HomeMy WebLinkAbout0896 lenJer lo ~i~e '11~lortgu~re in occurdan~•e with the provieio~u ot tl~A note secured 1?ereb~•, full pa~•~uent of the
ent,ire indebtednesa represented thereb~, the Mortg~gee~ sa trus~ee, ahall, in computiiiR the an?uunl of such
indeblednei?s~ creclit to tl~e account ol tl~e :41ort ~gor any rreclit balance re~naining un~1~~r tl~e provisions of (a)
ot said puaprsph 2. lf there shall be a detau~t under any ot thc proviaia?s of this uwrtga~e resulting in •
public ai?le ot the premisrs covered 1?ereb~•, or if thc Mortgagre acywrea tl~e property otherwtse after delault~
the Mortgagee, aa truetee, ahall apply~ st lhe tune of the conui~encement oi such proceeJinge or at the time
the property ia otherwise acquirecl~ the amount t}ien rea~ainin~ to credil ot Morlgsgar under (s) of paragrapl~ 2
preceding se a credit on the interesr sccrued and unpaid and tF?e balance lo the principal tl~e~ remaining unps~d
on said note.
4. Hs ~rill psy all f~xee~ aeeeeementa~ water rsLes~ and other governmental or municipal charges, Saee, or
impoeitaons, tor which proviaioa Daa not baen made heceinbetore. aad in defsult thereot tbe Mort~agee m~y q?y t~de
~ame; aad tLat he will promptly deliver tbe o~cial reoeipta tberetor to the Mortg~gee.
5. He w~iU permit~ commit, or su6er ao ~?aate~ impairmeat, or deteriorstion of eaid property or any ~part t6ereof
escept resaonabk wesr and tear• and in the event of t6e failure ot the Mortgagor to keep thR buildingp on eai~
premisee sad those to be erecl~ on eaid premieea~ or impmvemenfe t6ereon~ in good repair fhe Mortgagee m~y
make auch npairs sa in ita discret~on it msy deem neoeeeuy for t6e proper preecrvation thereo~~ and the lull amount
of each and every auc6 poyment ahall be due and payi?b1e tbirty (30) days Jt~er demaad, aad ahall be secured by
Lhe Uen of t6is mortgage.
8. He ail! psy all sad singular the caete, ch , and expeneee~ includin~ reseonable lswyer'e feea, and ooeta
i
of abstracts of title, incurred or paid at aay time by t e Mortg~?gee becsuae of the t~ilure on the pa~t oi the Mortgagor
prompcly and fully to perform the agreementa aad oovenanta of eaid promieeory note and thia. mortgage, and eaid
caete, chargee, and expenses ahall be immediately due and payable and ehsll be eecure~ by the 4en of this mortgage.
7. He will oontinuoualy maintain hazard inaursnoe~ oi auch type or typee and amounte as Mortgagee msy
from time to time require~ on the improvements now or heresiter on said premtse.s, and e.~cept when payment
tor all such premiuma has theretofore been made under (s) of psragraph 2 hereof~ he will pay prompWy when
due any preIIUUms therefor. All insurance shall be carried in companies spproved by 111ortgagee and the poli-
ciea end renewals thereof shall be held by Mortgagee and 6ave sttached thereto loea payable clauses in lavor of
and in form acceptable to t6e Mortgagee. In event of loss he will give immediate notice bq mail to Mortgagee~
and biortgagee may make proof oi Ioss if not made promptly by Mortgagor~ and each inaurance aompany
ooncerned is hereby~ aut6orized and directed to make payment for such losa directly to Mortgagee inatead oi ~
to Mortgagor and Mortgagee oin~ly~ and the insurance proceeds, or any part thereof, may be applied by Mor~ :
gagee at its option either to t~e reduction oi the indebtednesa hereby eecured or to the restorataon or repair of
the property dama~ed. In event of foreclosure of this mor~sge or other transier of title to t6e mortgaged
property in eatinguishment of the indebtedness secured hereby, s~l right, title~ snd interest ot the Mortgagor
m and te any inaurance policiea then in force a6all pnsa to the purchaser or grantee.
R. If Uu~ prcn~is~h, or un~- part tleemuf, ~ i•ond~iuned under U~~ pov?er of eniin~nt don~uin, or acquirnd for ~
a public usc~, thc~ clniua~~~ awerde~l, tlu• pro<•~~eds for tl?~• takinK of, or th~~ ~onsid~rution for surL a~•yui~ition, to
the extent of tl~~ fuil u~iiount of tl~e r~~maininK unpuid incl~bt~dne~as s~~•ured li~• this mert~n}~e, arc~ hernb~-
ussikned to thi~ ~lort~aKee, un~l hi4 hi•ir.z or assi~us, und ~hull b~~ pui~l fortl~witl? to suid ~1ortKaKe•~ or i?is
tissiKne~ to !x~ applied on ac~•ount of th~• last iuuturinK iustalliurnts of su~•h indebtedn~~ss: prn~•i~led. hoK•c~er,
the ~lortKuKee~ ur i~'is u.csiKne~•, niu~ at liis ~li.c~•n•lion pu~- ~lire~•t to th~ ~1ort~n~or, !?is h~irs or ussikns an~ part
or all of su~•li flH~arcl; pm~idecl, that i( the lc?an is ~?uurant~~~~~1 or insure~l, tl~e ronseut of th~ guarantcir or insurer
is obtained in advance of .ai~l pu~•mc•nt.
!1- The Mortgagee may; at any time pending a suit upon t6is mortgage~ apply to the oourt having juriediction
thereof for the appointment of a receiver~ and such court shall forthwith appoint s receiver of the premises covered
hereby all and singular, including all and singular the'income, profits, iasues~ and revenuea from whatever source
derived~ each and every of which~ it being expressly underatood~ ia hereby mortgaged as if apecifically aet forth and
described in the granting and habendum clauses hereof. Such appointment ahsll be made by such court as an admitted
equity and a matter of absolute right to said Mortgagee, and without re(erence to the adequacy or inadequacy of
the value of the property. mortgaged or to the eolvency or insolvency of said Mortgagor or t'~e detendanta. Such `
' renta~ profita, income, issues~ and revenues ahall be appliec! by such receiver accwrding 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
j agrees to pay to the biortgagee on demand as a reasonable monthly rental for the premiaes an amount at leset
; equivaleat to one-twelfth (y{Z) of the aggregabe ot the twelve monthly installmenta payable in the then current
" year plus the actusl amount of t6e annual taxea, asaeasmenta, water ratee, and insurance premiums for such year
f not covered by the aforesaid monthly paymenta.
; 10. In t6e event of any b-each of this mortgage or default on the part of the Mortgagor{ or in the event that
g any of said sums of money herein refen~ed to be not promptly and fully paid according to the tenor hereof, or in the
~ event that each and every the stipulations, agreements, conditione~ and covenanta of said note and this mortgage,
~ sre not duly, promptly, snd tully performed; then in either or any such event, the said aggregate sum mentioned
~ in esid note then remaining unpaid, with intetest accrued to that time, and al) moneys eecured hereby, shall become
~ due and payable forthwith, or thereafter~ at the option of said Mortgagee, as tully and completely us if all of the
esid suma of money were originslly stipulated to be paid on such day, anything in said note or in this mortgage to
t6e contrary notwithstanding; and thereupon or thereafter~ at the option of said Mortgagee~ without notice or
demand, suit at !aw or in equity, may be prosecuted sa if all moneys secured hereby had matured prior to its institu-
tion. The :1~tortgagee may foteclose this mortRage, as to the amount ao declared due and payable, and the said
~ premises ahall be sold to satisfy and pay the same together with coats, expenses, and allowances. In csse 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 ca~se the provisions of this paragraph may again be
svailed of thereafter from time to time by the Mortgagee. -
~ I 1. No ~vaiver of any oovenant herein or oi the obligation secured hereby shall at any time thereafter be held
~ to be a waiver of the terms hereof or of t6e note secured hereby.
~ 12. The lien of thia inscrument shall remain in full force and eRect during any postponement or extension of
a t~he time of payment of t6e indebtedneae or any part thereof eecured hereby.
1:3. If the Mortgsgor default in any of the covenanta or agreementa contained herein, or in said note, then the
~ Morigagee may aedorm iha 8ame~ and all expenditures (including reasonable attorney's feea) made by the hiortgs~ee
; in so doin~; shall draw interest at the rate provided for in the principal indebtedness, snd shaU be repaS able
y thirty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
~ 14. Upon the request ot the Mort,~agee the ~4ortgaE;or shall execute and deliver s supplemental note or
? notes tor the sum or sums advsnced by the ~tortgagee for the alteration, modernization, improvement, main-
~ tensnce, or repair of saiJ premises, for taxes or assessments against the seme and for any other purpose author-
6~ ized Lereunder. Said note or notes shail be secured hereby on a parity with and as fully as if the advance
~ evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest et the rate pror•ided for in the principal indebtedness and shall be payable in approximately equal
~ monthly pay ments for such period as may be egreed upon by the creditor and debtor. Failing to agrec on the
~ meturity, the whole of the sum or s~ims so advanced shall be due and pa~able thirty (30) days after demand
~ by t6e creditor. In no event shall the maturit,y exeend beyond the ultimate c~atucity of t6e note first
z deacribed above.
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