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HomeMy WebLinkAbout1908 t, ~ tenJer to the':1lorlga~;~•e in ac~•urJauee with the pro~isiona of thP ~wt~ xrcure~t Lrn~bv, fuit payi~u•nt ot tho entire inJebtednesa repm~entcd lhereby , thc~ l~io~a~e, aa trus~rr. sLall. in cun?putiiig thr ~?n~uunt ot such indeblednes9~ credit to tl?e account of ti~e ~lort aKur an~• eredit balance renlaiuin~; w~d~~r tl~r pro~•i.,ious of (a) ot asid paragraph 2. It then• sl~all be a d~lau~t undrr an~• of the provisiuus of this i~wrlg+~~ resulliuk in a public s~le of the prenii~ea cuvered liereb~•, or it tl~e titortga~re acqu~rea tl~~ prupert~• otLerw~se aftrr de[ault, the 1~iorlgagee, as trtt3tr.r, shall eppl~•, st the tuue of the ~•aiunencement o( such prore~edinga or ut tlie ti~ne the pmperty ia otherwise acyuirecl, ihe emount thrn re~uaining ~o cre~lil o( Mortgagur u~ider (e) of {?arugraph 2 preceding aA a credit ou t1~P inlerc~at accrued and unpaid a~d tlie Lulance to thN pnncipal lhen reinai~~u?g unpaid on said note. 4. He will psy sll taxee, seeeesmenta, wstes ratea, and other governmental or munici~a?l chsrgee~ 6aee. or impositione~ for which provieion haa not been made hereinbefore~ and in default thereoi tLe Mort6agee msy p?y t~e e~me; snd that he ~vill promptly deliver the o@'icial reoeipt~ therefor to the Mortgagee. b. He ~vill permit~ commit~ or euHer no waste~ impairment~ or deteriorstion oi said property or any part thereof eacept ressonablo wear and tear; and in We event of the failure of Lhe Mortgagor to keep the buildinp on eai~ premisee and thoee to be erected oa ssid premieea, or impmvementa LhereoD, in good repair the Mortgagee msy mske euch rep~irs as in ite discretion it may deem neceeeary for the proper preecrvation thereot~, and the full amount of each and every euch psyment s6all be due and payeble thirty (30) daya sftet demand, snd ehall be eecured by the lien ot Lhis mortgage. 6. He will psy all and aingular the co~ta, chargea, and expeneee, inctuding resaonable lawyer'a feee, and coste of abetracte of title, incwred or paid at any time by the Mortgagee becauee of t6e fsilure on the part of the Mortgagor promptly and fully to pedorm tbe agreements and covenanta of eaid promiaeory note end this. mortgage, and said ooata, charges, and expensea shall be immediately due and payable and s6all be eecured by the lien of thie mortgage. He will oontinuously msintain hszard inaurance, oi such type or types and amounta ss Mortgagee may trom time to time require. on the impmvements now or hereafter on said premises, and eacept when payment tor all such premiums hea theretofore been made under (s) of parag~aph 2 hereof 6e will pay prompWy whea due any premiums thereior. All insurance ahall be carried in companiea approve~ by 111ortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor oi snd in form acceptable to the I~iortga~ee. . In event of loss he will give immediate notice by mail to Mortgsgee, and \+iortgagee may make prooi oi ioss ii not made promptly by Mortgagor~ and each insurance oompany ooncerned is hereby suthorized and directed to make payment for such loss d'uectly to Mortga~e~e instead of to Mortg.agor and :liortgagee jointly, and the insurance pmceeds, or any part thereof, may be applied by Mor~ gagee at ita option either to the reduction of the indebtednesa hereby secured or to the restoration or repair of the pmperty dema~ed. In event of foreclosure oi this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness aecured hereby~ a~l right, title, and interest of the biortgagor m and to any insurance policiea then in force shall pnsa to the purchaser or grantee. ' R. If Ihe preniis~~, or uu}- purl th~~r~~~~f, U~~ ~•on~le~tuu~•d uuder tlie po~er of en~iu~~M doinu~n, or a~•yuirc~d for a public use, tL~ damaK~•s nH'arded, th~~ pro~•~~~~~Is for ih~~ t~ikinK uf, or the consid~~rulion for surl~ acquisition, to th~• ertent of tlie full an~ount of tl~e re~n~uinin~ unpai~l inclrl?te~~lnews se•~•urecl b~' this ~iiorigaK~, ~re liernL~• assi~;~~~~<i lo th~• Z~ori~aK~~i•. uu~i 1ii.. tu•iii i~i u~si;;ti:, ui«i :l~~~!! li.- }:t.~:t ~:~:il::riils .ss ~;~:s: ~[nrl~;ak:'r or lii.~ uaSiKne~~ to tM applie~l c?n a~r~~t?nt uf thi• last ~~uit~irin~ instail~u~•nls of su~•h in~li~lri~vln~~..~: prn~-i~lc~l. lio~~•~•~•er, thc \lort~;u~ce ur hi.s :~.±.,i~;n~~~~, iua~• ut I~is ~li.~•r~•ti~n? ~lir~~~•t to th~~ ~fortru~;ur, i~i, lu~in vr u.~.irn, an~- part or all of sui•1~ a~car~l; pro~-i~lr~l, thut if th~• luan is ~;uurant~~~•~1 or insur~•cl, th~~ ~•on,~~ut of th~~ guuruntur or insurc•r is obtained in a~l~a~tice o( s:~id pu~-~n~~nt. ~ J- The Mortgagee may~ at any time pending a suit upon this morigage, apply to the oourt having juriadiction thereof for the appointment oi a receiver~ and such court shall forthwith appoint a receiver of the premises oovered " hereby all arid sinqe~lar, including all and singular the income~ pro6ts, issues, and revenues from wLatever source derived, each and every of which, it being expressly understood~ ia hereby mortgaged ss if speci6cally set forth and described in the granting and habendum clauses hereof. Such sppointment ahall be made by such court as an admitted equity and a matter of absolute right to said Mort.gagee~ and wiLhout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!~e defendants. Such renta~ pro6ta, income, issues, and revenues shall be applied by such receiver according to the Gen of thia mortgage and t6e practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor agrces to pay to the 1Vlortg~gee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (~z) of the aggregate of the Lwelve monthly installmenta payable in the then current year plus the actual amount of the annusl tazes, assessments~ water rstes, and insurance premiums for auch year not covered by the atoresaid monthly payments. ~ 10. In t6e event of any b-each of this mortgage or default on the p~rt of the Mortgagor; or in the evtnt that € sny of said sums of money herein referred to be not promptly and fully paidaccording to the tenor hereof~ or in t6e t event that each and every the stipulations, agreements, conditione, and covenanta of said note and this mortgage, s sre not duly, pmmptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in eaid note then remaining unpaid, wit6 interest accrued to that time, and all moneys secured hereby, ahall beoome ~ due and p~yable forthwith~ or therea(ter, at the option of said Mortgagee~ as fully and campletely x~ if all of the ~ said aums 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 oi said Mortgagee~ without notice ~r ~ demand~ suit at law or iu equity, may be prosecuted as if all moneys secured 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 ssid premiaes shall be sold to satisfy and pay the same cogether with coats, eapenses, and allowances. In case of partial ' foreclosure of this mortgage~ the mortgaged pmmises shall be sold subject to the oontinuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such csse the provisions af this paragraph may again be , availed of themsiter 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 a waiver of the terma hereof or of the note secured hereby. ~ 12. The lien of this inbtrument shall remain in full force and effect during any pc>stponement or extenaion of ~ the time of payment of the indebtedness or eny part thereof eecured 6ereby. l:i. If the Mortgagor default in any of the covenants or agreemente contained herein, or in said note, then tha ` ~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the MortgaRee ~ in so doing shall draw interest at the rate pro~•ided for in the principal indebtedness, and shall be mpa~-able ~ Lhirty (30) days aiter demand, and, together with interest and costs accrued thereon, shall be secured by ~ this mortgage. ~ l4. Upon the request of the ~tortgapee t6e ~tortga~;or shall eaecute and deliver a supplemental note or notes for the sum or sums advanced ~y t6e ~tortgagee for the alteration, modernization, improvement, main- ~ tenance, or repair ot said premises, for taxes or as.~essments a~;ainst the same and tor aa~ other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parily with and as tully as it the ad~ ance ~ evidenced ihereby were included in the note first described above. Said supplementa! note or notes shall bear ~ interest at the rate provided (or in the principal indebtedness and shall be pavable in ap proximatety equal monthly pavments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ maturity, t~e whole of the sum or sums so ad~ anced shali be due and pa~ able thirty (30) days a(ter dcmand ~ by t6e creditor. In no event shall the maturity extend beyond the ultimate ~iaturity of the note first ~ described sbove. 3 ~ 5 ~oox 2~ Pac~ ~ _ _ - - ~ __x" ~ rX ~...:*z"S _ ~ _.4 . ~ _ ~3 ~ _M _ _ :