HomeMy WebLinkAbout1653 tender lo thel~tortgagee in acconlancP witl? thr pro~i~ious of t1~P na~~ ~ecurrd hernb~•, full paymen~ ot ti~e
entire indebtednesa repn~sented therebv~ the ~iortgagee, aa trus~ee, shaq, in computing th~• aniount oi such
indebt,edness, credit to tl~e account of tlie Mort ga~or sny c~'edit balance re~nainin~ undcr tl~c provisious of (a)
of said paregreph 2. I[ ti~ere ahall be a default unde~ an~ of tl~e provisions of tl~is inartgu~e resultiu~ in e
public sale ot the premises covered l~ereb~•, or if tl?e Mortgagre scqutrea tl?e propert~• otiierw~se after default,
the Mortgagee, aa truatee, sl~all epply~ at the tu~te ot the comuiencement ot such prceeedinga or at tho tim~
the property ia olherwise acquireci~ the amount then reu~aining to crrdi~ ot hlort~ugor under (e) of paragrepL 2
preceding aa a credit on tiie intereaC accruecl and unpaid and tlie Lalance to the principal then remainiu~ unpa~d
on seid note.
4. He will pay i?ll taxea eeeee~smenta, wster rat~es, and other governmental or municipal chsrges. 6aes„ or
impoeitione, for w}uch proviaioa haa no~ been made bereinbefore, and in detault thereof the Mortgegea may pay the
same; aad thsti ha will promptly deliver the officisl reoeiptt~ thereior to the Mortgsgee.
5. He will permit, ooanmit, or suSer no waate, impsirment~ or deterioration ot eaid property or any part thereof
e~ccept reaeonable wear and tear; and in the event ot t6e f~ilure oi the Mortgagor to kcep the buildings on eai~
premieea snd thoee to be erected on esid premiees~ o= impmvemente thereon~ in good repair, the Mortgagee msy
make such repaiis ae in its discretion it may deem aeoeeeary !or Lhe proper preecrvation thereot, and the fult amount
of each and every euch pe?yment ahall be due and paysble t6irty (30) dsya sfter demand, aad shall be eecured by
t~he lien ot thia mortgage. -
6. He will pay sll and eingular the ooste, chargea~ snd expeneee, including reaeonable lawyer's feea, snd ooeta._
of abstrscta of title, incwred or paid at any time by the ~Vlostgagee becauee of the failure on Lhe part of the Mortgagor
pmmptly and fully to perform the agreements and oovenant8 of said promieeory note and this. mort,gage, and said
costa, chargee, and expenses shall be immediately due and psysble and shall be eecured by the lien of t~is mortgage.
7. He will oontinuously maintain hazsrd insurance, oi ~suc6 type or types snd amounts as Mortgagee may
trom tinae to time require, on L~e improvements now or hereaiter on said premises and eacept when payment
tor all such premiums has theretofore been made under (a) of paragraph 2-hereof~ ~he will pay promptly when
due any preuuums therefor. AU insurance ahall be carried in companies approved by 111ortgagee and the poli-
ciea and renewals thereof ahull be held by Mortgagee and have nttached thereto loss payable clausee in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee mey make proof of loss if not made promptly by Mortgagor, and each iasurance company
concemed is 6ereby~ authonzed and d'uected to mske payment for such loss directly to Mortgage~e instead of
to Mortgagor and Mortgagee. ointly, and the insurance proceeds, or any part thereof, may be applied by Mor~
gagee at ita option either to t~e reduction oi the indebtedneas hereby secured or to the restorataon or repair of
the property damaped. In event oi foreclosure oi this mortgage or other transfer of Litle to the mortgaged
property in extingu~shment of the indebtednesa secured hereby, afl right, title, aad interest of the Mortgagor
m and to any ~asurance policies then in force ahall pnsa to the purchaser or grantee.
8. If the premis~~s, oc un~~ purt therc~of, tx~ ~•ondeninc~d under tl~~ po~ser of en~in~ni doniu~u, or acquired for
a public use, tLe clamaKes nHarded, th~• pro~•e~ds for tl?~ takinK of, or ihr ~onsid~ration for suc•L acyu~s~tion, to
tht• extent of tlie full an~ount of thi~ remaining unpz~i~l indebte~lnchs s~~•urnd b~• this ~nort~~ke, are hereb~•
ussi~;ned to th~~ ~1ortKuKee, un~l his h~•i~s ur ua.i~;~~s, umi sl~iill b~~ pui~i forthwith to suid \tortKa~«~ or i?is
a~iKnee to lx• appli~~l on ar~•ount uf th~• last nu?turi~?~ installnu~nts of ~u~•li incl~Lt~~dnt•~s: pro~~ided. 1io~~•e~•er,
the \lortku~e~• or h~s :u,siKn~•c~, uu~~• ut Lis ~lis~•r~~tioti pa~~ ~lir~~~•t to th~ ~Iort~;n~;or, I~is h~•i~ ur us.irus an~- part
or allof su~•h n~~~anl; pro~iii~~~l, thut if the lua~i is ~;uarunt~~~~~1 or instirt~~l, th~ ~~ons~mt of tht~ guuruntur or iiisur~~r
is obtained in ad~ance o( seii~l E~u~•nu~nt.
`•1• The Mortgagee 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 ahall forthwith appoint a receiver of the premises covered
hereby all arid singular, including all and singular the income, pro6ts, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood~ is hereby mortgaged ae if apecifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a matter of absolute rig6t to said Mortgagee, and without teference 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, pm6ts, income, iasuee, and revenues shall be applied by such receiver according to the lien of thia mortgage
and the pracLice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgsgor
' agrees to pay to the Mortgagee on demand sa a ressonable monthly rental for the premises an amount at least
j equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current
; year plus the actual amount of the annual taxes, sesessmente, water rates, and insurance premiams for auch year
; not covered by the aforesaid monthly paymenta.
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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
t?ny of said aums of money herein refened to be not promptly and fully paid according to the tenor hereof~ or in the
~ event that each and every the stipulations~ agreements, oonditions, and covenants of said note and this mortgage,
~ are not duly, promptly, and fully performed; then in either or any such event, the said aggmgate aum mentioned
~ in said note then remaining unpaid~ with interest accrued to that time, and all moneys secured hereby, shall become
& due and payable fort6with, or theteafter, at the option o[ said Mortgagee~ as fully and completely ~s if all of the
eaid sums of money were origiasUy stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee~ without notice ~r
demand~ suit at law or in equity, may be prosecuted as if all moneys secure~ hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declare~ due and payable, and the said
premises ahall be sold to satisfy and pay the same together with coeta, 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
avsiled of thereefter from time to time by the Mortgagee.
~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held '
~ to be s waiver of the terms hereof or of the note eecured hereby. ~
12. The lien ot this instrument ahall remain in full force and effect during any postponement or extension of ~
the time of payment of tLe indebtedneae or any part thereof eecw~ed hereby. ~
~ t 3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note~ then the '
Mortgagee may pedorm the eame, and aU expenditures (including reasonable attorney's fees) made by the MortgaRee
^ in so doing shall drew interest at the rate provided (or in Lhe principal indebtedness, and shall be repa~able
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
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14. Upon the request of the Mort~agee the Mortgagor shall execute and delivcr a supplemental note or
~ notes for the sum or sums advanced by the 1lortgagee for the alteration, modernization, improvement, main-
tenance, or repair ot said premises, for taxes or assessments against the same and (or e.ny other purpose author-
~ ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance
~ evidenced thereby were inciuded in the note first described above. Said supplemental note or notes shaU bear
interest at the rate provided tor in t~he principal indebtedness and shall be payable in approximately equsl
monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
~ maturity, the whole of the sum or sums so advanced shall bc due and pa}•able thirty (30) days after demand ~
by t6e creditor. In no event shall the maturity extend beyond the ultimate ~~aturity ot the no~,e first
deacribed .bove.
BOOK 2J0 PACE1651
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