whole o( the sum or sums so ad~anced shvll be due and pa~•ablc thirt~ (30) ds~s afler drmand ~ by the creditor. In no event shall the maturity extend t~eyond t,he ullimate cieturity of t6e note first ~ described above. e00N ~ P~IGE ~ ~ ~ ' ~ a~ ; - y~ ~ ~ ~ : . <,~'.d,- ~ ~ ~a~'~~'~.~ ~ ~ , . ~~~-r~~~~~ .