HomeMy WebLinkAbout0665 trndcr to ti~c ~~iort};u};re ~u d~•cur~lau~•~• w'i~h th~• {,n~~•i,iu~„ uf 11~~• ~iut~• .r~•urr~l hrrcl,~•, full ~,a~u~~•nt uf th~•
enti~e indebt~~dc~~~~ rr~,r~•:~~nt~•~I th~~r~~l?~•, ti~~• ~1u~t~;n~;~•~•, a.~ tru+t~~~~. ,!?all. in ~~uu~~,utiiik tlu• an~~~unt ~~t sui•I~
indeLtc~ln~~ss, cr~~~lit to tlu~ uc~•uunt ut ~i~i~ \lurt ~e~;or un~• ~•n•~lit Le~la~~c•~~ rniuai~?i~~~; uu~l~•r tbi~ ~~ru~~i.i~~us o~ (u)
of saiJ paraKraph 2. It th~~r~~ sl~al) tx~ x~l~+tuu~t und~•r nn~' uf th~~ prc~~•iyi~n~s uf thi3 ~u~~rtkaKi~ n•.ul~in~ in u
pU~I1C 86IP Q~ LIIN pr~•ini,rs ~•u~•~~m~i li~•rt~t,~•, ur if th~• ~1ortKaK~•t• ac•quims th~• pru~x~rt~• ~~tL~•rww~~ aft~•r ~I~~fnult,
tt?e ~lortgegee, ua truate~•, shall apply'. at t}?e tinit~ uf the ~•o~u~iu•m~rn?cnt of ,ucl~ pro~•~~r~link?y or ut tl?e Iim~~
ti?e propert~• i~ otht~rHi3e u~•yuired, the au?c,unt thc~~? r~•~uuit?iuK ~o ~•re~lit of ~1ort~;x~;~?r un~l~~r (a) of ~,aru~raph 2
precrJinK ax a rredit ou tlu• intrn•st a~•crw•~l nu~l unpai~l aud the bxlun+•~ lo Ilu• priu~•i~,al th~~n rr~uuiniu~; unpaid
:;ea 3~:u r:~tr.
4. He wiU psy all caxee, e~eeeearne~ta~ water rates~ aad other governmental or municipal cdargee, fines. os
impo~tions, tor wtuch provision haa not been macfe hereinbefore, and in default theteaf the Mortgagee may psy the
eame; and thst be wiU pmmptly deliver t6e o~cial receiptn therefor to the I~tortgegee.
5. He will pe:mit, commit, or auPler no waste. impairment, or deterioration of eaid property or any part thereof~
excepi r~u~ouabie weat and iear; snd in ii;e eveai oi iue i~?iiure ai iae itiiorigagor io ~~:~p ii~e uuiiuin~ vn ssid
premise~ and thoee to be erected on said premisee~ or improvemente thereon~ in good repair~ the hiortgagee msy
malce sueh repsirs as in it~ discretion it may deem neceaeary for the proper pmecrvation thereof~ and the fult amount
of each and every such payment shall be due and payable thirty (.30) days after demand, and shall be eecure~ by
the 4en of thie mortgage.
6. He will pay all and aingular the coats~ charge8, and expeneee, including reasonable lawyer's feea, and costa
of abstracts of title, incurred or paid at any time by the !4tortgagee becau~e oE the failure on the part of the Mortgagor
promptly and fully to pertorm the agreemenis and covenanta of eaid promissory note and this mortgage~ and said
c~sts~ chargea, and expenses shall be immediately due and payable and shaU be eecured by tbe lien of this mortgage.
7. He will continuously maintain hazard insurance, oi such type or typee and amouats as 11Zortgagee may
from time to time require, on the improvements now or hereait,er on said premises~ and eacept whsn payment
for all sucL premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when
due any premiums thcrefor. All insurence shall be carried in companies epproved by 111ortgagee and the poli-
cies and renewals therc~of shall be he1J by :~lortgagee and have attached thereto loss payabl$ clauses in favor of
and in torm acceptable to t,he `tortga~ee. In event of loss he will give immediate notice by mail to Mortgagee,
and ~lortgagee may make proof ot ioss it not made pron~ptly by Mortgagor~ and each insurance company
concerned is hereby authorized and d'uected to make paymeat for such loss directly to ~Iortgagee instead of
to :~lortgagor and ?~~lortgagee ointly, and the iasurance proceeds, or any part tt!sreoi, may be apphed by Mor~
gagee at its option either to t~e reduction oi the indebtednesa hereby secured or to t6e restorataon or repair of
the property dama~ed. In event ot foreclosure of this mortgage or other transier oi title to the mortgaged
properLy in ettinguishmenl of the indebtedness secured hereby, afl right, title, and interest ot the Mortgagor
m and to any insurance policies tt~en in force sbsll p~a to the purchaser or grantee.
R. If tht~ prrn~is~~s, or an~- p:~rt tlu•n•uf, bc• ~•~?n~l~~~un~•~) un~l~~r th~~ ~?w~~•r uf ~•n~in~•nt ~Icnuu~n, or u~v~uir~~~l for
a publi~• us~~. tlu~ dutu~~;~•s u~~~unli~~l. th~• pro~•~v~~l. for tl«• tukin~? of, c~r th~• ~•on,idrrutiun for su~•h a~quuition. to
th~~ ext~nt u~ lhc~ full uinount of th~• r~•iueiinink unE~tii~l iiult•bt~•~Inr~. si•~•um~l i?~• tliis iuortkak~•. ar~• lit~rnl?~-
ussi~n~vi t~~ th~~ ~l~?rt~u~~•~•. ami hi. i~~•i~~ ~~r u.;i~n~, :uul J~:ill In• ~~ui~l furth~~-ith to ~ui~l ~l~?rt~;u~;r~~ ur 1i4,
a,.iKne~~ to ix~ appli~•~I ~~n a~•~•uunt ut th~• l~:t-ni~uurin~ in:tutltu~•i?t~ ~?f ,u~•L iu~l~•I,t~•~lu~~;.: ~?n?~•i~l~~~l. huw-~~~•er,
th~• ~lorl~~~~•~• ur hi. :?.;ikn~•r, iu:i~~ ut I~is ~li~~•re•~i~~n p~i~ ~liri•~•t t~? th~• ~Iurt~;u~;ur, lii, h~•ir: ur :is.i~ns iui~• purt
or ull ~~f ,u~•h a~~~aril; pro~-i~l~•~I, ~I~ut if th~• lu:~n i. ~,•u:~rui?tr~•~1 ~~r i~i,ur~•~1, thc• ~•on.~~ut c~f th~~ ~tu~rHnt~?r i~r insurnr
is obtxin~•~l in a~l~•an~~~ of ;ui~l pu~•nu•ut.
9. The ~iortgagee may, at any time pending a suet upon this mortgage, apply to the court having jurisdiction
thereof for the appointment of a receiver, and suc6 court shall forthwith appoint a receiver of the pmmises covered
6ereby all and singular~ including all and singular t6e income~ pro6ts, issues~ and revenues from whatever source
derived~ each and e.•ery of which, it being expmssly understood, ia hereby mortgaged sa if apecifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court ss an admittec!
equity and a matter of absolute right to said 1liortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvenc~• or insolvency oi said :~lortgagor or the defendants. Such
rents, profita, income, issues, end revenues shall 15e applied by such receiver accotding to the lien of thia mortgage
and the practice oi such court. In the event of any delault on the part of the 1lortgagor hereunder~ the Mortgagor
' sgrees to pay to the iiortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~f z) of the aggregate of the twelve monthly installments payable in the then current
year plua the actual amount of the a~ual t,~xes, assessments, water rates, and insurance premiums for auch year
not covered by the eforesaid monthly paymenta.
10. In the event of any b-each oE this mortgage or default on the part of the 1~iortgagor; or in the eveut that
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the stipulations, agreements, conditiona, and covenants of said note and this mortgage,
are not duly~ promptly~ and fully performed; then in either or any such e~•ent, the said aggregate sum mentioned
in said note then remaining unpaid~ with interest acerued to that time, and all moneys secureci hereby, shall become
due and psyable forthwith, or thereafter, at the option of said 1~lortgagee, as fully and completely ~s if all of the
said aums of money were originally stipulated to be paid on such day ~ anything in said note or in this mortgage to
t6e contrary notwithstanding; and themupon or thereafter, a~ the option of said :~tortgagee, without notice ~r
demand, suit at law or in equity, may be prosecuted ss if all moneys secured hereby had matured prior to its institu-
tion. The titortgagee may foreclose this mortqaqe, as to the amouot so declared due and payable, and the said
premises shall be sold to satisfy and pay the s~zn,e together with coats, expenses, and allowances. In case of partial
fomclosure of this mortgage, the mortgaged premises shall be sold aubjecL to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be
availed of Lhereafter from time to time by the :1~lortgagee.
11. No waiver of any covenant herein or of t6e obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
1'~. The lien of this insttument ahaU remaia in full force aad ePFect during any postponement or extension of
the time of payment of the indebtednesa or any part thereof secured hereby.
I:i. If the \+Iortgagor default in any of the co~•enants or agreemente contained herein, or in said note, then the
Mortgagee may per(orm the same, and all expenditures (including ressonable attomey's fcesl made by the ~IortgaAee
in so doing shall drew• interest at the rate pro~~ided for in the principnl indebtedn~ss, and shall be repa~-able
th'irt,y (30) da~•s after demand, and, together with interest ancl costs accrued thereon, sl?sll be secured by
this mortgage.
14. UP~n the request ot thc ~tort~aRP~ the ~iort~a~or shall eaecute and deliver a supplemental note or
notes for the sum or sums ad~~anc~~~l D~ the ~tort~agee for the alteration, modernization, improvemcnt, main-
tenance, or repair of said premises, for taxc~ or as.~essm~nts a~ainst the samc anJ tor aay other pur}x~se author-
ized hereunder. Said note or notes shell be secured hereby on s parity w•ith and as [ully as if the ad~ ance
evidenced thereby were included in the note first described atwre. Said s~~pplemental note or notes shall beer
interest et the rate prorided for in the principa) in~lebtedness and shall be pavable in a~proximately equsl
monthly pavm~nts for such period as ma~ be a{;recd upon b~ the creditor and debtor. Failin~ to agree on the
msturity~ t~?e whole o( !he sum or sums so acl~•ance~~ shnll be due and parable thir~~ (30) days after demand
by the creditor. In no e~ent shall the maturi~y extenJ be}ond tbe ultimate ciaturity of the note firs~
described sbove.
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