HomeMy WebLinkAbout0661 tender to ti~e ~iortge~;~~r in ucrunlauce with thr ~uuvisions ut tl?~ note ssrcurr~l I~rrrb~•, full pa~~iuent, ut thr.
enlire indebtcdnesa reprr~ented therrb~•, th~ ~lortgagee, as tru~tee, ahnll, in couiputii~K thP a~uounl, of suct~
indebteduesa~ credit to tl~e account o( ti?P ~iortge~or nny crrdit bale~~ce re~naii~in~; un~l~~r thi• pru~•i~io~is of (a)
ot asid paragraph 2. It ~hPrP st~all t,c a dNfault u~~der nn~ o~ tl~c pro~•iyiuus ot this ~uortgn~e r~~sultin~ in a
public sale of the preu~i~~~s covered hrreb~-, or if the ~lortgugNe arquucs tl~P pruNerty oti?t~rw~e a~ter clelault, j
the I~iortgagee, ua trustee, sliaU spply, at the tune of the ~•unwiencement ot sucl? proceedings or at tlie tin?~~
the pmperty is otherwise acquired~ the aniounl tl?en remeiniug to credil o( :11ortKagur und~ r(a) of Nura~;raph 2
preceding aa a credit on t!?e inlerest accrued und unpaid and the b~len~•e to the principal th~~n remaiuinR unpaid ~
ot? said note.
4. Ha ~vill psy all taxee~ aaeeesmenta, wstec ratee~ i?nd other governmental or municipsl chuges, fines, or
irnpoeiUone, for whic~ proviaion hae not been onade hereinbefore~ ~ad in detault thereot the Mortgagee msy p~y t6s
eame; and that he will promptly deliver tha o~cisl receiptr t6erefor to the Mortgagee.
b. He w~ill permit~ oommit, or euHer no wsate. impairment, or detRriorstion of said property or any part thereof ~
eucept reaeonabl9 wear and tear; and ia the event of the failure of the Mortgagor to keep the buildings on eai~
premisea and thoee to be erected on aaid premises. or impmvementa thereon, in good repair the Mortgagee msy ~
mske auch rewaira sa in its diecretioa it may deem neceassry tor the proper preecrvation thereo#, aad the full amount ~
of each rwd every such payment ahaU be due und psyable t~hirty (30) dsys sfter demsad~ and ahall be eecured by ?
the lien ot ttus mortgage. ~ '
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6. He will pay all and eingular the coeta, chargee, and e:peneee~ including reseonable lawyer's feea and costa ;
of abstracts of title~ incurred or paid at eny time by the ~Viortgagee because of the (ailure on the part of the Mortgagor #
promptly and fully to perform the agreements arid oovenants ot said promiseory note and thia mortgage, and said
coete, charges, and expensea ahall be immediately due and psyable and ahall be eecured by the lien of this mortgage, r
7. He will oontinuously maintain hazard inaurance, of euch type or types and amounta as Mortgagee msy ~
irom time to time require, on the improvements now or hereafter oo said premises and e.~cept when payment +
tor all auch premiums has theretofore been made under (s) of parsgraph 2 hereof ~~e will pay promptly when f
due any premiums therefor. All insurance a6e11 be carried in companies appro~ed bp 111ortgagee and the poli-
ciea and renewals thereof shall be 6eld by Mortgagee and 6sve ettached thereto loss payabie clauses in favor of
and in torm acceptable to t6e Mort,~x~ee. In event of loss he will give immediate notice by mail to Mortgagee~
and Mortgagee may make proof of ioss if not made promptly by Mortgagor~ and each insurance company
aoncerned is hereby authorized and d'uected to make payment for such loss directly to Mortgage~e instead of
to Mortg.agor and biortgagee 2ointly, and the inaurance proceeds, or any part thereof, msy be ap.plied by Mor~
gagee at tts option either to the reduction oi the indebtednesa hereby secured or to the restoration or rapair of
tbe property dama~ed. In event of forecloaure oi Lhis mortgage or other transfer of title to the mortga~ed
property in extinguishment oi the indebtedness secured hereby~ a~l right, title~ and interest oi the Mortgagor
~n and to any insurance policies then in force shall p~a to the purchaser or grantee.
R. If the pr~~ii~is~~s, or an~- purt tlieri~of, tx• cond~~mn~~d uu~ler the poH~r of en~inrnt ~lo~nuu~, or ac•quimd for
a public use, tl~e dan~aki•s awardcd, th~• pm~•~~~~ds for thc takinK of, or th~~ ~~onsidc•ratiou for suc•h a~quisition, to ~
the extent of the full nnwunt of the n?uaiuing unpui~l indebt~~~hu~ss se~•umd b~• thi.g n~ort~aKe, arn h~~reb~- r
ussi~;nt~d to tlu~ ~tart~ng~~c. uud his lu~i~ or ua,i;;~is, un~l shvll IN~ pui~! forth~~•itl~ lo said \1ort~;a~;~~e or lii.ti ~
x~iKnee to br applit•d ot? arrount of thi~ Inst u?uturi~~~? installiu~~nts of ,u~•h-ind~bt~~~ln~~~: pro~•id~~d, lio~~~~~•er, ~
the \tort~;u~~~-ur h~s :~~,ikn~~~•, ~nu~ ut l~is ~Iw~•r~~tion ~~u~• ~lir~vt to th~~ `Iort~;u~or, l~i, h~~in ur u.sirns un.• part s
or all of su~•h a~caril; pro~idret, ttiut if th~• lo:u~ is Kuaranti~~~~l or insure~~t, th~ ~•on,~~nt of tlu• guurantur or insurnr ~
is obtaine~l in ad~•ance of sai~l pu~-n?e~nt. ;
The blortgagee may~ at any time pending a suit upon this mortgage~ apply to the court having jurisdiction
thereof for the appointment of a receiver~ and such court shaU forthwith appoint a receiver of the premisea covered
hereby all and singular, including all and singular the income, pro5ts~ issues~ and revenues fmm whatever source
derived, each and every of whic6~ it being expressly understood, is heteby mortgaged se if apeci6cally set forth and
deacribed in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt as an admitted
equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or t'?e defendants. Such
renta~ profits, income~ issuea, and revenues shall tfe appliec! by such teceiver according to the lien of this mortgage
and the practice of such court. In the event of any default on the psrt of the Mortgagor 6ereunder, the Mortgagor
egrees to pay to the rTortgegee on demand as a rea.4onable monthly rental for the premises an amount at lesst
equivalent to one-twelfth (yf z) of the aggregate of the twelve mont6ly installmenta psyable in the then current
year plua the actusl amount of the annual taxes, a~ente, water rates, and inauranoe premiums for such year
; not covered by t6e aforesaid monthly psymenta
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 iuUy paid according to the tenor hereof, or in the
event that each and every the stipulations~ agreements~ conditions, and covenants of said note and this mortgage,
' are not duly, promptly~ aad fully performed; then in either or any sach event~ the said aggregate sum mentioned
in said note than remaining unpaid, wit6 interest accrued to that time, and all moneys secured hereby, shall become
~ due snd p~yable forthwith~ or thereafter~ at the option of said Mortgagee, as fully and completely ~e if all of the
' aaid aums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage f,o ~
= the oontrary notwithstanding; and thereupon or thereafter, at the option of said Mongagee, without notice ~r
~ demsnd~ 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 mortgage~ as to the amount so declared du~ and payable, and the said
; premiees shal! be sold to satisfy and pay the same together wit6 costa, expenses, and allowances. In case of partisl
f toreclosure of this mortgage, the mortgaged premises shall be sold subject to ~the continuing lien of thia mortgage
~ for the amount of the debt not then due and unpaid. In such case the provisions of thia paragraph msy again be
~ svailed of thereafter !mm time to time by the Mortgagee.
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1 I. No waiver of any oovenant herein or of the 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. T6e lien of t6ia inscrument ehall remain in full force and eRect during any postponement or extension of
€ the time of psyment of tLe indebtedneae or any part thereof eecured hereby.
1:3. If the Mortgagor defsult in any of the covenante or agreements contained herein, or in said note, then the
= Mortgagee msy perform the eame~ and all expenditures (including reasonable attorney's fees) made by the MortgaRee
in so doing shall draw interest. at the rate provided tor in the principal indebtedness, and shall be rnpayable
thirty (30) days atter demand, and, together with interest and costs accrued thereon, sl~all be secured by
this mortgage.
~ 14. Upon the request of the 1~1orL~agee the ;~iortgaE;or shall ea~ecute and deliver a supplemental note or
~ notes for the sum or sums advanced Dy ~he ~tortgagee for the alteration, modernization, improvement, main-
_ te.nance, or repair of said premises, for taaes or as.~essments against the seme and ior an~ other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a pariLy with and es fully as it t,he advance
- evidenced tbereby were included in the note first described above. Said supplemental note or notes shall bear
3 interest at the rate pro~ ided for in the principal indebtedness and shall be payable in appro!cimately equal
t monthly psy ments for such period as may be a~reed upon by the creditor and debwr. Failing to agree on the
~ maturity, the whole of t.he sum or sums so advanced shall be due and pa~ able thirty (30) days a(ter demand
_ by tbe creditor. In no event s6sll the maturity extend beyond the ultimate rseturity oI tLe n~te first
; described above.
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; r~ ~VIJ FA[,E
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