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HomeMy WebLinkAbout2036 tenJer to 1he ~lurtKu~;~•~• in ac~•onlun~•~• ~vitl~ th~~ pro~isi~?ns ot tlic~ not~~ eK•cure~i h~r~~l,r. fuli pa~•~n~~nt of th~~ Pntire? indebtedn~•~ rrprnaeuted thereb~•, the \lortgu~;ee, us truK~ec~. shall. in cou?pulii~K th~~ auiuunt of sucl~ indebteJu~•ss~ credit to tl~~• a~•~•ow~t u( tlu~ ~1ort •aKur un~• crt•dit l~aluncr reu?ainin~; in?d~~r th~~ pru~•isiuns of (u) of asid paragraph 2. If th~•re ~1?all tx a d~fau~t under a~?~• o( the provi~iaus af this mortguK~• r~•sulliu~ in a public sale uf i1~r pren~i,i•s cu~•ered liereb~, or if tl~e I1lorigugr~~ a~'yutres thc pm{H~rt~• otherw~e after ~Ic[ault, the ~lortgagee, aa t~ttatre, sl~all appl~, at the tuiie of the ~•ou~n?enc~u~ent o~ sueh proc~er~lin~,?s or at ~I~e tiiu~• the propert~ ia otherwiac• acyuired, the amount then reu~ainin~ ~o ~•redit of ~1ort~;a~;or ut~cler (a) of ~iurukraph 'l precedin~ as a credit un tlu~ u~terest a~•cru~~i and unpai~l and tlle b~lan~•e ta Ilie principal thi~n rnu~ai~~ui~; unpai~l on said note. ` 4. He ~viU psy sll tsxea, aereeesnnente, ~vster rstea, snd othet governmentat or municipsl chargee, 6nes. os impositione~ for which provision 6ae not been made 6ereinbefore, ~?ad in deiauii i~~ereof the Mortgagee msy pe?y the f asme; e?nd that 6a will pmmptly deliver the o~cial reoeip4~ therefor to the Mortgagea. ~ 5. He will permiL, oommit, or sufter ao waste~ iQpairment, or deterioration of eaid pmperty or any part thereof. except reasonable wear and tear; and in the event of the failure of the Mortgegor to keep the buildings on eaid pr~misea and thoee 1,o be erected on said premiees. or improvements thereon, in good sepair the Morigagee msy malce such repaiia aa in its discretion it may deem neeeeeary for the proper preacrvation thereo~, aad the tull amount of e~ch and every auch payment shall be due and psysble thirry (30) daye atter demand, snd ehsll be eecured by Lhe Gen of this mortgage. 6. He will pay all and singular the ooets, chargea, and e~cpeneea~ including reasonsble lawyer'a feee, and ooste of abstracts of title, incurred or paid at any time by tbe Mortgagee becauee of the failure on t6e part of the Mortgagor pmmptly and fully to perfomn fba aareementa ~?ud oovenants of eaid promieeory note and thia mortgage~ snd saud costs~ charges, and expensea shall be unmediately due end payable and ahaq be eecured by the lien of this mortg,age. 7. He will oontinuously maintain hazard insurance, of auch type or typee and amounta ss Mortgagee may lrom time to time require, on Lhe improvemente now or hereaiter on said premises and eacept when payment tor all such premiums has thereLofore been made under (a) of paragraph 2 hereof, ~he will pay promptly when due any premiums thcrelor. All insurance ahall be carried in companies approved by 111ortg ee and the poli- m cies and reaewals thereof shall be held by Mortgagee end have attached thereto loss•payable c auses in favor of and in form acceptable to the Mortga~ee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of ioss if not made promptly by Mortgagor, and each inaurance company concerned is hereby authonzed and d'uected to make psyment for such loss du~ectly to Mortgagee instead of to l~iortgagor and 1~lortgagee oinLly ~ and the insurance proceeds, or any part thereof~ msy be apphed by Mor6- gagee et its option either to t~e reduction of the indebtedaesa hereby secured or to the rnstoratton or repair of the property dama~ed. In event of foreclosure of this mortgage or other tranafer oi wtle to the mortga~ed property in extingmshment of the indebtedaesa secured hereby, a~li nght, title~ and interest of the Mortgagor m and to any insurance policies then in force shall pASS to the purchaser or grant~ee. R. 1( th~• prenii..iw, ar un~- purt th~~reuf, ix~ ~•on~l~mn~•d un~ler the }x?Nrr of ~miuent doniam, or ~u~yuired for u publi~• us~~. tlir ~la~~?agi•s u~sarde~l. Ih~~ pro~•~~i~~ls for the tukin~? of, or th~• ~•on,i~ler~tic» ~ for su~•h ucc{u~s~tion, to tl~~~ ~~xtent of tl~e full an~ount of tlu~ reoiainiu~; unpui~l i~i~l~•bt~~~ln~•s.~ s~~~•ur~•~I h~• ihu u~ort~?a~;~~. ar~~ hemb~- u:.i~nrd to ih~~ ~1ortKt~Ke•e, uml 1?i. hi•in ~~r u.ci;;i?s. unil •h:~l( h~• ptii~l furih~cith to suid ~loM~;u~;~~~~ or li~, ua,i~;nce lo Ix• ap~~li~~~l~on ac•~•ount oi thi• lust muturiu~ installnu•nt• ~~f :w•I~ in~l~~ht~dnes~: pri~~-i~led, ho~r~•~•er, thr ~lort~v~~~~• or his :wiKn~•~~, n?a~' ut his dis~•r~~tion p:?~• dire~•t to th~• ~Iort~u~;ur. his h~~i~ or t~.~sihns an~• pt~rt or ull of sue!~ a•~-:ud; pm~ided. tLut if th~~ lo:u~ is Kuarunt~~ed or iusun~il, tl~r eon,~•nt of tl~~ guaruntur or insurei~ is obtuin~•d ifl LII~'811(•e c?f sui~l pa~•in~•ut. 'J: The Mo'~.gagee may, at any time pending a suit upon this mortgage~ apply to the oourt having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises oovered hereby all and singular, including all and singula~ the income~ pro6ts, iasues~ and revenues from whatever source derived~ each and every of which~ it being expressly underatood, is hereby mortgaged as if specifically eet forth and described in the grantiag and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to asid Mortgagee, and without reference to the adequacy or inadequacy of ~ the value ot the property mortgaged or to the solvency or insolvency of said Mortgagor or t:~e defendants. Such rents, pro6ts, inoome~ issues~ and revenues ahall be applieef by such receiver according to the lien of this mortgage ` and Lhe practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ~ agrees to pay to the Mortgagce on demand as a ressonable monthly rental for the premises an amount at lesat ! equivalent to one-taelfth (~z) of the aggregate of the twelve montWy installments pa~able in ths then current ~ year plus the actusl amount of the annual taxes, assessments, water rates, and insurance premiums for such year ~ not covered by the aforesaid montWy"paymenta. y . IU. In theelvent of any b-each of this mortgage or default on the part~of the l~iortgagor; or in the event that any oi said sums of money herein reterred to be not promptly and fully paid according to the tenor hereof, or in the ~ event that eacb and every the atipulations, agreements, conditions, and covenants of said note and this mortgage. ~ are not duly~ promptly~ and fully pertormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and aA moneys secured hereby, shall become ~ due and payable forthwith, or thereafLer~ at the option of said Mortgagee, as fully and completely ~a if all of the ~ eaid aums oE money were originally stipulated to be paid on such day, any Lhing in said note or in this mortgage to ~ the contrery notw~thstanding; and thereupon or thereafter, at the option of said Mortgagee~ without notice or demand~ suit at law or in equity, may be prosecuted as if all moneys secw~ed hereby had matured prior to its institu- ~ tion. The Mortgagee may foreclose this mortRage, as to the amount so declared due and payable, and the said ` premises shall be sold to satisiy and pay the same together with costs, expenses, and allowances. In case of partial ~ foreclosure of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter irom time to time by the Mortgagee. ~ I 1. No waiver of sny covenant herein or of the obligation secured hereby shall at any tiane thereafter be held ~ to be a waiver of the terms hereof or of the note aecured hereby. - 12. The lien of this instrument shall remain in full force and etiect during any postponement or extension of ~ the time of payment of the indebtednesa or any part thereof eecured hereby. :'3 1:i. If t6e Morigagor default in any of the covenants or agreements cuntained herein, or in said note~ then the ~ Morc$~ee may ~e~^t~o the same, and all expendilures (including reasonable attomey's fees) made by the MortgaAee ~ in so doinR shell draw interest at the rate pro~ idcd for in the principnl indebtedness, and shall be rnpa~•able ~ thirty (30) days atter demand, and, -together with i~iterest, and costs accrued tl~ereon, shall be secured by ~ t6is mortga~;e. ~ 14. Upon the request, of thc ~fort.~a~;ee the'.1lortga~or shall euecute and deliver a supplemental note or notes for the sum or sums advanced n~ t6e ~tortgagee for the alteration, moclernization. improvcment, main- ~ tenance, or repair of said prcmises, for ta~es or as.~es.~menls a~;ainst the same and for an~ otLer purpose auli?or- ~ izecl herc:under. Said nole or noles sLall be securcd hereby un a pari~y with and as fully as if the aclvance evidenced thereby were included in the note firsl described abo~ e. Said si~ppl~mental note or notes shall bear interest at t6e rate pro~ idcd for in the principal indebtedncss and shall be Pa~•able in approximately e~qual ~z monthly pay ments for such period as may be a~re~d upon b,y the creditor and ~lebtor. I~'eilin~ to agrec on the ~ mst,urity, lhe ~hole of the sum or surns so ad~anccd shnll be Juc and pa~•ablc thirt,y (30) days after demand by the creJitor. In no even6 sball l,he maturity extend be}ond ~he ultimate r.~aturity of tLe nole first ~ described sbove. r~;; ~ guox 235 P~cE20~ ~ ~ .