HomeMy WebLinkAbout0105 tender to the ~Iortgagee in accordnnce witl~ the pro~isiona ot t}ie note secured hereb~, full pa~•ment of the
entire ir?debtedness represented therebv, the Mortgagee~ as trustee, ahsll, in computi~g the smount of aucli .
iadebtedneea~ credit lo the accou~t of t~~e Mortgp~or ony c~edit balsnce reineining under tl?e provisions o! (a)
of s~id psragraph It lhere s}?all be • deteult u~der any of the proviaiona ot this u~ortga$e resulting in s ;
public sale'oI the premises covdreci' 1i,~~¢~r, or if tt?p Mortgagee acquu~es ti~e pcoperty oti~erw~se after default,
the Mortgagee~ as truatee~ ahsll Lppl ~~t ~he timd' the canmenceme~t of such proceedings or ~st the time
the property ~s otherwise acquirecl~ the amount then rei~?sining to credit of Mortgagor under (a) of paragmpl~ 2
preceding sa a credil, on the intereaC sccrued and unpaid and tlie balence to the principal then remain~~g unpaid
on said note.
4. He wiU p?y all tsxes~ ~eeeesmeuts, water rutes, uad otbes ~overnment~l or municiPV ~~~8~, os . '
impoeitioas, tor whieh grovision hae not been muk hereinbefore, and in defwlL thereof the Moct~ee maY P~Y ~
wae; and t,h~t he will ptomptly deliver the o~cisl t~eoeipte t6erefor to the Moztg~gee.
b. He ~rill petmit~ oommit~ or euHer no weuate, imp~irment, or deteriontioa ot eatd pmperty or anp psr~ thereot .
except reaeonable ~rear and tear; and in the' event of t6e tsilure ot the Mortg,a~gor to keep the buildinp on sai~
premises uud those _ to be erected on suid premisea or Impmvemeats ther~on, in good repair the Mortgagee m~y
mslce suc6 npuirs as in its diecretion it msy deem neoeesacy for tbe praper Pr~scrvstion therao~, md the fult amounL
of eacb aad every. auch p?yment ahsll be due snd payable thi:tY (30) days aita demand, and ebsll be secured by
the lien ot thie mortgage.
6. He will psy all and aingular the uoets, , and expemes~ including reaeonAble lswyer's feee, and oosts ~ '
of sbetracts of title, incurred or paid st any time~Mortgagee becauee of tbe feWure on the part of the Mortgagor
promptly and fully to perform t6e ageements and oovenanta of eaid promiseory note and tlus mort.gpge, and ss~id
oosta, chargea, and enpenaea ahall be immediately due aad paysble snd s6sU be secured by the lien of thie mortgage.
7. He will oontinuously maintsia hazard inaursnce, oi such type or types and amounts as Mortgagee ma
~ irom time to time require, on the improvemente now or hereatter on said premisea, snd e.tcept w6en payment ~
tor all such premiuma hsa theretofore been made under (a) of paragraph 2 hereof he will psp promptly when
due any premiums therefo~ ~1 rsn ce shall be carried in compames approved by 111ortga~ee and the poli- -
cies and renewels tfuereof shall be b e
l
d b
y Mortgagee and hsve attached thereto losa psyable crausee in isvor ot ~
and in form acceptable to t6e Mortgagee. In Bvent of lo~ he will give immediate notice bq mail to Mortgagee,
and Mortgagee msy make proof of Ioes if not made promptly by Mortgagor, and each insurance c~ompany
ooncerned is hereby authorized and directed to make payment for such loes directly to Mort~a~ee instead oi
to Mortg.agor snd Mortgagee 'ointly ~ and the insurance proceeds, or any pert Lhereof, may be applied by Mort-
gagee a~ ita option eit6er to t~e reduction of the indebtednesa hereby secured or to the restoraWon or repair of
tbe ro rt - dam ed. In vent f to 1 u r
p pe, y a~ s o rec os re of tWs mo tgage or other tmasier of Wtle to the mortga~ed
property in eatingu~shment o! the indebtedneas secured hereby, a~l right, title~ sad interest of the Mortgegor
m and to any i ~surance policies then in force shall pass to the purchaser or grantee. ~ ,
8. If the premis~s, or unr part thereof, be i•oneleu~n~d .wuler tl~e power of en+in~nt do~nam, c,r acquir~d (or
public use, the cluuia~c~s awerded, the prorr~ds for the tnking o[, or th~ ~onsici~rution for such acyuisitian, to
the ertent of tl~e full au~ount of Uic ren~eining unpai~l inciel~te~lnc~ss sec•ured h~• this u~ort~uge, ar~ liereb~• -
ussiKned -to th~ ~1ort~aKre, a~ed his h~•irs c?r assi~?ns, un~l sliull tx• pui~l forthKith to said `tottga~;ee or his ~
assignee to l~e applied on acc•ow?t af th~ lust innturin~ install~ueuts of su~•h indebt~clness; prosi~lPd, hoH•e~er, -
thc \iortKu~cc or his ussiKnce, u~u~ at his ~lis~•r~~tion pnr dir~K•t to ih~ Vlortgn~or, his I~~irs or assigns an~ pArt
or all of such aNant; prov~ded, tLat if ihe l~an is Ku:irunt~rd or insured, th~ ~onsent of ~he guurantur or insurer
is.obtaineJ in ad~~ance o[ said pa~•~i~ent. _ ~
9• The Morigagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction -
thereof for the appointment of a receiver, and auc6 court ahall forthwith appoint a receiver oE the premises oovered
hereby all arid singular, including sll and singular the income, profits, issue.e~ and revenues from whatever source ~
' derived~ each and every oi which~ it being expressly underatood, is hereby mortgaged sa if specifically aet forth and '
~ ' deacribed in the granting and habendum clauses hereoL Such appointment shall be ~onade by such oourt as an admitted•
equity and a matter of absolute right to said Mortgagee, and without refer~nce to the ndequaey or inadequaey ~t~ .
the value of the property mortgaged or to the eolvency or insolvency of said Mortgugor or t!~e defendsnts. Such
rents mfita. income isau and tevenues shall be a lied b such i
~ p , pp y rece ver accordmg to the l~en of this mortgage
and the practice of auch court. In t6e event of any default ob the pait of the Mortgagor 6ereunder, the Mortgagor
agrees to pay to the biortgagee on demand as a ressonable monthly rental for the premises an amo~nt at least
equivalent to on~-twelfth (~2) of the agg~egate of the twelve monthly installments payable in the then current
year plua the actuel amount of the.annua! taxes, assesgments, water ratea, and inauranoe premiums for such year
vered b the aforesaid m n hl -
not co o t meata.
y r ~y
I 10. In the event of any b-each of thia mortgage or default on the part of the Mortgagor~ or in the event that
~ any of asid sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
; event that each and every the atipulationa, agre~ments, conditiona, and covenants of said note and this mortgage~
I are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentione~
; in esid note then remaining unpa~d~ with interest accrued to that time, and all moneya secured hereby~ shall be~come ~
due and payable forthwith, or thereafter, at the option of said :1+iortgagee, as fully and completely ,~s if all of the
eaid aums of money were originally atipulated 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 ~r
demand, suit at law or in equity, may be prosecuted as if sll moneys secured hereby had matured prior to its institu- "
tion. The Mortgagee may forecl~e this mortqage, as to the amount so declared due and payable, and the said
premiaes ahall be eold to satisfy and pay the same together wit6 oo~ts, expen~es, and allowances. In case of partial
foreclosure of this mortgage~ the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of thia paragraph may again be
svailed ot thereafter fmm time to time by the Mortgagee.
11. No waiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held
to•be s waiver of the terms hereof or of the note aecured hereby.
12. The lien of this instnimeat ahall remain in tull force and eRect dwing any po~tponemeQt or extension of
tbe time of psyment of the indebtedneee or any part thereof eecured hereby.~
1:3. If the Mortgagor defsult ib any of the covenanta or agreements contained herein, or in aaid note~ then the
Moitgagee may pedorm the same; and all expenditures (including reasonable attorney's fees) made by the Mortga~ee
in so doing shall draw interest at the rate provided [or in the principal indebtedness, and shall be rnpayable
thirLy (30) days after demand~ and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
14. Upon t6e request of the Mort~agee the ~'Iortga~;or shall ea~ecute and deliver a supplemental note dr
not,es (or the sum or sums advanced ~by the ltortgagee [or the slteration, modernization~ improvemenc, mnin-
tenance, or repai~ of said premises, !or taxes or assessments against the same and for any other purpose auLhor-
ized hereunder. Said note or notes shall be secured hereby on a pariLy with and as fully as i( the advance
evidenced thereby were included in the note first described above. Said snpplemental note or ~fotes shall bear
interest st t6e rate provided for in the principal indebtedness and shall be payabie in ap proximately equhl
monthly pay ments for such period as may be s~reed upon by the creditor nnd debtor. Failing to sgree on the
msturity, the whale of the sum or sums so aJ~anced shall bc due and pa~able thirty (30) days atter demand
by t6e creditor. In no event ahalt i,he ma~urity extend beyond the ulcimate rsaturity ot t6e note 6rst,
described above.
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