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HomeMy WebLinkAbout0111 ~ lender tu the tilorlKak~~~~ in ac~ un~v~ with the Nrovi:~iuuR ot tlu~ nut~• s. ~~1 i~~•rni»•. full ~,uyuu~nt ut th~ entire indebtednrae rrprt~:?r~?ted the~eb~•, tlie ~1o~tKaKee, n~? trus~~~~•, wi~all. ~n ~•ou?~,utii~~; th~~ an?uuu~ of sucl~ indebtrJnc~a, credit to thP uceuw~t ot tlu~ \turt •a~;or uu~• ~•n•dit 1?nlan~•N r~~mainin~ und~~r tho pru~•i~iun. u( (u) ot said para~reph 2. If thcr~~ sl~ul) ?ie ~t defuu~t undc~r any ut th~~ pro~•iaiuus o( thi~ ~iiortka~~~ r~•suUin~? in a public sale of the pr~~n~i~t~x euvereJ i?r~rb~•, ur if the ~lortguKr~ acyu~rc~s tlie propt•rtr~~tlu~rw~xN ah~~r ~lefault, the Mortgsgee, ua truatr~, ahell Apply, ai che cune of the ~•ouunencrn~cnt o( su~~l~ pro~•rr~lin~,?s or nt the tiiur the pmperly ~K othPrwi~ ~u•~~uir~l, thP au~ou~~ th~t? rrmainin~ ~o ~•redil u( ~1ort~;a~;or und~~r (a) of 4?ara#;rapl~ 2 preeNding sa a crndit on the inlerNSt accrued nnd ut~paid aud tlie i,alan~•~ to tiiN princi~,sl thrn mmxininK uu{~ai~l on seid note. ~ 4. He wiU psy all taxea, aseeasments, wster ratee, snd other governmental or municipal chargea~ 6nes, oe impoeitione, !or which provieion haa not been made ~ereinbefore. snd in default thereof We Mortgagee may psy the . eame; snd thst he will pmmptly deliver the official receiptn t6erefor to the Mortgagee. 5. He will permit~ commit. or suger no Maete~ impairment, or deterioration of said property or any pstt thereof~ ~ except reaoonable wear and tear; and in the event of tDe tailure o[ the Mortgagor to keep the buildinga on esid premises and thoee to be erected on said premieee. or improvements thereon, in good repair~ the Mortgagee msy muke auch repaira 8e in ita discretion it msy deem nec~eary for the proper preec.rvation thereof, sad the full amount of each and every euch peyment sball be due and payeble thirty (30) daya e[ter demand, and a6all be aecured by the lien of this mortgage. 6. He will pay aU and eingular the coats~ c6argea~ and expeneee~ including reasonable lawyer's feea~ and ooeta of abstracts oi title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Morlgagor promptly and tully to perforcn the agreements and aovenants of eaid promieeory note and thia mortgage~ aad said ooete, chargee~ and expenses shall t~ immediately due and payable and ehall be eecured by the lien of this mortgage. 7. Ne will oontinuously msintain hazard insurance, oi such type or types and amounts ss Mortgagee may tram time to time reyuire~ on the unprovements now or hereafter on said premises~ and eacept when payment !or all sucb premiums 6es theretofore been made under (a) of paragraph 2 hereof, he will pay pmmpt when due any prenuums therefor. All insurance shsll be carried in comparuea approved by 1liortgagee and t e poli- cies and renev?als thereof shull be held by Mortgagee aad 6ave attached t.hereto loss payable clausea in favor oi snd in form acceptable to the Mortga~ee. In event of loss he will give immeciiate notice by mail to Mortgagee~ and tilortgaE;ee may make proof of ioss if not made pmmptly by Mor~gagor, anJ each insuranoe oompany concerned is hereb authorized and directed to make payment for such loss directlv to Mortgage~e instead of Lo :~~ortgegor and ~iortgagee jointly, and t6e insurance proceeds~ or any part thereof~ may be applied by Mor~ gagee at it3 option either to the reduction of the indebtedaess hereby secured or to the restoration or repau of the property dama~ed. In event of foreclosure oi Lhis mortgage, or other transfer o1 title to the mortgaged proprrty in extingwshment oi the indebtednesa secured hereby, all right, title~ and interest of the Mortgagor m and to any insurunce policies then in force shall pass to the purchaser or grantee. R. If th~~ pr~~niis~•,, or at~~- purt th~•r~~c~f. bc~ ~•on~l~~~un~~~i u~ul~~r ih~ puH'~r of c•~uinc~nt ~louuiui, or:u•~~uir~~d for a publi~• us~•, tl~e~ dnn~aK~~s uH•ar~l~~~!. tlu• pm~•~~~~~I+ for ih~~ tHkink of. or th~~ ~~on,i~l~•rutiun for sa~•h u~•~~u~,it~on, t~? tLr ext~•nt ~~f th~ full un~ount of th~~ r~~n~ainin~; uupui~l in~l~•ht~~~ln~•,s s~v•ur~vl i?~- thiti n~ort~?a~t~. ar~• },~•r~b~' us~i~;n~•~1 to thr ~I~?rtKe~;~~e. ~uul his {~~•ii~ ~~r ,i:sirn;, un~l ~I~:iU h~• ~,z~i~l fnrtln~~ith to .iii~l ~l~+rt~;u}~~~~~ ~~r iii: ussikncc~ to ix• xppli~~~l ut~ a~•~•~~u~U ~~f th~• lu:l i~?:iturinr in.~iilln~~•nt. ~?f ;u~•1? in~l~•ht~•~In~•~~: pr~?~-i~iE•~!. ii~?~~-~•~•~~r, iLe ~Iort~;u~et• ur I~is :~..~iRnt•~•, ~~?u~• vt his di:~•r~~ti~~n ~?~i~- ~lir~•~•t to th~• ~1~?rt~uR~~r. hi, h~~ir; ur u::i~~?, ~u~~• ~?art Q~r,ull of ~u~•i? a?~~-ur~l; pro~-i~ic•~1. tli:it if th~~ 1~?:?u i. ku;?rant~~~•~l or insur~•~1. th~• ~•ons~~nt c?f ih~• ku:?n~ntur ur in~ur~~r is obtr~ine~l in a~lvanc~ o[ sai~l pu~-~n~•ut. The 1~lortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi for the appointment of a receiver, and such court shaq forthwith appoint a receiver of the premises covered hereby all and singular, including all and singular the income, pro6ts, iasues, and revenues from whatever source derived, each and every of which~ it being expressly understood~ is hereby mortgaged as if specifically set forth and deacribed in the granting and habendum c[suses herc~of. Such appointment shall be made by such court as aa acimitted equity and a matter of absalute right to said biortgagee, and without reference to the adequacy or inadequacy of the value of the pmperty mortgaged or to the solveocy or insolvency of said 1~'Iortgagor or the defendants. Such rents~ pro6ts. income, issues, and revenues shall be applied by such receiver according to the.lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agrees to p~y to the ~iortgagee on demand as a reasonable monthly rental for the premises an amount at leaet equivalent to one-twelfth of the aggregate of the twelve monthly installments payable in the then current year plua the actual amount of t6e annual taxes, assessmente, water retes, and insurance premiuma for such year not covered by the aforesaid monthly payments. , 10. In the event of any b-eac6 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 fully paid sccording to the tenor hereof~ or in the event that each and every the stipulations~ agreements, conditione, and covenanta of said note and this mortgage~ ~?t~e 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 moneys secure~i hereby~ shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and complefely as if all of the eaid suma ot 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-themafter~ at the option of said Mortgagee, without notice ~r demand, suit at law or in equity, may be prosecuted as if all mone}•s secured hereby had matured prior to its institu- tion. The Mortgagee may for~close this mortgage, as. to the amonnt so declared due and payable, and the said premises shall be sold to satisfy and ~y the same together with costs~ expenses, and allowancea. In case of partisl foreclosure of this mortgage, the mortgaged pmmisea shall be sold subject to the continuing lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from t'ime to time by the blortgagee. '11. No ~vaiver of any aovenant herein or of the obligation secumd hereby shall at any ti~ue themafter be held to be s waiver of the terma hereof or of the note aecured hereby. 12. The lien of thie instrument shall remain in full force and effect during any postponement or extension of the time oi psyment of the indebtednesa or any part thereof aecured hereby. 1:3. If the Mortgagor default in any of the covenanta or agreementa contained herein, or in said note, then the Mottgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the 1~iortqaAee in so doing shall draw interest at the rate providecl for in the principnl indebte~in~ss, and shall be repa~•able thirty (30) days after demand, and, together with interest and costs accrued thereon, sl~all be secured by this mortgage. ~ 14. Upon the request of the ;~fortgagee the ~tortga{;or shall ea~ecute and delivcr a supplemental note or ~ notes tor the sum or sums acl~aneecl by the ~tortgagee for the alteration, moderniaation, improvemcnt, main- tenance, or repair of said premises, for taxes or assessments against the same and tor e.n~ other purpose author- ized 6ereunder. Said note or notes shall be secured hereby on a parity with e^~l as tully as if the aci~ ance evidenced thereby were included in the note first describeJ abo~e. Said supplementa! note or notes shall bear interest at the rate provided tor in the principal indebtedness and shall be pa~able in ap pro~imately equal monthly pavments for such period as may be a~reeJ upon by the creclitor and debtor. Failing Lo agree on the msturity, t~e whole of the sum or sums so advanceJ shall bc due and pa}•able thirty (30) days atter demand by the creditor. In no event shsll the maturity eatend beyoad the ultimate r.iaturity o[ Lbe note first described above. i~ c ~ t[?n ~ . . P C~ "