HomeMy WebLinkAbout0214 trude~ tu th~~ `lortKu4;~•e in erc•urduu~•e Nitl? ti~~~ pruvi~iuus of tl~~~ nuti Ki~~•urr~l 1~~•r~~br, full ~?a~~ui~•ut ~~f th~~
eutire indrbte~lt~~a rrprnarntr~i thrre•bv~ the 1~tort~agNe~ aa irus~r~~, ~i~nll, in ccnu~?utii~k th~~ utuuttnt o( nucl~
inaeblydn~~~ ~•redit to th~ n~•rount ot t}ie 11on g~Kur an~• credi! I,alanri+ m~naiuinfi un~l~~r 1h~~ pru~•i.~iu~?s nf (a)
ot suiJ parapraph 2. l~ tl?~r~~ ahall be a defeult un~ler an~• ot tl« pro~•wic~us of tliis niortga~e r~wultin~; in a
public sale o~ thN prnu?ix~~ co~~ered ht~rnbr, ur if U?e AlongeKe~ acyu?rea Ifi~~ pn,{x~~t~• otlu•rw•uu~ aftcr ~Icfault,
thA l~lortgagee, ea truat~~, ahall apply, 81 lI1P IUItP O~ lI1P ~•onuurnrerncnt af sucli pro~•rc~liri~,n~ or at the ti~n~
the properti' u~ oth~rwi~e ucyuired, tlit? sn~ount then rru~ainin~ to erNCiil of !11or1Kag~~r wid~~r (a) of para~raph 2
prcceding aa s crc~dit u~ th~ intPrt~et a~•<•ru~l and unpaid end tt,e bulon~•~? to tlie principal th~n rnmai~unK unpa~d
on said notr.
4. Se ~iU p~y alt taxes, seeeeameats. water at~es, and othec gavernmeatal or municipal charges, 6nes~ or
impoaitions~ tor whlch provision haa not beea made hereinbefore~ and in detault thereot the Mortgugee may psy tbe
~ame; snc! f~utt tte will prompt~y deUvar the o~cial reoeipta therefor to the Mortg~gee.
6. He wiU perm~i~~ oommit, or sut[er no waate~ impairanent, or dateriori?tion of said property or aa psr~ t6erreof
eo
eicept teaeonsble xesr and t~esr; snd in the event ot the fsilure ot the Mory~agor to keep the b' ' oa eaic~
prcmiees and theee to be erected on aaid premieee~ or impmvemeata thereon, in good repair the Mortgagee may
make euch repairs ~ in its diecretioa it msy deem neoeeeary [or the proper prescrvation therao~, snd the full amounti
of each snd every suc6 payment shall be due and p~ysble tLlrty (30) dsya sfter dem~wd, aad ehsll be eecured by
tbe lien of this mort~ge.
6. He will psy all and singuler che ooeca, chs,gee~ and ezpemee, including reaeonable lawyer'e fees, and coets
of sbetrscts oi title. incurred or paid at sny time by the Mortgagee becauee of t6e failure oa the part of the Mortgsgor
pmmptly aad fully to pedorm the agreements and oovenants of aaid promiaeory aote and thia mortgage, and said
ooeta, chargea, snd expensea shaU be immediately due aad paysble and ehaU be eecured by the lien of this mortgage.
7. He vrill oontiuuously maintain hazard insurance, oi such type or typee snd amounta ss Mortgsgee ma
irom time to time require, on Lhe improvementa now or hereatter on said premises and except when psymen6
for sll such premiums has theretofore been made under (a) of paragrsph 2 hereof~'he wilt psp promptly when
due any premiums therefor. All insurance shall be carried in companiea appmved by I1lortga~ee and the poli-
eies and renewals thereof ahsll be held by Mortgagee snd have attached t6ereto loss payable cCausee in favor of
~?nd in torm acceptable to the Mortgagee. In event oi losa he will give immediate notice by mail to Mortgagee,
and Moctgagee may make .proof ~oI joss if not made pmmptly by Mortgagor~ aad each ineuraaoe oompany
ooncerned is herehy~ suthonzed and directed to make payment for such loas directly to Mo~ee inatead of
to Mortgagoc and Mortgagee jointly, snd the insurance proceeds. or any part thereoi msy be app 'ed by Mor4-
gagee_ at ?ta option either to the reduction oi the indebtedaess hereby eecured or to the restoration ar repsir of
the property dame~ed. In eveaL o[ for~closure of Lhis mortgage or oth~rrtransfer of title to the mortgaged
properLy in extingu~shment ot the indebtednees eecured hereby, a~l right, tatle, and interest ot the Mortgagor
m and to any inaurance policies t6eaansntr~ ahall pnsa to the purchaser or grantee.
R. If thr prnu~is~~., or un~• purl th~•riK?f, tx~ ~•on~lr~uni•~I ui?~I~~r tl~i• poH•~~r of ~tniu~~nt dou~uu?, or ilcquired for
u public usc•, tli~ dan~ag~~ av?arded, th~• prn~•c~~•~Is (or th~ takin}~ of, or thc c•onsi~l~rution for su~•h uryuisition, to
ti~~• ~•xt~nt ~~f Ili~ full n»i~unt of thr r~~ruaininK unpni~l ind~~Illt'/~IIf.tiS w~ruri•d b~• Ihis i»or1Ka~~, ar~~ he~rnb~-
u+si~:~~rd to th~• ~lortKaK~•~, ni~il hi. lu~i~ ~~r u:,i~;m. un~l ~IIiIII IN• puiil furtl~H~i11~ to suicl ~tort}~a}:~~~• or his
Nati1~;I1PP to ix• applitvl on ar~•oiu~t uf th~~ lu.t ~ui~turinr instullnu~nt. uf su~•6 ind~l?ti~dnc~s..; pr~?~-i~lr~l. ho~t•~•~•~•r,
ti~e \Iort~;u~r~~ ~ir hi~ :~.,si}?n~~~•, iiiu~• ut hi~ du~•r~•tion ~iu~~ ~lirn~•t to 1Lc~ ~tort~;u~;or, his h~~i~ ur v~,.i~n~ at~~- part
or all of su~•i~ u~sxr~l; pn?~-~drd, ttiai if thi• lue~n is ~;et;tr:~nt~~~~<) ur insure•~l, Ihe~ ~•ons~~nt of tlu• guarnntur or in;urer
is obtain~~d in ad~anr~ of ,ai~l ~?u~•nu~nt.
The :~iorigsgee may~ at any time pending a suit upon this mortgage, apply to the oourt having jtuisdiction
thereof for the appointment of a receiver~ and such court ehall lorthwith appoint s reoeiver of the premises oovered
hereby all arid singular~ including all and singular the inoome~ ptofits, issues, and revenues trom whatever sowtie
derived. each and every of whic6, it being expressly under~tood~ is hereby rinorigaged ea if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by suc6 oourt as an admitted
equity and s mstter of absotute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the vslue of the propetty mortgaged or to the eolvency or insolvency of said Mortgagor or the defendanta Such
renta. pmfits, income, iesuea. sad revenues abaU be applied by such receiver acoording to the liea of tt?ia mortgege
and the practac~ ot such coutt. In the event of any de(ault on t6e part of tbe Mortgngor bereunder~ the Mortgagor
a~eea to psy to- the Mortgagee on demand se a reasonable monthly rental for the preminea an amount at least
equivslent to one-twettth (}~z) of the agg~egate of the twelve monthly installments payable in the then currn,at
year plus Lhe sctual amount of the annual taxes, a~ssmente, water rates, and insuraaoe premiums for such year
not covered by the aforesend monthly paymenta.
10. In the event of any b*each of this mortgage or default on the part of the Mortgagor; or ia the event t6at
aay of eaid sums of ~oney herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the atipulations~ agreements, aonditions, and oovenants of ssid note and this mortgage~
are not duly, promptly, snd fully performed; then in either or any such event, the said aggregate sum mentioned
ia esid note then remaining unpaid, with interest accrued to that time~ and all moneys securecl hereby~ shall become
due and payable forthwith, or thereafter, at the option of said Niortgagee~ as fuliy and comptetely ~s if all of the
_ esid aums of money were ori~nalty stipulatc~d to be paid on such day~ anylhiag in said note or in this mortgsge to
t,he contrsry notwithstanding; and t6ereupon or thereafter, at the optioa of said Mortgagee, without notice or
demsnd, suit st law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its instit~t-
tion. The Mortgagee may forPClose this morlRage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with co~ts, eapenees, and allowancea. In case of partial
foreclosure of this mortgage, the mortgaged premises shali be sold subject to Lhe oontinuing lien of this mortgage
tor tbe amount of the debt not then due and unpaid. In such case t6e provisious of this paragraph may again be
~vailed of thereafter trom time to time by t6e Mortgagee.
! 1. No waiver of any oovenaat her8in or of t6e obGgation ~ecured hereby ahall at any time thereafter be beld
to be s~vaiver of the terma ber8of or of the note aecured hereby.
12_ The lien of thie inatnlaient ahall remain in full force and effect during any po~tponement or extension of
the time of payment oE the indebtednees or any p~ut thereof eecured 6ereby.
1~;. If the Mortgagor default in any of the covenants or agreements oontained herein, or in said note, then the
Mortgagee may pedorm the same~ and all e~cpenditures (including reasonable attomey's fees) macie by the MortgaAee
in so doing shali draw interes~ at the rate pro~ided [or in the principal indc~bteKlnrss, and shell be repa~sble
thirty (30) days after demand, and, together with interest and costs accrued t!?ereon, shall bc secured by
thia mortgage. -
14. Upon t6e request of the Mort~a~ee the liortga~;or shall execute and delivcr a supplemental note or
notes for the sum or sums advancecl by the ~iort~agee for the alteration, moclernizalion, improv~~ment, main-
tenance~ or mpair of said premises~ for tazc~ or a~.~c~ssmc~nts agaenst the samc and tor an~ other pur~~osc suthor-
ued hereunder. Said note or noles shall be secured }~ereby on s parity with and as fully as it the ad~ance
evidenced t.hereby were included in the note first describecl above. Said sapplem~ntal note or notes shall bear
interest at the rate provided Eor in the principal indebteciness and shall be pavable in appmzimately cryual
monthly psyments for such period as may be a~reed upon bV the creditor and debtor. Failzng to agree on the
m~turity, the v?hole of the sum or sums so ad~anceJ st~aU t~c d~e and pa~•able tl~irty (30) days sfter demand
by tbe creditor. In no event shall the maturi~y extend beyond the ult,imate ~iaturity ot che note first
deacribed above.
soox~ P~cE 214 ~
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