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HomeMy WebLinkAbout1849 tende~ lo ti?e T~lort~ttKeN iu accurJun~•t• Nit!? the pruvisiuns of th~• not~• srcure~l L~~rt~br, full pa~•n~ei?t uf tlie entire indebtednc~s repn•,euted therebv, the rior~gagee, as tru~t~•N, shsll, in con?putii~g tht• aiuuun~ o( surii indebteclness, rredit to the account of t~~e r1or1ga~;or u~~• credit l,alance r~~inainin~; uuder tl~~• pru~•isian, of (a) o( seid paragraph 2. lt the~r sliall I~e a~lefault undNr an~~ of tlie pro~•i~ions of lhis u~ortga~e ~~~sultiu~ in a public sale ot tl~e pren:iscs co~ered hereb~•, or if tl~e :~lortgagee acyuires tl?e pm}~rt~ otlierH•~sr after ~le[eult, the Mortgt?gee, aa trustre, shall apply, at the tuue of the ~•ouimencement of such proc~~edi»~ or at tl?~ tim~ tlte proper~3• is ott~c•rwise a~•quired, ti~e au~ount tl~en reu~ainiug to crrdit ot Ulortgagor utuler (a) of par~rapli 2 preceding as a credit on the interest accrued ancl unpaid and the bala~ue to tlie principal tht~n rn~nainin~ unpai~l on said note. 4. He wiU psy a11 taxes~ aeeesemente, water ratee, and other governmental or municipal chargee~ 6nee~ os impositions, for which provision hae not been made 6ereinbefore, and in default thereof the Mo~tgsgee may pay the eame; ead tbat he will promptly deliver t6e o~cial reoeipta therefor to the Mortgagee. b. He will permit, commit, or auPter no waste~ impairment, or deterioration of eaid pmperty or any part thereof. e~ccept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildinga on said premisea and thoee to be erected on said premisee~ or improvementa thereoa, in good repair, the Mortgagee may make auch repaire ae in its discretion it may deem nece~se?ry tor the proper preec.rvation thereof, and the full amount of each and every such payment shall be due and p~yable thirty (30) daye after demand, and shall be eecured by the lien of thie mortgage. 6. He will pay all and eingular the costa~ chargee, and ezpensea~ including reasonable lawyer'e icea~ and coste of abstracts ot title, incurred or paid at any time by the lVlortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenenta of eaid promiseory note and this. mortgage~ and said costs, chargea, and expenses shall be immediately due and payable and s6all be eecured by t6e lien of this mortgage. T. He will oontinuously maintain hazard insurance, of such type or types and amounts as Mortgagee msy imm time to time require, on the unprovementa now or hereaiter on said premises, and eacept when payment tor all such premiums h~ theretofore been made under (a) of pa*egraph 2 hereof, he will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by 111ortgagee and the poli- cies and renewals thereof shull be held by Mortgages and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortga~ee. In event of loss he will give immediate notice by mail to Mortgagee, and ~lortgagee may make proof oi ioss if not made promptly by Vlortgagor, and each insurance company concerned is hereb~ authorized and d'uected to make payment for such loss d'uectly to Mortgagee instead of to Mortgagor and ~ Zortgagee jointly, and the insurauce proceeds, or any part thereof, may be app6ed by Mor4~ gagee at its option either to the reduction of the indebtedn~s hereby secured or to t6e restorataon or repair of the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ex4inguishment of the indebtedness secured hereby, a~l right, title~ and interest of Lhe Mortgagor m and to any insurance policiea then in force shall pnsa to the purchaser or grantee. R. If the pn•n~is~~s, ur un~- purt th~~r~•of. b~~ ~•on~lt~~nn~•il und~~r fh~ po~~•~r of en~itu•ni ~loiuuu~, or ucyuinvl far a publi~• use. ih~• daniu~;~~s u~~-ar~lr~l. thi~ pro~•~~~~~is fur thc takin~; of, or th~~ ~•onsid~•rution for su~•h acquisition, tu the extent of the full ainount of th~~ r~~nu~inin~ unp:~i~l iu~l~bt~~~ln~~ss si~~•uri~~1 h~• thes n~ort~:a;;e. arc~ h~r~~b~- ussi~nt~d to th~~ ~tort~;a~?~~~~. unil liis h~•i~~ ur u:.,i~n,. :ui~l ~li:?Il h~~ pui~l f~?rtii~cith to sui~l ~1c?rt~u~~•~~ or I?is assi~nce to IK~ appli~~~l un a~•~•~~uut uf th~• lu;t u~ziturin~ i~?:tullni~•i~ts of ;uch ind~~bt~~~in~~~.: pru~-i~l~~~l. h~,~~~~~~-~~r, tl~e ~Iort~;u~;c•~~ or h~ti :~.~.~i~;n~~~•, iu:i~• i?t 1?is ~li,~•r~~ti~n~ pa~- ~lir~•~•t to th~~ ~Iort;;ak~?r, Lis Iz~~i~ ur aissi~n, un~• purt or ull of su~•h ~?~~-ar~l; pro~-iil~~~l, th:?t if thi• luun is kuarunti~~~~l ~?r insttn~~l, thr~•on;e•nt of ih~~ ~uur:i~~tc?r or insur~r i, obtaine~l in a~ivance of sai~l pu~-n~c•nt. 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 shall forthwith appoint a receiver of the premises covered hereby all aud singular, including all and singular t6e income~ pro6ts~ issues, and revenues from whatever source derived, each and every of which, it being expressly understood, ia hereby mortgaged as if speciScally 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 teference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendanta. Such rents, profita, income, issues, and revenues shaA be applied by such 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 Aiortgagee on demand as a reasonable monthly rental for the premises an amount at least ; equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current E year plus the actual amount of t6e annual taxes, asgessments, water rates, and insurance premiums for auch year € not covered by the aforesaid monthly payments. € ( 10. In the event of any b*each of this mortgage or default on the part of the Mortgugor~ or in the event that f any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe F event that each and every the stipulations, 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 E in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall become k due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day~ any Lhing 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 secured hereby had matured prior to its institu- ; tion. The ~iortgagee may foreclose this mort~age, as to the amount so declared due and payable, and the said E premises aha11 be sold to satisfy and pay the same together with costs~ expepses, and allowances. In case of partial ~ foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage E for the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be ~ availed of thereafter from time to time by the l~tortgagee. { i l. 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 teraos hereof or of the note secured hereby. € 12. The lien of this inscrument ahall remain in full force and eHect during any postponement or extension of j the time of payment of the indebtedness or any part thereof eecured hereby. ~ 1:i. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the E Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the MortgaRee , in so doin~ shall draw interest at the rate pro~•ided (or in the principul indebtedness, and shall be rcpa~~able ~ thirty (30) days a[ter demand, and, together with interest and costs accrued thereon, sl~all be secured by ~ this mortgage. 14. i1pon the request of the Mori~a~ee the 11ort~a~;or ~hall execute and delivcr a supplemcntal note or notes for the sum or sums advanced by the ~tortgagee for the alteration, modernization, improvemcnt, main- tenance, or repair of said premises, tor taxc~ or as.~essments against the same and for aa~• other purpose author- ~ ized hereunder. Seid note or notes s}~all be secured hereby on a parity with and as tully as i( the ad~~ance ~ evidenced thereby were included in the note first described above. Said supplemental not,e or notcs shall bcar ~ interest at the rate provided for in the principal indebtedness and shall be payable in approximately equal monthly payments for such period as may be a~reed upon by the creditor and debtor. I~'ailing to agree on the maturity, the whole o( Ihe sum or sums so ad~•anced shnll bc due and pa~•able thirty (30) days aflcr dcmand by t6e creditor. In no event shall the maturity extend beyond t6e ul~imate c~eturity o( the note first described above. ~ 8ooK238 P~~F1848 ~ ~x - - - ```~.~'a'~`~`~~~ ~ ; - ~ - _ s .