HomeMy WebLinkAbout2393 teAUer w ine naongagee in sccoruanre w~u? uia p~'ov~aious o~ u~e ~w~e aecuceu uern~v, ~~.ui paynieni o~ uie ~
en6ire indebtedneae repreeenLed ther~bv~ the Mortgagee~ ~ truatee, shvll~ in con~puting the a~nouut of such ~
indebtsdnesa~ crcclit to tl~e sccount ot the MortgeRor aay enedit balwnce re~naining under the provisioi~s ot (a)
o! e~?id ~ph 2. It there ahaU be a de[su11, under any ot tl~e pwvieioua of this uiortgs~e resulting in • ~
public sale o the pcemiaes covered I~erebY, or it lhe Mortgagre ecqutrea ti~e prope~ty otl~ecwise atier delault~ {
the Mortgagee~ aa truetee~ shall apply~ at t,he lime of the com~nencemen! ot such proceedinge or 4t, tl~e 6ime
the property i~ otlierwise acquired~ tl~e amount then rei~?aining to credit of Morlgsgor under (a) of paragnph 2
preceding ~a t credit on the interesC sccrued and unpaid ~nd the balsnce to the pruicipal then remaining uapud
oa said nots.
4. 8e wiU p~y all t~as, aeeeasment~. wst~er r~?ta, and otbee~o
vernmenLat ee munieiP~ ~6~
impoeitiom, for wWch provieion has not been made hereinbefore~ and ia dotaul~ thereot tLe Mortpgee ma~Y P~ ~
~ame; aod t~t hs wlll W'cmPt1Y deliver the og'icial reoeipts tberefor to We Mort~es.
b. Se will permil, oommtt, or suRer no waate, ionpairment or deteriontton of s~id pmperty or theraot
eaoept re~eonabb ~?ear aad t~eu • i?nd in t6e aveat af the isi~ure ot the Mott~or to keep the b~ on s~i~
prem~ees and thoee to be erect~ec~ on ea~d premiees, or impa~ovements tbereon, m good rep~ir the Mortgsgoe may
mako aueh npain aa in ite discretioa it msy deem neoeaeary for t6e Pr'ePes preecrvstioa t6ereo~~ and the full smount
d each aad every such psyment a6all bs due ~od P~3?abls t6irtY (30) dsys aft~es demand, and ~hall be secured by
tbe lten ot t6is mort~e.
6. He wiU pay sU and singu4r Lhe ooste, c6arges~ and e~penses~ includln~ nasonsble Lwyer's feee, and oosts
ot ~?bstracts oi title, incurred or paid at aay time by the Mortg~gee bedwse of t6e fsilure on the pat! of the Mort~os
promptly aad full~r to pedorm the aBreementa and oovenants of esid promieeury note and tdiamo andeud
~i8~a expenses ahall be immediately due and pe?ysble and shall be eeeured by tbe lien ot~morc~age.
7. He wi.ll oontinuous~y msintain hazard insuranoe, oi such 6y~:a or typee ~wd amonnts as Mortgagee may
tmm tima to time require, oa the improvements now or hereafter on said premiaes and esoept when psymen~
tor all such premiums Las Lheretofore been made under (a of puagn.pb 2 hereof ~e will pay protnptly when
due sny premiums thcsrefor. All iwsurance ahall be carri~ ia oompsnies appmve~ by I?i~ee and t,be poli-
cie's and renew~ls t6ereof sball be held by Mortgagee and 6sve attached tbereto loes paysble usee in fsvor of
and in torm acceptable to the Mort,gagee. In event of losa he will give immediste notice by msil to Mortgagee,
aad Mortgsgee mey make proof o3 Ioss if noti made promptl,y by Mortgagor, snd each insuranoe oompany
ooncerned ia Lereby~suthorized and directed to mske psyment for such lo~s directly to Mortgag
~
b tead oi
to Mortgsgor and Mortgagee jointly~ aad the inaurance proceeds, or any part thereoi msy be app7i y Mor~
gagee at ife option either to the reduction oi the indebtednese hereby eecured or to t'he restontion or repair of
the property dama~ed. In event of forecloaure of this mortgage or other transter oi title to the mortgaged
proper~y in eutingwshment of the indebtednees eecured hereby, a~l right, title, and intereat of the Mortgsgor
in and to any inaursace policiee then in force ahall p~s to the purchaser or grantee. ;
8. If the Prn~uis~~, or un~- part tLereof, be condenmecl under th~ power of emiuent danam~ or acquired for
a public use, tlie cla~uaRNS awarclecl, tl?N proreecls tar tl~e taking ot, or the ~onsideration for sucli acquis;ition, to
tl~e extent of tl~e full n~uount of tl~e remaining unpaicl lil(~PUte~lness sec•urecl b~• tl?is ~uortga~e, are }~ernb~-
assigned to tLe Ziongagee, an~l 1?is I~eirs or assi~ns~ und shaU tx~ paid forthwith to said 1lortga{;ee or l~is
as~ignee to be applied on ac~•ount of th~ last n?aturinK instalL~icnts of suc•L inclebtedness; provided, hoHe~•er,
the :~iortgugee ur hes ussignec~ ~i~a~ at l~is dis~•retion pa~• direct to the Mottgn~;or, his 1?~irs or ns.signs an~ part
or all of sucl~ awarcl; provi~led~ tliat if the loan is KuarnnteMl or insured, thc~ consent o( tl~e gunrantur or insurer
is obtained in advance of saiJ pa~•~nent.
9• The 1liortgagee may, at any time pending a suit upon this mortgage, upply to the oourt hsving juziediction
thereof for the appointment of a reoeiver, and such court e6aU torthwitb appoint s reoeiver of the prnmi~es oover~d
hereby all arid singular~ including all sad eingular the inoome, profits, iesuea, and revenues from whatevet e~urce
derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecifically eet forth and
deecribed in the granting and habendum clauaes hereof. Such appointment s6all be made by such eourt as an admiLted -
eqaiLy and s matter of absolute rig6t to esid Mortgagee, and without referenoe to the adeG!~aey or inadequscy of
tbe value ot the property mortgaged or to t6e aolvency or insolvency of said Mortgagor or the defendanta. Such
rent~e~ profite. income~ issues~ snd revenues shall lse applieci by such receiver acoording to the lien of thia mortgage
snd tbe praetioe of suc6 oourt. In tLe event of any default on the p~art of tLe Mortgagor hereunder~ the Mortgagor
agrees to pay to the Mo on demand sa s reasonable monthly rental for the premisee en amount at leaet
equivalent to one-twelfth~of t6e aggr8gate of the twelve monthly installmenta p~yable in the then current ;
year plus the s~tual amount of the annual taxes, asaessments, water rates, and insuranoe pr~miums for euch year =
not oovered by the aforesaid montbly psymente. '
~
E 10. In the event of any b_*each of thia mortgage or default on the part of the Mortgagort or in the ev~nt thst
~ any of aaid sums of money herein refen~ed to be not promptly and fully p~aid according to the tenor hereof, or in the
~ event Wst each and every the stipulatione, agreementa, oonditiona, and c~ovenants of said note and thia mortgage,
E are not duly, promptly, snd tuUy pedormed; then in either or sny such event, the said aggregate sum mentioned
in eaid note then remaining unpaid, with interest acerued to that time, and all moneye aecured hereby, shall bec:ome `
~ due and psyable fortha?ith, or thereafter~ at the option of said Mortgagee, ss fully and oompletely ae if all of tbe
i esid sums oi money were orig~nally stipulated to be paid on suc6 dsy, snything in eaid note or in this mortgage to '
= the contrary notwithstanding; and thereupon or thereafter, st the option of said Mortgagee~ without notice ar
demand, suit at law or in equity, msy be proeecuted sa if all moneya secured hereby had matured prior to its institu-
tion. The Mortgagee msy forecloee this mortgage, sa to the amount eo declared due and p~yable, snd the asid
premiees sball be sold to satisfy and pay the same together with ooste, expenees, snd allowsacea. In case of partaal
foreclo~ure of thia mortgage, tbe mortgaged premises ahall be eold eubject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such caee the pmviaiona of this paragraph may again be -
svailed of t6ereafter trom time to time by the Mortgagee. ~
;
11. No waiver of say oovenant 6erein or of the obligation eecured hereby ahall at any time thereafter 6e he{d
~ to be s waiver of the terms hereof or of the note aecured hereby.
~
~ 12. T6e lien oi this i~trument shall remain in full force and eBect during any postponemen! or e~ctenaion of
the time of psyment of the indebtedneee or aay part thereof ecxw~ed hereby.
~ 13. If the Mortgsgor default in any of the oovenanta or agreemente contained herein, or in said note, then the
~ Mortgagee mey pedorm tbe same~ and aU eupenditures (including reaeonable attorney'e fees) made by the MortgaRee
~ in so doin shall draw interest at the rats provided [or in the principal indebtednesa, and shall be repayable
~ thirty (30~ days eiter demand. and, together with interest and costs accrued thereon, ahall be secured by
~ this mortgage.
~ 14. U n the uest of the Mo ag
~ po req rtg ee the Mortgagor ahall eaecute and deliver s supplemental note or
~ notes for the sum or sums advanced ~y We btortgagee !or the alteratioa, modernization, improvement, main-
~ tensnce, or repair of said premises, for taxes or a~essments against the same and for any other purpose suthor-
~ ized hereunder. Ssid note or notes shall be secured hereby on a pari6y witL and as fully as d the sdvance
~ evidenced thereby were included in the note 6rst described sbove. Said supptemental note or notes shall bear
interest at the nte provided for in the principal indebtedness and shall be psyable in sp proximately equal
~ monthly psymenta for such period as may be agreed upon by the creditor and debWr. Fsiling to agree on the ;
~ meturity, the wbole of the sum or suma so advanced shall be due ~tnd pa~able thirty (30) days atter demand '
~ by the creditor. In no event shall the maturity extend beyond the ultimate r~eturity of the nc~te first ~
~ described above. 800K PACf ~
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