HomeMy WebLinkAbout0071 tender to the 1~iurtgn~t~e in accurdance witl~ the proviaiona of tl?e not~ e~eruced hernb~•, tull pa~'~~iPnt, ot the
enlire indebtednesa reprc~aent~d therebv, the ~iortgagee, as trus~ee, shall, in computing tlie an~oun~ of sucli
indebteJnesa. credit to the account of the Mor~ gaKor any credit balance remaining und~~r tli~ provisions ot (a)
of said puragraph 2. 1t therr s!?all be a default unifer an~ ot t!?e provisions of this uiortga~e resulting i~ a
public sale ot the preu~ises covered hereb~, or il the ;~lortgagre scquires tlie propert,y otherw~se atter defsult,
the Mortgagee, aa truatee, sltall epply, at the tuue o( the couimencrinent of sucl~ proceeding~s or at tl?e time
the property ie otherwise acquired, the ainount tl~e~ ren?aining to credi~ of Mortgagor under (s) o! parugrapl~ 2
preceding sa a credit on the interest accrued and unpaid ar?d tiie.balance to the principal then rPmainin~ unpaid
on seid note. ~
4. He will psy all t~ucee, aeeeaementa, ~c~ter rstes, aad otber goveramental or municiPal char6e~e. 6nes, or
impositions, tor which pcovieion haa not beeu made hereinbetore. and in default theteof Lhe Mortgsgee msy p~y L6e
eame; snd tha! 6e ~vill pmmptly deliver the officia! reoeip4~ t6eretor to the Mortgagee.
S. He wrill permit~ oommit~ or auf[er no ~raate~ impairwent, or deterioratioa ot esid property or anp part thereot ~
except reaeonabie wear and tear; and in the eventi ot tbe fsilure of the Mortgagor to keep tde building~ on eai~
premisea and thoee to be erected on asid premiees, or improvemente thereon~ in good repsir, the Mortgagee m~y
malce auch repaire aa in ite diacret~on it msy deem neoeAe~?ry for the proper preec.rvstion t6ereof~ snd the fult amount
of each and every suc6 psyment ehall be due and psy~?ble thisty (30) deye atter demand, i?ad ahaU be eecured by
tbe lien ot this mortRage.
6. He ~vill pe?y all aad eingulas the coats, chargea, ~ad expenees, including reaaoneble L?wyer'a icea, aad eoets
of sbstrseta of tit{e. incurred or paid at any time by the Mortgagee becauee of the fsilure on the part of the Mortgagor
promptly and fully to perform the agreements and oovenantn of eaid gromieeory note a?nd thi~ mortge?ge, and said
ooeta, charges~ und expenses ahall be immediately due and paysble and sbsU be eecured by the lien of thie mortgage.
7. He will oontinuously maintain 6azard in~urance, oi euch type or typea and amounts as Mortgagee map
from time to time require. on the improvemente now or hereafter on said premises~ and eiccept when payment
tor all auch premiums hsa theretofore been made under (a) of paragrnpb 2 6ereof~ he will pay promptly when
due sny preuuums therefor. All insurance ahall be carried in compnaies aPPmved by I1lortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausee in favor oi
and in form acceptable to ~he Mortgagee. , In event ot losa he will give unmediate notice by mail to Mortgagee,
and ~iortgagee map make.prooi ot Ioss d not made pmmptly by Mortgagor, snd each insurance company
ooncerned is hereb authonzed and duected to make papment for such loss du~ectly te Mortgagee instead of
to biortg.agor nnd ~~ortgagee 'ointly~ and the insurance proceeds, or any part thereof, may be applied by Mor~
gagee at ~ta oplion eitber w L~e reduction oi t6e indebtednesa hereby aecured or to thg restoraWon or repair of
the property dama~ed. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged
property in extinguishment ot ihe indebtedaess secured 6ereby~ all nght, title~ and interest of the Mortgagor
m and to any insurance policiea thea in torce shall pasa to the purcha~er or grantee.
R. tf tl~t• pren~is~w, or an~- pitrl lhi•n•of. b~ ~•on~lrnin~~~! undcr th~ }wwrr of Pn~in~nt ~lo~~~uin, or :ic•quir~d for
a public us~, tl~e ilan~a};~~c a~sar~{+~~1, th~• pro~•~~~~~Is for ihe CakiuK of, or tl~~~ ronsid~ration (or sw•1~ a~•qu~s~hon, to
th~ ext~nt of th~ full an~ount of the r~nininiuK unpaid iiul~btr~ln~~S sP~•ur~d h~• tt~is ~s?ort~aKe. arn I?ereb~•
ussi~;n~~~l to thi• ~tort~aKe~•. un~l hi.~ h~~in or a.si~;ns. :~u~l .Lull h~~ pui~l forthHith to 5t111I ~~~~t~;IIge~ or his
~ssiKnee to ~ npplir~l on ac•i•c~unl uf tlu• lu,t u~ut~ru~~; iustalliu~~nts of su~•h ind~bt~dnc~ss: pro~•i~l~~l, hoK~~er,
t!?c ~lortguy;c~~ or I~is assiKnce, ~~~u~ ut his ~lisrr+•tio~i p~?~• ~1ir~•~•t tci ih~~ ~1ort~;~gor, his h~•irs or assi~ns any parl
or ell of ~u~•h itw•aril: pro~•uled, thut if th~~ I~~un is ~;uar~int~~~~d or insur~~l, tlie consent of llic~ guarantur or insurer
is obtaine•~I in ad~ence of sai~l pu~•n?~nt.
9• The Mortgagee msy, at any time pending a suit upon this mortgage, apply to We court having jurisdiction
thereoi for the appointment of a receiver, and such court ehall forthwith appoint a receiver of the premises oovered
hereby all arid singular. including all and singular the income. proSte, issues, and revenues irom whatever source
derived, each and every of which~ it being expressly underatood, ia hereby mortgaged as if apecifically set forth aad
described in the granting and habendum clausea hereof. Such appointment shall be made by such oovrt as an admitted
equity and a matter of absolute right to said Mortgagee~ and without reference to the adequacy or inadequacy of
the vatue of the property mortgaged or to the solvency or insolvency of asid Mortgagor or tbe defeadants. Such
rents, profits. income, issaes~ and rEVenues ahall lSe applied by such receiver according to the lien of this mortgage
and t~e practice of such court. In the event of any default on the part of tbe Mortgagor hereunder~ the Mortgagor
; s~eeeg to. pay to the Mortgagee_ og demand as a reasoneble monthly rental for the premises an amount at lesat
l equivalent to one-twelfth (}f z) of the aggnegate of the twelve monthly installmenta payable in the then cwrent
j year plus the actual amount of t6e annual taxes, assessments, water ratee, and insurance premiums for auch year
{ not covered by t6e aforesaid montlily payment,~.
10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the evtnt that
any of said ewns of money herein referred to be not promptiy and fully paid according to the tenor hereof, or in the _
event that each and every the stipulatioas~ agreements~ conditiona, and covensnta af said note end this mortgage~
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned _
in eaid note then remaining unpaid, with interest accrued to that time~ and all moneys secured hereby, shall become
due and payable forth~rith, or thereafter, at the option ot said Mortgagee. as fully and campletely ua if all of the
esid sums of money were ori~nslly stipuleted to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter. at the option of said Mortgagee, without notice ar
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ita institu-
tion. The lriortgagee may foreclose this mortRage, as to the amount eo dectared due and payable, and the said
premiees shall be sold to satisfy and pay the same together with costs~ expenses, and allowances. In ca~e of partial
foreclosure of_ this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In aucb cese the pnovisions of this paragraph may again be
svailed of thereafter from time to time by the Niortgagee.
~ 1 l. No waiver of any oovensnt herein or at the obligation secured hereby shall at sny time thereafter be held
to be a waiver of the terms hereol or of the note aecured hereby.
~ 12. The lien of thia inatrument ahall remain in full force and effect during any poatponement or extension of
the time of psyment of the indebtednese or any part t6ereof eecureci hereby.
~ 13. If the Mortgagor default in any of the covenante or agreements contained herein, or in said note, then the
~ Mortgagee may perform the eame, and all ezpenditures (including reasonable attorney's fees) made by the MortgaAee
in so domg shall draw'interest at the rate pro~ided [or in the principal +ndebtedness, and shal{ be repayable
~ thirty (30) days after demand, and, together with interest, and costs accrued thereon, sl~al! be secuced by
this mortgage. . ~
i4_ Upon the request ot the ~Iortgagee the Riortgagor shaU eaecute and deliver a supplementat note or
notes tor the sum or sums advsncecl by tbe ~tortgagee for tfie a{teration, modernization, improvement, mein-
tennnce, or repai- of said prcmises, for taxes or as~essments a~;ainst the samc and for an) otl~er purpose autfior-
ized hereunder. 5aid note or notes shall be secured he~eby on a parity with and as fully as if the advance
~ evidenced lhereby were included in the note first described above. Said snpplemental note or notes shall bear
~ interest st the rate provided ior in the principa! indebtedness and shall be psyabie in a~pmximaLely equal
monthly psyments tor such period as may be agreed upon by the creditor and deGtoc. Fail~ng to agree on the
~ maturity, the whole oi the sum or cums.so advanced shall be due and payable thirty (30) days afler dcmand
by the creditar. In no event shalt tbe maturity extend beyond the ultimate ~~aturity of tbe note first
deacribed sbove.
~ F~~~2~4 E~~F ~i
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