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HomeMy WebLinkAbout0516 tender to lhe 1liortgn~;re in w~_, ~an~•e witl~ ~he provisio~u o~ the note d.~red hrrrby, full pa~•ment of t!?e ~ entire indeblednesa repreaented thereb~•, the \lortgagee, as lruatee, ahall~ in cauputing the au~ow~t ot aurl? ; indebl,edneas~ credit to tl~e sccount ot tl~e 4tortgaKor any creJil balance re~naining ~nder tlie provisions ot (s) ot asid paragraph 2. 1~ there s1~aQ be a defuult under any ot the provisioua of tl?is n~ortge~e resuiting in e publie sale of t1~e premises covered hertby, or it tho Mortgs~,re acyuirea 1he property otherw~se alter default, the Morigagee~ as truatee, ahall apply~ ~t lhe time of the conunencement ot such proceedings or at the tirne the ptoperty is otherwise acyuired~ tt~e si~iount tl~en re~uainin to c•redit of Mortgagor under (s) of paragrapli 2 precedi~g ss a credit on tt?e intereat accrued snd unpud snd t~e balence to ti~e pnncipal lher? re~nainin~ unpe~d on siud notR. ' r: 4. He wiU psy all taxes, ~eeeeeanant0. wstee r~t~es~ ~nd other ~overnmental or municiPal eharges. 6nes.. os ~ impoeitions, tor whioh pmvision hea not been made beninbefore~ and in deteult thereot fbe Mortg,agee msy p~y t6s ~ame; and that he will promptly deliver the o~cial reeeipte tberetor Lo t6e Mortgagee. : , b. He will permit, oommit, or suHer no wast,e, im ent~ or det,eriorstion ot eaid property or any part thereot. as e ~wr~n eaccept reaeonabte wear and teu; snd in tbe eveat of'the i~ilure of the Mortg~agor to Iceep Lhe building,s on asid ptemieee and thoee to be erect~ed on eaid premises. or improvemente thereon~ in good npair the Mortgagee muy malce such repairs aa in ita discret~on it msy deem neoeesary for t6a proper preac.rvstion thereo#~ and the tull amounL of each and every euch payment e6all be due aad p?yabb thirty (30) daye atter demaad. aad ahsll be secured by the lien of this mortg,age. . 8. He will pay sll and singular the ooats, chargea, aad expenaes, including reaeonable lswyer'e feee, end ooete of abetracfs oi title~ incurred or paid at any time by the Mortgagee becsuee of the failure on the part oi the Mortgagor pmmptly and fully to perform the ag~eementa snd oovensnte of eaid promieeory note aad thia mo~g~ge ~ and esid coste~ chsrges~ and expenaes ahall be immediatdy due sad payable and shsU be eecured by the Gen of this mortgage. 7. He will oontinuously maintain hazard inaurance~ oi such type or typee snd amounte as Mortgagee may trom time to time require~ on the improvements now or hereatter on said premises snd eacept when paymenL tor all auch premiums haa theretofore been made under (s) of psragraph 2 hereof ~~e will pay promptly when due any premiums therefor. All insurance shall be carried in companiea spproved by Iliortgagee and the poli- cies and reaewals thereof shall be held by ~iortgagee and 6ave attached.thereto losa psyable clauses in favor of snd in form acceptable to the Mortga~ee. In eveat of loss he will give immediate notice by mail to Mortgagee~ and viortgagee may make proot of Ioss if not raade promptly by Mortgagor, and each insurance oompany ooncerned ~s 6ereby~ authorized and directed to make payment for such loss duectly Lo Mortgagee inatead oi to Mortgagor.and Mortgagee ointly ~ and the insurance procoeds~ or any part thereof~ may be applied by Mor~ gagee at ita option either W t~e reduction oi the indebt~ednesa hereby secured or to the restoratton or repau~ of the property damaped. In event oi foreclosure of this mortgage or other transfer oi title to the mortgaged pmperty in extingu~shment oi the indebtednesa secured hereby, af 1 right, title~ and interest of the Mortgagor in and to any ~nsurance policies then in force ahaU pnss to the purchaser or grantee. R. 1f ll~e pr~•n~is~~, or un~• purt tlu•rnuf, b~ ~•ond~~~un~•d und~r th~ pow~r of ~min~nt dou~uu?, or acyuired for a public us~•, Ilie dawnK~•s aNar~le~l, th~~ pmr~~c~l~ for th~~ tukinK of. or th~~ ~•onsid~rution for sw•h acyuu~Uon, to tl~e ertcnt of the~ full uu~ount of tlie reiuaininK unpnicl ind~~bt~•~Ine~s se~•ur~d br this n~ortKuKe, are lier~l~~- a~gi~m~~l to th~ ~ioriKaK~~. un~l hi.~ lu~irs or xs.si~;ns, un~l ~hull b~• pui~l forthw•itt? to said ~1ort~ag~•e or his assiKnee to t~ applied on ac~•ount uf th~~ last nwturu~~ ii~stallin~~nts of surl~ indcbt~~dness; provi~le~l, hoH~~•er, the ~1ortKu~e~ or his a.csiKnee, uiuy at l~is di.~~•r~~tion po~• dir~~~•t to th~ VlorigAKor, l~~s h~irs ur ussi~:ns an~• part or ull of su~•h a~~~anl; pravid~d, thut if th~~ luun is ku~runt~~~•~1 or insum~l, the c•onsent of the guarantor or insurer is ohtain~•d in ad~•ence of .aicl pa~•nic•ut. J• The Mortgagee may~ at any time pending a suit upon t6is mortgage, apply to the oourt having jurisdiction thereoE for the appointment of a receiver~ and such court shall forthwith appoint a reoeiver of the premises oovered hereby all sud singular, including all and singular the income~ profita, isguea, and revenues from whatever source derived~ each and every of which. it being expressly understood. is hereby mortgaged as if apeci6cally aet fo.rih and deacribed in the grsnting and habendum clsuses hereof. Such appointment shall be made by such court ss an admitted equity and a matter of at~solute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the aolvency or insolvency of said Mortgagor or t!~e defendants. Such I rents, pro6ts, income~ isgues, and revenuea shall be applied by such receiver acoording to the lien of thia mortgage ; a,nd the practice of such court. In the event of any default on the part of t6e Mortgagor hereunder, the Mortgagor ~ agrees to pay to the Mortgagee on demand sa s reasonable monthly rental for the premises an amount at least F equi~alent to one-twelfth (~fZ) of the aggregate of the twelve monthly installmenta payable in the then current ~ ear plus the actual amount of the annusl taxes, assess~nente, water retes, and insurance premiums for auch year ~ not covered by the aforesaid monthly paymenta. ~ ~ 10. In the event of any b-each of thia mortgage or default on the part of the Mortgagor; or in the event that ~ sny of eaid sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the ~ event thst each snd every the etipulations~ agreements~ conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned ~ in esid note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, ahall become ~ due and psyable forthwith, or thereafter~ at the option of said Mortgagee, as fully and completely ,is if all of the ~ esid eums of money were ori~nally stipulated to be paid on such dsy~ anything in eaid note or in this mortgage to the contrary notwithatanding; sad thereupon or thereafter, at the option of said Mortgagee~ without notice or ~ demand~ suit at law or in equity~ may be prosecuted as if a11 moneys secured hereby had matured prior to ita institu- ~ tion. The Mortgagee may foreclose this mortRage, as to the amount so declared due snd paysble~ and the said premises ahall be sold to sati~y and pay the ssme together with costs~ expenaes, and allowances. In case of partial ~ foreclosure of this mortgage, the mortgaged pmmises ahall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In sucb case the provisions of thia paragraph may agsin be svailed of theresfter imm time to time by the Mortgagee. ~ 11. No Waiver of any oovenant herein or of the obligation secured hereby shall at any ti~e thereafter be held ~ to be a waiver of the terme hereof or of the note secured hereby. ~ 12_ The. lien of t6ie instrument shall remain in full force and eRect during any postponement or extension ot 5 the time of payment oi the indebtednese or any part t6ereot secured hereby. ' 1:3. If the Mortgagor default in any of the covenants or agreemente contained herein, or in eaid note, then the Mortgagee may ~erform the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ee in so doinR shalt draw interes~ at the rate pro~•ided for in the principal indebtedness, and shall be repa~able t,hirty (30) days atter demand, and, together with interest and costs accrued thereon, sl~all be secured by i this mortgage. 14. Upon tbe request of the ~lortga~;ee the i'[ortga;;or shall execute and deliver a supplemental note or notes !or the sum or sums advanced by the `torlgagee for the elteration, modernization, improvcrincnt, main- ~enance, or repai~ ot said premises, for taxes or assessments a~ainst the same and tor any other purpose author- ized 6ereunder. Said note or noles shall be secured hereby on a parity with and as fully as i[ the advance ~:3 evidenced thereby were included in the note first described above. Said snpplemcntal note or noles shall bear _ ~ interest st t6e rate provided tor in the principal indebtedness and shall be payable in spproximately equsl monthly payments tor such period as msy be a~reed upon by the creditor and debtor. Failing to agree on the ~ msturity, the whole ot the sum or sums so advanced shall bc due and pa~•able thirt,y (30) days after demand ~ by t6e creditor. In no event shsll t6e maturity excend beyond the ultimate r~aturity oi Lhe note firs6 deacribed sbove. ~ ~ BOONlr~7l.? PAGf ~ , :i ~~F Y r- ~ J ~ ~ ~ ~~~~~'°~.n~. & ~ ~ - ~~"~z~z.~,~"~ .Ft . ..~x ~ ~ ~ - - ` ' ' ~~r .