HomeMy WebLinkAbout2567 eatire indebtednrsa r
prt~arnted tiieteb~•~ the Mortga~cee, aa truatee, eh~ll~ in co~nputing ttie iuiiuw?t of suci~
iadebie~lncas, rredit to tt~e account ot tl~e ~lortga~cor any rredil balunce ~eu~~iniug w~der the pro~i~io~~s of (a)
ot u?id pi?regn ph 2. !t there sl~all be • detault undPr unv ot tl~e pro~ieior?s of thia ~uortga~e rraulting in s
public sale o[ lhe pre~~~isrs covered 1?ereb~•, or if the Mortgagre acyuires the property otl~erw~ar af1e~ default~
ths I1lortg~gee, ~s trustee. s}?sll apply, ~t the time of the caiunence~nent of ~uch proc~~eciings or at tl~e time
the properiy is otherwiac scyuired~ the amount then rea~~?ining to ~•redit ot l~lortgagor under (s) ot Nuragrapl~ 2
preeeding aa a credit on the intereat seerueci and unpaid and ti?e balqnce to the principal t1?en ren~sintng unp~~d
on said note.
4. He wtll p?y a11 t~a, ~at~„ water rntes, uad ot6er ~overnmental or muwcipal ahar~e~„ 6ne~, or
ianpositione, tor which proviaioa h,+a not bcea made 6ereinbefore~ ~nd in defwit thereoi Lhe Mort`,aaee msy p~y t6e
~anae; wd t,hs! 6e will prompt~y delivec t~6e o~cial reoetpt~ tbere(or Lo tbe Martg~ee.
b. He will perntit, oommi~, or suBer no pas~e, Impairment or deteriontioa ot eaid W'oPertY or any ~rt t6ereoi
except reasonsbk ~rear and tear• und in the svent of tLe fai~ure oi t,he Mort~or to keep the buildmg~ on e~i~
pnmisea and thae to be er~xte~ on eaid premisea, or improveanenta thereon, in good repeur. the Mort8~8e~ ~?Y
maka such npsirs ae in ita diacretion it msy deem ne~ry for t6e proper preacrntion thereof, and the full ~anount
af each and every such p?yment ahall be due aad p~y~?bb thirty (30) days ~tter demaad~ ~?nd ahall be ~ecured by
the lien ot thie mort~e. .
6. He will pe~y sll snd stngular the ooste,cha~g~ and espeasea~ includin~ reasonsble 4wyer'~ tees, snd ooats
of abstracta of title~ incurred or paid at aay time by ht
e Mort;s~e,e becsuee of W» failure on the p~ ot tbe Mortgagor
gromptly and ful~jr to pedorm the agreements ~t oovenanta oi eaid promieeory note and thia mortgage, aad said
ooste, chsrgee, snd expeases ahall be immediately due and paysble and ehaU be secured by the lien of tlus mort~age.
He will oontinuous~y maint~ain hazard insurance, oi such type or t~pes aad amounts a~ Mortgagee msy
imm tima to time require~ on the improvemente now or Lereaiter on ssid premises and except when payment
tor all auc6 gremiums hea theretofore beea msde under (s) oi psragraph 2 hereof. ~a will p~y promptly whea
due aay premiums thcrefor. AU insurancs ahaU be carried in compsnieB spproved by 1liortgsg
ee snd the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss psyable elauses in favor of
and in form acceptable to the l~fortgagee. In event of loss he will give immediste notice by mW to Mortgagee,
and Mortgagee may make prooi oI Ioss J not msde promptly by 4lortgagor~ end each insuranoe aompany
ooaceraed is 6ereby suthorized snd directed to make payment for such loes directly to Mortgagee inatead oi
to Mortg.agor and l~iortgagee jointly, snd the insurance proceeds, or any part thereof may be app7ied by Mor~
gagee at its option e~ther to t6e reduction oi the indebt~edneea hereby eecured or to the restoration or repair of
the prnperty dsma~ed. In e~ ent uf foreclosure of t,his mortgage or other transfec oi title to the mortgsged
~roperty in extingu~shment of the indebtednese secured bereby, a~l right, title, and interest oi tbe Mortgsgor
m and to any inaurance policiea then in force shall pasa to the purchaser or graatee.
R. 1f the pren~is~w. or au~- };urt lhereof, lx~ eondeninrc! u~ul~•r th~ poHer uf r~i~in~nt do~uum, or acc~uir~~d tor
a public use, tl« duuia~;~~s uWardccl, th~• proi~e~~~is Wr the takin • of, or th~• ~onsider~tion for sucl? acquuition, to
tl~e extent of the (ull a~i~ount of tl~e ren~niniuK unpui~l ind~~~t~dt?e~s serurecl b~• this iuortga~e, arn herc•b~•
ussi~n~~~l to th~ ~1ort~aK~~c. un~l his h~~i~s nr u:siFns, un~l .l~all tH~ puid forth~~•ith to suid ~lortgagc~ or hi.5
us.Gignee to tx~ applied on ac~•ow~t of thi~ lust iuuturinr install~u~•nts af su~•1~ indebtedness; pro~ided, l~oH~•ver,
tl~e ~iortKu~ee or hi.4 assiKnee, ~uu~- nt Lis ili.u~r~~liou pu~- dir~•~•t to lh~ ~iortgngor~ his 1?~irs ur assigns an~• part
or all o! su~•1~ aw-anl; pro~-i~le~l, tliat if th~ luau is ~u~~r~n~~~~•~I or insureJ, tL~ consent of the guurantor or insurer
is obtained in aclvance o( ~aid pa~•ment. _
9• The Mortgagee may, at any time pending s suit upon this mortgage, apply to the oourt hsving jurisdiction
thereof for the appointment of a receiver, and such court shaU forthwith appoint a receiver of the premises oovered
hereby all arid singular~ including all and singular the income, pro6ts, issues, and revenues fmm whatever souroe
derived, esch and every of which~ it being expressly underatood, is hereby mortgaged as if specificaUy eet forth and
described in the grantiag and habendum clausea hereof. ~uch appointment shall be msde by auch oourt as an admitted
equity and a matter of absolute right to said Mortgagee, sad without re[erence to the adequacy or inadequacy of
t6e value of the pmperty mortgaged or to the eolvency or inaolvency ot said 111ortgagor or t~he defendanta Such
rente~ pro6te, income~ issues~ sad revenuea ahaU tfe applied by such receiver according to the lien of this mortgage
snd the practice of such oourt. In We event of any default on the part of the Mortgagor hereunder~ the Mortgagor
agrees to psy to the Mortgagee on demand as a reasonable monthly rental for the premiees an amount at least
equivalent to one-twelith (yjz) of the aggregate of Lhe t,welve monthly iastaliments payable in the then current
year plus the actual amount of the annual taues, assessmente, water ratea, and insuranoe premiuma ior euch year
' not oovered bq !he ufores~ud monthly payments.
10. In the event of any b*each oi this mortgage or default on the psrt of the Mortgagorf or in the eve~t that
' sny of said suma o( money herein referred to be not promptly and fully paid according to the tenor bereof~ or in the
E event that each and every the stipulations, agreements, conditione~ and oovenants of esid note and this mortgage,
E are not daly, promptly, and fully performed; then in either or any such event~ the said aggregate aum mentioned
E in said note ~hen remainin6 unpaid, with interest ae~crued to tha~ time, and all moneys eecured hereby, shall beoome
; dne and psysbk forthwith~ or thereafter~ at the option of said Mortgagee, as fully and completely ,ie if all of the
` eaid eums of money were originally scipulated to be paid on such day, anyLhing in said note or in this mortgage to
~ the oontsary notwithstanding; sad thereupon or theresiter~ at the option of said Mortgagee~ without notice ~r
E demand, suit at !aw or in equity, may be proeecuted as if all moneya secured hereby 6ad matured prior to ita institu-
tion. The Mortgagee may foreclose thia mortgage, a8 to the amount ao declared due and payable, and the said
premises ahall be ec,ld to satisfy and-pay the same together wit6 co~ts, expensea, and allowancea In case of pertial
forEClo~ure of thia mortgage, the mortgaged premises ahall be sold aubject to the continuing lien of this mortga~e
for the amount of the debt not then due and unpaid. In aucb caee the provisiona of this paragraph may apin be ~
svsiled of thereafter irom time to time by the Mortgagee.
11. No waiver of uny covenant he~in or of the obUgation secured hereby ahall st any time theresfier be held
to be s~vaiver of the terms herEOf or of the note aecured hereby. ~
~ 12. The lien of thia inatrument aball remain in futl force and eHect during sny poatponement or extension of
~ the time of psyment of t6e indebtedneae or any part thereof eecured hereby.
~ 13. If the Mortgngor default in any of the covenanta or agreementa oontained herein, or in aaid note, then the
~ Mortgagee mny perform tbe same, and all expenditures (including reaeonable attorney'e fees) made by the Mortga~ee
~ in so doing shall draw intereat at the rate provided for in the principal indebtedness, and shall be rnpayable
[ thirty (30) days after demand~ and, toget6er with interest and costs accrued thereon, shall be secured by
~ this mortgsge.
; 14. Upon the request of thc Mottgagee tLe 11Sortgagor shsll e~cecute end deliver a supplemental note or
; notes for tbe sum or sums advanced by t6e ~iortgagee for the alteretion. modernization, improvement, main-
~ tensnce, or repair of said premises, for taxes or asgessments against the same and for any other purEx~se suthor-
~ ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as fully as i[ the advance
~ evidenced t6ereby were included in the note first deacribed above. Said sapplemental note or notes shall bear
interest st the nte provided for in the principal indebtedness and a6s11 be payable in approximetely equal
~ monthly psy ments for such period ss may be agreed upon by the creclitor and debtor. Fsiling to agree on the
~ msturity, the w6ole of the sum or sums so. advanced shall bc due and pa~ able thirty (30) days siter demand
~ by the creditor. In no even~ s~ll the maturity eatend beyond t68 Wtimste r~aturity of the note brst
` deacribed above.
~ OR P
~ - ao~c243 AcE256?
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