HomeMy WebLinkAbout0867 tender to the :~lortge~ee in accord~n~•e with the provi~iuus of thP nol~ arrured her~ b~ , fuU payu?en~ of tl~e -
entire inJebtedness reprc~enteJ therebv, the Mortg~ee, us truatee, shsll, in rou~puting the amuunt ot such :
indebtedneae~ credit to tl~e account ot tlie :1~ort~a~or any cred~t bslance reinaining uiider the pru~•uia~s of (e) ~
ot said p raph 2. l~ there ahsll be • de(au t, under anv ot the provisio~~s of this i~iortga~e resulti~g in a
public sal~ the pr~n?i~s covered herrbv, or if the Mortgagre acqutrea the propertv otbern~se after default,
the Moctgagee, as trustee, ahsU apply, vt the tune of the canmence~nent of such proceedinga or at the time
the propert,y is otherwiye acyuired, the antount the~ reu~aining to credil ot Mortgagor under of paragnph 2 i
preceding as a credit on the interest eccrued and unpaid and ti~e balance to the principal thcn reu~sin~ng unpuJ , :
on said note. ~
~ 4. He ~viU p?y ali taxea~ a~e~nents, water rates~ ~ad other ~overnmental or municiPv ~~*6~. ~
impoaitions~ tor which proviaion has not been made hereinbetore, aad m detwit theceof the Mortp~ee msy py tbs
~ame; and that Le wiU prompt~y del~ver the o8'icial reoeipta t6eretor b. the Mortg,~gee.
b. Se ~vill permit~ oommit, or auHer ao Muate~ impairment, or deteriore?tion ot eaid properly ot ~aY part tbereot.
e:cept reaeonabb Mear e?ad tesr• and in the event of the Iailure ot the Mortgpgor to keep the buildin~ oa s~id
premiees And tbose to be erecte~ on eaid premieee~ or improvements therEOn, in good repair the Mortgagee msy
make ~ch repaire sa in ite dieoretion it msy dcem neceeeuy for t6e pmper preacrvation thereo~, and the inll amouat
of each and every suc6 psymen~ sbaU be due and psyable thirly (30) dsys a[t~er d~maad. and ehall be sec~u~ed b~?
the lien ot thia mortg~e.
6. He will psy all snd singular tha ooata, chargea~ aad e:penees, includina reaaonabk Lwyer's fees, and oosV ~
of sbstracts of title, incurred or paid st any time by the Mortgagee becsuee of the failure oa t6e part ot t6e Mortg,saor
promptly and fully to perform the asreennente snd~covenaute of eaid promiaeory note and thia mortgsge. and aaid
ooets, cbargea, end expensea shall be immediately due snd paysble and e6aU be eecured by t6e lien o( thia mort~e.
7. He will o~ntinuously maintsin hazard inaurance, oi auch type or types snd amounts as Mortgagee may
from time to time require~ on the improvemente now or hereafter on said prem~ and eaoep6 when payment
tor all such rermiums hsa theretofore been msde under (s) oi cagrsph 2 hereof~ ~e vviU psy prompLIy when
due any premiums ~hcrefor. All insurance ahall be carried in c~mpanies appmved by 111ortgagee and the poli-
cies and renewals thereof shull be held by Mortgagee and have ettached thereto loea payable ctauses in favor oi
and in form acceptable to the :~iortgagee. In event oi loss he will give immediate notice by mW to Mortgages,
and :biortgagee may make proof oi Iosa if not made promptly by Mortgegor~ snd each inaunace aompan~
concerned is hereb aut6oriaed and d'uected to make payment for such loss directly Lo Mor~a~ee instead of
Lo :~lortg.agor and ~iortgagee jointly~ and the insurance proceeas, or any part thereof may be apptied by Mor~
gagee at its option either to t6e reduction of the indebtedne,es hereby aecwBd or to t~e restontion or repair of
the property dama~ed. In event of forecloaure oi this mortgsge or ot6er trao.sier oi ticte to the mortgaged
property in e~c6inguishment of the indebtedneas aecured hereby, e'~ right, title. snd interest oi tbe :~iortgagor
m end to any ~nsurance policies then in force shall p~?sa to the purchaser or grantee.
R. If the preniis~~s, or un~- purt therc•of, tx• ~•on~l~~n~~~~d un~ler th~ poNer of eminent doniu?n, or acquimd for
a public usc, the clo~ua~~•s a~ar~le~l, tl~~~ pro~•~~~•~is r~~ ~j?E t~kiog of, or th~~ ~onsiderution for ~urh acquu~tion, to
the extent of tl~e full u~iiount of th~ ren~si~?ing unpai~l incl~lit~~~lne•ss s~~~•ured L~• this ~nortRaKe, arn hereb~-
ussi~;n~~~) to th~~ ~1ort~aKee, un~l hi~ lieita or a~.Si~;ns. un~l ~I~all t,r pi~id forthw-ith to said \fort~ee or his
aasiK~iee tQ be eppli~~d on a~~•ount of th~~ last uistunn~ installiu~•iits o( su~•h ind~btedut~s: pro~-i~IPd, iioNr~-er~
the ~IorikuK~~~ or his a~ciku~•e, n~u~• ut his ~lis~•rt~tion pa~• ~lir~•~•t to ll~~ ~iortguKor, his h~~irs or uaeiKns an~- part
or all of su~•a~ u~~~anl; pro~•i~l~~~l, th:u if thi~ loan is ~;uarunt~•~•~1 or insun•d, ti~e ronseut of th~ Kuurantur or insurer
Is obtainetl In ad~en~e o~ st~i~l pu~•~ut•nt. _
' The 1~lortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdictioa
thereof for the appointment of a receiver, and such court shall forthwith eppoint s receiver of the prnmises oovered
hereby all arid singular~ including all and singular the income~ profits, isaue,~, and teveauea from whatever souroe
derived~ each and every of which~ it being expmss{y undeistood~ iet hereby mortgaged se if apAcifically aet forth and
described in the granting and habendum clausea hereof. Sy`h appointment shall be made by such court as aa admitte~
equity and a matter of absolute right to said Mortgsgee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvenoy of said Mortgagor or the defendsnta. Such
~ rents, profits, income, issues, and revenuea shall be applieJ by such receiver according to the lien of this mortgage
and the practice oi such court. In t6e event of any default on the part of the Mortgagor hereunder, the MortgAgor
! agrec~s to pay to the Diortgagee on demend aa a reasonable monthly rental for the premiaes an amount st leaat ,
~ equivalent to one-twellth (yf Z) of the aggregate of the twelve monthly installments payable in the t6en current •
; year plus the actual amount of the a~usl taxes, assessmente, water rates, and insurance premiama for such year
; not covered by the aforesaid monthly paymente.
~
i 1 U. In the event of any b*each of this mortgage or default on the part of the Mortgagor; or in the eve~nt that
~ sny of said auma of money herein referred to be not promptly and fully paid according to the tenor hereof~ or in tbe
~ event that each and every the atipulations, agreen~ents~ conditione, and covenants of said note and this mortgage~
are not duly, promptly, and iully performed; then in either or any such event~ t6e said aggregate sum mentioned
~ in esid note then remaining unpaid, with interest accrued to that time~ snd all moneys secured hereby, shall becoa+e
~ due and payable forthwith, or thereafter, at the option of said tilortgagee, as fully and completely as if all of the
~ eaid aums of money were originelly stipulated i~ be paid on such day, anylhing in sa~d note or in this mortgage to
t6e contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice .~r
~ demand, suit at law or in e~wty, may be prosecuted as if all moneys secured hereby had matured prior to ita institu-
tion. The htortgagee may foreclose this mort~age, ss to the amount ao declsred due and payable, and the said
~ premises ahall be sold to satisfy and pay the same together with coata, expenses, and allowances. In c~se of psrtial
~ foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the oontinuing Gea 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 tbereaiter from time to time by the 1Vlortgagee.
i l. No waiver of any covenant herein or of the obligation secured hereby shall at any ti-ne thereatter be held
~ to be a waiver of the terms hereof or of the note secured hereby.
= 1`'. The lien of this inatrument ahall remain in fuq force and eftect during any postponement or eatension of
the time of payment of the indebtednesa or any part thereof eecured hereby.
1:3. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the
; Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by Lhe blortgaRee
- in so doinK shall draW interest at the rate pro~•idc•d (or in the principal indebtedn~ss, and shall be repa~•able
~ thir~y (30) days after demand, and, togefher with interest and costs accrued thereon, sl~all be secured by
~ this mortgaE;e. '
' 14. Upon the request of the Mort~agee the ~tortga~or shall eaecute and deli~ er a supplemental note or
~ notes (or the sum or sums acl~anccd ~y the ~tort.~a~?ee for the alteration, modcrnization, impro~cmcnt~ main-
q tenance, or repair of said premises, for taxes or as.~essments against the same and for an~ other purpose author-
~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as iuliy as if the ad~ance
~ evidenced thereby were included in lhe note firsl described above. Said supplemcntal note or notes sha11 bear
interest at the rste prorided for in the principal indebtedne.~s and shall be pa~able in approximatel~ equal
~ monthly pavments for such period as may be a~;reed upon b~ the creditor and debtor. Failing Lo egree on the
~ meturity, tf?e whole of the sum or sums so ad~anceJ shall be due and pa~•able thirt~ (30) days after demend
4 by tbe creditor. In no event shall the maturity extend beyond the ultitnate r~aturity of t6e note first
~ described sbove.
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