HomeMy WebLinkAbout1059 tender to the Mortgagee in eccordance with the provisions of the note secured 1?ereb~•, full pa~•uient of tI~N
entire indebtednees represented therebv~ the Mortgsgee, sa ~rustee, ahall, in con?puting the emounl of such
indebtedneas, credit to the account of the Mortgagor any credit balance remaining under the pro~ isions of (a)
o[ eaid paragraph 2. Ii there shall be a detault under any o( the provisio~is of this ~uorl,gn~e resulting in a
public ssle of the premises covered hereby~ or if the Mortgagee acquires the pmpert~ oti?erw~se afler default,
the Mortgagee, aa truatee, shaA apply, st the time of the coinmencement ot auch proceedinge or at the /im~
the property sa otherwise acquired, the amount then remaining to credit ot MortgaE;or under (s) o[ paragrepl~ 2
preceding aa a credit on the intereat accrued and unpaid and the balance to tlie prmc~pal Lhen remai~~ing unp»ul
on eaid note.
4. He ovill psy all ta~cee, seeeeaments~ w~ter tstes, and other governmentat or munioipal ahsrges~ 6aee, or
impoeitione~ for whieh provieion hae not been msde hereinbefore~ snd in default t~hereof the Mortg~ee m~y pey tbe
esme; and that 6e will promptly deliver the o~ciai receipte therefor to the Mortg,~gee.
b. Iie will permit~ oommit, or suffer no waete, impairment, or deterioration of eaid propertq or sny part thereof -
except reaeonable weAr snd tear; snd in the event_ of the failure of the Mortgagor to keep tbe building~ on eaic~
premisee and thoee to be erected on said pmmieed~ or unprovementa thereon~ in good repair the Mortgegee msy
make auch repaire ae in ite diecretion it may deem neoeeeary for the pmper preeervation t6ereo~, and the full amount
of each and every euch payment shsll be due and psyable thirty (30) dsye after demand, and shall be aecured by -
the lien of thie mortgsge.
6. He will pay all and eingular the ooete, char~ and e:peneea, including reasonable lswyer's feee, and coete
of sbetracte of title, incurred oc paid at any time by tbe Mortgagee because of the failure on the psrt of the Mortgagor
promptly and fully to perform the agreements snd oovenanta of eaid pmmiaeory note and thia mortgage, and said ~
ooets, charges, and expenees ahall be immediately due end paynble and shall be eec~tred by the lien of thia mortgage. ~
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7. He will oontinuous~y maintain hazard inaurenoe, of auch type or typeB and smounta ea Mortgagee may
trom time to tiine require, on the improvements now or hereatter on eaid premisea and except when payment
tor all such premiums hsa theretofore been made under (s) of paragraph 2 hereof ~e will psy promptly when
due anp premiums thcrefor. All insurance ahall be carried in companies approve~ by Iliortgaqee and the poli-
cies and renewals thereof shall be held by Mortgagee snd have sttached thereto losa paysble cfsusee in favor of
and in form acceptable to the Mor~agee. In event of losa he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of toss if not msde promptly by Mortgagor, and each inaursnoe oompany
ooncerned is hereby suthorized and directed to make payment for such losa duectly to Mortgsgee mstead of
to Mortgagor and Mortgagee 'ointly , and the insurance proceeds, or any part thereof, msy be applied by Mor~
gagee at its opwon either to t~e reducWon of the indebtedne~ hsreby secur~ or to the restors4on or repsir of
the property dama~ed. In event of forecloeure oi this mortgage or other transfer of title to the mortgaged
pmperty in exwngu~shment of t6e indebtedneea eecured hereby, a~l right, title~ and int.erest of t~e Mortgagor
m and to any inaurance policies then in force shall p~ssa to the purchaser or grantee.
8. If the premises, or an~- purt thereof, be conde~uned under the power of eminent. domain, or acquirnd far ~
a public use, the damages aw~arcied, tl?e proceeds for the taking of, or the consideration for sucL acqu~sition, to
tl?e extent of tlie full an~ount of the remaining unpaid indebtedness secured b~ this ~nortgage, are 1?ereb~• -
assigned to t}~e 1~lortgagee, and his heirs or assigns, and slisll be paid forthaith to said Mottgagcc or liis
assignee to be applied on account o( the last ~natur~ng installments of such indebtedness; provided, howe~er,
the Mortgagee or his assignee, ma~ at his discretion pa~• direct to the ylortgagor,l?is heirs or assigns an~ part
or all o[ such award; provicled, that it the loan is guaranteed or insured, the consent o[ the guarantor or insurer
is obtained in advance of said pa~ment. -
9. The Mortgagee may~ at any time pending a suit upon this mortgage~ apply to the oourt hsving juriediction
thereof for the appointment of a receiver, and such court ahall forthwith appoint a receiver of the preanisea covered
hereby all arid singular, including aU and singular the inoome, proSte, isaues, and revenues fmm whatever sow~ce
derived~ each and every of which, it being expressly understood, ia hereby mortgaged as if apecific;ally eet forth and
described in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt ea an admitted
equity and a matter of absolute right to said Mortgagee~ and without reference to the sdequacy or inadequacy of
the value of the property mortgaged or to the eolvency or insolvency of said biortgagor or t~e defendanta. Such
I rents, profits, income~ issuea, and revenuea shall be applieci by such teceiver acaording to the lien of this mortgage
and the practice of auc6 court. In the event of any default on the part of the Mortgagor hereunder~ the Mottgagor
; agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premiees an amount at least
! equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
E year plus the actusl amount of the annual taxes, ass~smente, water rates, and insurance premiume for such year
~ not covered by the aforesaid monthly payments.
, 10. In the event of any breach of this mortgage or default on the part of the Mort.gago*, or in the event that
~ any of said aums of money herein refen~ed to be not promptly and fully paid according to the tenor hereof, or in the
~ event that each and every the atipulations, agreements, conditione, and covenants of said note and thia mortgage,
~ are not duly, promptly, and fully performed; then in either or any such event, the aaid aggregate sum mentioned
in esid note then remaining unpaid, with interest accrued to that time, and all moneya eecured heteby, shall become
~ due and pa}able forthwith, or thereafter, at the option of said hiortgagee, as fully and completely as if all of the
8aid sum~ of money were originally stipulated to be paid on such day~ anything in said note or in this mortgage to
the contrary notwithstanding; snd thereupon or thereatter, at t6e option of said Mortgagee, without notice or -
demand, suit at law or in equity, may be prosecuted as if all moneys seceir~ed hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
~ premises ahall be sold to satisfy and pay the same together Rith costs, expenses, and allowances. In case of partial 3
foreclosure of this mortgage, the mortgaged pmmises ahall 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 pro~~isions of this paragraph may aguin be
~ availed of thereafter from time to time by the Mortgagee. ~
~ 1 I. No waiver of any covenant herein or of the obligation secured hereb}• shall at any time thereafter be held
to be a waiver of the terme hereof or of the note secured hereby.
~ 12. The lien of this inatrument ahall remain in full force and ef~ect, during any postpQnement or extension of
the time of payment of the indebtednesa or an~ part thereof secured hereb~ .
l:i. If the Mortgagor default in any oi the covenants or agreements contained herein, or in said note, then the
Yt Mortgagee may perfotm the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ee
<'; in so doing shall draw interest at the rate provided for in Lhe principal indebtedncss, and shall bc~ repa~•able
thirty (30) da~~s after demand, and, toget6er with interest and costs accrued thereon, shall be secured by
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this mortgsge.
14. Upon the requeat of the Mortgagee the Mortgagor shall e~ecute end deliver a supplemcntal note or
~ notes for the sum or sums ad~ anced by the ~lortgagee tor the alteration, modcrnizajion, improv~ment, main-
~ tenance, or repair of said premises, for taxes or a~~essments against the same and for en~• other pur~~ose autlior-
~=v
ized 6ereunder. Said note or notes shall be secured liereby on a parity with and as fully as if tl?e advance
~ evidenced thereby were included in the note first described above. Said supplemental note or notc~s shall bear
interest at the rate pro~ided for in the principal indebtedness and sl~all be pa~able in a~pmtimatcl~ equai
~ monthly pavments for soch period as may be agreed upon by the credilor and debtor. FaiLn~ to a~ree on the
maturity, t~e whole of the sum or sums so ad~•anced shall be due and pa~•able thirt~• (30) da~s after demand ;
by the creditor. In no event ahall the maturit~ extend beyond t,he ultimate ciaturity of the note first ~
deacribed above. r~Q
800K ~JO PACE1O~
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