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HomeMy WebLinkAbout1772 tender ~to tt?e ZNiortgagee i~ ~ccordwnch with the provisions of tha notP seeured i~rreb~•, tuil payment ot the enLire indebled~ess repreaen~ed therebv, the Moctgagee, as truate~+, ahall~ in coiupuling lhe ~uiaunt of suci? indebtsdaeas. credit to tl~e account ot tl~e Mortgagor nny credit bulence re~naining und~r the provisioi?s ot (a) of ssid ph 2. !t tf~ere sh~ll be s detault under any o~ t1~e prnviaions of tl~is uiortga~e resulting in a public s~l~he pren~isea covered heceby~ or it the Mottgsg~e sequicea t1~e property oLi?erw~sr atter detault. ths Mortg~gee, ~s trustee, ah~ll ~?pply~ at the time of the coin~nence~ne~t ot such proceedings or at tl~e time the propeKy ia alherwise acquired~ t1~e t~nount tl~en reu~sini~g to credit ot Mortgsgor under (s) of Naragnpl~ 2 precediag as s credit on the interest acerued snd unpaid and t1?e balsnce lo the prine~p~?l then remain~ng unpeid on ssid note. - 4. 8e wlll p~y all tu~ces, ~aaoosnt~? wi?t~ec r~tes. and otlrer~overnmental oe muaieiPal eh~'ee? fiae~, at impodtione, for wbic6 grovieioa haa no~ beea made bereinbetore, snd In default U~eraot ths Mort~ee ma~Y P~?Y ~ ~ame; and th~! bs will promptly deliver tbe o~ieial reoeipts tberetor to tbe Mortg,~gee. 6. He will parflnit. oommit, or suffec no waate~ impairmenL~ or deteriorstion ot said P~P~Y thereot ezcepti reaaoasble weas aad teu • and in the event ot tLe iailure oi the Mort~gor to keep the b' oa esi~ pcemisee and Wose to be ecectec~ on aaid premises, oe improveanenta t~ereoa, ia good repsir the Mortgagee msy make wch repai~s aa in ita diseretion it may deem neoeessry for tbeproper preecrvsttoa thereo~~ and tbe full amount oi eueb and every such p?ymeat ahatl be due and p?yabb thirty (~0) dsys aiter demand, aod shsll bs eeeured by We lien of this mortg~e. 8. He will pay al! snd singulsr tbe oosts, and espa~eea, ineludina naeonable L~vyer's fees, and oosv of sbetrncb ot title~ incurr+ed or paid at any time b~Mortg,a6ee becauee of the failure on the psrt ot the M~rt~agor promptiy aod i~y to pedorm the agreements snd oovenants of eaid promiaeory note snd t6is mortgage, and said ~t0. ~r~s. ~d e~cPen~s ahali be immediate~j? due snd pr?ye~ble and ehall be seeured by the lien oi thia mortgage. ~ T. He ~viU ooatinuoua}~y maint,ain Laaard imsuranoe, oi suc6 tiype or t~rpes snd amounts se Mortgsgee may from tame to time require, on the improvements now or here~fter on seud premises and e~cept when psyment !or aU such premiums hae theretofore been made under (a of paragraph 2 hee~eof ~e will pay promptly when due any premiuma therefor. All insurance ahall be carri~ in comPanies approve~ by 11iortgagee snd the poli- cies and renew~ls thereof sha11 be held by Mortgagee and hsve aitsched thereto lo~s payable clsusee ia isvor oi and ia form acceptable to t6e Mortgagee. In event of losa he will give immadiste notioe by mail to Mortgagee, and Mortgagee may make ,prooi of Iosa if no6 rasde prompWy by Mortgagor, and each inaurance oompany ooncerned ia bereby~suthonsed and directed to make psyment tor suc6loes directly to Mortga~_ee inatead of to Mortgsgor snd Mortgagee ointly ~ ~?nd the ineuranca proceecls, or any part t6ereof msy be applied by Mor~ ~agee at its optaon eit6er to t~e reduction oi the indebtednees herebp eecured or to the restoration or repair of the pmperty dsms~ed. In eventi of forectoaure of this mortgage or other tranater of title to tha mortgaged property ia extuygu~shment of~ t,be indebtednees eecured hereby, a~ right, tiWe, snd interest of the Mortgagor m and to sny iosure?nce policies then in force ahall pnse to the purchaser or grantee. 8. If !he prnn~is~~s, or atfr part thornof~ be rondenined under ihe power of eminent dowa~n, or acquimd for a public use, tl~e clau~ages awarded, ttie pra•eecls for ti~e taking at, or the considcrn/ion [or sucl~ acquisttion, to the extent of the full a~uount of thc rcmaining unpni~l indebte~lnc~ss se~•ured L~• this mortgu~e, arr hernb~- assigned to tli~ :~ton~aKec. uuii i~i.~ ii~irs or assi~?ns, und sl~ull ?x• puiil forth~vith to suid 1lortgagre or liis assignee to be applied on ac•c•ount a( the lnst ~?iaturu?r +++stxQ~+u•nts of su~~l~ indcbtedness; prorided, liovr~ver, tl~e :~iort~ ee or his assiKnce, inu~ at lus disert~tion pu~- dire~•t to ihe Vfortgngor, his he~irs or assigns an~• part or all of sucii aNard; prov~~ecl, that i( the loun is kuarant~~~d or insurecl, th~ consent of ihe guarantor or insurnr is obtained in advance of said par~ue~it. 9. 'The Mortgagee may. at any time pending a auit upon this mortgage, aPPly to the oowrt lu?vin6 jurisdiction thereof to~ the appointment of s receiver~ and such court shaU lort6with sppoint s receiver oi the premisea oovered hereby all a~d singular, including all and singular the income, profite~ ieauea~ snd revenuea from whatever source derived. esch and every of which~ it being expressly underatood~ ia hereby mortgaged ae if apeciScally eet forth and described in the granting and habendum clauees hereof. Such sppointment aball be made by such oourt as sn admitted equity and s matter of absolute ri~t to aaid Mortgagee, and without refer~nce to the sdequscy or inadequacy oi f~e value of the property mortgaged or to the solvency or insolvency of said Mortgagor or tae defendanta Such renta, profita..inoome~ iasues, aad revenuea ehall 1fe applie~l by auch receiver acoording to the lien of tbia mortgage and the pre~cuce oi euch court. In the event of any default on the p~rt of the Mortgagor hereunder, the Mortgsgor { agreee to psy to t6e Mo on demand ae a reasonabk mont6ly rental for the premises an amount at leset 1 a equivalent to one-twelfth ( z) of the aggregate of the Lwelve monthly installments psyable in the then current : year plue the actual amonnt oi ~the annual taxes, assessmenta, water rates, and inauranoe premiume for auch year ~ not oovered by tbe aforesaid monthly paymente. i ~ 10. In tbe event of any b~es?c6 of thia mortgage or defanlt on the part of the Mortgagor~ or in the event that ~ sny of said awns of money herein referred to be not promptly and fully paid according to the tenor hereof, or ia the : I event that each and every the stipulations, agreementa, conditions~ and oovenants of aaid note and this mortgage, ; ` are not duly, promptly~ and fuliy performed; then in either or any auch event~ the esid aggregate aum mentioned ? ~ in eaid note then remainiag unpaid, with interest accrued to that time, and sll moneya secured hereby, ahall beoome ~ ~ dae and payabk forthwith, or thereafter, at the option ot ssid Mortgagee~ as fully and completely as if all of the f said suma of money were orig3nally stipulsted to be paid on such day, anything in said note or in this mortgage to ~ the contrary not~vithatanding; and thereupon or thereafter, st the option of said Mortgagee, without notice or ~ demand~ suit at law or in equity, may be prosecuted as if all moneya eecured hereby tsad mstured prior to its inatit~- j tion. The Mortgagee may forecloee this mortgage, as to the amount eo deciared dae and p~yable~ and the said ~ premiaes ahall be sold to sati~y and pay the ssme together with coste, expenaea, and allowances. In caee of p~rtisl Eoreclosure of thia mostgage, the mortgaged premiaes ahaU be eold subject to the oontinuing lien of thia mortgage ~ ~ for the utnount of the debt not t6en due and unpaid. In such case the provisiona of tbis ~aph may again be ~ - wvaile~ of t6er~after irom time to time by the Mortgagee. ~ ~ 11. No wsiver of any covenant herein or of the obligation eecured hereby ahall at sny time thereafter be held ~ to be s waiver of the terma hereof or of the note eecured hereby, ; . 12. The lien of this inr?trument ahall remain in full force aad eBect during any poetponement or extension of ~ ~ t~ time of psyment of the indebtednee~ or aay parr thereof secured hereby. ~ ' 13. I[ the Mortg~gor default in aay ot the covensnts or sgreemente contained herein. or in eaid aote, then tha ; Mortgagee may pedorm tbe eame, and all e~penditurea (including nasonable attorney's fees) made by the Mortga~ee ? Y in eo doin shall draw interest st the rate provided for in the principal indebtedness, and ahal! be repayable ; ; thirty (30~ daye aiter demand, and, together with interest and costs accrued thereon, shall be secured by t ; this mortgsge. ' 3 14. UP~n the request ot the Mortgagee the ~+iottgagor aha11 eacecute and deliver a supplementai note or ~ noces for the sum or sums advancecl by the `tortgagee for the alteration, modernization~ improvement, main- ~ ~ tenance, or repair of said premises, tor taaes or a~essments against the same and tor any other purpose author- ~ ized hereunder. Ssid note or notes shal) be secured hereby on s parity with and as fully as if the advance ; evidenced thereby were inc!uded in the note first described sbove. Ssid supplement~l note or notes shsll bear ~ interest at the rste provided for in t6e principal indebtedness and shall be payable in ag pro~imately equsl ~ montbly pay ments for such period as may be agreed upon by the creditor and debwr. Fsil'mg to agree on the ~ msturi~y, the whole ot the sum or sums so advanced shall be due and paysble thirty (30) days atter demand ~ by tbe creditor. In rw event shall the maturity exteod beyond the ultimste r.~twity of the nnte first ~ descnbed above. _ ~ ~ ~ J ~ 6i;~~K:..~ PACE ~6~ r ~ ~ ~ r x=~..~ - ~ ~ - ~ ' - , - . . . _ ~.~.,~:~_.~...a . _ .