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HomeMy WebLinkAbout0422 t~nder !o Lhe 11~1urtgnE;re in accordauco witlt the Nrovisioua o~ ihe note ~ ured lirmb~•, (ull pa~•incnt ot the entire indeblednc~ss repre~en~e d t here bv, t he Mortg~e, ~s truxter, si?all, in cuu? putiu g ~he an~c~w?t of suc1~ indebteilnesa~ credil lo tl~e uccow~t ot the ~'tortgeKur any errdit bale?uce rru~aiuin}~ uud~~r tbe pru~isio~~s of (a) ot s~id paragrsph 2. lf there shell be w defaull ur?der anV o( ll?e provisio»s o( this inortge~e nsulting in a public ssle ot the pre~~~isrs covered l~ereb~, ur i( the Mortgagre acqu~rea the pro~rl~ oth~~rw•~ sr~e~ a~t~utc, the Moetgagee, as truatre, ahall apply, st lhe tu~ie of ~he cauu~encrmeiit ot such proceedings or ae the ti~no the pmperty ia otl~erwise aryuired, tt~e a~~iount then ren?aining to cteclit of I~4ortgagor undrr (a) of para~;rapl~ 2 preceding ss ~ credit on the interest accrued and unpnid snd tt~e bul4nce to U~e princ~pal then remaining unpa~d ~ on said note. 4. Hs MiU p~y all taxes, ~eeasment0. wster rst~ee. and other governmental or muaicipal charges, 6nes. or impomtions~ for whicb provision haa not been msde hereinbeton, and in def~ult thereof Lbe Mortgsgee ms,y puy t6e e~ms; and tbat bs will promptJy delive~ the o~cial reoeipte tberefor Lo the Mortgegee.. b, He will peca?iL, oommi~, or suHer no Naate, impe?irment or deterion?tion ot eaid property or sny part lhereof e~coept reu~nabb ~reu and tear; snd in the event.oi the iaiiure o! the Mortg~sgor to keep the buildingie.on sai~ premises and t6oee to be erected on eaid pre.miees. or improvements thereon~ in good repair the Mortgagee mi?y msice auch repairs as in ita diecretion it msy deem neoeeeary tor the proper preeccvstion thereo#, ~nd the full amount ot each uad every auch psyment ahall be due and p?y sble thitty (30) days Jter demand, snd sbsll be secured by the liea of this mortg~e. . ?n 6. He will psy e?U and aingule~r the ooete„ aud eupeaeea including reason~?ble l~?wyer's fees, i?nd oosts of sbstracfs oi title~ incurred or paid si say time by Mortg,~gee becsuee of the failure on the part of tLe Mortgagor promptly aad fully to perform t6e agreementa and oovenanta ot eaid pmmiaeory note and thia mort.g,age~ aad eaid aoets, chargee, and expensea ahall be immediately due aad p~?yable snd ehall be secured by the liea of thia mortgage. 7. He will oontinuously maintain hsaard insurance, oi auc6 6ype or typee and amounte ae Mortgagee msy irom time to time require~ on the improvements now or hereatter on said preanises and eacept when psymen6 tor sll auch premiuma haa theretofore been made under (a) oi psragraph 2 hereof,'he will pay promptlp when due any premiums thcrefor. All insurance shall be carried in eompeniea.approved by biortgagee and ttie poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses ia fevor of and in form acceptablo to the Mort~gagee. In event of loss he will give immediate notice by mail to. Mortgsgee, and ~+Iortgagee may make proof oi toss it not made prom~tly by Mortgagor, and each insuranoe company aoncerned ia hereby authorized and directed to make payment for such losa directly to Mortgage~e instead oi to Mortgagor and biortgagee ointly, and the insursnce proceeds, or any patt thereof~ may be spplied by Mor~ gagee at ita option eil6er to t~e reduction oi the indebtednees hereby secured or to the restoration or repair of the property dama~ed. In event oi foreclosure oi this mortgage or other transfer oi wtle to tbe mortgaged property in extinguishment of the indebtedneas secured hereby, a~l right, title~ and int,erest oi t~e Mortgagor m and to any insurance policies then in force shall pnsa to the purchaser or grantes. . R. If ihe preiuis~•5, or un~- purt tlier~~of, bc~ ~•on~l~•~um~d w?cler U~e power of en~inent doniuw, ur u~•yuimd for a public use, Il~r dat~?aK~~s awarde~i, thi• pmr~•~~d. for ihe tnkiuK of, or th~• ~onsid~rution for suc•h acqui~~tion, to the exteM ~r ~i~P r~n ainount of tlu~ r~•~naiuiu~; unpnid indebt~~dn~•~.serumd 1>~• this n~ort~a~;e, are }?ereU~- ussikne~i to th~ ~IortKu~ee. uu~l h4~ h~•ir~ or u,si~;n,, au~l .h:?11 b~• pui~l forthH•ith to snid ~tortku~,n~~ or 1?i.~ aasiKnee to (x~ applie~l on a~•~•ount of the last nuiturw~ in,talln~~•nts of su~•L ind~btt~Jn~•~.G: pro~•i~lr~l, ho~~~~~•er, ihe ~1ortKu~e~~ or hu assiKnee, tIW\' A/ I113 (I4~1•n•tiou pz?~• dinvt to th~ ~Iort~;ukor, his h~~ir. or ussirus an~- pArt er all of su~•I~ a~~•anl; provt~l~~d, thut if tl~e loan is ~u:irunt~•~~il or insur~•~I, th~ ~•ottisent of tl?t• guuru~?lur or insurer is obtainrd in advance o( ,xid pu~•~nc~ut. _ ~.1'he Mortgagee may~ at any time pending a suit upon this mortgage, apply to tbe oourt having jurisdiction thereof for the appointment of a receiver~ and such court sbaU fort6with appoint a receiver of the premisea oovered hereby all arid 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 apeci5cally aet forth and described in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt as an sdmitted equity and a maLter oi absolute right to said 1liortgagee, aad without reference to the adequacy or inadequacy of the value of the property mortgaged or to the ~olvency or insolvency of said Mortgagor or the defendanta. Such ~ renta, profits, income~ issuea, and revenuea shsll be applied by auch receiver according to the lien of this mortgage aad the prsctice o( such court. In the event of any deiau{t on the part of the Mortgagor hereunder~ the Mortgagor 'i agrces to pay to the biortgagee on demand as s reasonable monthly rental for the premises en amount at least ! equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current j year plus the actual amount of the annual tases, assessmente, water rates, and insurance premiuma for such year ` not oovered-by t6e sforesaid monthly paymenta. l0. In the event of any b*each of this mortgage or default on the part of the Mortgagor; or in the ev~nt that sny of said sums of money herein referred to be not pmmptly and fully paid according to the tenor hereof~ or in t6e event that each and every the stipulations, agreementa, 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 said note then r~maining unpaid, with intereat accrued to that time, and all moneya secured hereby, shall become due and payabk forthwith, or thereafter, at the option o[ said Mortgagee, ss fully and completely ~s if all of the esid aurna of money were originally atipulated to be paid on such day, 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 demsnd~ suit at law or in equity, may be prosecuted as if ail moneys secured heceby had matured prior to ita institu- tion. The Mortgagee may foreclo~e this mortgage, as to the amount ao declared due and payable~ and the said premiaes shall be sold to satisfy and pay the same together viiith costs, expenses~ and allowances. In ca~e of partisl foreclosure of this mortgage, the mortgaged premises ahal~ be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such ca~e the provisiona of thia paragraph may again be availed of t6eresfter fmm time to time by the Mortgagee. ~ I 1. No wsiver of any oovenant herein or of the obligation secured hereby ahall at any time thereafter be held ~ to be a waiver of the terma hereof or of t6e note aecured hereby. ~ 12. The lien of thia instrument ahall remain in full force and effect duriag any poatponement or extension ot tbe time of pi?yment of tbe indebtedneae or any part thereof ~eecured hereby. ~ 13. If ~he Mortgagor default in any of the cover,ants or agreements oontained herein, or in said note, then the - ` Mortgagee may pedorm t6e same, snd all expenditures (including reasonable attorney'8 fees) made by the MortgaRee ~ in so doing shs11 draw interest at the rate prorided tor in Lhe principal indebtedness, and shaU be repa~able ; thirty (30) deys after demand, end, together with interest and costs accrued thereon, shall be secured by this mortgage. ~ 14. Upon the request ot the Mortgagee the Mortgagor shall execute snd deliver a supplemental note or ~ notes for the sum or sums advanced Dy t6e ltortgagee for the alteration, modernization, improvement, main- ~ tenance, or repair of said premises, for tsxes or as.~essments against the same and for any other purpose suthor- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i[ the advance evidenced thereby were included in the note firal described above. Said supplemental note or notes shall bear interest s~ the rste provided for in the principat indebtedness and shall be payable in sp proximately equal _ monthly psy ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the I msturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days a(ter demand by t6e creditor. In no event ahsll the maturity extend beyond the ultimate raeturity ot Lhe note &rst ! described above. - w~I'~~+l~ : : r ~s~ - ~ . . _ _ ~ ,~-J'~"j?x~7'-~" - = c~~ ; a+r+.~. ' . . . a.._ ' _ .