HomeMy WebLinkAbout0838 t~nder lo the 'Mortgagee in ~coordance with the pmvisions o[ tl?e nolr ~un~d I~ereby. ruu ~,?y~ne~c or u?e
ent~ire indebt.ednees represen~,ed therobv, the Mortgagee~ as ~rustee~ shall~ in con~puling the amount oi such
iadebtedae~s, oe~eciit to t}ie account, ot tl~e Mottga~Cor sny cred t b~lanoe remaining under the provisiona ot (a)
oi said ~ph lt there ah~D be a defauR under sny o~ the provisions ot this iuortga~e resulting in o
public sa!e o tt:~ premisea covered har~by, or it ~he Mortgagre acquires the property otl~eswne atter def~ult, ~
the Mortgagee, as truetee~ shall apply~ ~?t the tims ot the can~nenoement ot such proce~dings or at tt~e time
the property is otherwise acquirecl~ the ~mount then remaining to ca~edit o[ Mortgagor under (a) ot paragraph 2
preoediag as a credi~ on the iatere~t ~crued and unpaid uad the balance to the principsl then ren~ainu,g unpud
on said notc.
4. Hs wtll p~y aq t~a~as, aereeemeatr, watee rst~a, and otber vernmeatal a munie~Pal e6~~ 6na. os
impo~tion~, foe wLlah provieioa h~s no~ been m~ds Leretnbetoe~s, ~ad~ detault t,bee~eot t~s Mort~es m+Y P~Y ~
•ms; aad tbat Ls wlll pe~ompt~jr deliver Lhs o~eial reoeipt~ t6ee~eEor to tbs blort~es.
b~. He will perm~t~ oommli. os w8er no wae~e~ impairmea or deterioration ot sdd pe~operty ae tbe~eof
esoept reaeoa~?bls wear aad tear~ and In t6s ev~ent ot Lbs i~urs ot tbe M~rt~~r to kesp tbs bu~ on nid
pr~onises ~nd Ll~e to be ereete~ oa said premi~es~ or ~oprove~enb tLereon, in-aood repair the Mo~t~ee may
mal~e such np~ira as in ite disaretioa it m~y deem~ !or the W'cPer Pz'eecn?ation thereo~, and ths tull amount
of ~e~ch aod every aich p?ya~ent ~haU bs dus ~nd
p~ ZWrL7 (80) d~,y~ att~ demaad, and sbsII bs ~ecured by
ths ~ of t~his mor~p~s.
6. He will p~,y aU aad singulu tbe oosta~~~~, ~ad aa~peaee~. ineludina reasoaab~e Lwy~'~ fea, and oosb
ot sbsts~?cta of title, incurred or paid at sny time by tbe -Mor~ee beo~use ot tbe Iailure on t~hs ~ert of tbs Mort~saor
P~PKY ~ f,~y to pedorm tbe a~reements and ooveaanta ot sdd proaniaeor~r note aad thaa. and eaid
oosts, e6~rges„ and espenees shall be immedi~t~y dua aad p~yaWs aad ebaU bs eeoured bq tLe lte~n~mort6,sss.
7. He will oont~inuoue]~ maintain has~rd insunuos. of wch ttiype or t~pes a~ amounta as Mortgagee ma~
fi+om Lime to time require, on Lhe improvemsnb now or hereaiter on eaid pr~misee and e~ccept wLen payment
tor aU such premiuma has theretofore been made under (a ot paragrsFL 2 Lereof ~e will pay promp~ when
due any premiums tharefot. All inaur~anoe shall be in oompanies ~pprove~ b~ I1i and e poli-
c3es sad renewals thereof shall be Leld by Mortgsgee snd Lsve sttached thereto loes payaba
le cTausee in isvor of
and ia form accept4ble to the Mo ~;~gee. In even~ of loas he will give immediats noRiae by mail to Mortgagee,
and Mortg~agee may make proof~olE loes if noL made prompt~y by MorigagorJ and each insunuos oompar~,-
ooncerned ~a hereby~ suthorised and directed to mske psyment for auch loes d~rect~y to Mo agee ~wstead oi
to Mortgagor aad Mortgagee ointl , and the insursnoe proceeds, or any part t6er~f may be
~p~~lied by Morw
~ges aL its option eitber to ~e ~uction of Lhe indebtedness oee+eb~ eecured or to t~e restorstwn os repair oi
the pmperty dama~ed. In evenL oi foreclasure oi t~is mortgsge or otber ~ranafer oi title to tLs mortgaged
property ia e~ct,inguishment oi t6e indebtednees eecue+ed Lereby, ail rig6t, title. snd intereet of tbe Mortgagor
m and to any inaurance policies tLen ia iorce shaU p~ to tLe purchseec or gnut~ee.
8. 1~ the preiueses. or unr purt ihereof, be eondenu?ecl under the power of eminent domam, or ac~uircd for
a public use, tlie damages awardecl, tl~e pcoceccla for tl~e taking ot~ or the considemtion tor sucl~ acqu~sition, to
the extent o! tl~e full amount of tl~e reruaining unpaid indpbtc~~iness secured b~ tt?is u~ortga~;e, arr. 1?ereb~•
-assigned to th~ ~iortgagee, and his I?eirs or assigns, and shall tx~ paid foMhwith to said Mortgagee or his
ass~gnee to be appliecl on acc~ow~t of the last muturinK mstallments of sucL indebtedness; provided, however,
the 11ort~
ee or liis assi~nee~ ~~~a~ at hia disc•r~tiou pa~• direct to the vlortgaE;or, his hcirs or ~ssigns any part
or al! oi sucli awanl; providecl, that if the loan is guarnnteed or insurc~l, the consent of the guarantor or insurer
is obtained in advance o[ said pa~•n?ent.
9. The Mortgagee may~ at any time pending a suit upoa thia mortg,age, spp~r to t6e oourt hsving jnrisdietion
ther~of tor the appointment of a receiver, and such court a6all forthwith sppoint s reoeiver ~ the premiees eovered
hereby all a~d aingular, including sil and singular the inoome, proSta, iesuea and reveaues from wLstever eourae
derived~ eacd and every of whicb, it being e~cpressly understood, ie hereby mortgeged as if apecificaU~r eet forfh and
deecribed in the ~ranting and 6sbendum cle~uses hereof. 8uch sppointment ahall be made by euch eourt sa an edmitted
. eqaity and s matter of abeolute tight to eeud Mort$agee, and ~vitbout referenoe to the adequsey or insdequacy of
t,6e vslue of the pmperty mortg~ged or to the solvency or ineolveney of asid Mortg~gor or t'~e de~tendaate. Sueh
nnu+, Pro6ts, income, iaeuea, aad revenues aha11 be ap lied by euch receiver e?a~ording to the lien of thie mortg~e
e?a o
~ ' and the practioe of euch oourk In tLe event of any ewlt on tbe part of the Mort~gor hereunder~ the Mort~go~r
ag~~ to pay to t6e Mo on demand aa s reasonable montbly sental for the premiees an amount at leu
i equivalent t,o one-twelftb~of the ag~pregste of the Lwelve monthly installmenta psyable in the then cutreat
~ year ~us the actual amoun~ of the annual ta~cee, aseeasmente, wstes rs~, and ineuranoe p~minms for auch yeat
~ not covered by t6e atoreeaid monthlY Ps3?IDenta.
~ 10. In t6e event of sny b*each of this mortgAgB or default on tbe parti ot the Mortgagort or in tbe ev~t t,hst
aay of ssid aums of money herein refen~ed to be not promptly uad fully paid according to the tenor hereo~f, or in the
event that each and evety the atipulations, aBreements, oonditio~, and oovensnte of eaid note snd this morfgage,
are not dulY. PromPVY, Perfor:ned; then in either or any auch event, the eaid agg~g~ste aum mentioned
in eaid note then remainina unpsid, with interest sccn~ed to that time, aad all moneya secured hereby, ahall beoome
due aad psyable fort6wit6, os thereafter~ at the option of eaid Mortg~gee. ae fully and o~mpletely ae if a~ll of the
said a~me d money ~rera origlnslty stipul~?ted to be paid on such day, anylhing in said note or in this mortgage to
tbe oontrary notwithatsading; sad thereupon or theresfter~ at the option of eaid Mortgagee, without notioe or
demand. euit st Iaw or in equity, msy be pmeecuted ss if all moneya secured hereby had mstured p~ior to ita inatitu-
tion. The Mortgagee may forccWee thia morlgage, sa to t6~e smount so declared due aad psyabk, and t6e asid
premises ahall be eold to sstiafy snd p~y the same together with ooats, expensea, aad alb~vaaoea. In caee of psriial
forecloeure of tDis mortgage, the mortgaged premiaes ahall be aold eubj0ct to the oontinuing lien of this mortga~e
!or tLe amount of the debt not then due and unpsid. In such case the pmvisiona of thia para~yraph may again be
svailed of tbereafter troan time to time by tbe Mortgagee.
I 1. No waiver of any oovensnt berein or of the obligation secured hereby e1~ull st any time thereaiter be held
to be s waivar of the terms hereof or of the note eecured l~ereby. ,
12. The lien of this inbtrument eball remain in full foroe snd eHect durins sny postponement or extenaion of =
tbe time of psymsnt ~ t,he indebtedneas or any part ther~of secur~d hereby.
~ 13. It the Mortgagor defsult in any of the oovenanta or agreements oontsined herein~ or in said note then the
~ Morty?gee may perfor~n tbe eame~ and aU espenditurea (including ressonsble sttorney's fcea) made by the Mort~aRee
~ in ao dom ahaU draw interest a~ the rate pmvided for in the principal indebtednesa, snd shall be repsyable
~ thirty (30~ dsys atter demsnd, and, Rogether with interest snd costs accrned thereon, shall be secured by :
~ this mortgage. ?
14. Upon the request of t6e Mort~agee the Mortgagor shall eaecute snd deliver a supplementai note or ;
notes for tbe aura or sums advanced by tbe tilortgagee for the alteration, raodernization, improvement, main- ;
tenance, or repsir of said premises~ for taxes or s~essments against the same and for any other purpose author- ~
ized hereunder. Ssid note or notes shall be secured hereby on a parity with and as fully as ii the advsnce ;
evidenced thereby ~+ere included in the note first described above. Ssid snpplemental note or notes shall besr '
interest st the nte provided for in the principal indebtedaese snd shall be psyable in sp pmximately equsl `
monthly paym enta for such period as may be agreed upon by the creditor snd debtor. Failing to agree on the '
maturity~ the wbole of t.he sum or sums ao advsnced shall be due snd payable thirty (30) days alter dem4nd ;
by t6e creditor. In no event ahall the msturity extend beyond tLe ultimste raaturity of the note first
deacribed above.
F p~ ?4~ FAGE
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