HomeMy WebLinkAbout0425 trndcr tu tiie ~lortgu~;rr in ur~•urdenr~• with the urovisiune of th~• uut~ M•e•u:ed lirn~l,v, full pu~'~nen~ of the ~
enlire indeblednras reprrarnlyd thereb~•, thP Mortgagee,~sa truatre, shall, in computii~K thr dn~ount uf aueh •
indebteJneua, ~•rr~lit to thP ac~•ount ot t~~e,V1urt{~MKoe ony rrrdit balance rr~i~ainin~; und~~r th~• pruv~iuus ~?f (a)
ot asid puragrsph 2. it therP siiall be ~ drfeult under any ut th~~ proviaiuns ot tl~is n?urtga~~ rnsultin~ in w •
public sale ot lhe preiniara cuvered iirreb~•, ur it tl~e `lor~gugre aryuirea tl~e proprrtv uthPrw~xe atter dc~tault.
the Mortgsgee, ae lruateP. at~sll spply~ aL lhe tune of the couunNncen?ent ot aucli proceedings or ut the tim~
liie pro{~rty ia othPrwiap acyuire~l. tl?e amount lhen re~naininR to i•redit of ylortga~or undc~r (a) 01 paragrnph 2
preceding se ~ crNdit on the inten~at accrued and unpaid and It~e balance to the principel tlu~n r~maiuinK unpaid
on Said note.
4. He ~viU p~y all t~?xea~ ~emente, w~t,er rstes~ and other governmenta! or municipst chargee~ Gne~. os .
imposieions~ tor ~vhich provision 6ae not been made heteinbetore~ and in detAUlt thereoi the Mortg~gee may psy t6e
s~?me; and thst 6e will promptly deliver t6e official n~oeipt~ therefor to the Morcg,agee.
b. He arill permjt~ oommit~ or suBer no ~vmte, impairment~ or deter~oration of eaid property or ~ny psrt thereof
e~ccept reaeonablo wear dnd tear; snd in the event ot,the tailun ot the Mortg,agor to keep t6e buildiagA on saf~
premieea and thoee to be erect~ed on eaid premiaes~ or improvementa t6ereon~ in good repair~ the Mortgagee may
make euch repairs as in ite discretion it msy deem neceeeary for the Qroper presc,rvstion thereot, und the full smount
oi each and every euc6 payment ahall be due and psyable thirty (30) duys after demand, aad shall be eecured by
thti lien ot this mortgage.
8. He wiU pay all and einguler the ooeta~ chargea~ und expeneea including reaeonable lawyer'e fe~ee, end ooets
of abetracts oi title~ incurred or psid at any time by the Mortgagee becauee of the tailure on the part of the Morigagor
promptly and [ully to perform the agreementa and coventwts of eaid promiaeory note and thia mortgage, and said
ooele. c6argee, and expenses shall be immediately due and payable and ahaq be eecured by the Gen oE thia mortgage.
7. ~ie will oontinuously meintaun hazard it~urance~ oi euch type or typee and amouote ss Mortgagee msy
tmm time to time require, o~ the improtemente now or hereaiter on said premisea, and eacept w6en pay,men~
Ior sll auc6 premiums hsa t6eretolore been made under (s) oi psragraph 2 hereof, he wiU pay prompt1y when
due any premiums lherefor. All insuranee shall be carried in compsrues spproved by I~Iortgagee and the poli-
cies and renewal9 t,6ereof aholl be held by Mortgagee ead bav~ attached thereto losa paysble clausee in lavor oi
and in form acceptsble to the ylortga~ee. . Ia event oi losa he will give immediate notice by msil to Mortgagee,
and 4lortgagee mny make proof oi ~oss ~f not made promptly by Mortgagor~ and each insurance oompany
cwncerned is 6ereby authorized and directed to make payment for such loas d'uectly to Mortgage~e instead of
to iviortgagor end 1~lortgagee jointly~ anA the iasuraace proceeds~ or any part thereof, may be applied by Mort.
gagee et tta option eit6er to Lbe reduction of tt~e indebtednesa hereby secured or Lo the r~storation or repair of
the property dsma~ed. In event ot toreclosure of this mortgage~ or other trans(er ot ~itle to tbe mortgaged
property ~n extinku~shment of the indebtedness secured hereby, aU rig6t, title, and interest ot the Mortgagor
~n snd to any inaurnnce policies t6en in force s6eU p~e to the purche~er or grantee.
K. If tlu• prrinis~•s, ~~r tin~- ~?:~rt th~•r~•~?f. I~i• ~•o~~~l~•n~n~•~1 un~l~•r thi• {ww~rr of ~~n~in~•nt d~nuiun, ~~r a~•yuir~•~1 f~~r
n publi~• us~•. ihf• ~lunu~~;~~s uw'urvle•~1. Ih~• pro~•~~i•~Is for th~• tuki~~~; of. or th~~ ~•~~t?,idrruli~~n f~,r sw•I~ x~•yui~it~~?n, tn
tli~~ e~xt~ni u~ th~~ (ull uni~~ul?1 of th~~ r~•n~eininK unpai~l in~l~•ht~~~ln~•ac ti~•~•urr~l h~~ t6is ~nurt~:~~;~•. am lu~r~•I?~~
u~cikn~•~1 to fh~• ~1nrt~?u~;~•r, un+l lii. li~•in ~~r ttsxi~n~, :~n~f ~li:~ll h~~ ~,t?id f~~r11~H•itl~ tu ,ui~l \1~~rt}~a~?~~~• or 1~4~
a~tiiKnr~• to IN~ ap~?li~•~1 ~»t u~~•uuul nf Ih~• lust u~uturiu;? inslnllnu~nls uf su~•h in~l~•I,tr~ln~•s~: pr~~~•i~l~vl, howv~•r•r,
th~• ~lorlkuKi~~• ~?r his :4c,i}~m•~•, iuu~• at i~is ~lisi•n~tion ~?u~- ~lir+•~•t to th~• ~Iurt~;n~or, hi~ 1~~•its or u~si~ns un~• part
or all of ~u~•h uH•xnl; pro~•i~l~•~I, thut if th~• luun is ku:ir:u?tr~•~I ~?r ir+sur~•il, thr ronseut of tl~t~ Kuuranlur or insurnr i
is ~?htain~•~l in ad~•ant•~ nf xaid pu~•?n~~nt.
'.1~ The Mortgagee may, at any time pending a suit upon tbis mortgage, apply to the court having juriediction
thereof for the appointment of a receiver, and such c:ourt ahall forthwith appoint a receiver of the premisea covered
hereby aU and sinqular, including sll and singular t6e income, profite~ iasues~ and revenues irom whatever source
derived~ each and every of which, it being expmssly understood~ ia hereby mortgaged es if apecifically set forth and
described in the granting and habeadum clauses hereot. Such appointment ahall be made by such court as an aclmitted
equity and a matter of at~.solute right to eaid Mortgagee, and without mlerence to the adequacy or inadequacy of
the value of the property mortgaged or to the aolvency or insolvency of said Mortgagor or t!~e defendantA. Suc6
rents, pro6ta, income, issues~ and revenues shall be applied by such receiver accordiag to the lien of this mortgage
and the practice of euch court. In t6e event of any dcfault on the part of the Mortgsgor hereuoder~ the Mortgagor
agn~es to pay to the Mortgagee on demand as a rcasc~nat,le monthly rental for the pmmiaes an amount at lcast
j eyuivaleot to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current
i year plus the actusl amount of the ennual taxea, assessments, wster raLes, and insurance premiums for auch year
not covered by tbe aforesaid monthly payments.
10. In the event of any b-eac6 of thia mortgage or d~fault on the part of the Mortgagor; or in the event that
j any of said euma of money herein referred to be not promptly and fully paid according t~ the tenor hereof, or in the
~ event that each and every the atipulations. agreementa, conditions, and covenants ot said note and this mortqage,
; are not duly~ promptly, s~d fully performed; then in either or any such event, the said aqqr~gate sum mentioned .
~ in eaid note then remaining unpaid~ with inter~t accrued to that time, and all moneye securc~l hemby, ahall become
~ due and payable fort.hwilh, or thereafter, at the option of r,nid lblortgagcc, as fully aod completely ~e if all of the
3 eaid aums ot money were originslly stipulated to be paid on such day~ anything in said note or in this mortgage to
~ Lhe contrary aotwithstanding; and thereupon or thercafter, at tBe option of said Mortgaqee, without notice ~r
~ demand, auit at law or in equity, mey be prosecuted as it aU moneya s~cured hereby had matured prior to ita institu-
tion. The :4lortgagce may foreclose this mortRa~e, aa to the amount eo declared due and payabte, and the said
~ premiaea ehall be sold to satisfy and pay the snme together with caat,~, expenses, and allowances. In cage of partial
foreclosure oi this mortqaqe, the mortqaged pmmises shall be sold subject to the continuing lien of this mortgage
~ for the amounb of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be
svailed o( thereafter trom ~ime to time by the Mortgagee.
~ 1 i_ I~o waiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held
~ to be a wsiver ot t6e terma hereof or of the note eecured hereby.
~ 12. The lien of thie inbcrument ehsll remain in full force and eftect during any postponement or extenaion of
- the time of psyment of t6e indebtedneea or any part thereof aecurecl hereby.
If t6e Mortgagor default in any of the covenanta or aRreementa contaioed herein, or in eaid note, then the
3 Mortgagee may perform the same~ aad aU expenditures (includi~g reasonable attoroey's fees) madc by the MortRaRee
~ - in Ao doin~ shnll drsw intcresl at the rate pro~ id~d fnr in the principa) ind~bt~dn~s.9, and shnll tx~ r~pa~~able
~ thirt,y (30) days after demand, and, together with intercwt and cos4.s accrued tt~ereon, shell be secured by
~ thi.a mortgage.
~
14. t,Tpc~n the request of thc ;~'(ort~a~ce the ~'(ort~a~or shall eaecutc and ~Iclivcr a suppl~m~ntal note or
~ notcs (or the sum or sums advanc~d ny t6e Ltort~aRec for thc alteratian, modrrnization, improvem~nt, main-
~ tenance, or repsi~ ot said premises, for taxec or a~.~f~~.5m~nts a~;ainst tiie semc and (or s~y other pur~wse author-
~ iied t~ereunJer. Said note or notes shall F~e secured hereby on a parily with and as fully as ii the ad~ance
~ evidenced thereby were included in the note firsl de~cribed sbove. Said si~ppl~m~•ntal note or notes shaU bear
interest st the rate procideJ for in the principal indebtedne~s an~l shall t,e pa}•able in approrimately equal
~ monthly psy IfIPD~B f0~ 4UCf1 ~1P.i10(i l1.g IflBy ~M ~~PC(J il(N)Il h~• the cr~ditor and ~lebtor. Failin~ to a~rec on the
~ msturity, the whole of the sum or sums so ad~•ance~l shul) br due and pa~~able thirty (3(1) days a(t~r d~mend
a by the crcditor. In no event s6a11 the maturily ex~end beyond the ultimate r.~eturity ot ?6e note first
' described above.
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