HomeMy WebLinkAbout2571 tender to the Mortg:gee in sccord~ace with the.pro~eions oi tlue oote ~ecund I~ercb~, fuD pa~nient of the
entire indebtednees represented therebv~ ihe Mortgsgce, i?s t-rustee~ shaU~ in compulinq Ule aniount of such
indebtednees~ credit to the account ot the Mortgagor suy credil balunoe rrm~ining under th~ ptuviaiona oi (e)
• ot s.id para~nph a. ' II there shstl be a del~ult under sns ot tl~e provieious ot this uioriga~e r+esult~ng in •
public sale of the premiaes covered hereby, or J the Mortgagee scquires the propert~• othenvise aitec do[sult.
the Mortgagee, ~ trustee, ahsll applp, at the time of the coiYUnencement oi such proceedings or st tl~e tim~
the propert~ ffi othPrwiee ucquired~ the amount then ~eniaining to credit of Mortgagor under (s) oi pursgrapl~.3
preoeding aa a credit on the interes6 ~ccrued and uapsid and Wie b~lanc+e to tLe princip~l bhen re~a~iuing unpa~d
on said note.
4. He wiD pwy al1 tsaes, aeee0smenta, watee ntes, aad othet 6a~verameatsl oe mimldPd cherg~ee, 8nes, o=
in~poaitiom, fa wLic6 pe+~viaioa haa not beca made hereinbetore, ~nd in defsult tt?ereot the Morfgagee mqY Pe?Y ~
aipe; and t~?! be will pa~omptly deHver tde o8'icial reoeipta tberetat to tbe Martg~gee~,
b. He will permit~ oommit, or auger na waete, impdrmeat, ar detertoration of edd property ae~sny psrt thereoi
eucepL reaeonable ~rear ~d tear• aad in t~he ev~ent of tbe failura of tbe M~g~ to looep the building~s on eaid
premieee and thoee to be ereets~ on ee~id pe+emisee, ee imp~+ovements tLereon~ ~a-~ood repair t6e Mortgagee msy
mske euch repairs as ia ita discret£oa iL msy ' neses~ary tor tbe proper ~c~eserratien th,e~o~ t?~d the tull amoun0
d each aad every such psymeat e6~U be du~e aad p~ysbk thir~Y (30) d~U?s afLet d~ad, ant~ sbuil be seaurad by
t6e L'en of•this ~nort~e.
6. He will psy a11 snd ein6uLr tLs oost~ and ~cpe~ees, inctudin6 reasonsbZs Lwyet'a fe~ee, and ooete
ot abatracta ot title, incurred ~ paid st ~ny tinne
t~ort;a~ee becauee of the failure on the part of the Mortgsgor
promptly ~?nd i to pedorm ths ~e~enta aad c~venaate of edd ~i~r note and tbts and said
~t8~, ~eocpenses shall be immedisteb due and p~,yaWe an~d sh~11 bo ee~u~ed by WO ]fea~
c~ t-~mortgege~,
7. He w~ oontinno~ maint~ain b~sa:d ins~ranoe, o~ such t,pe or~yp~ and amrnmts as Mortgagee me
from time to time require, on the improv~meata now or bet+eatter on ssid and ea~oep0 wLen paymen~
tor all such premiums has~ tberetofore been msds nnder (a oi p~ragn~h 9~~ w~l p~y pramptiy wrhen
due aq~ premiume thereior. AII i~urenoe ~La~ be ~ in oompan~e~ sppro~ed b~ M sgee and the 1~
ciee aad renewals Wereof a6sll be held by Most~g~ee and have attacLed tL~+eto ]oas ~~g~a~ee in i~vor af
snd in form ~ooeptable to tb?e M Ia e~eat ai bes Le wiU give innniediste no ' by ma~ to Martgagee,
and Mortg~agee m~~ make proof~~ oea ii no~ mads prompt]~ by Mo~rtgager~ and e~ch i~raace company
ooncerned ~s bereby~swthori~d and directed to malos pyymeat fvc au~ loe4 du+ec~ t~o Mourtgagee~instead oi
to I~lortgagor aad I?~Io oe
rtgage~ 'oin , and the ianuan~oe prooeeda, ar an~y part th~ere~ mfW? be ap~h by Mortr
~sgee at ita option eitber to ~~nction ot ~6e indebtedne~s be~+eby ~scne+ed at to t~e restorat~on e~ repair of
t~he propert~ dama~ed. In avent o~ iw~sc~oan+s ad this a~r otLee transier o~ tit3e to tha mortgaged
p~P~7 in astingu~mea~ oi tbs iadebted~e~a seeat~ed b~ie3+eb~- aIl righ~, i~e. ~d ~nt~ee+es0 0! the Mortgagoae ,
~n ~nd to aq~ insuranoe policies ~ben in ioroe ~6a11 pasa to tbs porcL~er ~ gc~ntee~. `
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8. ~t thc preiniees, or sn~ psTt therno[, be condemned under the power ot eminent donuin or ac4uurcl !or ~
a public tiee, t1iR diuuages s~rarded, dte proaeds for the~ of or tLe cw~aiderstion for suc~i uqu~aition; to
the extent of the !uU amount of the remstnio~g unpaid i~ebte~ees secut+ed b~ this mottga~a, arn l~enbf ~ ~
assigned to U~ Mortgagee, and his hein4 or aes~gns, snd s~ull be paid forthwith to esid Mortga~cM or lus
ce to be spplied on sccount of the isst mst.uuring instaUmenb of snch iadebtednese; provided, how-~erer,
t-h~ortgsge~ or his aesi~nee, ~nay ~ his di~eretan par d'urect to t~ Mortgsg~r, his l?eirs or assigns sn~ part
or all ot snch a~ u~d; pmvxled, thst J the ~oan is guaranteed or ~d, ti~s co~sent o! the guarantor or u~siu+es ,
is obtained in udoance of said p+?~nenl. . ;
9. TLe Mortp~ee may, ~st aq~ ~ime pmdi~ a~utt npon t1~e mo~t~e, spp~y to t~e eo~ut lwv~n6 i~risdiation i
thereof for the sppo;nt~ment af a reoeiver, aad a~ch eo~ ~u11 fettLwit6 appoint a reoelver of the premises oovered ~
i
Ler~by all a~id aingular, includina a11 snd ~dt~uLr t~be P~~, aad rdvennes from wha~ eouree
derived, eac6 and every of whicL, ft beang eo~preeely ia Le~+eb9 mott~,~ed ae if apeaifically set forth aad
deecribed in the 6rsnting ~d hsbead~mn e~suees Leteof. $a~~pp~
tmeat abaIl be msde by such ouurt a8 an admitted
equity and matter d sbeolute ti6ht to sai~1~M~~ee, aad withotdt refe:~noe to t6e adequsQy or inadequacs af
tbe vslue of the properEy mortg,e6ed ~oe to the ~olviancy. ar inedveaay a[ aaid Maetg~go~ oe the defeadaata. Such •
t
'j renta, prafits. income, iss~~ea, aad ievennes abaII bs by euch reoeiver aooo~ding to t~e lien of this mo
~ aad the practioe of such oourt~.- In ibe evmt ot at~ d~~ an tLe v~ the Mo~t~sger Lereuader, the Mo
~
~ ~~+s to psy to the Mo an deao~ad ~s a reasoosble mm reatal fae tLe
~ e4uivalent to one-tweUth~ot tLe o[ t~ twel~s montbly i~tallments~p~b~le ~ the then cur~
nt
mo
year plus the actual amount of tbe ann taxee, neeee~enta, t~ter s~?tee, an~d ~as~uanos p~t~emi~o~s for such yeat
aot oovered by tbe afoz+ee~id monthly p~yments.
10. Ia the event of any br~ch o# this mort~age oe def~ o~n t,he~ patE a[ t1~e Mottg,ugart.or in tLe event thst
~ny of said euma af money ~Ia nfen~eci to be not pe+ompt~y aad fulty paid sooording to the tenor hereof, or in the
event thst each snd ev~y tbe s~ipulstioms, agreements, oooditio~, and ~ovenante of ea~d note and this mbrt
are not dulY,l~mP~Y. ~~9 P~o~med; th~a ia eithet ae a~y etkh event, the said sggregate aum mentio~
in eaid note then r~mainina unpaid, w+ith interest aocrtyed to tbst time, and aD moneys secured her~by, 8hall become
due snd paysble forthwith, or the~eafter t?t t6e opt~ of eaid Mort~sgee. as fully and oompletely ss if all of the
~eaid ~os of mo~y ~vere orJg~lly st~pu~sted to be paid on s~xh dsY, ~Y~nB ia eaid note or in this mortgage to
the oontrary notwithatanding; sad t6ereupon ae tLer~after, at the optio~ af aaid Mostgagee, without notice ot
demand~ suit at lsw or in equit7, nuY be pe+ose~uted as if all m~on~ya eecured Lereby bsd matut+eci prior to its institu-
tion. T6e~Mort~agee muy foredoee tbis mort~~e, aa to tl~e aa~ount so declat+ed due snd psyable, and the said
pcemisea sball be sold to enti~ aad pey tbe seme together ~rith ooeta, espease~, s?nd aIIowaacee. In case of partist
foreclosure of tbia mort~~, tbe mort~edp~ shall be sold eubject to tLe oontinuiag lien of thia mortgaae
for the amount of the debt not tbea due and napaid: In such ceee t6e provieia~ns af this psrag~sph may again ba
svailed of therestter from time to t3me by tLe fiat6sgee.
1 i. No waiva at any ooveaaat ~+ein o~ of the obligntton secured bereby eball ~?t say time tLereafter be ~e1d
tio be a ~?sive~r of tbe t~ms hee~eof ar ct the note eeau~ed he~+eby.
- ' 12. The liea ef th~s in~rtm~eat ~LaIl respsin in fu11 forae snd e8ect dnrtn8 ~ P~P~nt ~ exteneion of
the tinue af psyment et t6e iadebtednees oe a~? put tLec~eat ~ec~ed Let+eby.
~ 13. If tLe Mort~oz defsnlt fa any af tLe ooveaaate ar a~eeaoeate oontatned I~erda, ar in eaid note, then tbe '
yiort;,agee msy perform tbe asme, aad all espmdit~es (inc]~ding reaeooabje sttoraey's feea) made by the Mortgs~ee ~
~ in so dou?~ aha71 draw interest st the rateprovided for in the principal indebtedr~e, snd ahall be repayable ~
~ thirty (~o) d~ys afte~' demand, sred, tio,get~her ~vith intet~es6 and oost~ a~xrued thereon, shall be secured bp
this mortgaga
14. Upon tbe request of tLe Mer~ga~ tLe Liortgs~~r sba1I ~ecute and deli~er a snpplemental note er ~
n~tes for_ We stmn or aums advauced by tbe Mortgsges or the altaxtion, modernization, impmvement, maia- f
tenance, or repair oi ssid pnmises, for tues or a~eeesmeafa agsi~ the wne snd fot ~ay other purpoec su thor-
ised Lerennder. Said note or notes shall be ~ecnred herebi oa a parity with snd ss fully sa ~f the ad~ ance
~ evidenced thereby wrere included in tLe note fint desen'bed above. Said sap
plemental note or notes ahall beer
interesti st the rate pmvided for in the principal indebtedneas aad ~hal! bepa
yable in ap prouimatcly equal
monthly psymenta for such period as msy ba sgreed uponbp tLe creditor snd. debtor. Fsil"~ to agree on tha
maturity, the w~hole oi t~Le sum or suma so advanced shnll be due and ps~
able thirty (30) da~ s a(ter ~cmnnd
by ~ the creditor, In n~o event .Lall tt,.e m~turicy euceud ~ond tLe ultimate nat,urity oi tLe note firsc
deecribed above. ~
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