HomeMy WebLinkAbout0529 teu~Ir~ tu thr ~l~?rt~;u~;~~~~ in uc~•unlun~•~• witli the ~?n?~•i,toi~~ ~?f tht• nul~~ se•~•urr~l I~c•mbv, full 4?u~•iu~•nt v[ th~~
entiee indebtc•dnr~x rupr~•,~~ntr~l tlit•n~b~•. th~~ tlort~?n~;re, e?s trust~~~•, sl~all, in c~ui??},utii~K t)~e~ a~iiuu:~t ~~f ~ucli
indebte~Jnrss, ~•rrdit to tt~e~ a~•~•unnt ol t~~e ~1urtga~?or uny en•dit I,ulai~cr rniuainin~; iu?~I~~r th~~ pruvi;iuus of (a)
of seid paragraph 2. If thert• slial) Ix~ e defsult uuder an~• ot th~~ E;ro~•i~ii~n~ ut ihi~c ~i~ort~u~r n~;ulti+?~ ii~ u
public salr of tl~o prnmi,~•s ro~-~~red I~rn•b~•. ur if ti?c• ~turtgnKre u~•yu~res tl~r ~iru~,~~rt~• ntL~•rK•tsN nft~•r ~Icfault,
the blortgaKee, e?s t~uat~•~•, shali apply, at the tui?e ut th~ cu~u~++encei?zent ol ~u~•h prrn•~•r~liu~,?s ur at th~ tini~
the ~ropPrty i~ otlu~rwi~ n~•yuirrd, li?e nu?ount tl~en rrn?ainin~ to cre~dit of \lort~;a~;or un~1~~r (a) of E~arx?~;rdpL 2
precedinK ax a~•r~~~lit on th~~ int~~r~~st u~•~~rued end w~paid end tl1e balen~•~ to thc• priuc•ipal th~~n r~•n~aii?~nK unpRid
un seid nute. '
He wiU pay sll taxee~ aeeeasmenta~ water rat~, snd other governmentat or municipai chargee, finee. or
impoeitions, Ior which provision hae not been macie hereinbetote~ and in default thereoi the Mortgageo may pay the
a~e; and Lhai he w~iA pmmptly deGver the o~ciel reoeipti+ therefor to the Mortgagee.
b. He wili pert.nit~ commit~ or auQer no waste, impairment, or deterioration of said property oz any part thereof.
e:cept reasonable wear and tear; and in t~e eveat of tbe (silure ot the biortgagor to keep tLe buildinge on eaid
prem~?es and thoee to be erected on eaid premiees~ or improvementa thereon, in good repair, the Mortgagee msy
make auch repe?ira ae in its diecretion t may deem necex~eary tor the pmper preec.rvation thereof,'and tbe full amount
ot each and every aucb payment sh~ be due and payable thirty (30) daya e~ft,er demand, and nhsll be aecured by
the lien of tbis mortgage. .
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- 8: He will pay all and singular the ooata~ ch ,~?nd expenses, including reasonable lawyer'a feea and coets
Qf abstracts ot title, incurred or paid at any time by t e~tortgagee becauee ot the failure on the part of the MorLgagor
promptly aad [uliy ta perform the agreements and covenante of eaid promiseory note and thia mortgage~ and said
ooets. charges, and expensea shall be immediately due and payable and shstl be eecured by the lien oi this mortgage. ;
7. He will oontinuoualy maintain hazard insurance, of such type or typee and amounts as Mortgagee may
irom time to time rFquire, on the improvementa now or hereatter on said premises~ and e.~cept when payment
tor all such premiums has theretofore been made under (a) oi paragraph 2 hereof, he wiU pay promptly when
due any prenuums theretor. All insuraace shall be carried in companiea approved bp rlortgagee and the poli-
cie9 and renew~sls thereof shnll be held by Mortgagee end have attached thereto loss payable clause8 in favor of
and in form acceptai,le to the 1liortga~ee. In event of loss he will give immediate not~ce by mail to Mottgsgee,
and iiortgagee may make proof of toss if not mado promptly by MorLgagor, and each insurance oompeny
ooncerned is hereby authorized and d'uected to make paymeat for such loss directly to Mortgagee iostead of
to Mortgagor and ;~fortgagee ointly, and the insurance proceeds~ or sny part thereof, may be appGed by Morw
gagee at ita option either to t~e reductioa of the indebtednesa hereby secured or to the restorawoa or repair of
the property dama~ed. In event of torecloaun+ o! this mortgsge or other transter of title to the mortga~ed
property in exlingwshment of the indebtedness secured hereby, a~l right~ title, and interest oi the ~tortgagor
m and to any insurance policieg then in force shaU pnss to the purchaser or grantee.
if th~• pr~~ii~i.~•s, or uu~- p:trt th~•r~•of. L~~ ~•on~l~•~iint~~l utul~•r thi~ }x?~st~r of emitu~nt tloiuutn, ~,r a~•quim~l fur
u public• usc•, th~ ~I:?~i:uK~~s uw•ur~I~~d, tI?~• pro~•~•~•~is for the tai:in~; of, or th~• ronsi~l~ruti~in tor wc~l~ ac~y~i4~itioi~, ti~
thc• E•xtrr?t of tLr full ui+~ount ot the re•iuai~~iri~; wip»i~l i~ul~l~t~~~ln~•ss sr~•ured h~• tliis ii?ort~aKc•. ur~ h~rc~b~-
u.~si}~n~~d to thi~ ~iurt}?ak~~~•. un~l I?i• h~~ir~ ur i?•si~n:, :~ml :li:~ll h~~ ~~i~i~l fortlia-itti to ,ui~1 ~1~rt~a{~~•~~ ~?r liis
na~i~nc~ t~? I,c• ap~~li~•~1 un u~•~•u~nit u( th~• last ntuturi~~~ in:luflnu•nt, uf ,u~•h in~l~~l?ti~~ln~~s~; pro~-i~lt~~t, ho~c~~~-er,
the \tortKuk~~i~ or hiti :~.c.i~;n~~~~. n~:~~- i~t his ~ii;~•r~•ti~~~~ ~r~}- ~lirrrt t~~ th~~ :Ic?rt~;u~vr. lei: l+~~i~. ~,r .i.;ir~,s ari+- ~~nrt
or ell ~~f surh u~car~l; ~ro~-ultvl. ~l~ut it th~• 1„au i, ~:u:iru~u~•~•~1 or iu,un•~I, th~• i•on.~•nt of tlu~ ~;uurantur ~r ii?sur~•r
is ohtained in udranre of ,ui~l pu~~~n~•~:t.
The ~fortgagee mey, at any time pending a suit upon this mortgage~ apply to the court ha~~ng juriadiction
thereof for the appointment of a receiver, and such court ahall forthwith appoint a receiver of the pmmises covered
hereby all and singular, including ail and singular the income, proSts, issues, and revenuea from whatever source
derived, each and e~•ery of which, it being expressly underatood, is hereby mortgaged as if apecifically set forth and
described in the granting and habendum clauses hereof. Such appointmeat shall be made by such oourt as an admitted
equity and a matter of absolute right to said Diortgagee, and without reference to the adequncy qr inadequacy of
the value of the property mortgaged or to the aolvency or ins~lvency of said Morigagor or the defendants. Such
teats, profits. income, issues, and revenues shaU be applied by such receiver according to the lien of this mortgage
and the practice of such court. Ia the event of any default on the part of the Mort,gagor hereunder, the Mortgagor
agrees to pay to the Mortgagee on demand as a ressonable monthly rental for the premises an amount at leseL
equiratent to one-twelfth (~y) of the aggregate of the twelve monthly installmenta payable in the then current
year ptus the actusl amount of the ar,nual taxes, assessments, water rates, and insurance premiums for such year
not oovered by the aforESaid mont}ily payments.
10. In the event of any b-each of this mortgage or default on the part o( the ~iortgagor; or in the event that
any of said sums of money herein referred to be nat promptly and fully paid according to the tenor hereof, or in the
event that each and every Lhe stipulations, agreements~ conditions~ snd coveaants of said note and this mortgage,
are not duly, promptly, and fully pertormed; then in either or any such event, the said aggregate sum mentioned
in asid note then temaining unpaid, with interest accrued to that time, and all moneys secuted hereby~ shall become
due and payable forthwith, or thereafter~ at the option of said l~iortgagee~ as fully snd completely ,~s if a!! of the
said eums of money were originally stipulated to be paid on sucb day~ anything in said note or in this mortgage to
the oontrary notwithstanding; and there~pon or thereafter~ at the option of said Mortgagee, without notice ~r
demand~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgag~, as to Lhe amount so declarer! du~ and payable, and the said
premiaea ahsll be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial
foreclosure of this mortgage~ the mortguged premises shall be sold subject to the coatinuing Uen of this mortgage
for the amount of the debt not then due and unpeid. In such case the provisions of this paragreph ma3• again be
avaited of thereafter from time to lime by the l~iortgagee.
1 t_ No waiver of any covenant ~ereia or of Lhe obligation secured hereby shall at any ti~ne thereafter be held
to be s waiver of the terms hereof or of the note secured hereby.
12- Tbe lien of this wstrument ehall remain in full force and effect during any postponement or extension of
the time of payment of t6e indebtednesa or any part thereof secured hereby.
1:;. If the Mortgagor default in any of the covenanta or agreementa conteined herein, or in said note, then the
Mortgagee mey perforna the same~ snd aU expenditures (inciuding reasonable attorney's fees) made by the ~ZortqaAee
in so doing shali drew• inierest at the rate pro~-ided tor in the principal indebtedness, and shall be repa3 able
~hirty (30) da}•s atter demand, and, together with interest and costs accrued thereon, sliali be secured by
this mortgage. ,
14_ Upon the request ot thc l~tortga~ee the ~iort~a~;or shall eaecute and deliver a supplemental note or
notes tor the sum or sums ad~ anced by t6e ~[ort~agee for ti~c slteration, modcrnization~ improvcment, main-
tensnce, or repair of said premises, for taxes or a~.~essments aKainst the samc anJ for an~ other purposc author-
ized hereunder. Said note or notes shall be secured hereby on a parity with a~d as tully as it the advance
evidenced thereby were included in the note firsL descrit~ed abo~ e. Said si~pplem~ntal note or notes shall bear
interest at the tate provided for in t.he principal indebteclness and shall be pa~~able in approximately equal
monthly paym~nts for such period as may be agreed upon by the cre~li?or and debtor. Failing to agree on the
msturity, the whole of the sum or sums so ad~•anced shull bc due and pa~able thirty (30) days after demand
by t6e creditor. In no event shall the matwity extend be~ond the ultimete c~aturity o[ tLe note first
described sbove.
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