HomeMy WebLinkAbout0042 tender to the ~1orl~uge~N in accordan~•i~ witl? tlie pro~•isious of tli~ note arcure~l hernb~•, full pa}•nu~nl u( the
en~ire inJebtedurss reprc~enied thereb~•, the Mortgagee, us trustee, ahall, in con~puting U~P an?ow?t ot sucli
indobtedueas~ credit to ihe ercount ot t~ie :~'IortgoRot uny crrdit bslance remainin~; w~d~r the pruvi~iona ot (a)
of s~?id psr~raph 2. It there 9t?all be w de~ault under xny of th~ provisioua of this iriortgn~~ reaultinK in a
public sale of the preiui~t~s covered herrb}•, or it the hlortgagre acyu~rea the pro}~rrty othrrw~ar after delault,
the Mortgagee, aa truetePt shall apply, et the tune of tl~e cuuunencement ot suct? prcx•eedings or ul Ihe lime
the property is otherwise sryuired, tt~e smount then rruiaic~ing to ~•redit ot :4lortgagor under (t?) nf parugrapl~ 2~
preceding as w credil on thE~ interE~st ecerurd encl unpaid and tlie bulance to the principal then remai~~in~ unpaid
on said note.
4. He wiU pay all taxea, ae~aments, wster mtee, aad other governmental os municiP~ ~*H~0. ~e~. o=
impositione~ for which proviaion hae not been msde hereinbetore, and in detault thereof the Mortgagee may pe?y LLe
esrne; and tha~ 6e will promptly deliver tLe o~cial reoeipt~ therefor to Lhe Mortgagee.
b. He will permit, oommit~ or suHer no waate~ impairment~ or deLeriore?tion of said property or eny part thereof.
eucept reasonable wear snd tear; and in the event of the failure of the Mortgagor to keep tha buikiing~ oa said
premisea and t6aee to be erected on said premisas, or improvementa thereon~ in good repair the Mortgagee may
make such repairs aa in ite discretion it may deem neceeeary for the proper preec.rvation thereo#, and tho full amount
of each and every euch psyment ahall be due snd p~ysble t6irty (30) dsys dtet demand, and shaU be eecurad by
Lhe lien oi Lhis mortguge.
6. He will pay all and eingulsr the ooete, char~a~ and e:peneea including reasonable levryer's fees, and ooeta
of abstracte of title, incwred or paid at any time by the Mortgagee becauee of the failure on the part ot Lhe Mortgagos
pmmptly and tully to perform the agreements and oovenanta of eaud promissory note and thia mortgage, and said
ooata~ chargea~ and expensea ahall be immediately due and payable and shaU be eecured by the lien of thia mortgage.
7. He will oontinuously maintain bazard inaursnce~ of such type or types snd umounta as Mortgagee may
from time to time require, on Lhe unpmvements now or bereaiter on said premise,s, and e.tcept when papment
tor all such premiums has theretofore been made under (s) oi pa~agraph 2 hereof~ he will pay promptly when
due any prenuums thcrefor. All insurance shsll be carried in companiea spproved by biortgagee and the poli-
cies and renewals thereof shall be held by ~Iortgagee and have ettached thereto losa payable cfausee in favor of
and in form acceptable to the Mortga~ee. . In event oi loss he will give immediste notice by mait to Mortgagee,
and Mortgagee may make proof of ioss if not made promptly by Mortgagor~ and each insurance c~ompany
concerned is 6ereby authorized and d'uected to make psyment for such losa directly to M~rtgagee instead oi
to Mortgagor and A3orlgagee jointly~ and the insurance proceeds, or any part thereof, msy be applied by Mor~ .
gagea at ita option either Lo ttie reduction oi the indebtednesa hereby secured or to the restoration or repair of
the property dama~ed. In event o! foreclosure of this mortgage or other traasier oi title to the mortga~ed
property in ext~ngu~shment of the indebtednesa secured hereby, all cight~ title, and interest of the Mortgagor
tn end to any insurance policies then in iorce shall pass to the purchsser or grantee.
R. If tht~ prciui.,~•s, ur un~- purt U?er~~~f, l?r conde•~~~ut~~l un~ler th~ powc~r of eniiuent ~lo~nuin, or acquire~l for
a public use, the da~uaK~~s aw•ardc~~l, th~• pro~•~•e~ls for th~• takink of, or th~~ ronsid~rution for .w•h ncqu~srt~on, to
th~~ extent of tli~ full an~ount of th~~ r~~tuuininK unpui~l iuclebtt•~In~•ss s~~c•urnd b~• tl~is i~iortKaKe, arc~ her~b~-
u~~i~;n~~d to th~~ ~tort~;a}:~e, und his h~•i~ ~~r u.si~;ns, un~l ~hi~ll b~• ~»ii~l lorthw-ith to suid ~Iort~;a{;~~~ ~~r his
xssiKnee to tx~ appli~vl un ac~~•ount of tl?i• la:t ii~uturi~~~ i~~,tull~u~•nts of ,u~•L i~~di~Lt~~dnr~~; pm~-i~l~~~l, 1~ow•~~~~er,
th~ ~1ort~uK~~• ur liis a.~.,i~?n~•~•, niu~- ut I?is ~lis~•r~~tion pu~• ~lin•~•1 to th~ ~Iort~?i~~;or, his lu•it~ ur us,i~ns un~• part
or all of su~•h a~~ar~1; pm~-i~l~•d. tliut if the luuu is kuur:inl~v~~l ~?r insun•~I, the ~•ona~~nt of tt~E• ~uurxntur or insurer .
is ctibtainr~l in ad~~anee of tiaiil pu~-nu•nt. _
~J. The ~iortgagee may, a~ any time pending a suit upon this mortgage, apply to the court having jurisdiction
thereof for the appointmenL of a receiver, and such court shall forthwith appoint a receiver of the premises oovered
hereby all and siagular, including alt and singular the income, pro6ta, issues~ and revenues from whatever aource
derived, each and ecery of which~ it being exprc~ssly understood~ is hereby mortgaged aa if speciScally aet forth and
described in the grunting and habendum clauses 6ereof. Such appointment ahall be made by such court as an admitted
equity and a matter of absolute rig6t to said Mortgagee, end without reference to the adequecy br inadequacy of
the value of the property mortgRged or to the sol~encp or insolvency of said Mortgagor or the defendants. Such
rents, profits, income~ issues, and revenues shall be applied by auch receiver according to the lien of this mortgage
and the prsctice of such court. In the event of any default on the pnrt of t6e Mortgagor hereunder, the Mortgagor
agrees to pay to th~ tiiortgagee on demsnd ae a re.asonable 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 current
year plua the accusl amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not covered by t6e t?foresaid monthly payments.
10. In the event of any b-each of thia mortgage or default on the part of the l~iortgagor; or in the event that
any of said awns ot money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each end every the stipulations, agreemenLs, conditione, and covenanta of said note and this mortgage,
' arE not duly~ promptly~ and futly ~rformea; t6en 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 becume
; due and psyable forthwith, or thereafter, at the option ot said l~iortgagee, as fully and completely ~a if all of t6e
; esid euma of money were originally stipula~ed to be paid on such day~ anything in said note or in this mortgage to
i the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, ~vithout notice or
~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had metured prior to its institw
~ tion. The ?~lortgagee may foreclose this mortqage, a8 to the amount so declared due and payable, and the said
s premises shel! be sold to satisfy and pay the same together wit6 costs, espenaes, and allowances. In case of partial
foreclosure ot thia mortgage~ the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage
' for the amount oi the debt not then due anJ unpaid. In such case the provisions.of this paragraph may again be
E availed of themaiter from time to time by the hiortgagee.
€ 1 I_ No waiver of any covenant herein or of the obligation secured hereby shall at any time thereatter be held
to be a waiver of the terms hereof or of the note secured hereby.
f 12. The lien of thia instrument ahall remain in full force and ef~ect during any postponement or extension of
the time of payment of the indebtednesa or any part thereot eecured hereby.
~ I:i. If the 1~tortgagor default in any of the covenants or agreements contained herein, or in said note, then the
3 Mortgagee may perform the same~ and all expenditures (including reasonable attoreey's fees) made by the MortgaRee
~ in so doinK shall draw interest. at the rate pro~•id~•d for in the principttl indebtedn~ss, and shall be repa~able
` thir~y (30) days after demand, anJ, together with interest and costs accrued thereon, st~ell be secured by
this mortgege.
14. Upon the request of the :~fort~agee the ~tortga~or shall eaceci~te and deliver a supplementel note or
notes tor the sum or sums advanced Dv the ~tort~agee for the alteration, modcrnization, improvement, main-
tenance, or repair of said premises, for ta~cs or as.~ccsm~nts a~ainst the same anJ for aa}• othcr purpose author-
, ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as tully as i[ the advance
s evidenced thereby were included in t,he note first described above: Said supplemental note or notes shall bear
? itµerest at the rate provided for in the principal indebtedness and shall be pa~ able in approtimately equal .
i monlhly pay ments for such period as mey be a~reed upon by the credilor and debtor. Failing to a~ree on the
maturity, the whoie of the sum or sums so ad~•anced shall bc due end pa~•able thirty (30) days after demand
~ by the creditor. In no event shall t6e maturit,y ext,end be~ond the ultimate r~aturity oI t6e note first
deacribed above.
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