HomeMy WebLinkAbout0213 teader to the Mortgagee in secor,l~nce witl~ tt~ pcovi~ions o1~~~i e•uotP eecurecl l~erebv. tull pj?yuient ot the ~
entire indeblednesa r6presec?t~d thereb~, the `Mortg~ae. as ttu~tee~ shall, in, computing the anount at such
indebtedne~s, r,reciit to tl~e account of tj~e Mortgagor oay credit b~?isnce re~n~u~iag under the prov~iocre of (a)
of said ~r~tph Z. I~ thern sl~ull be a detault under any o~ tlie provi~ia~s ot thia ~nort.~e.~e resulting in s
gublia u1e o the prsmises covered hereb,y, or it the Mortg~~e e~cquue~ the property otberw~se atter default,
the Mortg~gee~.as truatee~ el~r.ll wgi~y~ st Lha tune of the canmencrment oi such proceedinge or a6 the time
the propert~y is otherwise gcyuire~i~ t:~e ~muunt th~n reuuini~~ to c•redit ot Mortgagor under of paragroph 2
preoec~ing ae a credit on the inteeest sccrued and unpaid and t~e bal~nce to the princip~l tl?en remsining unpaid
on said noet.
4. He wW wyr all ta~ce~, ~eeeeementa, wotes ratRa, ~?nd otber ~overncae~tal or mua~cipal abar~, 8ae~„ otr
impoaltions„ fo~ w6iah proviaion 6as aot been msda haceinbetoce, and in detaulti thereot' tbs Mot~pt'~ ~U.P~1 ~
roo~e; ~nd it,~?~ t~e wiU promptt3r delivm tbe c+ffida?! re~pte t~eter to tbe Mort~a~ea. .
br Se wiU pertoit, oommtt, or su6er ao Maste, impsirmeat, or deLerior~tian of eaid paparty o~bu~y~_part t~etoo~t
e~coept rauwaabb xe~r snd taar• i~+nd ia t~ svea~ of ths fsilure oi tDe Most~gor to keep Lhs i1~d~aEs oa ~i~
pre~4ieae aod t~6ase to be eiecto~ on aatd premi~es. or i~nprovaaents thereon~ in scod repRir the Mortgsgee m~Y
make auoh repai~s aa ia ita diecretaoa it msy dcem neoeeeary for theparopes prae~rvstton thereo~, snd the full smoun0
ot each and overy such payment e6aU be due ~ad P~1Y~ ~7 (30) days sfte~ damand, ~ad aball be eecured by .
the 1~en of thit aaort~e. .
8. Hs wiU pe~y s~ n~d aingular t~e ooela, c1~?rges, ana espeaee~, including r.~aaonabis lawyer'a feee, and oosts
ot ~batr~?cts ot ti~le, incurrod or psid at auy time by !he Mortgagee bea?uua ef t,he failure on the part ot tLe Mortgagos
W'~PUY ~wd f~ to pertorm tbe agresnnenb aad ooveu~wte oi a3d Pro~niaeorY pof~e ~nd t!~ m t~a~e, aad eaid
~~rB~, an expeases at?all be immediatety dus aar~ payable and aball be eeCUred by tha lien orf tL -is martg~e.
Ha will ooniiauaua~y mai?itsin huard 'uwursnoe, oi euch type or t~y''~es sud amounts as Martgagee msy
trom tame ta t.ime requirn, on the impravementa novr or hereatter on esid pnmisea sad escept when paymen`
tor aU such premiuma has tbentofon been msda under (s) oi paragcaFh 2 bereof ~e ~~il1 p~y promp~y when
due any premiuma thorefor. ~ll inauranoe ahall be canried in compsnies appmve~ bp 11i~~tg~g~ and t~e poli- '
cies aad renewsts tbereof shall be held by Mortgagee ~?nd have attac6ed theseto loas payable cfausee in favor af
and in form acceptable to tbe Mortgsgee. In event of lo~a he wiU give immediste notice by mail to Mortgagee,
aad Mor~.,gagee may make praai of Ioea if noti made promptly by hiortgagor, snd eacb inauranae oompsny
ooncesued is hereby~ suthorised and directed ta make psymeat for such la~e directl Lo Mortgagee instead of
to Mortgagor and Mortgagee jointly, snd the insurance proceeds, or sny prrt theroo~ may be ap~hed by Mort.
ee a6 its option either to ttie reduction oi the indebt~edneee hereby eecured or to the restonvon or repsir of
e n
e property dam~ed. In event o! foreclosure of thia mottgage or other trussfer qf titie ta the mortga~ed
p~operty ia extingu~shmeat o! the indebtednees secured bereby, a~l righ~, title,-and intere~ti ot the Mortgegor
~a and to say inaurance policies tben in force ahaU pasa 6o the purchaeer or grsntee.
8. It the pteri~ise~s~ or an~•.Ewri tl~ernof, be? condemnecl uuder tlie power oi en~inent. domum~ or acquired for
a public use, tlie dan?eges awanle~l, U?e proc~~Mis !or the tuk~ng of. or the considerntion for such acquisitian, to
the extent af tl?e full amount of ti~e ren?aining unpaid incleLtedness srrured- b~• tl~is ?nortgage, aro hereb~-
assignecl to tl~e ~IortRager, and l~is-I~eiis or assigns, und sl~vl! tx~ paid forthwitli ta saicl Viortgagee or liis
ass~ nee to be applie~! oa acY•ounl ot the laat n?nturu~g installu~ents of such indebtedness; providecl. l~owcver,
the~iort~a~ee or h~s assi~nee, ~ua~ at !?is disc•retion par d'v~ti•t to tLe vlortgugor, l~is h~~irs or ussi~,n?s any par4
or all of suet~ awanl; provtdecl, thnt if the (oun is Kunranteed or insureci, the eonsent o[ the guaraotor or insurer
is obtained in advance of said pa~~iuent. ~
9. The Mortgagee may~ at any time pending a suit up~n this mortgage~ apply to the oourt having jurisdiction
thereof for the appointment of s receiver, aad such oourt~aball forthwith appoint s reoeiver of the premisea oovered
hereby sll a~d singular~ including nll and singular the income, profits, iasuea, and revenuea from whatever eouroe
derived, esch and every of . wbich, it 6eing expreasly undetatood, is h~reby mortgaged sa if speoifically ee~ forth and
described in the granting so?d habendum clauses hereof. Such appoint,ment ahall be made by snch oourt as an admitted
equity and s matter of absolate right to aaid Mortgagee, and without reference to the adequaey or inadequacy of
the value ~ the property mortgaged os f~o the aolvency or im+olvency o! said Mortgagor or t'~e defendante. Such
renta, pmfita. inoome, iaeues, and revenues shsil be applied by sud? receiver ac~rding to the lien of thie mortgage
at~d t6e pre~ctiee of auch court. In the eveat of any default on tbep~ of tbe Mortgpgor bereunder, the Mo
agc~s ~o pay to c6e Mo on demsnd sa s reaeonable montiily rentai for the premises an amount ~ .
equivalent to one-t~reifth~oi the sggregste of the twelve monthty instsllments psyable in the then curm.at
year pius the actual amouat of the aunusl taxes, s~menta, wstes rxtea, and insuranoe ~remiume for such year -
noi eovered by the afo_~aaid monthlY PsY~~
10. Ia the eveni ot any h*each of Wia mortgage or defsulti on t.he p~ of the Mortgagort or in the event thst
any of esid suma af money herein refern~d to be not prompdy and fully paid accordi to the tenor hereot~ or in the
event t6st eTie.~rand e the ati tio re~
very pula na, agrecments, conditiong, and oovenAnts said note ~?nd thia mortgage,
are not dntq~ promptly, snd ful~y perfor~ad; tben in either or aay aach event, the asid sggregate aum mentaoned ~
in said note then remaining unpaid, eritb interest aixrued to that time, and all moneys secnred hereby, shall be~wme
due and psysble forthwith, or thereafter, at the option of said Mortgxgee, sa fully and oompletelq ae if alt of the
epid su~os of money wen orig~naUy stipulsted to be paid on such day, anytbing in said note or ia this mortga~e to
the oontrsty notwithatanding; sad tLereupoa or Lhereafter~ at Lhe option of said Mortgagee, without notice or
deaQand~ suit at law or in equity, msy be pmsecuted as if all moneys aecured hereby had matured prior to its inatitu-
tion. 1'he Mortgagee may forecl~e t6ia mortgage, sa to the amount eo declared du~ and payable, and the said
premieea shall be soid to satiaty and pe?y the same together with costa, expensea, aad sliowancea. Ia e~se of partial
foreclosure of thia mortgsge~ Lhe mortgsged pr~mises shaU be eold aubject to the oontinuing liea of tbia mortgaae
" for the smouat of the debt not then due and unpaid:- In such caee the provisiona of this psragrsph msy again be
svailed ot thereafter from time to time by the Mortgagee.
11. No w~iver ot any oovenant herein or of the obGgation eecured he: eby ahall at sny time thereaite~,~e,held
to be s waiver d the terms hereof ar of t6e note eecured hereby. ~
12. ~e lien of this inbtirument shall remain in full foroe and effect during any postponement or extension af
the time of psyment af l~6e indebtednese or aa~y part thereof eecured hereby.,
13. If the Mortgagor defsult in any of tKe oovenants.or agreements coutained herein, or in asid note, then th~
Morigagee may perform t6e eame, und ali eapenditures (including reaeonable attorney's fcea) made by the Mortgagee
in so do~n shall drsw interest st the raLe provided for in ~the principal indebtednesa, snd shsll be repayable
t6irty (30~ dsys atter demand, and, tagether with interest aud e;oste accrued Lhereoa, sh~ll be secured by
t~6is nnortgage. _
!4. Upon the reque~t o! the Mortgagee the MorLgagor shall ea~ecute end detiver a supplemental note or
notes for t6e sum or sums sdvanced by the tiiortgagee for the alterstiod, modernization, improvement, main- ~
tensnce, or repsir of said premises, for taxes or as.¢essments against the same and !or any othcr purpose author-
ized hereunder. Ssid note or notes shsll be secured hereby an r, parity with and as fully as if the advance -
evidenced tbereby were included in Lhe note first described above. Said s~ipplemental note or notes shall bear
intereat s~ t6e rate provided for in Lhe ~rincipal indebtedness ar~d ahall 3e payablc~ in ap pmximntcly equu{
monthly psym ents tor such perio~ aa msy be agreed upon bp the creditor and debtor. Fail'ing.t~ agree on the
m~turity. the w6ole oi the sum or sums so advanced shal) bc due and psyable thirLy (34) dsys atter demand
by ibe creditor. In no evant shall the msturity ezteud beyond Lbe ultimate rast~rity of ~he nate first
described Rbove.
E~~~ z~9 ~ ~3 ~
~
~ _ _ _ _ _ _
~`Y~`~ `~~~-~~~."n~~
_ _ ~ s