HomeMy WebLinkAbout1207 1~' . l ~ ~(1
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tender 1o th~ :11orlKu~;~~e in aeeurdam•~~ with the {?n,~•uiais ut tl?e tioti~ x~~curr~l h~•mbv, (ull parnieut of th~~
entirn indebtednesa rr.pn~xrut~d therebv, tl?e Mortg~ee, sa truatr~, .I~all. in c•~~n~~~utii~K th~~ amount oI sucl~
indeLledueas~ crcdi4 ta Ih~~ ac~•ount o~ 1~~e :11ort gaKor un~• ~•redit Galnnce reuiainin}? iu?d~~r th~~ pro~•i.~ions of (a)
of said paregrsph 2. If ther~• sliall be s d~fault under an~• of thr provisio~~s o( this inort~;aRi~ ~~•sultink iu a
public sale of the pre~ni~~x ~•u~•ere~l liereb~•, or i~ the Aiortgagre ai~qu~res ll~e pn?~x~rt~• oth~~rw•wc~ bftc•r ~Icfault,
the 111ortgaf;ee, as truetr~~, aball appl~, ac the tunP of the ~•oiu~~~enrPn~ent of such procee~linKu or al thr timr
the proper/~ ia oth~rwi~ acquired, the au?ount tl~en reiuainin~ to ~•redil of !~lort~;a~or und~~r (a) of puruKrapL 2
precedinK as a~~redit on Ih~• interc~st ac~ru~~d snd unpaid and 1FIe balaiur to IhP prinripal tben rnniaiuink unpaid
on said note.
He w~iU psy all taxea, seeeasments. wster rates~ e?nd other governmental or municipal chargee, fiaee, os
impositione, for w6ich proviaion 6ae not been mede hereinbefore~ and in detault thereof tbe Mortga~ee may psy the
ssme; end t6ati he will promptly delivec the o~cisl n~oeipLe therefor b the Mortga~gee.
b. He wrill permit~ oommit, or auHer no waete, impairment. or deterioration ot eaid proparty or sny p~r~ thereof~
eaccept reasonable ~ear and tear; and in the event of t6e fsilure of the Morigagor to keep the buildinga on eaid
premieea and thoee to be erected on asid premise~ or improvementa thereon; in good repsir, the Mortgagee may
make euch repm?irs aa in its dieccetion it msy deem neceseary for the pmper pre~c.rvatioa thereof~ and the full amount
of each and every euch psyment eball be due and psysble thirty (30) dsye ~iter demsad, and ahall be eecured by
the lien ot thia mortgage.
6. He will pay all and aingular t6e eosta, chargee, sad eapeneee, including reseonable lswyer'e feee, and ooets
of sbstracta oi title, incun~ed or paid at any time by the Mortgagee becauee oi the isilure on the part ot the Mortgagor
promptly and fully to periorm the agreements snd oovenanta of 8aid promiseory note and thia mortgsge~ and ssid
caeta, chargea, and expenses aheU be immediately due and payable and shaU be eecured by the lien of thia mortgage.
7. He will oontinuously maintain hszard insurance, of such type or types and amounts as Mortgagee may
fmm time to time require~ cnt tbe~m p~ov~nents now or bereaiter on said premises snd e.~cept when payment
tor ell such premiums has theretofore been made under (a) oi paragraph 2 hereof ~e will psy prompWy when
due any premiums therefor. All inaurance ahall b~ carried in companies approve~ by 111ortgag~ ana che poL'-
cies end renewals thereof s6nll be held b9 Mortgagee and have attached thereto loss payable clausee in favor of
and in Iorm acceptable to 6he Mortgagee. In evenL oi losa he will give immediat,e notice by mail to Mortgagee~
snd :1lortgagee may make proof o3 Ioea if not made promptly by Mortgagor, and each insurance oompany
ooncerned is hereby suthorized and directed to make payment for such loss directly to Mortgagee inatead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereoi~ may be applied by Mor~
gagee et its option either to t~e reduction oi the indebtednesa heteby aecured or to the testoration or repair of
the property dama~ed. In event oi foreclosure o! this mortgsge or other transfer of title to the mortgaged
pmperty in e.~c~ingwshmenL of the indebtedneas secured hereby, all right, title, and interest of the Mortgagor
m and to any insurance policiea then in force shsll p~?sa to the purchaser or grantee.
R. If the pren~u~•,, or an~• part tL~•r~~of, lx~ c•onclrnin~~~l m?~ler the po~•~r of ~n~i~~ent ~lan~uu~, or ucyuirnd for
u puLli~- us~~. the duuu~K~~s aNarde~l, th~• proi•i~~•~ls ~or the takin~? o~. or th~• ronsi~lc•ration for suc~h acyu~sition, to
thc~ ~•xt~nt of the full A~nount of the rc•maining unpi~i~l in~l~bt~~~ln~•.~ srrur~~~l 1,~• this iuort~aKr. um li~r~b~-
u~.i~n~~~l to th~ ~Iar1KaK~e, und his h~•ui ar :~,.ci~n,, uu~l •l~all b~• pui~l fortli~~-ith to .uid ~1ort~;a~;e~ ~~r l~i~
u~iKncc~ to lx~ appli~•~I on ar~•ouut of thi~ la~t niuturin~ ins~allni~~uts of .u~•h iu~l~•1?tedn~•~: pro~•i~lc~d, ho~~•e~•er,
~1?a ~lortKu~r~~ or his ss.~.,iKn~•c~, n~u~' ut his ~lis~•rrtiou pu~• ~liri•i•t to t}u• ~Iurtru~;ur, h~s h~~in or ussihns an~• p:~rt
or all of suel~ aH-ard; pm~•i~led, tLat if th~• loan is Kuarunt~~~~d or insur~•~I, the ~•o~is~•nt uf th~ guarantur or ii~surer
is obtuine~ in ad~anee of sxi~! pu~•uu~nt.
The Mortgagee may, at any time pending a suit upon this mortgage~ spply to the oourt having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premiaes covered
hereby all arid singular, including all and singulsr the income~ profits, iasues, and revenues from whatever source
derived, each and every of which~ it being expressly understood, is hereby mortgaged as if specifically aet forth and
described in the granting and habendum clauses bereof. Such appointment a6aU be made by such oourt ss an admitted
equity and a matter of absolute rig6t to eaid Mortgagee, snd without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents~ pmfits. income~ isaues, and revenuea shall be applied by such receiver according to the lien of thia mortgage
and the pcactice of such oourt. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
t agrees to pay to the 111ortgagee on demand as a reasonable monthly rental for the premises an amount at least
; equivalent to one-twelfth (~z) of the aggregate of the twelve monthty installments payable in the then current
~ year plus the actual amount oi the annual taues, assessments, water rates. and insurance premiums for such year
! not oovered by the aforesaid monthly payments.
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€ 10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that
~ any of sa.id sutns of money herein refen+ed to be not pmmptly and fully paid accotciing to the tenor hereof~ or in the
~ event that eacb and every the atipulations~ agreements, conditions, and oovenants of said note and this mortgage~
~ ar~ not duly, promptly, and fully performed; 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 all moneys secured hereby, shall beoome
~ due and payable forthwith~ or thereafter~ at the option ot said Mortgagee, as fully and completely as if all of the t
esid sums o! money were originally atipulated to be paid on such day, anything in said note or in this mortgage to
~ the contrary notwithstanding; aud 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 secured 6ereby had matured prior to its institw
~ tion. The Mortgagee may foreclose• this mortgage, as to the siuount so declared due and payable, and the said
~ premises sha11 be sold to satisfy and pay the same togetheT wit6 c~sta, 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 suc6 case the provisions of this paragraph may again be
~ avaited of thereafter from time to time by the Mortgagee.
~ 11. No waiver of any oovenant herein or of the obligation secured hereby shall at sny time thereafter be held
~ to be a waiver of the terma hereof or of the note secured hereby.
~ 12. T6e lien of this instrument eball remain in full force and eRect during any po~tponement or extenaion of t
the time of payment oi the indebtednese or any part thereof secured hereby.
1:i. If the Mortgagor default in any of the covenants or agreements contaiaed hereiu, ot in esid note, then the ;
~ Mortgagee may perform the same, and all expendiLures (including reasonable attorney's fees) macle by the MortgaRee ~
= in so doinR shal! draw interest at the rate pro~ idecl for in the principol indebtedncss, and shall be repa~~able
thirty (30) days aft,er demand, and, together wich interesl, and costs accrued thereon, shall be secured by ~
~ t6is mortgage. ;
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~ 14. Upon the request of thc l~iort~a~ee the ;ltortgagor shall execute and delivcr a supplemcntal note or z
notes !or the sum or sums aclvanced by the ~tort~a~;ee for the alteration, modernization, impro~ement, main-
`-i tenance, or repair of said prcmises, for taxes or a.~.~essments a~;ainst the same and for an~• other purpose author-
_ ized hereunder. Said note or noles shall be secured hereby on a parit,y with and as fully as i( the ad~ance
~ evidenced thereby were included in lhe note firsl described abo~e. Said supplemental note or notes sl~all bear
interest at the rate provided for in the principal indebtcdncss and shall be payable in approximately cqua) ;
r°-- monlhly pay ments for such period as may be agrecd upon b~ the cmditor and dcbtor. Failing Lo agrec on.the '
~ maturity, the w•hole of the sum or sums so advanced s6nll bc duc and pa~•able thirt,y (30) da~s aftcr demand F
~ by the crcditor. In no event, shall L6e maturity ext,enJ bcyond ~he ult,imate r.~aturiLy of tLe n~te first
~ described above. . .
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~ BOOK ~~W PACf I f
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