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HomeMy WebLinkAbout0913 tender lo the Mortgu~;ee in accor~lance wilh the proivisiona o~ tlie notP secured hernby, iull pa~•nient, of the entire indebtednesa represented thenby,'1he Hort~a8oe, sa t~uatee, ahall~ in computing the amount, ot such iadebleJnesa~ credit to the account or ~'t~e :~iort gaKor ony credi~ balance remaining uncler the provisions of (a) ot ssid psragraph 2. It ttiere al?all be ~ clelault under any of tl~e provisior?s ot tl~is u~ortga~e ~esulting in e public sale ot the premises covered herebv, or it ti?e M~rtgagre acyutrea the property oti~erwise atter default, the Mortgagee, aa tcuatee, slisll apply~ at the time ot the co~iu~ience~nent ot sucl? proceedin~ss or at tl~e time the property ~s otherwise acquired, the amount the~ reu~sining to credit of Mortgagor under (a) of paragraph 2 preceding ~?e a credit on the interest accrued snd unpaid and tl~e balance to the principnl then remain~ng unpa~J oa said note. ~ He Nill pe?y all ta~ces, aeeeesments, wat~er rat~es~ aod ot,her. governmental or municipd charges, Sne~ or impoeitione, for which proviaion haa Dot been msde hereinbefore~ and in default thereoi t~he MoitgRgee m~y p~y t6e aao~e; ~nd thaL he qil! promptly deliver tLe o~cial reoeipte tberafor to the Mortg~gee. b. He will permit~ oommit, or suffer no wsate, impairment, or deterioratioa ot said property or any par~ thereof escept reaeonabk weu sad tear; and in the eveaL of t6e G?ilure oi the Mortgagor to keep the building,s on ssic~ premieee and thoee to be erected on said premieee, or impmvemente t6ereon~ in good repair the Mortgagee msy malce such repairs e?e in its diecret~on it msy deem neoeeeary for tLe pmper preecrvstion t6ereo~~ and the full amounL of eacb and every such payment ahall be due and pe?ysble thirty (30) dsys after demand, and ehall be secured by the lien of Lhis mortgage. 6. He will pe?y sll and aingular t6e ooeta, chargee, and e:penees. including reseonsble lswyet's feee, and ooets of sbstracte of title, incurred or psid at any time by the Mortgagee becauee of tbe ta?ilure on the part oi the Mortgagor pmmptly snd fuUy to pertoran t6e agreements and oovenants of esid promiseory note and thia mortgage. and seid ooeta, chargea, and expensea ahall be immediately due and payable and ahaU be eecured by the lien ot this mortgage. T. He will oontinuously maintain hazard insw~snce, of auch type or types snd amounte as Mortgagee may from time to time require, on the impmvements now or hereafter on sx~d premisea, and atcept when payment tor all such premiums haa theretofore been made under (a) of paragraph 2 hereof, he will pay pmmptly when due any preuuums therefor. All insurance s6a11 be carried in compames approved by 111ortgagee and the poli- ' cies and renewals thereof shall be Leld by Mortgagee and have attached thereto loss payable clausee in favor of snd in form acceptable to the Mortgagee. In event oi loss he will give immediate notice by mail to Mortgsgee, and ~iortgagee may make prooi oi Ioss it not made promptly by Mortgagor, and eac6 inaurance c~ompany concerned Ls hereb~ suthorized and directed to make payment for such losa directly to Mortgagee instead of to Mortgagor and : iortgagee ointly~ and the inaurance proceeds~ or any part thereof, may be applied by Morw gagee at ?ts option either to t~e reduction of the indebtedness hereby secured or to the restorataon or repair ot the property dama~ed. In event ot foreclosure oi this mortgage, or other tiansfer of title to the mortga~ed property in extingu~shment of the indebtedness aecured hereby, all nght, title, and interest of the Mortgagor m and to any insurance policies then in force shall pasa to the purchaser or grantee. R. If the pri~~nis~~s, or un~- part th~~r~~of, br ~•ondeninf~d wuler tl~e poK~~r of eminent. dai~uui, ~r acquirnd for a public usi~, the dan~aK~•s aHanled, th~~ pm~•~•~~~Is for tlie tukin~? of, or-tht• ~onsid~ration for surh a~•quisition, to tl?e ext~nt of the full nniount of the r~•niaininK unpui~l iiul~bte~~lne~ss se~•urc~d h~• this n~ortKu~;e, arn hereb~' ussi~;ned to th~~ ~fort~a~ee. an~l i?i.e he~in or a~si~;us. :~n~l ~Lul) b~~ pui~l forthw•ith to said ~tort~a~:c~e or his as.siKnee to lx~ applie~l on ac•~~ount uf thr lust niuturiu~ instalLne•nts of su~•h ind~btedness; pro~•i~ie~1, hoH~~er, the \IortKu~e~ or l~is assiKn~~e, iuu~• ut )iis ~tis~•n•tion pu~• direc•t to thc~ ~Iortgugor, his li~irs ur assiKns an~• part or all of su~•h aw•ar~l; pro~uled, thut if the loun is Ku:ir:?nt~•~~d or insured, thc consent of tlie guarantc~r or insur~r ~e t~~~fo~no.~ ~n o•~vuri.~n o i.~ Y.°._ 9• T6e :Vlortgagee may~ at any time.pending a suit upon this mortgage, apply to the court having juriediction thereof for t6e appointment of a receiver~ and such court ahall forthwith appoint s receiver of the premises oovered hereby all and singular~ including all and singular the income~ pro6ts~ iasues~ and revenuea !rom whatever source derived~ each and every of which~ it being expressly underatood~ ia hereby mortgaged as if apeci6cally eet forth and described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an edmitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of ' the value ot the property mortge~Ad or to the aolvency or insolvency of said Mortgagor or the defendanta. Such ; rents~ profita. income~ issuea, and revenues shall LSe appliecl by such receiver according to the lien of thia mortgage : and the practice of auch court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ' agrees to pay to the biortgagee on demand as a reasonable monthly rental for the premiaee an amount at least ! equivalent to one-twelith (yf z) of the aggregate of the twelve monthly installmenta payable in the then current ~ yesr plua the actual amount ot the annual taxea, asseasments, water ratea, and inaurance premiuma for such year ~ not covered by the aforesaid monthly psymenta. ~ - ~ 10. In the event of any b-each oE this mortgage or default on the part of the Mortgagor; or in the event that ~ any of snid sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe Pvent that each and every the atipulations~ agreements~ conditione, and covenants of said note and this mortgage, ~ are n~t duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in esid note thea remaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall bec;ome dus acd payeble forthwith~ or thereafter, at the option of said Mortgagee, as fully and completely aa it all of the ~ said auma of uioney were originally atipulated to be paid on such dsy, anything in said note or in this mortgage to ~ the contrary notwithstanding; and thereupon or thereafter. at the option of said Mortgagee~ without notice or demand, stit at law or in equity, may be prosecuted as i( all moneys secured 6ereby had matured prior to its institu- ~ tion. The ~iortgagee may foreclose this mortgage~ sa to the amount so declared due and payable, and the said ~ premises ahall be sold to satisfy and pay the same together with caets, ~xpenpes~ and allowances. In case of partial forecloeure of this mortgage~, the mortgaged premises shall be sold aubject to the oontinuing lien of this mortgage for the amount of the debt not then due and unpaid. In suc6 case the proviaions of thia paragraph may again be : svailed of theceafter from time to time by the Mortgagee. ~ 1 I. No ~vaiver of any covenant herein or of t6e obligation aecured hereby ahall at any time thereafter be held ~ to be s waiver of the Lerme hereof or of the note aecured hereby. ~ ~ 12. The lien of this instrument shall remain in full force and eRect during any pootponement or extension ot the time of payment of the indebtedneae or any part thereoi eecured 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 aU expenditures (including reasonable attorney'a feea) made by the Mortga~ee ~ in so doing shall draw interest at the rate prortrided tor in the principal indebtedness, snd shall be repayable t6irty (30) days after demand, and, toget6er with interest and costs accrued thereon, shall be secured by ~ this ~ortgsBe- . 14. U n t6e r uest of the Mo po eq rtgagee the ;4lortgagor shall eacecute and deliver s supplemental note or notes for the sum or sums ad~anced by t6e ~iortgagee (or the alteration~ modernization, improvcment, main- tenance, or repair oi said premises, for taxes or as.~essments against the same and tor any other purpose author- r: ized Lereunder. Said note or notes shall be secured hereby on s parity with and as fully as if the advance ~'t evidenced thereby were included in the note firs~ described above. Suid snpplemental note or notes shall bear ~ interest at the .rate provided tor in the principal indebtedness and shall be payable in appmximately equal -R< monthly psy ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ msturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days at~er demand ~ by t6e creditor. In no event shall the maturity extend beyond t6e ultimate raaturity o( lhe note first - deacribed above. - OR~ ~ . ~ sui~1 p~{ ~ ~ ~ . _ -T---- S r y ~ '.t'` ~ . • a ~ ~ r'y 2 - - ; ~ . . ~~~~'~e - "