HomeMy WebLinkAbout0325 tender w~he 'Morlgagee in acconisnce witl? the provisioos of tl~c note securrd I~ereb~ . tuU pa~ u~e~~ of the
en~ire indebtedaea tepnsented thonby , the Mortgagee~ aa trustee, sh~il. in computing 1he a~iount ot sucl?
iadebte~ness~ credit to tt~e sccount o! tbe Mortgo~oc apy credit balance re~n~ining undPr tl~e provisiona of (a)
ot uid ph Z. If there sh~ll be"• detault wldet any ot the prove~ions of this uio~tgage resulting in •
public sal~he p~eminea covered herebv. or it tl~e Mortgagre acquires the propeny otliervrae after detault. ,
the MorCgagee~ ae trustee~ sh~ll apply. a~ t.he time ot the cwin~neneement at such proceedings or at tl?e time
ths properly is oeherwiae acquired~ the amoun~ lhen n?u~tining to credi~ ot Mortgagor uader (a) of paragraph 2
preeeding as a credit on the int~rea~ acerued and unpaid and tj~e balance to the principal then remainiog unpud
on s~id note.
4. He will p~y all t~cee, aeeeeemenh. w~ e'ute0. and othar~overamenta! or mudciPsl ohar'~e0. 6aer. o~
impoeitioas, Ior whioh provisiou haa aot been m~de hereinbefore, a~ ia deG?u1L thereot tbe Motk+~E~ ~Y P~Y ~
nme; and t~st he will pcomptay deliver the oSicial reoeipLe tbeceior to t6e Mozt~es. -
b. He will permit, oommit, or suSer no waste. imp~irment, or deterioration ot said peoPeelY or any p?rt thereoi
esoept reae~nat?ls ~rear and tRar• snd in the event ot t6e f~iluce ci t6e Morf~or to keep the buuldin~p oa sai~
premisee and those to be erecte~ on said ~mi~es, or improvemeats t6ereon, in ~ood n~.air Lhe Mort;saee miU?
make such npaire as in its diecretion i! msy deem neoeesary for tbe P~P~ P~~~tion t6ereo~, and tbe iWl amouat
of each and every such paymeat ahall be due aad p~yabla thirty (30) days dter demsod. and ebs11 be securod by
the liea of ~his moit~e.
6. He will pay ~11 ~nd eia~ular the oosta, chsrges. and expeneea, includ~ naeonabk Lwyer's fees, and oosv
of sbatracta ot title, inc~ue~ed or paid st any time by the Mortpgee becsuee of t6e t~ilure on t1~e part ot tbe Mortga~or
P~Pdy aad i~1~? to pedorm tbe sgrcements snd oovenants of said pmmieeory note and this mo:tg~e, and ead
~ost+s, c6a*6es. +?na exPen~e ahall be unmediately due and pe?yable snd absll be eec~red by We fien of this mort~a
7. He will oontinuous~y msint~ain hasard inaurance, oi such type or t pes and sanounts ae Mortgagee may
irom time to time require, on the impro~emente no~ir or hee~eatter oa sai~premises and except v~hea psyment
tor sll such premiuma hss theretoton been msde under (s) oi psrag~sph 2 hereo~ ~a will pay promptly whea
ca a
due sny premiums thcrefor. All insurance ahaU be cariied in companies spprov by 1?1 and .tbe poli-
cies and renew~is thereof shall be held by Mortgagee snd hsve sttached thereto loes psysble ~?usee in isvor of
snd in torm acceptable to the_Mortgagee. In event oi losa he a?ill give immediate notice by mail ~o Mortgagee,
an~ Mortgagee mey make .proo! oi Iose if noti made pmmptly by l~dortgegor~ and each inauranoe oompany
ooncerned is Lereby_suthonzed and direct,eH+~make payment for such lo~a directly to Mortq~ee instead oi
to Mortgagor snd Mertgagee ointly, and the inaurance proceeds. or any part thereof~ may be app7ied by Mortr
gsgee st its option either to ~e reduction oi the indebte~inesa hereby secured or to t6e restoration or repsu of
the property dama~ed. In event of foreclosure oi thia mortgage or other tr~nater oi tatle to the mortga~ed
pmperty in ext,u?gu~shmei~l,. o~ the iudebtednese secured hereby, s~l right, ti'tle, sad intereat oi tbe Mortgagor
m and to any insurance poTi~ie~tdldn in-force ahsll pgsa to the purc6eser or grant~ee.
8. If the prnn~is+s, or nnr pur~ ti~ernof, be rondemned under t!« pow~r ot rsseinent doma~n, or acquirnd for
a public use, tl~e clan~aKrs aKacclecl, tfie pra•eeds for tl~e taking oi, or th~~ ~onsicierntion.for suel~ acqu~sitio~, to
tfie extent of tl~e full nmount of t)~e rnruaining unpaid indebtr~inc~ss ~c•ured b~ this ~uortgaRe. arn hernb~• _
assigned to the Ltort~;ec~~ and hi.s heirs or assikns, and sh~ll tx~ puid forthKith to saicl ~iort~a~;ee pr liis
assignee to t~e applied on ac~•ount of th~ lnst u~aturu~K i~~stall~uents of su~•li indebtednc~sss; pro~ided, hoKever,
the 41ort~ee or his assignee, uiu~• at his disrr~•tion pu~ climrt to the Viortgagor,liis I~eirs or ussigns an~• part
or all of such aK•arcl; providecl, that if ti~e lonn is KuuruntecKf or insured~ th~ consent o[ the guurantor or insurnr
is obtained in advance of said pa~•~iiPnt.
9. The Morlg,agee may, at any time pending s suit u~,on this mortgage, apply to the-oonrt having jtu~iediction
thereof for the appointment of s receiver, and such oourt shaU forthar_th appoint a receiver of the premisea oovered
bereby all arid singular~ including all and singular the inoome, profita, iasues, und revenuea irom whatever auurce
derived, eac6 and every of which, it being expressly understood, is h~. eby mortgaged as it specifically eet [orth and
deecribed in the grenting and babendum clauaes hereof. Snch appointment s6a11 be matk by such oourt ss an admitted
equity snd a matter of abaolute right i~u eaid Mortgagee~ ~nd without reference to th~ adequscy or inadequacy of
' t,he value of the pmperty mortgaged or to t6e eotvency or insolvency of said lblortgagor or t'~e defendanl,e. 3uch
rents, profita, income~ issues, a~nd revenues shall be appliecl by suc6 receiver acoording to the lien of thia mortgage
' snd the practice of such court. In the event of any deisult on the part of t6e Mortgagor hereunder, the Mortgagor
~ agree.s to psy to t6e Mortgagee on demand as a reasonable mont6ly rental for the premi~es an amount st lesst
f ec;uivalent to one-tpelfth (3f s) of t6e agg~gate of the twclve monthly instsliments payable in the then current
year plua the actual aniount of the annaal taxes, assessments, water ratRa, and inaursnce premiuma for s~tch year
( not oovered by the aforesaid monthly paymente. -
10. In the event of any b~+each of this mortgage or default on the part of the Mortgagorf or in the evcnt t6et
any of esid e~uns of money herein teferred to be not pmmptly and fully paid accordiag to the tenor hereof. or in the
event that each and every the stipulstions~ agree~neats, conditione, and covenants af said note and thia mortgage,
are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate aum mentioned
in eaid note then remaining unpaid, with interest accrned to that time, ar,d all moneya secured hereby, shall beoome
due and psyable forthwith, or. thereafter~ at the option of said Mortg,agec. as fully and completely ,ie if all of the
said wms of money were originally stipulat~d to be paid on such day, anything in said note or. in this mortgage to
the oontrary notwithstanding; and thereupon or thereaiter, at the option of said Mortgagee~ without notice or
demand, suit at law or in equity, msy be prosecuted sa if all moneya secured hereby had matured prior to iia instiUr
tion. The Mortgagee may Eorecloee this mortgage, as to the amount 9o declared due and payable~ and the said
premiees shall be ~old to satisfy and pay the same together with oo~ts, eapens~es, and sllowances. In ca~e of partial
foreclosure of this mortgage, the mortgaged premises ahall be sold subject to tLe continuing lien of this mortgage
for the amount of t6e debt not then due and unpaid. In such case the provisions of this paragraph may ag,ain be
svailed of t6ereafter fmm time to time by the Mortgagee.
I 1. No waiver of any oovenanti herein or of the obligafiori aecured hereby ahall at any time thereaiter he heW
to be s waiver of the terma hereof or of the note eecured her~by:
12. -The liea of this inswnier• ~6all remain in full force and e8ect during any postponement or extension d
tLe time of psyment of the indebt~.n~as or any ~art t6ereof eecured hereby.
- 13. If the ;Viortgagor defaulti in aay of the oovenanta or agreemente contained herein~ or in eaid note, then the
Mortgagee muy perform t6e eame~ and all expenditures (in~luding reasonabla attorne~?'a fees) made by the MortgaAee
in so doing shail draw interest at the rate provided for in the principal indebLeriness, and shall be repa3 sble
thirty (30) dsys atter demand, snd, taget6er with interest and costs accrued thereon, shsll be secured by ~
this mortgage.
14. Upon the request of the Mortgagee the Mcrtgagor shall e~ecute and deliver a supplemental note or
notea for t6e sum or sums advancecl by the tiiortgagee for the alteration, modernization~ impmvement, msin-
Lenance. or rep,~i~ of said premises, !or taxes or a~essments against the same and for any other purpose author-
ized hereunder. Ssid note or notes shall be secured hereby on a parity with and as fully as jf the advance
evidenced thereby were included in the note fi~st described above. Said snpplementai note or notes sha11 bear
interest st the rste provided for in the principal indebtedness and shall be payable in ap proximately equal
mont6ly psym ents for such period as may be agreed upon by the crMiitor and debwr. Fail"u~g to agree on lhe
maturity, the w6ole oi the sum or sums so advanced shall be due and payable thirty (30) dsys atter demand
bp t6e crediwr. In no event shall t6e maturity ~atend beyond 'the ultimate rsatwity ot the nc?te first
deecribed above.
_ aoac2n ~ ~
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