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HomeMy WebLinkAbout1844 lender to the ~hlortguy;re in accorduu~•e v?it1? tht~ pru~~wiuns of tlu~ t~ot~~ ssrcu~r~l I~rr~~b~•, full pa~•in~•nl ut tlie entire indebtedness repn•srnted therebv, the Mortgx~ee~ as ~ru:~~~~e, sh~ll, in con?putii?g th~• an~uunt ot surli indebtednesa, cre~lit to tLe nccount of t~~N ~Zort gaKor uny crndi~ ~alanc~~ reu~aiuink undc~r tlie pro~~isiaus o[ (a) ot ssid pa~agraph 2. !f there si?all be a default un~lNr an~• o~ the pro~•i~ions of this uiortga~c ~~~sultin~ in a public ssle of thr premi~t~s covered I~errby, or if the Mortgagre acyutres the pro~rrty utlierH•~sP efter ~Icfault, the 1~lortgagee, as truster, sl~all apply, at the tune of the cann~encement of sucL proceeclings or ut th~ time the propert,y is otherwisP acyuired, the amount tl?eu reiuaining to ~•rc•dit of 1~tortgagor undc~r (a) of ~~aruKraph 2 preceJiug as a crrdit on tlie interest ercrued anc! unpaid and tf~eLala~ce to tl~e r:incipal th~~n remainin~ unpatd on said note. 4. He wiU pay all tsxee, aseeeamente, water ratee, and other governmental or municipal chargea~ finea, or impoeitiona, for which proviaion hae not been msde hereinbefore, and in defaul~ thereof the Mortgagee may pay the same; snd that he will promptly deliver the o~cial reoeipta therefor to the Mortgagee. 5. He will permit~ commit, or au~er no wsate, impairment~ or deterioration of eaid property or any pari thereof~ e~ccept reaeonsble wear and tear; and in the event of the tailure of the Mortgagor to keep the buildia~s on eaid premjses and thoee to be erected on said premieee~ or improvements thereon~ in good repair~ the Mortgagee may make euch repaire as in ita diecretioa it may deem neceaeary for the proper preactvation thereof, and the full amount of each and evary sucL payment shall be due and gayebla thirty (30) ~sye after demand, and ahall be aecured by the lien of thie mortgage. 6. He will pay all and eiagular the coats, chargea, and expenee~, including ressonable lawyer's feee, and ooete ot abetracta of title, incurred or paid at any time by the ~1~iortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of eaid promiseory note and thia mortgage, and said costa, chargea~ and expenses shall be immediately due and payable and shall be eecured by the lien of this mortgage. 7. He will oontinuously maintain hazard insurance, of auch type or typee and amounte as Mortgagee msy tmm time to time require, on the unprovements now or hereafter on said premises, and except when payment tor all such premiums has theretofore been made under (a) of para~aph 2 hereof, he wiU pay promptlv w6en due any premiums thcrefor. All insurance shall be carried in compames approved by 111ortgagee and t6e poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in farm acceptable to t6e Mortga~ee. In event of loss he v?~ill give immediate notice by mail to Mortgagee, and Jiortgagee may make proof ot toss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized si~d d'uected to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee ]ointly, and the inaurance proceeds~ or any part thereof, may be applied by Mor~ gagee at its option either to t6e reduction of the indebtednesa hereby secured or to the restorataon or repair of _ the property damaped. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged property in extingu~shment of the indebtedness secured hereby, a~l right, title~ and interest of the Mortgagor m and to any insurnnce policies then in force shall pass to the purcha~er or grantee. R. If th~~ pminis~~s. ur un~- pt~rt th~~rruf. br t•on~l~~~un~d uu~lcr thi~ po~~•~r of e~uin~nt do~iiuiu, or uc•y~ir~~d for a publi~~ us~•. tl~~ da~nag~•s H~~•e~rde~l. th~~ pru~•~•~~~is for th~~ tukin~? of. or th~~ ~•onsid~~rvtion !or suc•h uc~quuition, to tL~~ c~stent of ih~~ full u~uount of ilu~ rf~n~ainink unpai~l in~ic•1?t~~~ln~~ss sE~~•ur~•~I h~- this uiortKak~. ar~~ lu~rt•b~- ussi~;n~~~l t~? tt~~~ ~Iort~;a~~~~. unil hi, h~~i~~ ur u:tirn.. :uul .liuli h~• pui~l forthw~iih to ,~i~l \1c?rt~;it~,?~~~~ or Lis ussiknc~• to bc• ap~>li~•~1 un u~•~•uunt uf thi~ lust u~utttrii~~ i~~stull~ut•nt~ of su~•h in~l~•lit~~iln~~ss; pr~?~•i~l~~~l. ho~+•~•~•c•r, tl~e ~1ortKu~~~~• ~?r liis u,.ikn~•~~, ~uu~- ut his ~lis~•r~•tiu~? pu~- ~lir~•~•t to th~• ~Iort~;u~;or, Lis h~~ir. ur u..i~ns uu~- p:irt or ull of such i?~car~l; pro~•~~It•~1, thut if th~~ lu:tn is ~u:u•unt~~~~~1 or insur~~~l, th~~ ~•ons~~ut of tlu~ ~;uurnutur or insur~~r is obtuined in ad~•ani•e of sui~i pu~•n?~~nt. The :~lortgagee may, at any time pending a suit upon this mortgage, apply to the court 6aving jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income. pro6ta, issues, and revenues from whatever source derived~ each and e.~ery of Rhic#i, it being expressly understooci~ is hereby mortgaged ea 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 right to said Mortgagee, and 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, profits, income, isgues, and revenuea shall be applied by auch receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the biortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installmenta payable in the then current year plus the actual amount of the annual taxes, assessment8, water rates, and insurance ptemiums for such year not covered by t6e aforesaid monthly paymenta. . ~ 1 U. 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 said sums of money herein referred to be not promptly and fully paid according to the tenor heceof~ or in the ; event thet each and every the aLipulations, agreements, conditions, and covenants of said note and this mortgage, are 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 moneya secured hereby, shall become ~ due and payable forthwith, or thereafter, at the option of said 1~iortgagce~ as fully and completely as if all of the ~ said sums of money were originally 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 or ~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- = tion. The Mortgagee may foreclose this mort~{age, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy and pay the same together wit6 coats, expensea, and allowances. In case of partial ~ foreclosure of thia mortgage~ the mortgageci 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 E availed of thereafter from time to time by the Mortgagee. ; I 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held ~ to be a waiver of the ternos hereof or of the note secured hereby. - 1`'. The lien of this instrument shall remain in full force and efiect during any postponement or extension of the time of payment of the indebtednesa or any part thereof secured hereby. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the 141ortqa~ee ; in so doing shall draw interest at the rate provided for in the principul indPbtednes.g, and shall be rcpa~•able - thirty (30) days after demand, and, together with interest and costs acerued thereon, shall be secured ~by ~ this mortgage. ~ i4. lipon the request of the :~iortga~ee the Liortga~;or shall eaecute and deliver a supplementai note or ~ notes for the sum or sums advanced ~y the ~iortgagee tor the alteration, modernization, improvemcnt, main- tenance, or repair of said premises, !or taxes or as.~essments a~;ainst the same and [or en~• other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i( Lhe advance evidenced lhereby were included in the note first described above. Said supplemental note or notes shall bear interest et the rate provided for in the principal indebtedness and shall be payable in s~proximately equal monthly pay ments for such period as may be a~reed upon by the creditor and debtor. Fail~n~ to agree on the ~ maturity, the K•hole o( the sum or sums so ad~•anced shnll bc due and parable thir~y (30) days after demand ~ by the creditor. In no event shall t6e maturity extend beyond the ultimate c~aturity of t6e note first ~ described above. ~ 0R ~p p ~ - 800K ~.t,7Q f'AGf p ~ - ~ - - _ F ~ ~ ~ ~ ~ ~ ~ '