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HomeMy WebLinkAbout2924 ten~ler to Uie tilortge?g~~e in aecurduu~•~~ witli tli~ pruvisiu~~s of tlu~ i~otc~ secun•d h~~n•b~•, full pa~•ine~?l u! tl~e entire indebtedness repr~•arnlyd ihernb~•, tl~e 41ortKagee, us trustt~~, sl?all, in cou?putiiiK tl~e anwui?t of sucl~ inJebteJnesa~ crrdit to tlu~ ac~•ount of t~~e ~tart ?aKur uny ~•redit balanct~ rnu~einiu~; und~~r tL~• pruviaiuus of (a) of asid paragraph 2. !t tliert~ sf~8u ~~i~r~~~t under any ot thc pro~•isious of this mortKagc resultin~; in a public s~le ot the prNmi~ea cuvered hereb}•, or if tl~e I~lortgagrP ac•yuires the pro~xrt~• otiu~rN•i~ after clefault, the 114ortgagee, aa truate~•, shall appl~, et the time u~ the ca~in~encemeut ot such procredinga or at thr timc~ the propert~ ~a otherwise aryuired, the sniount theu ren~ainiuR to c•redit of MortE;uugor under (a) c~f Naragraph 2 preceding aa s crNdit on the intNrnst ecerurcl ~nd unpaid and the bxlan~•o to the prineipal th~n n•n~ainin~ unpaid on said note. 4. He wiU psy all taxee~ aseeaamenta~ ~vater rst~ and other governmental or municip~l chargee~ finos~ or impoeitione, for which proviaion has aot beeu made hereinbelore, and in delault thereof the Mottgagee may pay the aame; and thst he will pmnnptly deliver the o~cial reoeipte therefor to the hiortgagee. 5. He will permit~ oommit~ or suEer no waste, impairment~ or deterioration of eaid pmperty or any part thereof except reasonable wear and tear; and in the event of t6e failure of the Mortgagor to keep the buildin$a on saic~ premises and thoee to be erected oa said premieee~ or improvementa thereon~ in good repair~ the Mortgagee msy make such repaire aa in ita diacretion it may deem neceeeary for the proper presc,rvafion thereof, and the full amount of each and every auch payment ehall be due and peysble thirty (30) daya after demand~ and a6all be eecured by the lien of this mortgage. 6. He will pay all and singulat the costa, chsrgee, snd expeneee, including ressonable lawyer'e feee, and ooets of abetracts of title, incurred or paid at any time by the ~liortgagee becauee of the failure on the part ot the Mortgagor promptly and fuUy to perform the agreements and covenants of esid promieeory note and this. mortgage, and said ooets, c6argea, and expenses shall be immediately due and psyable and shall be eecured by the lien of this mortgage. 7. He will oontinuoualy maintain hazard inaurance, oi euch type or types and amounts as Mortgagee may tmm time to time require, on the improvementa now or hereafter on said premises~ and eacept when papment Ior all such premiums has t6eretofore been made under (s) of paragraph 2 hereof, he will pay pmmptly when due any premiums theretor. All insurance shall be carried in compames approved by I1lortgagee and the poli- cies and renewals t6ereof shall be held by Mortgagee and he~ve 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 msil to Mortgagee, and ~tortgagee may mske prooi of ioss d not made promptly by Mortgagor~ and each insurance company concerned ~s hereby~ authorized and dire.eted to make payment for such loss d'uectly to Mortga~e~e instead of to ~iortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof~ may be applied by Mor~ gagee at~ ita option eilher to tbe reduction of the indebtedness hereby aecured or to the restoratton or repair of tbe property damaped. In event oi foreclasure oi this mortgage or other transfer of title to the mortgaged property in extingmshment of t6e indebtedness secured hereby, a~l right, Litle, and interest of the Mortgagor m and to any insurance poGcies then in force shaU pass to the purchsser or grantee. If ih~~ preiuis~~,, or un~- p:trl Ihi•mof. b~~ ronil~•ru~u•~1 w?iler th~• pow•i~r of ~niin~~nt doinuin, ur ae~~uiri•d for a public us~~. ihE~ duu~a~t•s n~~•ardr~l, thi• pror~~~~~ls for ih~~ tukink of, or lh~• ~•onsid~rution for su~•h ncyui~ition, to th~~ ~~xt~nt of tli~ full uinount of th~~ re~n~aininK unpai~l ind~~l~t~~~ln~•,s s~~~•ured b~• tliis n~ortKakc~, arc• her~~b~• ussikrn•~1 to th~~ ~Iort~nKr~~. un~) hi~ lu~itS ~~r u.si~ns, umi sli.~l) bi• ~~ui~l forti?w•ith to suicl ~lc?rt~;u~~•~~ or liis uatiiKnec• to Ix~ appli~~~l ~m a~•~•owit u( th~• la,t u~uturiu~ it?.Iallnu•nt. of su~•h inil~~bt~~dn~~ss: proe;~l~~~l. ho~~•~•rer, the ~1ort~;uK~~~• ~?r his :~ssi~;ni•i•. inu~• ul hi~ ~li,~•r~~tiun p~i~- ~lir~•~•1 to tL~~ Jlortku~;or, his h~~i?~ ur u.,i~;ns au~- pt~rt or ull of sw•I~ a~~-ar~l; pro~-uli•~1. thut if th~~ lu:u~ is ~:u:u-unt~•~vl ur insur~•~I, th~~ c•ons~~ut of tht~ ~;u.~ri~ut~~r or insun•r is ot?taineJ in advancE of ,e~i~l pu~-~~~~•t?t. The `'Iortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction ' thereof for t6e 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~ profits~ issues, and revenues from whatever source derived, each and every of which, it being expressly understood~ is hereby mortgaged ss if specifically set forth and described in the granting and habendum clausea hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to said l~iortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solcency or insolvency of said Diortgagor or the defendanta. Such rents~ pmfita, income~ isaues, and revenuea shall be applieJ by such receiver according to the lien of thia mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ t_he Mortgagor agrees to pay to the biortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twel(th (~f 2) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of t6e annual taxes, assessments, water rates~ and insurance premiums for such year not covered by the aforesaid monthly payments. 10. In t6e 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 hereof~ or in Lhe event that each and every the atipulations, 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 eaid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby~ shall become ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ~s if all of the esid sums of money were originally stipulated to be paid on such dey, anything in said note or ia this mortgage to j the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r j demand~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- { tion. The yiortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said ; premises shall be sold to satisfy and pay the sume together with costs, expensea, and allowances. In case of partial ; foreclosure of this mortgage, the mortgaged pmmises 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 ; availed of thereafter from time to time by the Mortgagee. ~ ! 1. No waiver of any covenant herein or of the obligation secured hereby shall at any tinne thereafter be held ! to be a waiver of the terma hereof or of the note secured hereby. i 12_ The lien oE thie inbtrument ahall remain in full force and effect during any postponement or extension of the time of payment of the indebtednesa or any part thereof eecured hereby. 1:i. If the Mortgagor defeult in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may per(orm the same, and all expenditures (including reasonable attorney's fees) made by the MortgaRee in so doing shall draw interest at the rate provided for in the principal indebtrdn~ss, and shall be repa~~able thirty (30) days atter demand, and, together with interest and costs accrued thereon, st~all be secured by this mortgage. ~ 14. Upon the request of the ~lortgagee the ;~lortgaf;or shall execute and deliver a supplemental note or ; notes for the sum or sums ad~ancecl Dy Lhe Ztort.gagee (or the alteration, moclernization, improvement, main- ; tenance, or repair ot said premises, for taxes or assessments egainst the samc and tor aa~~ other purNose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~•ance evidenced thereby were included in the note firsl described above. Said si~pplemental note or notes shall bear ` interest et the rate provided for in the principal indebtedness and shall be payable in appro~imately equal : monthly payments for such period as may be a~reed upon b~ the creditor and debtor. Failing to agree on the ` meturity, the whole of Ihe sz~m or sums so ad~anced shall bc due and pa~•able thirty (30) days atter dcmand by L6e creditor. In no event shall the maturity extend beyond the ultimate raaturity ot the note first ; described sbove. F d00K ~:JO PAGf F ^ ~ , ~axK'~. =a'+-~:~.C'<.. " '.T - ' I ' ~ 't .~.~.e ~ 'a'i _ ~~'~a ~ ~ti 3~,»S fi4 _ .