HomeMy WebLinkAbout0195 r
tender lo the :~lortgu~re in acc~?rdan~•e with tlie provisions uf tl~e not~ secu~rd I?rrrbv, fuli pa~•~u~nt ot tl~o
enlire indeblednrss repn•aented tiirreb~•, the :~lortgagee, as trus~re, shnll, in con?putii?g IhN aiuount ot xuch
indebtednesa, rredit lo tlu~ uccount ot tl?e ~tort •u~ur un~• credit t,alance reinai~~in~ un~t~~r t!« pro~•iaious ot (a)
ot seiJ paragraph Z. !f ti~err aLall be a detau~t under uny of thc provi~ious of tl~is iuortga~e resulting in a
public asle of the prn~uixrs co~r.reJ I~rreb~•, or if the 1liortgagre acyuires the Nroperty atl~erw•tse.a(ter detault,
the Moctgx~ee, aa trustee, shall epply, at the tu~?e of the cou?mencement of sucli proceedings or st the time
the property is otherwise aeyuirecl, the aniount theu reu~ainit~g ~c~ ~•redil of Aiortgagor uncier (a) af paragraph 2
preceding ss e credit on the ~nte~Yat accrued nnd unpaid snd the balance to the prtucipal th~n remainiug unpsid
on said note.
4. Ne ~viU pe?y sll taxee, aseeasmenb~ wster rstea~ aad ot6er governmental or municipsl chargea, 6ne~„ or
impoeitions, tor whica pro~•iaion hae not heen made hereinbefore~ and in defaulc chereot the Morcg,e~ee msy psy t6e
eame; and thi?t he will prompUy deliver tbe off cial reoeipt~ t6erefor to tbe Mortgagee.
5. He will permit, oommit, or auHer no Maate~ impairment, or deteriorstion of said property or any part thereoi
e:cept reasonabla wear and tear; and in t6e event of the failuce of t~e Mortgsgor to keep the buildings on ssi~
premieee and thoee to be erected on eaid premieea~ or improvemente t6ereon, in good repair~ the Morigagee me?y
meke such repaira sa in ita diacretion it msy deem neceaeary for the pmper presc.rvation thereof~ and the lull amount
of each and every auch payment ahall be due and payable t,hirty (~0) dsys after demand, and ahaU be eecured by
the lien of this mortgage.
6. He will pay all and eingular t6e ooeta~ chargee, and e~cpeneee~ including reasonable lawyer's feea, and oosts
of abetracte of title, incurrEd or psid at any time by the !Vlottgagee becauee of the faiture on t6e partrof the Mortgagor
pmmptly and fully to per[orm the agreements and oovenante of said promiaeory note acd thia mortgage, and said
ooets, charges~ and expensea ahalt be immediately due snd paysble and shall be eecured by the lien of this mortgage.
T. He will continuously maintain hazard insurance, of euch type or types snd amounte as Mottgagee may
fmm time to time require~ on the improvemente now or hereatter on said premises~ and e.~cept when paymen6
tor all such premiums has theretofore been made under (a) of parsgraph 2 hereot~ he will pay prompWy when
due any premiums therefor. All insurance shall be carried in compaaies approved by 1liortgagee and the poli-
ciea snd renewals thereof she?ll be held by Mortgagee and hsve attached thereto loss payable clauses in iavor of
and in form acceptable to the Mort,ga~ee. . In event oi loss be will give immediste notice by mail to Mortgagee,
and tiiortgagee moy make proof ot ioss it not made pmmptly by Mortgagor, snd each inaurance company
concerned is hereby authorized end directed to make psyment for such losa directly to Mo~ee instead of
to Mortgagor and Mortgagee jointlp~ and the insurence proceeds, or any part thereof, may be spp 'ed by Mor~
gagee at ita opcion either to t6e reduction oi the indebtedness hereby secured or to the restoratton or repair of
the property dama~ed. In event of foreclosure of this mortgage or other t,ranafer of title to the mortgaged
property in e.rtingusshment of the indebtedness aecured hereby, a~l right, title~ and intereat oi the I1Tortgagor
m and to eny insurance policies then in force shall pn9s to the purchaser or grantee.
R. If Uie pc~~n~is~~s, or un~- purt th~•muf, t~c ~•ou~lei~inc~~l un~ic~r the poH•~r of emin~nt don~u~n, ur aeyuin•~i ro~
a public usi~, th~ clan~a~~•s uw•ar~le~l, th~~ pro~•c~e~d~ for the tukin~; of, or th~~ ~onside~ri~tion for surh acqui~ition, to
the exlent of tlie full ainount of U~e rniuainiuK unp:~i~l i~ulebte~lness si~rureci i?~• tLis ~~?ort~aKe, er~ lierc~b~-
ussi}~n~vl to th~• ~1ort~AK~•e, uu~l his h~~ir.; or ussi~;~~;, an~l sh:ill b~• pui~l fc,rthw-it~i to sui~l \lortgug~~~ c~r his
ua5i~ne~ to tx• applied ot? a~~•~w~t of th~~ last n?aturin~ instxUini~nts of su~•h incl~bt~~dnc~ti: pm~•i~l~~l, 1?oHe~•er,
the ~1ortKuKct~ vr his a.uiKn~~e, inu~- ut liis ~lis~•rntion pii~- clir~~rt to th~ ~3ort~u~;or, )ii.s h~•i~ or u.~.5igns an~- part
or all of su~•1~ aw-uril; provi~lc~cl, tl~at if the louu is ~;uarunt~~~~~1 or insure~l, tlu+ consent of tl?e guurantor or insur~~r
is obtaine~l in advancn of ,aid }~a~•e+~~nt. ~
The :Nort a ee ma , at sn time ndin a suit u n this mort e a 1 to the oourt havin urisdiction '
8 B Y Y Pe 8 Po ga8 . PP Y B 7
thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of the premi~es covered s
hereby all arid aingular, including all and singular t6e income, pmSta, issues, and revenues from whatever source ,
derived, each and every of whic6, it being expressly underatood. is hereby mortgaged as if apecifically set forth and
i deecribed in the granting and habendum clauses hereof. Sueh appointment shall be made by sueh court as an admitted
I equity and a matter of absolute tight to esid Mortgagee, and without referenoe to the adequacy or inadequacy of
~ the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
renta. pmSta. income~ isaues, and revenues shall be applied by such teceiver acoording to the lien of thia mortgage `
{ and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortg,a~gor . ;
~ agrees to psy to the blortgagee on demand as a reasonable monthly rental for the premises an amount at least ~
equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments psyable in t6e then current
! year plus the actual amount of the annual taxes, assessmente, water rates~ and insurance premiums for auch year ;
~ not eovered by the aforesaid montWy paymenta.
~ , 10. In the event of any breach of this mortgage or default on the ~art of the Mortgagor; or in the event that
any of said aums oi money herein referred to be not promptly and fuUy paid according to the tenor hereof~ or in the ;
event that each and every the atipulations, agreements~ conditione, and covenanta 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
in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, ahall become
~ due and psyable forthwith, or thereafter~ at the option of said biortgagee~ as fully and completely ~s if all of the
said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee~ without notice ar
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 forecl~e this moriRage, es to the amount eo declared due and payable, and the said
~ premisea shall be sold to satisfy and pay the same together with coats~ e:penses, and allowances. In case of psrtisl
foreclosure of this mortgage, the mortgageci premises shall be sold subject to the continuing lien rf this mortgage
for the amount of the debt not then due and unpaid. In suc6 case the provisions of thia paragraph may agsin be
~ avsiled of thereafter fmm time to time by the Mortgagee.
- 11. No waiver of any covenant herein or of the obligation secured hereb~• ahall at sny time thereafter be held
to be s waiver of the terms hereof or of t6e note secured hereby.
12. The lien of this instrument Bhall remain in full force and effect during any postponement or extension of
~ the time of psyment of the indebtednesa or any part thereof eecured hereby.
~
l3. If the ,~Iortgegor default in any of the oovenanta or agreements containcd herein~ or in 9aid note, then the
Mortgagee may perform the same~ and all eapenditurea (including reasonable attoroey's fees) made by the MortgaRee
~ in ao doing shall draw interest at the rate pro~ idcd for in the principal indebtedness, and shall be mpayable
thirty (30) days aiter demand, and~ together with interest and cost,s accrued thereon, sl~all be secured by
this mortgage.
14. Upon the request ot the I~iortgaRee the ~iortga~;or shelt eacecute and deliver a supplemental note or
~ noles for the sum or sums ad~anced by the ~lortgagee (or the alteration, modernization, improvement, main- ;
tenance, or repair of said premises, for taxes or a~~essments a~;ainst the same and for an other ur se suthor- !
~ ized hereunder. Ssid note or notes shall be secured hereby on a parity with and as fully as if he ad~ anr.e
evidenced thereby were included in lhe note Brst described above. Said supplemental note or notes shall bear
~ interest at the rate provided tor in the principal indebtedness and shall be payable in ap proximately equal
monthl ay ments tor such eriod as ma be reec! u n b• the creditor and d btor. Fai tn to
~ y p p y ag po } e 1' g agree on the
a~ msturity, the whole of the sum or sums so ad~anced shall bc due and pa~~able thirty (30) days after demand
by- t,he creditor. In no event shall the maturity exteud beyond the ultimate cieturiLy of the note first
described above.
s F <<'; 25 ~ 196