HomeMy WebLinkAbout2037 tender to the Mortgagee In sooord~noe with the pro~isions oi tl~e aots secured h~reb~, iu11 pa~men~ of the
entire indebtedneas repreeented therebv. ths Mottgag~e~ ~s t•rustee~ ahaU, in oompuling tlie aiuount of auch :
indebte~neos~ credit to the account ot the Mortgsgor wyy credit b~lance ren?~inin8 under t}u pmvisiona ot (s)
ot said rsph Z. I[ there sh~il be det~ult under sns ot ths pmviaious o[ thia iuortgs~e resulti~g iu s ~
public sal~ the pcemiges covered hereby, or if the Mortgsgee ucquira the proAertr otl~erRise sfter deiault~ ~
the Moriga~gee~ ~s trustee, ehsll apply, st the time oi the ca~tunencement oi ruch proceedinga or a~ Llie time?
the propens ia otherrvise ucqu'ued~ the amount then u+emainii~g to credit of Mortgagor under (a) oi pe~rragrepl? 2
preceding ~s s credit on t,he inter~e6 ~ccrued and unp~id ~?nd the balwcre to tLe princip~l Lhen reluaiuing unp~??d
on said note. .
4. He will p~y ~ll t~?ses, aaeeeementa, wster rstee, snd otber ~overnmental or muntdPsl ahargtie, 8nee. or
ia?poedtions, for wLich pravleion Lat? not beea nnsde 6ereiabetore, aad ia detsult thereof i~be Mortg~6~ ~41? PAY ~
et~uo~e; and th~ 6e wili p~ro~optly deliver the officjal reoeipta tberefor to t~ Mortgagee.
b. He will permit, oommit, or auBer no waste, ianp,?irmea or detedoratioa oi edd pa~operty a pa?r~ tbereot
euoept naeon~bk weu and taar• aad ia tLe eventi vt tbe f~ure ef tbe Mort~or to lceep tbe b°ui~ on eaic~
pe+emieee aad thaee to be erect~ on ea~d prEmise4. or impcuveanants Lhe~ea~, .a good zepw' tbe M~gee msY :
mslce such npaiis aa ia ita discceLion it mu?y c{eent neoeeee?rY for tLe prope~r pceservation theteo~ aad the full smounti
ot each snd every such paymeat e6~U bs dus aad p~yabk tL~rty (30) d~?a aite~ dem+~nd, aw'i sbaU be eeeurad bY ~
tbe lie~a oi tbis mortaaaa . ~
6. He will p~y ail an~ ein~ular tbe oosts, and e~cpeaeee, includina r~oasble Lwye~'s f snd oosts
a
of sbatrxcta d titkyinaurred or paid st ~qy time by ort~ee becsuse d the failure on the part of the o~
P~'~P~Y and t to peiiorm the a~reeanenta sad oovenante ot eaid promieeory note aad thia mort~age, and s~?id '
~?rB~, e~ll be immediste~ due and psy~le ~nd ehall be ~ecured by t~ li~a of th~s' mort~,nger ~
7. He w~l ooatimuoue~j? msint~sin Lssard i~n~no~, oi such type ortypes snd amc+unts a?s Mortgegee may
trom tima to time require, on the improvementa now or Le~redt~er on aaid ~-»m~es~ aad ezoept when yment
tor all sueh premiums ha8~tberetofore been mada under (s of parage+~~hs h~+eo~ PaY Pind t6e ~~l'r~'
due an~ premiums therefor. All inauranoe ahall be carri~ in eump~nties PP bY . o~~ Po
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and in form aooeptable to t6e Mo ~agee. Ia event oi bes he ~vill give immediat~e notice by m
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~sgee sL iLs option e?tLer to t
6e uction oi tLe indebtedneea Lereby ~ecured or to repuir o
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propertj in eut~ngu~?eat oi tLe indebtednees ~ecnred Lereb~, and inte~+est oi tLe M
m aad tio aay ~nsun~aca policies then in ioros ~a11 psss to ths purcL~ser a~ BnaLee~. :
8. I[ thepremiees, or an~ pa=t tlicreo[, be c~ondenwed nnder trhe po~+er o! enunen~ donuin or scc~uu~cd !or ~
a public use, tlie dpmages awudcYl, d?e pmceeda for thet~ng of or the considcntion for sur~i uqu~ait~ion~ to ~
the extent Qf the full smount ot the renuining unpsid indebtec~nees secund b~ thig mortga~, ~rn )unb~
sssigned to ~~e Mortgagee, snd his lieira or aseigns, and shnll be p~id lorihwit~ to eaid MortgaRer or lus
ass,~rn
ee to be applie~l on account ot the last msturing installments o! snch indebtednesa; provicled, ho~e~er,
the Mortgagee or his assi~nee, msy a~ hia diecretion par direct to the Mortgagor, hia luies or assigns an,r part ~
or all o[ sncli sw ard; provided, thst it the ban is ~ar~uateed or inswiMd, t~e coneeut ot the guarantor or insurer
is obt~ained in ui?anca ot sa~d ps~~nenk
9. The Mort~gee msy, ~t 1?n7 ~ P~nli s sn~t npan tL6s mortgsae, appI~ to tbe ~o~ut 1~uving juriec~cNan ~
tbereo~E for the appQintmeat of a reaiver, aad such eourt eball forthwith sppaint s reoeiver of the premiaes oovered ~
hereby all aiid einguler, includin6 aIl ~nd singulnr the inoome PmSts, iasues, snd revenuea from whatever eouroe '
derived, ~uch and everp of which, it being ezp~eeely underatood, ie hereby mortga~ed sa if s~ecifically set for~h ewd t
deecribed in the ~anting and habe.ndum claueee bereof. 8uch pointment ehall be made by such eouct aa an admitted
an
,i equity aad s matter of sbeolute right to ssid Moitga~ee, without reference to the adequs~y or inadequacy of
{he ~ralue of the property mort$nged or f~o the eolvency or insolveacy o
f ~i
d Mortg,saor or t
5
e defendant8. Such ;
~ sents, profite. in~ome, uaa~es, aad revenuee e~all be sppliecl by such receiver sooordina to t~he lien of this mortgage ;
~ snd tbe practioe of euch oouit. ~ In tbe event of ~ay default on tbe pazt of the Mort~agor hereunder, the Mortgagor ~
~grees to p~y to the Mo on demand aa s reaaonsble monthly rental for the premiees an umount at lesat
equivelent to one-tWeliW~of theag~s
te of the t~+elve monthly inate?llmenta payable in the then current
year plue the sctual amount of the annusl taxe~s, a+~esments, water ratea, ~wd insuranoe premiums for such yeat
not oovered by the sforeesid monthlY P~Ym~~
10. In tbe event of any breach of this mortgage or defsnlt on the perE of the MorEgagorl.ar in tLe event that
say of aaid suma of money herein refesc+ed to be not promptly snd fully paid accord~'ng to the tenor hereof, or in the
event that each and every the atip~lstiona, agreemente, eonditionr, and eovensnta of 8sid note and this mortgage,
are not duly, promptly~ and fuUy performed; then in either or an~r such ~vent, the said aggregate aum mentioned
in gaid note then remaining unp~id, ~vith interest accrued to that time, and all moneys eecured hereb3, shall become
due and payable forthwith, or thereafter~ s?t thc option of aaid Mortgagee~ as fully and oompletely as if all of the
eaid suma of money were ori~nally atipulated to be paid on such day, snything in eaid note or in ~his mortgage to
the oontrary notwithstanding; aad thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit st law or in equity, may be proeecuted as if all moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount eo declated due and payable, and the said
premises ahall be sold to satisfy and pay the same together with costs, Pacpenaes, and allowances. In case of partial
foreclosure of thia mortgage, the mortgaged premises ahall be eold subject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such caee tbe provisiona of thia paragraph may again be
s?vailed of thereafter fmm time to time by the I?iortgagee.
11. No we?iver of sny oovenant herein or ~f the obligation eecured hereby ahalt st any time thereatter be beld
to be s wsiver of the terme hereof or of the note secured hereby.
~ l2. T6e lien of tbia instrument ahall remsin in full foroe and eSect during any poetponement or eateneion of
F~q
t~e time of payment oE the inde6tednees or sny part thereof eecured hereby.
~ 13. If the Mortgagor default in any of the oovenants or agrcements cantained hereia, or in eaid note, then the
1~Iortgagee msy perform the same~ and aIl e~cpenditures (including reasonable attorney's fees) made by the Mortga~ee
in so doing shall draw inlerest s?t the rate provided for in the principt?1 indeLtedness, and ahsll be mpayable
thirty (30) days after demand, snd, together with interest snd costs acerued tLereon, ahe~ll be aecured by
this mortgage.
14. Upon the request of the Mortgagee tLe Mortgagor shall execute and deliver s supplemental nete er
notes for t.he sum or sums ad~ ancecl by bhe ~iortgagee for the alterstion, modernization, improvcmcnt, x~ain-
tenance, or repair oi asid premixs, tor taxes or a~essments against the ssme and for any other parpose suthor-
ized hereunder. Said note or notes shall be secured hereby on a parity ~vith and ss fully sa it the ad~ ance
evidenced thereby were inc.luded in the note 6rst described above. Said supplementai note or notes shall bEar
~ interest at the rr~te pro~ided for in the principal indebtedness and ahall be pa~ able in np praximatcly cqual
tnontl~ly psy'ments for such period is may be a.greed upon by the creditor and debtor. Failin~ to n~ree on the
m~turity~ the K•hole of the sum or sums so advanced shell bc due and pa~ able thirby (:i0) da~~s e[ter demand
by the crcditor. In no e~ en6 sht~ll Lhe m?~turity exLend t~eyond the ult,imate rsatutity oi tLe no~e firs6
described above. ~
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