HomeMy WebLinkAbout0993 leader w tl~e 7Nortgagre in accurdance witl~ ~he pro~isans of tlie note eecured I~ereb~. tul! ps~inent ot the
entire indebledneas npreuen4ed thereby ~~he Mortga~ee~ aa trus~ee~ ah~11. in cou?puting t!k au?ount of such
itsdebt.eelness. crcdit to tl~e ucount o~ 11~r. Mongo~cor any cred~l b~lat~ce re~n~ining under tt?e provisions ot
ot said pua~nph 2. l~ there aliall be a detault under any o[ tQe poovisions o[ thia u~ohga~e ~eaulting in a .
public sale ot lha premises co~ered 1?ereby~ o~ if tl~e Mortgagee acyuires the property otherw~e after def~ult. i
the Mongagee, u truatee. eha11 apply~ ~t ~he time ot the conunencement ot such proceedinga or at tt~e time
lhe Q~'opecty is otherwise ~cquirecl~ the ~mount then re+~t~ining to c~editi of Mortgsgor under oi paragrspl,_2
preceding aa ~ credit on the interest i?ccrued aad unpaid ~nd tl~e balance lo the pnncipal ~hea rrmainu?g uapaai
oa said note.
4. He w1U p~y ap taxes, ~eee~emeab, wat~ rata, aod otbes~o
vesnmen~l oe muniaPd eL~+~. 6sa~? ~s
itapadtion~, tor which prov~eiop !ue ao~ beea made berei~before~ ~?nd io detauli thereo[ ibs 1[at~~es my Py t6r ;
~ne; ~d tbat Le will promptly delivec tbe o~cial reoeipts therefor to tba Mo~tp~es. ~ ~
6. He ~riU pecmi~, oommit, ot sut~er ao waste, imp~irn~enL. a deteriorstion ot ~aid pe~opeit~ or aa p~ct th~eoi
eaoept e~casow?b1a weu. and tear; and jn t6e event ot tbe failure ot tbe Mort~or to keep tbe bui~diap aa ni~
~ .L~ ._J -~T~r s~iir i~e ~Oii~fip~"~ ~aj`
ysyLaas:.:~-w aassa war~a w uc cicalwu aias ~?u ~rsc+u+oca~ tA aut`iiurCi~i6~iiis i~
m~lce such np~in as in it~ discret~on it may deem neoeeeary tor !he P~'oP~ P~~ ~~be fuU imo~mt
ot ~ach aad every wch payment sball be due aad p~y~bk t~hirty (30) day?s aff~c d~maod, and ~ bs see~ed b~
the liea ot this mort~e.
6. He ~rill p?y all sad eingutar the oosta, and eapeaea. inctudin6 rea~oaable l~wTer'~ iar, aad ao~b
of abatrsets oi title, incurred or paid st any time_~Mortgsaee because o( tbe Iaiiure on tbe p~rt ot tbe I~[o~tp~oe
promptly and tul!y to pedorm t6e agccements aad covea:ate of eaid proani~eoq note aad thiamo~t~e, aad ~aid
oosta, c6arges, snd expemes shsll be immediately due snd psy~ble aad abaU be seeured bp t~e lien oi tdi~ moct~e.
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7. Ne will eontinuousl~ maintain hszard ineursnoe, ot ~uc6 LJpe or t and ao~ouats as Mortgagee ma~
from time to time require, on the improvemenfa now or heceaiter n eai prsmises aad aseep~ n6en P~Jmen~
for ~ll suc6 premiums has theret~oion been made under (a) of paragn~h Z hereef ~e will P~7 P~~w~
dua any premiurria ~hcrefor. All insurance shal! be carried in comp*nus ~?PProve~ 6~ 1?i ;~gea poli-
cies and renewala thereof shsll be 6eld by Mortgagee and h~ve sttached t6ereto loes p~pabQ
1s elsuses in ta~oc of
aad in form acceptable to tha Mort,~agee. In event of losa he will give immediate notioe b~ mW to Mortgag~es,
and 1+fortgagea msy mske .prooi o3 josa if not msda pmmptly by Mortgagor. a~d eacL imur~os eamP+n7
ooncerned is hereby~sulhonsed and directed to make gspment tor such los~ direcUy Lo M mst~d ot ~
to Mortgagor and Mortgagee 'ointl , snd t6e insurance proceede, or any par~ tLereo[, ma~ be~~+ijp~~ed b7 Mort. ;
gagee at its option either to t~a ~uction of tbe indebtednees hereby securod or to tLe rest~orataon or repair of =
the property damaped. In eventi of foreclosure oi this mortg~ge or other transier oi titk to ths nartga~ed ~
property in extingu~ahment of tha indebtedness eecured hereby~ a~l right.. tiUe. and int~-r'est oi t!~ MortBagor ~
m and to anq msurance policies then in torce aball psss to~tha purchaser or
S. If tl~e preniis~~s, ur un~- purt th~mof, lx~ ronde~unrd under th~ power of emine~nt do~usin, ur acyuired for
r~ public usi~, the ~iamaKt~ awardeyl, th~• pror~~~~ds fur the taking o(. or the ro~sici~ratiisn for su~h a~-qu~s~tan, to
the ext~nt of the full u~uount of tlie remaini~iK unpaid i~~cl~litc~lne~s sw•urcd 1?~ tl~i4 u~ort~~, ~?rr 1~ernb~•
assiKne~l to th~~ ~1ortKeKee, an~l h~s h~irs or a_~4i~ns, und ~huU t?r puid forthvritli to saNl ~tort~a~rr or hts
assiKnc~ to Ix~ applied on ar~•ow~t at thc• Inst muturo~K iuslallnu•nts uf s~~•1~ indPbte~lness; Pro~ule+l. }~oNe~er,
the ~lortguKee ur his ~siKnee~, i~?u~ at I~is di.c~•n•tion pa~' d'u~~~•t to thc~ `iortRa~or. hic I~eirs or a~signs an~ pan
ur all of su~~h aK'urd; pro~~decl, tliut if th~~ louu is Kunrante~~d or insurPCl, the consent o[ the guacantor or insurer
is obtained in advanee of ~aid pa~•u~cnt. .
'J. Tbe :Viortgagee may, at s?ny time pending s auit upon thia mortgage, apply to tbe oourt hsvi~ jvrisdidioa ~
fbereoi for the appointment of a receiver, and auch court ahall forthw?itb appoint s reoeiver of the pcemise~ oo~ried ~
hereby al! afld singular, includiflg all and aingulat the inoome, profite, iesues, and r~venues from whattver souroe
derived, each and every of which, it being exprasly understood, is her~by mortg,~ged ae it specific:tly set twth and
deecribed in the granting end habendum clsuaes hereot. $uch appointment ahall be made by such oourt as aa admitted ~
equity and s muttes of absolute right to said Mortgagee~ and without reterenoe to the adequacy or inadequaey af
the value ot the Q~"operty mortgaged or to the solvency or ineolvency of said Mortgaaor or t~e ddendaats. Sucb
rente, profita, in~me, issues, and revenuea ahall be applied by such receiver accordina to t~e liea of this mort~e ~
and the practice ot euch court. In tLe event of any default on t6ep~rt of the Mortas~or 6ereunder. the Mo~t~or ~
! ugrees to pay to the Mostgegee on demand sa s reasonsble monthly rental for the premises aa amount at kast ;
~ equivalent to one-t~?elfth (~z) of the aggregate of the twelve mont,hly inata~llmente payabk in tbe t6m aureat ~
year plua the accual amount of t6e annual taxee, seeeasments, wuter rstes, aad iasuraaoe pe+emiums far weh ~rear ~
! not, covered by Lhe sforeaaid monthly psymenta.
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' 10. In tbe eveat of any b-esch ot thia mortgage or defsult on the gart ot the Mort~! at m tbe event tl~at
~ ~?ny of eaid aume ot money herein reterred to be not promptly and fully paid ac,cwrd'~ag to tbe tmor hereof. or ia the ~
~ event that eacb and every the etipulations~ agreemente, conditions. and oovenanta of ~id not,e ~ad this morta,s~e,
are not duly, promptly~ und tully perfornned; then in either or any aucb evrat, tbe aaid a~r+e~te aum mentiooed i
~ ~ in eaid note then remaining unpaid, ~vith intereat accrued to that time~ and all moneys securad hereby. ~sl1 beoome s
~ due and payabk focth~?ith, or thereafter, st the option ot asid Mortg~gee, aa fully and oompietely a~ if vl d tbe ~
said awna of money were origtnally etipulated to be p~aid on auch day~ anythin; in said note or ia thia mat~e to !
the oontrary notwithatandiag; sad thereupon or thereafter, at the optaon ot said Mort;aaee, wit,6o~t aotioe ar }
demaad~ suit at law or ia equit~, may be prosecut,ed as if all moneya secured bereby had mstured prior to its imtitn- ~
tlon. The :Vlortgagee msy for~ecloee thia mortp,age, aa to the amount so declarcd due aad payabk, and the ~aid ?
premiaea ahall be aold to satiafy sad pay lhe aame together wit6 oosta, e~cpenses~ sad allowanoes,. In a~ne of partisl ~
forecloaure of tfiia mortgage. the mortgaged pmmisea ehall be eold subjeet to tbe oontinuin~ liea of thia mort~e
for the amount of the debt not then due and uapsid. In sueh caee the provisions of this para~apb miy apin be ~
avsiled of thereafter from time to time by the Mortgagee. !
11 _ No waiver of any covenant 6erein or of the obligation ,eecured hereby ahall at aay time th~eafta be hdd ;
~ to be s waiver ot tbe terms her~of or of the note eecured hereby. ~
12_ The lien o[ this inacrument sball remain in fuU force and eRect durin6 aay postpone~ent or actea+rion d ~
L6e t?tne of psyment of !be indebt.ednees or any psrt theteof eecured hereby. ~
~ t:S. It t6e Mortgsgor default in any of the covenante or agreementa oontained herein, or in ~id note, thcn ths f
~ Mortgagee msy ~edorm the eame, and all expenditures (including reaaonabk sttomey'a fees) made b9? the Mort;a~s i
~ in so doing shall drsw interest st the rate provided for in the principal indebtedneas, and shall be e+epa)abte f
thirty (30) days stter demand, and, together .with interest and costs accrued thereon, ahall be seeured by
~ thie mottgage. ~ 1
~ 14. Upon the requeat of the Mortg~ ee the Mortgagor sfiall e~cecute and deiiver a supplemental note or ;
~ notea tor the aum or sums advanced ~y the ~tortgagee [or the alteration, modernizat.ion, impmvem+ent,.main- ~
tensnce, or repai~ of said premises, tor taxes or aaressments agsinst the same and for any other p~rywse au1hor- ~
~ ized t~ereunder. 5aid note or notes shall be. secured hereby on a parity with and as Iully as d the advartce ~
~ evidenced t6ereby were included in t,he note firal described above. Said supplrments! note or notes shall bear ~
° interest at the r~te provided for in the princips) indebtedness and ahall bepa
yeble in •ppro~ims~elg equd
~ monthly payments for auch period as may be sfireed upon by the creditor and debtor. Fail'u~ to agree on the ~
~ maturi6y, the whole o! the sum or siima so advanced shall bc due snd pa~•sble thirty (30) days slter demand ~
~ by t6e creditor. In no event, shall the maturi~y extiead beyond the ultunst,e naturity oi tLe noce 6rat
~ deacribed above. r, s)-QQ ~ ~
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