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HomeMy WebLinkAbout2050 . N ~ ; '1; tenJcr to tiie 1~lortgaE;~~t~ in sc•curdan~•~ wi~h'ihe p~orisiona ot Ute not~ ssrcu~rd hrr~~by, full purment of tl~c entiro indebtedueas repr~entrcl thereLv, the Mort~ee, aa truatee, sl?all, in cou~putin~ th~• euiount ot aucli inclcbteJnc~sa~ credit to thP account of tl?e Mortgagor an~ cre~lit balance reiusinin~; under tl~e pruvi~ions of (a) ot said parsgraph 2. It tl?ern aliall be a detault unde~ any of tl~e provisious of tt?ia u~ortga~e rnsulting in a public sAle ot tl~e premis~~a ~~vered heceby~ or if tl?e I~lortgagre scywrea tl~e pro}x~rly otl~erw•~ ar~~r a~r~ut~, ~ the Mortgagee, es trustee, sh4A apply~ aL the tune of thR caun?encement of such proce~e~linga or at the time the proprrt~ ~s otherwise acyuirecl~ tl~e amount Uie~ reu~sinin~ to crecliL o( Mortgagor under (s) of parnKrsph 2 ~ precedinR aa a credit on U~e intereaC accrued and unpaid and Ille balan~~e to Ihe principal ti~en remainm~ unpa?d ~ oc? said note. 4. He wiU p?y all taxea aese~uents, water rstRa, und other governmental or municipal ehargea fiaee, ot ianpoeitions, fos which proviaion has nat been mada hereinbefore~ aad in default thereot tbe Mort~agee may pqy the a~me; and the?t bs will promptly deliver the o~cial reeeipte t6erefor to the Mortgagee. b. Ae ~rill permi~, oommit~ or sufter no waste, impsirment, or deteriorstion of eaid property or any part thereof ~cept ressonabb wear and teu; end in t6e event of the failure oi the Mortgagor to keep t6e buildin~e on esi~ premieea snd thoee to be erected on aaid premieea or impmvemente t6ereon, in good repair We Mortgagee may make such repairs as ia ita diecntion it msy deem neoeeesry ior the propet preac.rvation thereo#~ and the full amount of eac6 and every such psyment shall be due uad psyable t,6irty (30) dsys sfter demsad~ aad she?ll be secured by the lien of this mortgaae. • 6. He will psy all awd siugular the ooste, c6sr~e, snd eapenees, includina resaonsble Iswyer's fees, uad ooste of abetn?cts of title, incurred or paid at sqy time by tbe Mortg~ngee becsuse of the lsilure on the part of the Mortgagor promptly snd fully to pedorm the agreemeats aod oovenanta of esid promieeory note snd this mo~, and said eoete, chargea, and expense8 shall be immediately dae and payable and shall be eecured by the lien of t' mortga~e. 7. He will oqnLinuoualy maintsin bsaard i~urance, of auch t,ype or types and a~nounta as Mortgagee ma trom time to time require, on Lhe improvemente now or Leresiter on said premises and except when psymen6 !or aU such premiums has tLeretofore been made under (a) of psragraph 2 hereof ~e will pay promptly whea due any preraiums thcrefor. All insuranoe ahall be catried in companies approve~l by I11o~ee and the poli- cies snd renewals thereof ahall be held by Mortgagee snd hsve attached thereto loes payable c auses in fsvor oi snd in form ecceptable to t6e Mortgagee. In event of laga he will give immediate notice by mail to Mortgagee, and Aiortgagee may make proof o3 Ioes if not made prompWy by Mortgagor~ and each inauranoe oompany ooncerned is 6ereby authorir.ed and directed to make payment for such losa directly to Mortgagee instead of to Mortgsgor and Mortgagee jointly~ and t6e insurance proceeda, or any part theceof may be app7ied by Mor~ gagee at its option either to t6e reduction of t~e indebt~ednesa hereby secured or to t~e restore4on or rapair of the pmperty dama~ed. In event oi foreclosure oi this mortgage or other transfer of title to the mortgaged property in extingu~shment of the indebtednesa secured hereby, a~l right, title, snd int,ereat oi the Mortgagor m and to any insurance policiee~ then in force shall pASS to the purchaser or gcantee. R. If ihe pre~ui~~, or an~- part U~emuf, be con~l~n~necl wulcr U~e pow•er of emin~nt~ domaw, or acquircd for = a public• use, the damagc~s uwarde~l, th~• pro~•~eds for ilie taki~iK of, or th~~ ~•onsidcration for surl~ acquisition, to ~ the e~rtent of tl~e full aiuount of tlie remaining unpai~i inclebt~~~lm~tis serur~~il h~• this mort~a~e, arn Lereb~• as.gi;;~u•d to th~• ~1ort~o~ee, u~~~l his heirs t?r u.~.si~us, uu~l sl~ull IN• puid forthH•ith to said ~lort~agee or h~ ~signee to be~ applie~l on ac~•ou~it o( the lust u?uturinr install~n~•ni~ of su~•li ind~•bt~~dnes~; pro~•ided, IioWe~er~ tLe ~iort~u~ee or his assiKn~e, ~ua~' at hia discn•tio~? pa~• dirn~•t to th~• ~IortKu~;c~r, his h~irs ur assigns an~~ part or all of such aWard; provided, thut if the loan is Kuaruntei~d or insarnd, thc cai~c~nt of tLe guarantor or insurer is obtained in ad~ence of said pa~~inent. 9. The Mortgagee may, at any time pending s suit upon this mortgage, apply to the court having juriediction thereof for the sppointment of a receiver, and such oourt ahall lorthwith appoint a receiver of the premises oovered. hereby all arid singular~ . including all and singular the incame, proSta, iesues, and revenues from whetever eource derived, each and every of which, it being expressly underst,ood, is hereby mortgaged as if specifically aet forth and deacribed in the granting and habendum clausea hereof. Such appointment shall be made by such oourt ss an admitted ~ equity and a matter of absolute right to eaid Mortg,sgee, and without reference to the adequacy or inadequncy of ~ the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or t'ae defendants. Such ! rents, profits, income, issuee~ sad revenues ahall be applieil by such receiver according to the lien of this mortgage ~ i 'j and the practice of such oourt. In the event of aay default on t6e part of the Mortgagor hereunder, the Mortgagor ; agrees to pay to the Mortgagee on demand as s res~sonable monthly rental for the premiaes aa umount st least ~ equivalent to one-twelfth of theag~ga te of the twelve monthly installments psyable in the~then~cun~ent year plua the actual amount of the annusl ta~ces, ass~sonenta, water rates, and inaurance premiums for such year i not covered by the sforesaid montLly payments. ~ 10. In t6e event of sny b*_r.ach of thia mortgage or defauk on the psrt of the Mortga~ori or in the event thst a ° t?ny of said sums of money herein referred to be not promptly and fully paid accordu~g to the tenor hereof, or in the ~ ; event that esch snd every the stipulations, agreements, conditione, and oovenanta of said note and this mortgage, : ( nre not duly, promptly, and tully performed; then in either or sny such event, the ssid aggregate sum mentioned ; ~ in said note then remaming unpaid, with interest accrued to that time, and all moneya secured hereby, shall beoome ~ ~ due and payabk forthwith~ or thereafter~ at the option ot said Mortgagee, as fully and completely ,ss if all of the ~ § eaid auma of money werE ori~nally stipulated to be paid on such day, anything in said note or in this mortgage to f the contrary notwithstanding; sud thereupon or thereafcer~ at the option of said Mortg,agee~ without notice or ~ demand, suit at Iaw or in equity, may be prosecuted as if sil moneya secured hereby had matured prior to its institu- ; tion. The Mortgagee may foreciose this mortgage, aa to the amount eo d~clared due and payable, and the ssid ? premises ahall be sold to satisfy and pay the same together wit6 costa, eapenaes, and allowancea. In case of partisl fi forecloswe 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 sucb case the provisions of thia paragraph may again be ~ availed of thereaiter from time to time by the Mortgagee. } 11. No ~vaiver of any oovenant herein or of the obligstion secured hereby shall at any time thereafter be held ~ to be s waiver of tbe terms hereof or of the note secured hereby. ~ 12. 1'he lien of thia instrument ahall remain in full force and eBect durin an t nement or extension of Z : B Y P~ Po ' tbe time of payment of the indebtednesa or any part thereof eecured hereby. ~ 13. If the Mortgagor defsult in any of the covenants or agreements contained herein, or in said note, then the s Mortgagee may perform the isaame, and all expenditures (including reasonable attorney's fees) macle by the Mortgagee in so doing shall draw interest at the rate provided for in the principal inciebte~lness, and shall be repa~ able _ thirLy (30) days atter demand, and~ together with interest and costs accrued thereon, shall be secured by ~ this mortgage. ' ; 14. Upon the request of the Mort~a~ee .the 111ortga~;or shall e~ecute and deliver a supplemental note or - notes for the sum or sums advanced by the 1lortgagee tor the alteration, mo~iernization~ improvement, main- ~ tenance, or repair ot said premises, tor taxes or as.~essmen4s against the samc and (or an3 other purpose author- ? ~ ized hereunder. Said note or noLes shall be secureJ hereby on a parity with and as tully as i( the advance eviJenced thereby were included in ~he note first described abo~ e. Said supplemental note o~r notes shall bear interest at the rate pro~ ided for in the principal indebtedncss snd shall be psyable in ap proximately equal ~ monthly pay ments for such period as may be a~.;reed upon by the creditor and debtor. Failing to agree on the " maturity, the whole of the sum or sums so advanccd shell bc due and pa~able thirt,y (30) days etter demand ~ by the creditor. In no evenL shell tbe maturity exlend beyond the ultimate tiaturiLy of tLe not,e first, E described above. , ~ ~ , ~ ~o ~ ~ 00 20~8 ~ ~ _ ~ _ ~ . .