HomeMy WebLinkAbout0123 tender to ti?e :~Iortg~;~~e in accordauce witl~ the provwio~w ot tl~e note secureci hereb~•, fuU pa~•uient ot tl?e
entire indebted~?rss represrntrd thereb~•, the Mortgsgre, as trus~ee, shall, in con~puting the sn?uua~ ot such
in~lebl~Juess, credit to the eccount of t~~e :~iortgaKor anV eredit balance rrineinin~; w~d~~r the provisiuus ot (a)
of said patagreph 'l. 1t thecc shall be a cle(ault under any of tt~e provi~iuus of tliis mortgn~e resulting in a
public sale ot the p~emi~es ro~•ered liereb~, or it the Mortgagre acywrea the property otl?e~w•LSe after default,
the Mottg~gee~ aa truetee, sl~all apply, at the tu~ie ot tl?e couuiiencrment o[ such proceedings o~ at tl~e time
the propeM,y is ott?erwise acyuired, the smount then reuiaini~g to ~•n•dil of Mortgagor under (a) ot parugraph 2
preceding sa a credit on the interest accrued and unpaid end U?e Lalance to tl?e principa! then ren~ai~u~~g unpaid
on said note.
4. Ha wiU psy sil taxea, aeeeaaments. wster rates, and other governmental or municipal charge0. fines, or
impoeitione, for which pmvision hae not been mada 6ereinbetore~ and in default thereof the Mortgegee msy psy tbe
same; and tha~ he will promptly deliver the official reaipt~ tberefor to the Mortgagee.
b. He will permit~ commit. or au8er no weiate~ impairment, or deteriorstion o( eaid property or any part thereot
e~ccept reasonable wear and tear; and in the eveat of the tailure of t6e Mortgagor t,o keep the buildinge on se?i~
prem~ee and thoee to be erected oa esid preanieea„ or improvements thereon~ in good repe?ir~ the MoKgagee msy .
make such tepairs aa in if~s diecretion it may deem neceeeary for thR proper preecrvation t6ereot~ and the full amount
of each and every euch payment aball be due and pqysble thirty (30) daye atter demand~ and ahall be eecuced by
the lien of this mortgage.
6. He will pay all and aingulsr the costa~ c6argee, i?nd expenees, including reaeoneble lawyer'e feee, snd ooste
of sbstracte of title, incurred or paid at any time by the Mortgagee becauee ot the failure on the part oi the Mortgagor
promptly sad tully to perforcn the agreements and covenanta ot eaid promieeory note and thia moNgage~ snd said
ooete, chsrges, and expen9ea ahall be immediately due and payable snd shall be eecured by the liea of t6ia mortgage.
7. He vrill oontinuously maintain hazard insurance. oi auch type or typee and amounts as Mortgagee may
irom time to time require, on Lhe improvements now or hereaiter on said premises, and e.~cept when payment
tor all such premiums hea t6eretofore been made under (a) ot paragraph 2 hereof~ he will pap promptly when
due sny premiums lherefor. All insurance shall be carried in companiea approved by I1lortgagee and the poli-
cies and renewals thereo! shull be held by Mortgagee and hsve attached thereto loss payable clausea in favor oi
and in torm eccepta~b~e to,the.141ortga~ee. . In event oi loss he will give immediate notice by mail to Mortgagee~
and tilortgagee may make.pmoi of ioss if not made promptly by Mortgegor, and each insurance oompany
ooncerned is 6ereby aut6onzed and d'uected to mai~e payment for such loss d'uecLly to I~lortgage~e instead of
Lo Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mor~
gagee at its opLion either to t~e reduction oi the indebt~ednesa hereby aecured or to the restoratton or repair of -
the property dama~ed. In event of forecloaure of this mortgage or other transfer of title to the mortgaged
property in extinguishment oi the indebtedness secured hereby, a~i nght, title, and interest of the Mortgagor -
m and to any insuranc.e policiee then in [orce shall pASS to the purchaser or grantee.
R. If the pri~n~is~~s, or an~• part th~•n•uf, be ~•ondi•u~n~•cl und~r thr }wwer of emin~nt doniu~n, or a~~yuirrd (or
u public use, tl~~ dania~~~s nwarded, tht• pro~•~~~~ds for the tukin~ of, or the ~onsi~l~•rutiot? for su~•li u~•yu4~~t~on, to
the cxtent of tl~e full aniount of thc rnn~aining w?puid iudc~bt~•dnc~as s~rurcd h~• this :~~ort~;aKe, arc• Lemt>~•
assi~;ned to th~ ~tortgaK~c, and his h~i~ or a~.5iki~s, un~l sh:~ll i?~• pui~l forthw•ith to suid ~1ort~;a};~~~ or liis
assiKnee to bc~ applie~l on ac•~•ount of th~~ last n~uturin~ installni~•nts of sw•li ind~bt~•dness; prorid~d, ho~~•e~•~r,
the ~iortKu~ee or his assiKnee, ~iiu~ ut Lis disi•r~•tion pu~• dire~•t to Ui~ Llortgn~or. !?is h~irs or assiKns au~• purt
ur all of suc•li a~~•ard; pro~i~lc~cl, thut if the loan is ~:u:vunt~~~~d or insur~~il, th~ ~•onsent o( lhe gunrantor or insur~r
is obtainecl"in advance of :~aid pn~•iui~nt.
The Mortgagee may~ at any time pending a suit upon this mortgage~ apply to the court having juriadiction,
thereof for the appointment of a receiver. and such co~ut shall forthwith appoint a receiver of the premisea covered
hereby all arid sing4lar, including all and singular the income~ profita~ isaues~ and revenues from whatever source
derived, each and every of which, it being expressly underatood, is hereby morigaged as if specifically set forth and
described in the grantiag and habendum clausea hereof. ~uch appointment ahall be made by such court as an admitted
equity and a matter of absolute right to said Mortgagee~ and without reterence to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!~e defendants. Such
rents, pro5ts, income, issues, and revenues shall be applied by such receiver according to the lien ot this mottgage
and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor
agrees to pay to the 1Vlortgagee on demand as s reasonable monthly rental for the premises an amount at least -
~ equivalent to one-twelfth (~y) of the aggregate of Lhe twelve monthly installmenta payable in the then current
year plus the actual amount of the annual taxes, sssessmente, water rates, and insurance premiums for such year
not covered by t6e aforesaid monthly payments.
! 10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that
; any of said aums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
; event that each and ev~ry the atipulations, agreements, conditions~ and covenants of said note and this mortgage~
~ are not duly, promptly, snd fully performed; then in either or any such event, the said aggregste xum mentioned
in said note then reanaining unpaid, with interest accrued to that time~ and all moneya securecl hereby~ shall become
~ due and payeble forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the
~ eaid sums of money were originally stipulated to be paid on such day~ anyLhing in said note or in this mortgage to
~ the contrary notwithstanding; aad thereupon or theresfter, at the option of said Mortgagee, without notice ~r
~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
tion. The :Vlortgagee may foceclose this mortgage~ as to the amount so declared due and payable, and the said
~ premises ahall be sold to satisty and pay the same together with c:osts, expenses, and allowances. In ca~e of partial
foreclosure of thia mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage
a for the amount of the debt not then due and unpaid. In suc6 caa~e the provisions of this paragraph may again be
~ availed oi thereaiter from time to time by the Mortgagee.
~ 11. No wsiver of any oovenant 6erein or of the obligation eecured hereby ahall at eny time thereafter be held
~ to be s waiver of the terma her~of or of the note secured hereby.
12. The lien of thia inacrument ehall r~main in full force and ePfect during any postponement or extension of
~ the time of psyment of the indebtedneas or any part t6ereof eecured hereby.
~ 13. If tbe Mortgagor default in any of the covenants or agr~eementa oontained herein, or in aaid note, then the
~ Mortgagee may pedorm the same~ snd all ezpenditures (including reasonable attorney's fees) made by the Mortga~ee
in so do~ng shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable
thirty (30) days after demand, and, toget6er with interest and costs accrued thereon, shall be secured by
~ t6ie mortgage.
Y 14. L1pon the request ot the Mortgagee the Mortga~;or shall execute and deliver a supplementaD note or
F notes for the sum ur sums advanced by t6e `tortgagee for the alterati~n, modernization, improvement, main-
~ tensnce, or repair of said premises, for taxes or a~essments s~;ainst the same and tor an~ other pur~wse author-
~ ized hereunder. Said note or notes shall be secure~i hereby on a pari~y with and as (ully as if the advance
~ evidenced thereby were included in the note first described above. Ssid sapplemental note or notes sha11 bear
~ interest at the rate provided for in the principal indebtedness and shall be payable in ap proximately equal
monthly psy ments tor auch period as may be agreed upon by the creditor and debtor. Failing to agree on lhe
~ maturity~ the whole of the sum or sums so sdvanced shall bc due and payable thirty (30) days afcer demand
~ by t6e creditor. In no even~ shall t~e maturit,y excend beyond the ult,imste ciaturity of the note first
descrit,ed above.
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