HomeMy WebLinkAbout0793 lender lo Ih~ :11ur~Ku~?~•e iu a~•cucdu~?~•~• Nill~.th~~ pru~•i+iuue o~ llu~ not~• aecu~ed lu•n•br, full pa~'tiiet?l ot tl~e
en/ire indebtedness represeuted the~ebv, th~ •Morlgugre,.a~ trus~~~e, sl~e~ll. in computiiiK tiu auwuut o[ aucL
indebtrduess~ crndit to tlu~ e?ccount of tli~ \lort aRor an~~ eredit balanc•N rnn~ainin~ undi~~ tl~e pro~•isio~?s of (u)
of said paregraph 2. If thc~rn shall tx~ d~~(au~t uuder un~• of the pro~iaious of this iuortgage n•sultin~ in a
public aple at the prem~~ ~~uvcmd I~errb~•, or i~ the ~tortg+~~•e a~•qutres tl?e pn,}x~rt~• otherv?ise aftrr default,
the Mortgagee, ua truatre, sl~~?ll apply. at the tuue of the ~•anu~encement o( sucl? procer~lin~,~a or a~ tl~~~ time ,
the propert~ n~ otherwise srquired, the an~ount tlien r~~~~~ainin~ ~o cnKlil of 4lortgagor under (a) of puraKrapl~ 2
preceding as a~•redit on tl~e inlerest acrruN~i anci unpaid and tlle balanre to the pr~ncipal the~ rnmaiiunK unpaid ;
on xaid note. '
4. He ~rill pqy all taxes, ~eeeeement0. wster r+?teB, snd other governmental or municipel chsrgee. fines. oi
impoeit~ons, for which provision haa not been made hereinbefore, snd ia default thereot t6e Mortgagee mi?y psy the
enme; aad t6~t he will promptly deliver the o~cisl reoeipts t6eretor to t6e Mortgagee. . ~
5. He ~?ill permit, commit, or suHer no wrsete, impsirment, or deterioration ot eaid properly or aap part thereot
ezcept reaeonable wear and teat; end in the event of the lsilure of the Mortgagor to keep the buildiag,s on se?ic~
premisee and those to be erected on esid premiees, or improvements thereon, in good repair the Mortg~agee msy
of esch~snd ev~ such lpsymen~ ~shall be due and
~ f
othisty (3p0) ~dsysp siter demand, ~?nd ehallhbe secl ured by
the lien. of this mortgage.
6. He ~vill psy all and singutar the oosts~ and e:peneee, including reseonable lawyer's feea, aad ooete
of abetrscts of title~ incurred or paid st ~?ny time by t e Mortgagee becauee of the fsiiure on.the pait of the Mortgagor
pronnptly and full~r to perform the agreements and covenants of asid promis+eory note snd this mortgage . snd eaid
eosta~ cba,rgea, and expensea shaU be immediately due and payable and st?aU be eecured by the lien of t6ia mortgage.
7. He will oontinuously maintsin hazard insurance, of auch Lype or types snd smounts sa Mortgagee mey
from time to time require, on the improvemente now or heresiter on said premises and except when payment
tor all such preraiuma baa theretofore been made under (e~ of paragFaph 2 hereof, he will psy promptly when
due any premiums thcrefor. All inaurauce shalt be carried in companies approved by riortgsgee and t6e poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausee in isvor of
and in form acceptable to the Mortgagee. In event of loss he vvill give immediate notice by mail to Mortgagee,
snd :1~tortgagee may make proof o~ Iosa ii not msde pmmptly by Mortgagor, and each inauranoe oompany
ooncerned is hereby authorised and directed to make peyment for such losa directly to Mortgagee instead oi
to hiort.g.agor and Mortgagee ointl
y~, and the insurance proceeds. or any part thereof may be appLed by Mor~
gagee st ite option either to t~e reduction oi the indebt~ednesa hereby secured or to t6e restoration or repsir of
the property dacna~ed. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
property in eactinguishment of the indebtednesa secured hereby, efi nghL, title, and interest of the Mortgagor
m and to any iasurance policies then in force ahall p~s to the purchager or grantee.
R. )f the pren~is~~s. or an~- part th~mof, lx~ ~•ondeTUncd unde~ tl?e power of en~inent~ domuin, or acquir~d for
a public usr, tli~ dau~aK~s av?anlcKl, th~• pro~•r~•ds for the takin~; of, or the ~onsiderution for su~•h acyu~s~tiou, to
the extent of tlie full Auiount of t)ie r~maining unpai~l indebt~•~In~~as se~•ureci b~• this iuort~nKe, am i~ernb~•
ussi~;n~•d to tlu• \lortgnKrc, uuil his h~~irs ar us.tii~us, un~l J~~11 tx• pui~l fortl?w•itli to suid ~tort};aKi•e or liis
assiKnee_to ix~ appli~~d on ac~•ou~it c?f thi• lust muturin~ installiu~•nts of su~•li i~edebte~lni:~.s: pro~•idr~1. hoH~~~er,
the ~tortKu}~~i~ ur liis ~GSiKn~•e, ~nu~• ut his ~lis~•r~•tiou p~i~- ~lirr~•t to ihr ~Iort~pkor.l~is hi~i~ or u~sirns anr part
or all of su~•h aH•aril; proctd~•d, thut if th~~ lua~~ is Kur~runt~~~•~I or insur~•d, tlie conscnt of tlie guurnutor or insurnr
is ohtained in advance o( snid pu~-nu•nt.
9. The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction
ther~of for the appointment of e receiver, and such court shall forthwith appoint s receiver of the premisee o~vered
hsreby all arid singular, including ali and singular the income, proSts, issues, and revenues irom whatever eource
derived~ each and every of which, it~being expres4ly underatood~ is hereby mortgaged sa if apecifically set forth and
described in the granting and habendum clauses hereof. Such sppeintment shall be made by auch oourt sa sn admitted
equity and a matter of absotute right to said Mortgagee~ and without seference to the adequacy or inadequacy of
; Lhe value of the pmperty mortgaged or tfl the aolvency or insolvency of said Morigagor or the defendanta. Such
i rents, profits, income, isaues, and revenu~ s6aU be applied by such receiver according to the lien of this mortgage
~ snd t6e practice of auc6 oourt. In the event of any default on the part of the Mortgagor hereunder, tbe Mortgagor
E sgrees to pay ta t6e Mortgagee on demand as a reasonable monthly rentat for the premises an smount at leas~
~ equivalent to one-tweltth (3/z) of t6e aggregate of the twelve montWy installments payable in the then cun~eat
year .plus the actusl amount of the annusl taxes, asgessments, water rates, snd insurance premiuma for such year
~ aot oovered by the afor~said monthly payments.
~ 10. In the event of any b•each of t6is mortgage or default on the p~?rt of the Mortgagori or in the event that
any of said sums of mo~y herein referre~ to be not promptly and fully paid according to the tenor hereof~ or in the
event that eac6 and every the stipulations, sgreements, conditions, and oovenanta of said note and this mortgage,
ac~ not duly~ promptly, and fully performed; then in either or any such event, the said aggregate aum mentione~i
in eaid note tben remaining unpaid, with interest acerued to that time, and all moneys secured her~by, shall bec~ome
due and payable forthwith, or theresfter~ at the option o[ said Mortgagee~ as fully and completely as if all of the
eaid sums of money were origi.aally stipulated to be paid on such dsy, anyLhing in said note or in this mortgage to
the contrary notwithatsnding; aad thereupon or thereafter~ at the option of said Mortgagee~ without natice or
demand, suit at law or in equity, mey be prosecuted as if all moneya secured hereby had matured prior to ita institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the 8aid
preno,ises ahall be sold to satisfy and pay the same together with coata~ expenges, and allowances. In csse of partial
foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the oontinuing leen of this mortgage
for the amount of the debt not then due and unpsid. In such csae the pmvisions of t6is paragraph may agaln be
availed of thereafter tmm time to time by the Mortgagee.
~ 1 l. No waiver of any covenant herein or of the obligation secured hereby shsll at any time thereafter be held
to be a waiver of the terma bereof or of the note eecured hereby.
12. The lien of thia inscrument ahall remain in full force and eSect during any postponement or extenaion of
~ the time of psyment oi t6e indebtedneas or any psrt thereof eecured hereby.
~ 1:3. If the Mortgagor defaulti in any of the oovenanta or agreementa contained herein. or in said note, then the
dorm the sawe, and all ex nditures ~ndudin reasonable attorne 's fces) made b the MortgaRee
MortBaB~ ~Y Pe Pe C B Y Y
~ in so doing shall dcavv interest at the rate provided for in the principal indebtedness, and shall be repayable
~ thir6y (30) days atter demand, anJ, together with interest and costs accrued thereon, sl?all be secured by
~ this mortgage. ~
~ !4. Upon the request of the Mortgagee the 14'Iortga{;or shall eacecute and delivcr a supplemental note or
~ notes for the sum or sums advancecl by t6e ~tortgagee tor the alteration, modernizatiun, impro~cment~ main-
tenance, or repair ot said ptemises, for taxes or as.~essments against the same and (or an~• other pur}wse author-
ized hereunder. Said note or notes shall be secured 1?ereby on a parity wit6 and as full~ as i[ the advance
evidenced Lhereby were included in the note first describec! above. Said supplemental note or notes shall bear '
~ interest at the rate prorided for in the principal indebtedness and shall be payable in ap proximately equal '
monthly pay ments for such period es may be a~reed upon by the creditor and dcbtor. Fail'ing to agrce on the !
maturity, the whole of the sum or sums so advanced shall be due and pa~•able t6iri.y (30) days after demand
by t6e credi~or. In no event, shall t6e maturit,y extend beyond the ultimate r~aturity ot the note first
~ described sbove.
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