HomeMy WebLinkAbout2846 t,ender to the 1Vlortga~;Ne in accurdaneN with the pmvisiuna o( thP nat~ securrd hereb~•, full pa~~inenl ot the
entire indebtedness repr~~~et?ted ti~eteb~•, the Mortgagee, as trus~ee, ahull, in cou~Nuting Uie au~uw~l of such
indebteclness~ credit to tlie account of t~ie ~'IortgaKor a~~• credit belance reu?ainin~ undc~r tl~e pruvi~io~?s ot (a)
ot said puagrsph 2. I~ U~ere al~all be N detault under any of tl~e provisions of ti~is mort~a~e resultin~ i~ a
public s~le o[ lhe premises covered hereby, or if U?e I~lortgaKre acyutres the property otherw•~se a~ter default~
the Moctgagee~ as trusiee~ ahall epply~ at the tuue of the caumencenient ot such proceedings or at U?e time
the propecty ia otherwise ac•quired~ the an~ount then reweinin~ to erc+~lil ot b4ortgagor under (a) of ~aragraph 2
preceding es o credit on the intereat; nccruecl and unpaid arid t?e balance to tlin pri~~cipal then ren~aimng unpnid
on said not,e.
4. He will psy all taxea, aeeeesmenta. wster rst~es, and ot6er governmental or municipal chsrses, fines, os
impoeitions, for which pmviaion hae not been made hereinbefore. and in default thereof fbe Mortgagee may puy the
same; and t6aL hs will promptly deliver the o~cial reoeipt~ t6eretor to the Mortg,agee.
b. He ~rill permit, oommlt~ or auBer no wa8te, impairment, or deterioration ot eaid pmperty or any part thereof
eucept reseonable wear and tear; and in the eveat of tLe lailure of tbe I~iottgagor to keep the buildinp oa esi~
premieee and thoee to be erected oa eaid preuniaes, or improvemeats theseon~ iu good repair~ the Mortgagee msy
malce such repsirs ae in ite diecretion it may deem neoe~sary for the pmper preec.rvation thereof, and the tull umouati
of each and every auch payment ahall be due and payable thirty (30) days after demsad, and shall be eecured by
the lien of thie mortgsge. .
6. He ~vill pay all and eingulsr the c~te, cbar~es~ snd expeneee~ including reaeonsble lawyer's fees, and eoeta
of abatracta of title, incurrerl or paid at aay time by the Mortgagee bec~?uee of the fsilure on the psrt of t6e Mortgagor
pmmptly and fully to perform the agreements and oovenanta oi eaid promiseory note and thia mortgage, and said
ooste, chargea, and expensea shall be immediately due and payable and ahall be eecured by the lien of t~is mortgage.
7. He will oontinuously maintain hszard inaurance, oi such type or types and amounte as Mortgagee msy
irom time to time require, on the impmvementa now or hereatter on said premises and e.tcept when payment
tor all such premiums has theretofore been made under (s) of paragraph 2 hereof 'he will pay promptly when
due any pre~uums therefor. All insurance ahall be carried in companies spprovec~ by 1liortgagee and the poli-
cies and renewals thereof shall be 6eld by Mortgagee and hsve attached thereto loss payable clauses in favor of
and in form acceptable to t~he Mortgagee. In aveat of loss he will give immediste notice by mail to Mortgagee,
and 4iorcgagee may make.proof of Iags ii not made promptly by Mortgagor, and each insuranoe company
concerned is 6ereby~ authonzed and direct~d to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, and the inaurance proceeds~ or any part thereof, may be applied by Mor~
gagee at ita option eiL6er Lo tbe reduction of the indebtednesa hereby eecured or to the restorat~on or repair of ~
the property dama~ed. In eveat oi foreclosure of this mortgage or other transfer of title to the mortga~ed :
property in extingu~hment of the indebtedness aecured hereby, a~li nght, title, and interest of the Mortgagor '
m and to any insurance policies then in force shall pass to the purchaser or grant~ee.
R. (f tlie pri•n~isi~, or un~- part th~•rnof, tx~ ~•onilemne~d under th~• poH•~r of en~in~nt clanuui, ur acquirnd for ~
a public use, the dau~aK~•s u~~•arded. thr pm~•ec•ds for the taking of, or thi• ronsid~rution for suci~ acyuisition, to
tlie extcnt of tlie full u~now?t of tlu~ r~~ri~uininK unpniii) ind~~bt~•~In~::s s~~i•ured b~• this i~~ort~~Ke, are liemb~•
ua~irm•~l to th~~ ~IortKa~;~~~. uu~l I?i.ti h~~i~~ or u...i~;n., urnl .hull Ix• pui~l fc?rthw•ith to suid ~tort~ng~•c• or liiti
assiKnec~ to lx~ applied on a~•~•ou~~t uf th~• la,t ~uuturin~ installni~~nts of su~•li ind~btc~~ln~•~:,: pm~•idt~d, lio~~•~~~•er,
the ~lortKvKr~~ or his a~tiiKn~~~~, ~uu~• ut his ~li,~•re•tion pu~- ~liriv•t to th~• ~Iort~a~;ur,1~~, h~~irs ur ussi~;ns au}• part
or all of suc•1~ u~~~aril; pro~iil~~d, thut if the loun is ~u:~runt~~~~~1 or insum~l, tl~e rons~ut of t)u~ gu?vantor or insurer
is obtained in ad~•ancc~ o[ ,ai~l pu~-inc•nt.
9. The 1~iortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jutisdiction
thereof for the appointment of a receiver~ and such court shall forthwith appoint a rec~eiver of the premiaes oovered
hereby all arid singular, including aq and singular the income~ pro6te, i$sues, and revenues fmm whatever source
derived~ eacb and every of which~ it being expressly understood, is hereby mortgaged as if apecifically eet 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 murtgaged or to the solvency or insolvency of said Mortgagor or the defendanta. Such ~
rents~ profits, income~ issues, and tevenues shall Be applied by such receiver according to the lien of t6is mortgage {
and the practice of such court. In the event of any defnult on the part of the Mortgagor hereunder, the Mortgagor i
; agrees to pay to the Mortgagee on demand as a reagonable monthly rental for tAe premises an smount at least `
equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments p~yable in t6e then current '
year plus the actual amount of the annual taxes, assessmenta, water rates, and insuranoe premiums for such year
~ not covered by t6e aforesaid monthly paymenta .
; 10. In Lhe event of any b*each of this mortgage or default on the part of the Mortgagor~ or in the event that
~ sny of said eums of money herein referred to be not promptly and fully paid according to Lhe tenor 6ereof, or in the
; event that each and every the stipulations~ agreementa~ conditions, and covenants of said note and this mortgage~
E 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 acerued to that time, and sll moneya secured hereby, ahall become
~ due and payable forthwith, or thereafter, at the option of said 141ortgagee, as fully and completely as if all of the
~ eaid sums of money were originally atipulated to be paid on such dby, anything in said note or in this mortgage to
~ the contrary notwithstanding; and thereupon or thereafter~ at the option o( said Mortgagee, without notice or
~ demand, suit at law or in equity, may be prosecuted as if sll moneys secured hereby had matured prior to its institu- ~
tion. The Mortgagee may foteclose this mortgage, as to the amount so declsred due and payable~ and the said i
~ premiees shaU be sold to satiafy and pay the same together Rith coata~ expenses~ and allowances. In csse of p~rtasl =
~ ioreclosure of this mortgage, the mortgaged prnmises ahall be aold subject to the continuing lien of thia mortgage `
tor the amount of the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be '
~ availed of thereafter trom time to time by the Mortgagee. #
~ 11. No waiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held ~
~ to be a waiver of the terms hereof os of the note eecured hereby. ,
12. The lien of thia inscrument ahsll remain in full force and eBect durin an t '
~
the time of payment of the indebtedne~s or any part thereof secured hereby. g y~ p°nement or extension of ;
~ 1:3. If the Mortgagor default in any of the covenants or agreements oontained herein, or in said note, then the ~
` Mortgagee may pedorm the eame~ and all eacpenditures (including reasonable attorney's fees) made by the Mortga~ee
~ in so doing shall draw intereat af. the rate provided for in the principal indebtedness, and shall be mpayable
~ thirty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by
~ t6is mortgage. ~
~
j 14. Upon t6e request of the biortgagee t6e \Yortgagor shall ea~ecute and deliver a supplemental note or
~ notes for the sum or sums advanced by the ~lortgagee for the alteration, modernization, improvement, main-
~ tenance, or repair of said premises, for ta~es or as.~essments against the same and tor any other purpose author-
~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance ~
~ evidenced I,hereby were included in the note first described above. Said snpplemental note or notes sha1) bear ~
M16 interes~ st the rste provided tor in the principal indebteciness and shall be payable in ap proximately equal
~ mon~hly payments for such period as may be a~reed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum or sums so advanced shalt bc due and pa~able thirLy (30) days a(ter demand
by the creditor. In no event shall Lhe maturity extend beyond t,he ultimate raaturity of the note first
~ deecribed above. ~
~
~
c~
* g00K ~9 PAGE~v~ •
~ ~ ,
~r
. . . _ . _ ~w~