HomeMy WebLinkAbout0304 tender to the Mortgsgee in accordance with the provzsio~m ot tl~e note secnred l~ereb~, ftdl ps~ment ot the
entire iadebtedness represented therebv, the Mortgagee~ as t~rustee, shall~ in computing tl~P emount of eucl~
indebtedneee, credit to the account oi the Mortgegor wy credil balance remau~ing undcr th~? provisions of (a)
o[ asid paregraph 2. It thern ahsll be ~ deisult under ~taf ot tlie provisiona of this mort,ga~e resulting u~ s ~
public ssle o! the premisea covered hereby~ or it the Mortgagee acquirea the propent otl~erw~se nfter detault~
the Mortgagee~ as truatee, ahell spply, at the time of the co~iunenerment of such proceedings or at tl~e timP
the propert~ is otherwige acquired, tlie amount t,hen Xeniaining to credit of Mortgxgc~r under (a) oi paragrapli 2
preceding ae a credit on the interest accrued ~nd unpaid end the bulan~e to tLe principal6hen reiuaiuiag unpaid
on said note.
4. Ha will pe?y all tsxea, aeeeesunente, wster rates~ And other go~eramental or munlcipal cLargea, finee. or ~
impositione, for ~vhich provision hae not beea made hereinbefore, ~nd in defaul~ thereof th~e Moct8s8~ ~Y P~?Y
ewne; ~?nd thst he will p~omptly deliver the o~cial reeeipte t6erefor to the Mortgagee.
b. He will permit, oommit, or suBer no ~vaete, impairment, or deteriorswon oi ssid propeity a~ sny pait thcreof -
eucept reaAOnable ~vear snd tear• end in tbe event oE the fail~u+e ot the Mortgsgor to keep the buildiags on aai~
pe+ewisoe and thoae to be csrect~ ea eaid pae~nisus, os ianpruvemeuts thes~n. ,a guod rupair tbe Mvrlgagee may
make euch npsies ae in ite discretion it muy deem neoeeeary for t~ pmper preeern?tion thereo~ and the full amount
of each and every such psyment a6a11 be due ~nd p~yyi?bb thirty (30) d~ys aftRr demand, aa~ absll be eecured by
~e lien of thie mortgage.
6. He w?ill psy all an~ etngulsr tbe oosts, end eupeneea, includina ~nsble la~vyer'e feee, aad oosts
of sbetr~cta of titk, incurred or paid st ~?ny time
tr~y~ortgagee becauee of the fnilure on the part of the Mort~aqor
promptly and i~y to perform the a~eementa and oovenante oi esid promieeory note a~d this mortgage, and -eaid
~oeta, ch~?*gee, aad e:penees ~hall be immediste~y due sad psyuble snd shall be eecui+ed by the liea of thia mortgage.
7. He rvill oontiuuoue~jr msintain Lssard iffiunnce, oi such type or types snd amonnts as :Viortgagee may
from time to time require, on the impmvements now or Lereaiter on ssid premises and e=cept wLen psyment
for all such premiums hsa~theretofore beea ms?de undet (s oi paragrsFh 2 hereof ~e will pay promptly when
due any premiuma therefor. All insuraaoe ahall be csrri~ in eompe?nies approvec~ by 2~iortqapee and the poli-
ciee and renewals thereoi ahall be heid by Mortgagee and have attached fhee~eto loes psyable cfauses ia fsvor of
and in form scoeptsble to the Mo In event of loe~s Le ~vill give immediste notioe by meil to I?iortgagee,
lo
~nd Mortgagee m4y mske.proof
o~ f~S if not made promptly by Mortgegorj and each insuraace oompany
aonceriwd is hereby~autLonzed and directed to make P4yment for such loes duectly t~o Mrt~a~ uLStead of
so biortgagor and Mortgagee 'ointly, snd the insw~anoe prooeeda, or sny part thereof msy be
a~
pp7ied by Mort-
~agee wti its option eithe~r to ~a reduction oi t~?e indebtedneee heteby eecured or to t'he restoration or repair of
tha pmper~j dama~ed. In event of foreclosure of tLis mo~or ot~her tr~wafer of title to the mortgaged
propert~y ia ezti~u~ment oi tLe indebt~ednees eecnred LerebY. r~ht, tiu0. snd iates~t of the Mortgagor
m and to any insurance policies t,hen in foroe eLall p~,9s to ihe purcLaeer or ~rant~ee.
8. ~t tl~epremises, or snr part tliereoi, be c,undenmed nnder the po~ver ot enunent doniain or ac~uircd i~r
a public ~e, tlit? damages swardcd, tl~e praceeda for the ~oi or the consideration tor suc•~i acqu~aition~ to
the extent ot the full s~nount of ihe remaining unpaid u?de tednees eecured b_r this mortgs~n?, arn l~er~b~
sssigneci to tlie Mortgagee, and his 1?eira or assiigrua, and shall be paid torihwith to said Mortga~c?r or lus
ass~gnee to be applied on account ot the last insturu?g installments of such indebtc?dness; provideci, }io~efer~
the Mortgagee or h~s assipnee, msy at hia discretion par direct to the Mortgagor, his 1ie'us or assigns an~ pari
or all ot sucti av~ ard; provided, that ~f the loan is Euar~?nteed or ir~sured, t~e consent of the guurautor or insurer
iB obtained in ~dvance oi said pa~~ueu~
Q. The Mortgagee may, st any time pending s enit npon thia mort~ege, sPPIY to t~?e eonrt ~ving jurisdiction
tbereof for the sppointment of a receiver, and duch e~urt sLall forthwith appointi a reoeiver of t6e premiaes oovered
' hereby all arid singular, including all and angular the inoome, profite, iffiuea, and revenues fmm whatever eouroe
; derived~ each snd every of which, it being racpreeely understoc?d, is bereby mortgaged as if specifically eet forth and
deecribed in the ~ranting and habendum claueee het+eof. 8uch appointment shall be made by such court as an admitted
F eqaity und s matter of abeolute right to eaid Mort;sgee, snd ~vithout r~ference to the adequacy or inadequacy of
! t6e value of the property mortgaged or to the eolvency or ineolvency of eaid Mortgagor or t~e defendants. Such
; rents, pro8ts. income, issuee, and revenues ehall be spplie+l by auch reoeiver aooording to the lien of this morfgage
and the practice of auch court. Ia the event of any default on the pait of the 11Sortg,agor hereunder, t6e Mortgngor
` agrees to pay t4 the l~tortgagee on demand ss s reaeonable mont~ly rental for the premises an amount at least
~ equivalent to one-twelfth (~s) of the ag~egate of the t~velve monthly installments payable in the then current
; year plus the actual amount of the annual taxes, ~a~eeesments, t~?ater rat~, and insuranoe premiums for such year }
~ Dot oovered by the aforesaid moatlily paymente.
;
; 10. In the event o! any breach of this mortgage or default on the part of the ~iortgagorl.or in the event that
~ any of said aums of money herein referted to be not promptly and fully paid accordu'~g to the tenor hereof, or in the
event that each nnd every the atipulations, agreements, c~onditions, and covenants of said note and this mortgxge,
ere not duly, promptly, and fully performed; then in either or any euch event, the said aggrngate Bum mentiouad
in said note then remaining unpaid, ~~ith interest acctued to that time, and all moneya eecured hereby, ahall become
; due and payable forthwith, or thereafter, at the opt.ion of Baid 1liortgsgee, as fully and completely as if all of the
~ said sums of money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to
the oontrary notwithstanding; and thereupon or thereafter, at the option of eaid Mortga~ee, without notice or
~ demand, suit at lnw or in equity, may be prosecuted as if all moneys eecured hereby had matured prior to its institu-
~ tion. The Mortgagee may forecloee this mortgage, as to the amount so declared due snd payable, and the auid
premisea shall be sold ta satisfy and pay the same together with c~fs, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises ahall be eoid subject to the continuing lien oE this mort6x~e
for the amount of the debt ~ot then due and unpaid. In euch case the provisiona of thia paragraph may again be
7 s?vailed of thereafter from time to time by the I?iortg~gee.
I 1. No ~vaiver of any oovenant herein or of the obligation eecined hereby ahall at sny lime thereaiter be bcld
y to be s~aiver of the terms hereof or of the note eecured hereby.
2. The lien of this ivetrument ahall remain in full force snd e8ect during any poatpooement or exteneioa of
~ tbe time of payment of the indebtedness or Any part thereof eecured hereby.
= 13. Tf the Mortgagor default in eny of the oovenants or agreements oontained herein, or in eaid nott, tben ~he
Mortgaaee msy perform the eame, and all eapendituree (including reasoflable attorney's fees) made by the Mort~a~ee
in so doing sliall draw interest at the rate pror•ided for in the principnl indebtedncss, and ahall be repa~•able
':;j
thirt3 (30) daya siter demand, snd, together with interest snd costs ~werued tLereon, atiall be secur«i b~
- thia mortge~o.
14. Upon the request of the Mortg~ee the l?~iortgagor shall execute snd deliver a supplem~ntal ~ote ~r
= notes for the sum or sums ad~ ancecl by t e I?iortgagee for the altention, modernization, impro~ cment, s~~ia-
tenance, or repair of said premises, for ta~es or asFessmenfs against the same end for any other porposc nuthor-
~ ized hereunder. Said note or notes shall be eecured hereby on s parity w~ith and as fully as if the advauce
evidenceci thereby were included in the note first described above. Said suppiemental note or not,es slisll bear
" interest at the rate procided for in the principat indeUtedness and s6all bepa ~able in appro~cimatel~ c~val
`rS monthly pati•ments for such period as may be agreed upon by the creditor and ciebt.or. Fsilin~ to agrec on 1he
~;~s m~tvrity, t~e w-}~ole of t1~e sum or cnms so ad~•anced shall be due snd pa~•able tt~irt;~' (3~) dars aftc~r ilcmnncl
'~3 by the cr~ditor. In no e~eut ahsll tLe maturity, exteud be3ond the ulcimate r~aturity ot tLe nole firB6
deacribed above. ~ t~ry
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