HomeMy WebLinkAbout0659 lender ~o the ~1o~tKa4;~~e in accurJun~•e witl? the provisioi~s of thP ~iot~ t~ecured her~•bv, tull payn~enl ot the
e~tirn indebtedness rrprc~xenleJ therebv, the MortgsKee, as trustee, shall, in computinK the amount ot such
indebteJneas, credit to tlie account oI the ~iort~~~or an}~ credil t,alance re~usinin~ w?dc~r tl?e provisiona of (a)
of said par~rsph 2. If therr sh~ll be a detau t under any of the provisiona of this uiortga~e resultin~ in e
public asle ot tl~e premisea rnvered hereb~•, or i~ U~e Mortgagre acywrea tlie property otherwise after default,
the Moctgagee, ~ts t~uatre, shsA ~pply~ ~t the tuAe of~the conunencPment ot such prceeedings or at the /imc
the properl~y ~ otherwise acquired, the smount then ren~aining to cre~lit of Mortgagor under (a) of paragreph 2
preceding se a credit on the interest accrued and unpaid and tl~e balance to U~e pri~cipal then rnmaintnR unpaid
on said nole. ~
4. He ~U p~y ail taues, aeeeanments, water rstee, snd ot6er governmental os municipa?l chsegoa, 6ne~ os
impoations, [or w~ich provieion hae aot been made heninbetora~ and in detault thereot t6e Mortgagee may pny tbe
eaa~e; aod tbat he will promptly deliver the o~cial reoeipt~ therefor to tbe Mortgagee.
b. He q?ill permit, oommi~, or suBer no Maate, impairment, or deteriorstion ot eaid property or any part thereof.
except reaeonable wear and tesr; sad in the event of the tailure of the Mortgagor to ~eep th~s buildinge on sald
premieea and thoee to be erected on eaid premieee~ or improvemente thereon~ in good repair, the :4lorigagee may
make auch repairs ae in its di~cretion it msy deem neceeeary for the proper preac.nration thereot, snd the tull amount `
of each and every eucb psyment shall be due and psysbk thirty (30) days atter demaad. and ahsll be secur~d by '
the lien ot t6is mort~age. 3
6. He will psy ail aud eingular the ooeta, chargea~ aad e:penees~ including reaeonsble lswyer's fee~ and costs
o! abetracts of title, incurred or paid at any time by the Martgagee becsuee of the tailure on the part of t6e Mortgagor
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h i a mortgage, snd eaid
ooata, chargee, and expenses ahall be immediately due aad psyable and shall be securEd by the lien of t6ia mortgage.
7. He will continuously maintain hazard insurance, of euch type or tvpes snd amounte as Mortgagee may j
trom time to time require~ on Lhe impra~ementa now or hereaiter on sa~d premises~ and e.~cept when payment
!or all such premiums has theretofore been made under (a) of paragraph 2 hereoi~ he will pay promptly when
due any prem?ums therefor. All insurance shall be carried in compames approved by 111ortgagee and the poli-
cies ar?d renewals thereof shall be held by Mortgagee and hsve attached thereto loss payable clauses in tavor of
and in [orm acceptable to t,he Mortgagee. In event of loss he will give immediate notice by mail to 1~lortgagee,
and `iortgagee may make proof of Ioss it not made promptly by tilortgagor~ and each insurance c~ompany
concerned is hereby~authorized and directed to make peyment for such loss directly to Mortgagee inst~ead of
to 4lortgagor and Mortgagee jointly, and the insurance pmceeds, or any part thereot, may be applied by Mor~
gagee at ita option either to ttie reduction vf the indebtednesa 6ereby secuted or to the restoration or repair of
the property dama~ed. I~ event of foreclosure oi thie mortgage or other transfe~ of title to the mortgaged
property in extinguishment o! the indebtedaess aecured hereby, a~l right, title~ and interest of the I1Zortgagor
m and to any insurance policies then in force shall pRSS to the purchasar or grantee.
R. If Uie pr~~tu~,~•s, or un~- purt thi•r~~uf, b~ ~•on~l~~~un~•~1 un~l~r th~ poWi~r of eniin~nt ~lo~uuu~, or n~yuir~•d for
a public use, th~ duniaK~~s aw•ardc~d, th~~ pror~~~~ds for the tukiuk of, or the ~~onsid~rulion for surh aryuuitic,n, to
the e~xtent of thP tull a~nount of th~~ r~•nisinin~; unpui~l incl~bt~~ines~s s~rured 1?~• this iuort~;aKe. arn l~errb~-
a~si~;ne~i to tli~ ~iortKaKee, und I~is hein ~~r a.sikns, un~l sh~ll br pui~l forthw•itli to suicl ~lort~a~:~~c~ or his
es.siKne~ to tx~ applie~l on ac~~ount of th~~ lu,t iuuturin~? i~?stalliu~•nts of su~~h ind~bte•~In~~ks: pro~•i~l~vl, ho~~•~•~•~r,
tli~ ~IortKu~e~• or 1?is ~csiKnee, ~na~' at his ~li~~•rrtion pa~- ~lirnrt to th~~ ~1ort~n~or, his l~~irs or as.sikns an~• purt
or all of su<•h aH•anl; pro~•i~led, thut if th~ louu is }~uar:~nt~~c~~l or insur~•d, th~ consent of the guarantor or insurer
is ohtai~~~~d in a~i~-ance of .aid pa~•in~•nt. ~
The ~lortgagee may~ at any time pending a suit upon this mortgage, apply to the court having jurisdiction
thereof for the appointment of s receiver, and such court shell forthwith appoint a receiver of the pmmisea covered
hereby all add singular~ including all and singular t6e income~ ptoSta~ issues~ and revenuee from whatever source
derived~ each and every of which, it being expressly understood, ia hereby mortgaged as if speciScally set forth and
; described in the granting and habendum clausea hereof. $uch appointment ahall be made by such ooart as an admitted
equity and a matter of absolute right to gaid Mortgagee, sud without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the sc~lvency or insolvency of said Mortgagor or the de[endants. Such
rents, pro6ts, income, issuee~ and revenues shall be applied by such receiver according to the lien of this 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 Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
' equivalent to one-twelith (~z) of the aggregate oi the twelve monthly installmenta payable in the then current ~
i year plus the actual amount of t6e annusl taxes, assessments, water rates, and insurance premiums for auch year
not covered by t6e aforesaid monthly payments. - ~
10. In t6e event of any b_-eac6 of this mortgage or default on the part of the Mortgagor; or in the event that
; any of said sums of money herein referred to be not promptly and fuIIy paid according to the tenor hereof or in the
~ event that each and every the stipulaticns, agreements, conditions, and covenanta of said note and this ~mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate 8um mentioned
~ in eaid note then remaining unpaid, with interest accrued to that time~ and all moneys secured hereby, shsll become
, due snd payable forthwith~ or thereatter~ at the opiion of said Mortgagee, as fully and completely as if all of the
= esid aums of money were ori~nally stipulated to be paid on such day~ anything in said note or in thia mortgage to
~ t6e contrary notwithstanding; and thereupon or thereafter, at the option of said M~rtgagee, without notice or
~ demand, suit at law or in equity, may be prosecuted ss if all moneys secured hereby had matured prior to its institu-
± tioa. The viortgagee may foreclose this mortRaqe~ as to the amount so declared due and payable, and the said
~ premises ahall be sold to satisfy and pay the same together orith costs, expenses, and allowances. In case of partial
~ foreclosure of this mortgage, the mortgaged pmmises shall be sold aubject to the continuing lien of this mortgage
~ for the amount ot the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be
~ svailed of thereaiter from time to time by the hlortgagee.
3
~ I 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time therealter be held
_ to be s~vaiver of the terma hereof or of the note eecured hereby.
~ 12. 1'he lien of thia instrument shall remain in full force and.eBect during any poetponement or extension of
~ the time of psyment of t6e indebtednesa or any part t6ereof aecured hereby.
~ 1:i. If the Mortgagor detault in any of the covenants or agreementa contained herein, or in said note, then the
Mortgagee may perform the eame, and all expenditurea (including reasonable attorney's fees) made by the Mortga~ee
_ in so doinK shal! draw interest at the rate pro~•id~d for i~ the principnl in~iebtedn~ss, and shall be repa~ able
thirty (30) days after demand, and, together with interest an.1 costs accrued thereon, sl~all be secured by
this mortgage.
~ 14. Upon the request of the Mort~a~ee the :1~ortga~;or shall eaecute and deliver a sapplemental note or
~ notes tor the sum or sums advanced ~y the ttortgagee for the alteration, modernization, impro«mcnt, main-
? tenence, or repair ot said premises~ (or taxes or as.~essments a~ainst the same and tor any other purpose aulhor-
~ ized 6ereunder. Said note or notes shall be secured hereby on a pari~y with and as fully as i( the ad~ance
~ evidenced t6ereby were included in t,he note first described above. Said supplemental note or notes shall bear
~ interest at the rate provided for in the principal indebtedness and shall be pa~•able in epproximatel~~ equa!
~ monthly pey ments for such period as may be a~reed upon by the creditor and debtor. Failin~ to agrce on the
msturity, the wbole of the sum or sums so advanced shull bc due and pe}•able thirt~ (30) days after d~mand
, by t6e creditor. In no even~ sball Che meturity excend beyond the ultimate ciaturity ot t6e note first
described above.
g~ .
D 310 ~r,~r 659
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