Loading...
HomeMy WebLinkAbout0601 tendor to tl~e Mortge?~;re in accunlan~•~ v?it1~ ihe p~^c?vixiuus uf 11ir not~~ srcu~r~l I~ereb~, full pa~•ment ot t!?e e~tire indebtedneas n+prc~euted thereb~, the MortErogee, aa trustee, sl?all, in computing thN a~uount of such indebtedne~s~ credit to tl« account of tlie Mo~tgaKor any ct~ed~t Lala~ice remainiu~; under th~ provissc~ns of (e) ot said para~raph 2. lt thern al~ell be a default uader ~ny ot ti« provisiona o[ tliis n?ortga~e rc~sulti~?~ in a . public sale ot the preinisea covered herebv, Qr it Uie MQrig~grP ~u•qu?res ihe pn~E~~ty otl~erw~ee afte~ de[ault, the MoKgagee~ aa tcuatee~ sl?all apply, at the' time o~ the co~un~encement oI euch procee~lir?ga or st tl?c+ time the property ia otherwise acquirecl. the amount then remainin~ ~o rreclit of Mortgagor under (e) of paraf;rxpl~ 2 precedinR sa s credit on the intereat accrued and unpaid and t)le balanc•e to the principal then rru~ainu?g unpsid on aeid note. 4. He wIU psy r?U t,aues. aeeeeemen~0. w~ter re?tea„ and o~ invdefault ~t?ereo# tbe MP~ ~ impoeitions, fos wbie6 proviaion hae not been msde hereinbelore, or~l+~6~ ~?Y PsY ~ s~s; and t~hnt be will PromPW? deliver the o~cial reoeipts theretor to the Mortg,egee. b. He Mill pennit, oommil, or auffer no waste, impairmea~ or deterioration of esid P~P~Y oe an~ thereof e~coept reae~nsble ~reu snd tear; snd in We event of t,he f~?ilure ot t,he Mortgagor to keep t6e b' on esid premiees and thoee to be ereeted on s~id premises, or improvements thereoa, ia good rapair Lhe Mort,g,agee meU? make auch repedrs ae in its dieeretioa it may deem neoeeeary for theproper presc.n?stion thereo~ aad the full umount of each aad every euc6 p~yment ahsU be due and p~y~bk thir~y (30) days aiter demand, an~ sbsll be eecured by the lien of this mort6age. ' 6. He ~vill psy all and eingular the ooste, aud expeneee, ineludiua reaeon~ble lawyer's fees, and oosts of ebstraets of title, incurred or psid at any time by~t e Mortg~sgee beesuee oi the tsilure on tbe part of the Mort~g,agor prounptly sad full to pertorm the agreementa aod oovenants ot ssid promiseory not~e snd thia mortg,~ge, and esid ooeta, charges, an~expenees at?alt be immediately due and psyable and e6at1 be secured by the lien of tbis mortgage. T. He will oontinuott~y m~irttsin hazard insuranoe, oi such type or-. types snd umounts as Mortgagee may trom time to t,ime requit+e~ on tLe improvements now or herea~tter on ssid premises and exoept when payment for all sucL premiuana haa theretofore been msde under (s) of pa~agrsph 2 hereof ~e will pay promptly when due any premiums thcrefor. All inauranoe ehall.be carried 'u? companies apprave~ by biortgagee and the poli- ciea ~nd renewsls thereof shall be held by Mortgagee and have attached thereto loea psyable ciausee in favor of - and in iorm acceptable io the Mo In eveui, af t~a ~a wiU giva imm~3:sts natica bp mai.l ta 3iorLgsg-oa, ~ aad Mortgagee msy make proof~o~ if noti made promptly by Mortgagor, and eacL inauranoe oomP~Y aoncerned is hereby~sutLorized and directed to make payment ior auch loea directly to Mortgagee instead oi to Morigegor and Mortgsgee jointly, and the insurance procceda, or any put thereof~ may be app7ied by Mor~ ~agee at its option either to the reduction oi the indebtedaess hereby eecure~ or to the restoretaon or repair ot the pmperty damaped. I~n event of foreclosure of this mortg~ge or other transier of title to the mortgaged property in ext~u~gu~shmeat oi the indebl~edneas eecured hereby, aIl right, title, and interes~ ot the Mortgagor m and to any insurance policies then in force a6all p~ss to the purchaser or gi~antee. . 8. If the reiuis~~, or an~ part therno(, be ronden~nc~l under tl~e power of eminent dou~uin, oc acyuired for ~s a public use, t ie da~~?a~;es awarded, the proreeds for ihe taking ot. or the ~onsiclernlion for such acquts~Uon, to tlie ext~nt o( tiie full sii~ount of t)?e ren?aining unp+~id itidebt~•~ln~~s sec•ur~cl hr this n~ort~a~e, arn 1?crnb~• ussikned to tl?e ~iortgagcM, nnd his I~eirs or as.siKns, uud sLull tx• puid fortl?~~°itl~ to said ;~tortgagee or I~is assignee to lx~ applied on acrouut of th~ last uinturm~ iustallnu~nts of su~•h indcl~tedness; pro~i~led, hoHever, the \iortKu~e~ ~r his assignc~, n~a~ at his disrn~tion pu~` dinvt tc? t)« ~Iortgu~or, his Leirs or ussigns an~• part or all o( sucli aw•arcl; provulecl, ihat if the loun is Kuarunteed or insur~~l, th~ consent of ihe gunrantor or insurer is oLlained in advance ot said pa~'ment. - 9• The l~ortgagee msy, at any time pencling a suit up~n tbis mort$age, apply io iiie oouri iieving jurisdiciion thereof for the appointment of s receiver~ and $uch court ehsll forthwith.appoint s receiver of the pr~mises oovered hereby all arid singulsr, including all and singular the income, pmfits, iesuea, and revenues from ~rhstever eource derived, eac6 and every of which, it being eupresaly undeistood. ia hereby mortgaged ss if speci6cally eet forth and described in the granting and habendum clau~es hereof. Such appointment shall be msde by such aourt ss an admitted equity and s matter oE absolute right to eaid Mortgagee, and without reference to the adequaey or inadequacy of t6e value of the property mortgaged or to the ~ulvency or ineolvency of ssid Mortgagor or the defendants. Such rents, proSts. inoome, issuea, and revenuea ehall be applied by such receiver aooording to tl~e lien of this mortgage and tbe prectiae of such courk In the event of any default on the psrt of the Mortg,agor hereundet, tbe Mort~agor sgceea to par to the Mo on demaad aa s reasonable monthly reatal for the premiees an amount st least equivalent to one-twelith of thea~r~a te of the twelve monthly inatallmenta psyable in the then curre,at ~ year plua the actua! amount oi the annual taaea, assessmente, ~vater rates, and insuranoe premiuma for auch year ~ not covered by the atoressid monthly psymente. 10. In the event of any b?escb of tbis mortgsge or deisult on the psrt of the Mort,gagor, or in the event thst ~ any of said sums of money herein referred to be not pmmptly and fully p~aid ac.~wrdt'ng to t6e tenor hereof, er in the event that eacb and every the stipulations, agreements, aonditione, and covenants of said note and this mort.gage~ are not duly~ promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in snid note then remaining unpaid, with interest accrued to that time~ and all moneys secured hereby, ehall beoome due and payable fort6with, or thereafter, at the option of said Mortg,agee~ as fully and oompletely as if all of the eaid sums of money were originally stipulated to be paid on such dsy, anyLhing in said note or in this mortgage to the oontrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee~ without notice ~r demand~ suit at law or in equity, may be pr~ecuted as if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may forecloee this mortgage, as to the. amount eo declared due and payable, and t6e said premises ahall be sold to satisfy and pay the same togeth~r with costs, eacpenses~ snd allowancea In c~e of partisl foreclosure of this mortgage, the moitgaged premi~es shall be aold subject to the oontinuing lien of this mortgage for the amount of the debt not then due and unpaid. In auc6 case the provisiona oi this paragraph may again be. availed of therestter from time to time by the Mortgagee. 11. No waiver of any oovenant herein or of the obligation aecured hereby ahaU at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. The lien of thia instrument ahall remain in full force sad eftect during any postponement or extension d the time of psyment of the indebtednees or any p~art. thereof eecured hereby. ~ 13. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the Mortgagee may pedorm the same, and all ezpenditures (including reaeonable attorney's fees) made by the MortgaRee in so doing shall draw int_erest at the rate provided for in the principal indebt,edness, and sha11 be repayable thirty (30) days sfter demand~ and, toget6er with interest and coscs accrued thereon, shall be secured by this mortgage. 14. Upon the request of the Mortga€?ee t,he ~iortga~;or shall ea~ecute and deliver a supplemental note or notes for tbe sum or sums ad~anceci by the Ltortgagee tor the alteration, modernization, improvcment, main- lenance, or repair of said prcmises, for taxes or assessments against the same and for an~ other purpose author- ized hereunder. Said note or notes si~all be secured bereby on s parity wit6 and as lully as it Lhe advance evidenced thereby were included in Lhe note first described above. Said supplcmental note or notes shall bear interest st the rate pro~ ided for in the principal indebtedness and shall be pay able in approximately equal ~ monchly pay ments [or such period as may be agreed upon by the creditor and debt,or. Failing to agree on the msturity~ t,he w6o1e of t6e sum or sums so advanceJ shall bc Jue and pay~able thirby (30) deys after Jemand Y by the creditor. In no event sbalt the maturity extend beyond the ul~imate rsaturity of tihe nMe first deseribed above. OOU~ ~~~,7'! ~ ~ a ~s.~~~ ~v ~~,-C~,,~;~~._, - - . - ~ I ~.;t~,,~~~.~;. ~ ~ ~ ~~~~`~..i-~ f,_r . ~ =~.*'c: x„ ~5's,' - ' ' . . - ~ . .