HomeMy WebLinkAbout0969 temler tu tlu~ ~lort~u~r~~ in a~•~~~,rdum•~~ Nitli lh~~ prnvi~i~~n. c?f Ih~• not~• s~~cured I~~~r~~b~•. fuil pu~•nu~nt of Ih~~ i
e~Slire indrbledn~~a.c rrpm~~~nted th~•ri~l?r. thc~ ~lort~a~re, as trusl~~~•, shKA. in ~•oui~?utiii}; 1h~~ ui~~uuut o( ru~•1?
indPbteJu~•ss, ~•rt•dit to th~~ e~•~•ount of tl~r ~turtxeKur uu~• ~•rndit balwu•t~ ri~inaini~~y~ ~u~d~~r ~I~~ pn?visions o( (u)
of said paragrapl~ 2. It theri~ ,liall bc~ a dc~fault undet au~• o~ ih~~ prori~i~,i~x of tl~is niort~;u}?c~ resultin~ in
public s,sle o! the pr~~~nu~•s i•uc~~rnd he~reb~•, ur if tl~~ Alortgag~~e u~•yu~res th~~ pru~?~•rt~• oth~~rH•i~• aft~~r ~li~fault,
tl~e !1lortga~;ce, us truat~•~~, shall appl~•, at tt~e tuuP of tt~P ~otn~u~~nc~•nieut of su~•h pro~•~~edin;,~ or al thr tiin~~
tl?e pmpcrt~' i~ otl?~rwi3r a~yuirc~~l, the an~ount then r~~mainin~ to ~•rN~lii of ~1ort~;a~or un~l~~r (a) of puru~raph 2 :
prncedinK aa a rrndit un tiir inler~~st et~•crued and unpaid and tite bulau~•e to ih~~ priucipat th~m rnu~aii~in}? ui~pu~d '
on ;aid iiutP.
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4. He will psy all taxes, aseeeamenta, water n?tea~ snd other governmentat or municipal charg~es, fines„ or =
impoeitione, for which provision has not been made hereinbefore~ and in default thereof the Mortgagee may psy the ~
mme; and thst he will promptly de4ver the og'icial n~oeiptr tt?erefor to t,he Mortgagee. ~
5. He vviU permit~ oommit~ or suRer no waste~ impairment~ or deterioration of said pmperty or sny part theceof,
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep t6e buildings on said ~
premiaes and thoee to be erected on said premiees~ or improvements thereon, in good repair, tbe Mortgagee mey
make such repairs aa in its discretion it may deem neaeaaary for the proper prescrvation thereof~ and the full amount ~
of each and every such ~?ayment shall be due and psyable thirty (30) daye after demsnd, and eball be eecured by ~
the lien of t6ia mortgage. €
6. He wiq pay all and sing~.ilar the oosta. chargee~ and eapeneea, including reasonsble lawyer'a teea and ooete `
of abstracfs of title, incur:
ed or paid at any time by the Mortgagee because of t6e failure on the part of the Mortgagor '
promptly and fuUy to perform the agreements and oovenants of eaid promissory note and this mortgage~ and said
caate, chargea, and expensea shall be immediately due and payable and shall be eecured by the lien ot this mortgage.
7. He will oontinuously msintain hazard insurance, of auch type or types and amounts as Mortgagee may
from time to time require, on the imptovements now or heteait~r on said premises~ and e.tcept when payment ~
for all such premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptly when
due any premiums therefor. All insutance shall be carried in companies epproved by I1lortgagee and the poli- ~
cies and renewals thereof shnll be held by Mortgagee and have- attached thereto loss payable ctauses in favor of ~
and in Iorm acceptable to the 11iortgagee. In event of loss he w~ill give immediate notice by mail to Mortgagee,
and ~iortgagee may make proof ot ~oss if not made pmmptly by Mortgagor, and each insuranoe c~ompany
ooncerned is hereb authorized and directed Lo make payment for such loss directly to MortgaRee inst~ead of
to ;lfortgegor and ~ortgagee jointly, and the insurance proceecis, or any part thereoi~ may be applied by Mor~ s
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoraWon or r8pait of `
the ro rt dama~ed. In event of foreclosure of this mortgage, or other traasfer of title to the mortga€?ed ~
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property ~n extingu~shment of the indebtedness secured hereb~, all right, title, and interest of the ~iortgagor
m and to any insurance policies then in lorce shall pass to the purchaser or grantee.
ti. If th~~ prnn~isi~, or un~- part th~~r~~of. ix~ ~•oiul~•nin~~~l uu~ier thi• poN-~~r of rniin~mt douiuu~, or a~•quired for ~
a publi~• use. tlu~ du~nu~;~~s aH•ard~~d, th~• proi•~~~~ds for thc• tukiu~? of. or tiu• ronsidi•ra~tion for:urli u~•yui.tiuion. to t
tlu~ i~stt•nt o~ Il~r full uin~iunt of th~~ r~•inaiuin~? unp:iid in~l~•bt~•~ln~:c, s~~~•ur~~d h~- this uiort~aK~•. ar~• l~er~•b~-
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u...i~n~•~i to th~~ \iortku~;~~~~. uuii hi. hi•in ur u:;irn;, un~l :1~:~11 h~• pui~l forlh~~-ith to sui~l ~1ort~a};e~• or his s
a~.,iKue~~ to 1?~ appli~~~l un u~•ruuiit ~~f tli~• lu.t niatarin~ instull~u~~nt. of .u~•h ind~~bt~~~ln~~...; pro~•idc•~l. lio~~-~•~-~,r, -
tli~ ~lort~u~~~~• ~~r 1?i., :?,.;i~;~u~~•, u~u~- ~it I~i. ~Ii..~•r~•ti~n~ pu~- ~lir~•~•t tc~ thc• ~tort~;ugor, hi, lu~i~ ur as..i~ns un~• purt
or ull of su~•h :?~~•Nril: pn?~•ul~•~I. thut if tiu• luuu i; };u:u~:intr~~~l ~?r in,un•il, tl~c~ ~•ons~~nt of tl?c• guaranlor or insurc~r "
is obtain~~~l in t~d~•an~•~~ ot ,ai~l pa~•nu•ut.
The ~fortgagee may, at any time pending a suit upon this mortgsge, apply to the oourt having jurisdiction f
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premiaes eover8d ~
hereby atl and singular, including all and sing~ilar the income~ profits, issues, and revenues from whatever source ~
demed, each snd every of which, it being expressly understood, ia hereby mortgaged ss if specifically set forth and E
described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted '
' equity and a matter of absolute right to said Mortgagce, and without reference to the adequacy or inadequacy of
' the value of the property mortgsged or to the aolvency or insolvency of said 1Vlortgagor or the defendants. Such
! rents~ profits. inoome, issues, and revenues shall be applied by such reoeiver according to the lien of t6is mortgage •
and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
; agrees to pay to the Mortgagee on demand ss a reasonuble monthly rental for the premises an amount at least
! equivalent to one-twel(th (~y) of the aggregate of the twelve monthly installments payable in the then curr~nt
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; year plus the actual amount of the annual taxes, assessmenta, water rates, and insurance premiums for such year
~E not oovered by the aforesaid monthly paymente. `s
{ 10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that <
; any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe ~
I event that each and every the stipulations, agreements. conditione, and covenants of said note and this mortgage
~ are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned
i in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby~ shall become
~ due and payable forthwith~ or thereafter. at the option of said Nlortgagee~ as fully and completely ~s if all of the ;
~ eaid aums of money were origiaally stipulated to be paid on such day, anyLhing in said note or in this mortgage to
~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, withou~ notice or '3
~ demand, suit at !aw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- '
~ tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the ssid
~ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partisl
i for~closure of this mortgage~ the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage ;
~ for the amount of the debt not then due and unpaid. In such case the provisiona of thia paragraph may again be
; availed of thereaiter from time to time by the hiortgagee. -
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11 _ No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held =
to be a waiver of the terma hereof or of the note secured hereby.
~ 1'l. The lien of thia instrument shall remain in full force and effect during sny postponement or extenaion of
' the time of payment of the indebtednesa or any part thereof eecured hereby.
1:i. If the Mortgagor default in any of the covenanta or agreements contained herein, or in said note, then the F
Mortgagee may perform the eame, and all eapenditwes (including reasonable attomey's fees) made by t6e 11Sorcga~ee
in so doinK shall draw interest at the rate pro~ ided for in the principal indebtedness, and shall be rnpayable `
tLirty (30) days atter demand, and, together'witli interc~st and costs accrued thereon, sl~all be secured by '
this mortgage. -
14. Upon the request of the :~iort~a~ee the Siortga~;or shall eaecute and deliver a supplemental note or ~
notes (or the sum or sums acl~anced by the ltortgagee for the alteration, modernizatior~, impro~ement, main-
tenance, or repair of said premises, for taxc~ or assessments against tl~e same anJ for ea~ other purpos~ author-
ized hereunder. Said note or notes shall be secured hereby on a parity K ith and as tully as if the ad~•ance -
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate provided tor in the principal indebtedness and shall be payable in approximately equal
monthly pay ments for such period as may bc a~reed upon by the creditor and debtor. Fail'ing to agrec on the
maturity, the Kbole ot the sum or sums so advanced shall bc due and pa~•able thirl,y (34) days aftcr demand ~
by the creditor. In no event s6all the maturity ex~end beyond t6e ultimate rsaturity of the note first ~
described sbove.
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