HomeMy WebLinkAbout0878 tender to the T~loriga~;ee in eccordance with the provisioi?s of the note secured 1?ernb~•, tull pa~•utent ot tF?e
entire indebtedness reprexented therobv, the Mortgagee, es trustee, ahall~ in con~puting tl~e au~ount of sucl?
indebtedneae~ credit to tlie account o~ tlie Mortgegor any credit balance reuieining under the provisions ot (a)
ot said paragrsph 2. If there si~all be s default und~r any ot tl~e provisiona ot this u~ortgs~e resulting in a
public sale ot lhe premisea covered hereb~, or if the Mortgagee acqu~res the property otl~rrw~se eher detault,
the Mortg~gee, as truatee~ shsl! apply~ at the time ot the canmencement o! such proceedinga or st tt?e time
the properLy ~a otherwise acquired~ the amount then reuiaining to credit o( Mortgagor under (s) of pera~;rapl~ 2
preceding ~s a credit on the interest accrued and unpaid and tj~e balsnre to the principal then remain~ng unps~d
on said note.
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4. He will psy all t~xes, aeeeaemenfs~ w~ter nt~es~ snd othar ~overnmental or municip~l eharses, fiae~. or
impositions~ for whic6 pmviaion haa not beea made hereinbefore~ aad in detault thereot the Moctg~gee mi?y p?y tbs
taa~e; i?nd that he will promptly deliver the o~cial reeeipt~ t6erefor to the Mortgagee.
5. He ~rill permi~, oommit~ or suBer no weate, imp~irment, or deteriorstioa of said pmperty or any psr~ t6ereot.
. e~ccept t~eaeone?bb wesr and tear; and in the .event of fLe failure ot !he Mortg,agor to keep LM~ buildinp oa esid
premieee rwd thoee to be erected on said preoni~es, or improvements t6ereon, in good repair~ tbe Mortgagee may
make such repaire aa in ite diacretion it msy deem neceeeary for the pmper preec.rvation thereof, and the full amounL
of esc6 and every euch payment e6all be due and psyable thirty (30) dsye atter demand, and ahall be sxured by
the lien of thia mortgaae.
6. He will psy aU and ~ingulsr the oosta~ and ezpeasea, including naeonable 4~+yet's fees, and ooeta
of sbetracts of title, incurred or paid st any time by t e Mortgagee becsuee of the failure on the psrt of the 1Hortg,e?gor
promptly and tully to pertorm t6e agreementa and covenanta of eaid promieeory note and Lhea mortgage~ snd said
ooete~ chargea; and expenaea ahaU be immediately due snd payable and s6all be eecured by the lien ot thia mortgage.
7. He will oontinuously maintain hazard inaurance, oi such type or types and smounts ss Mortgagee msy
irom time to time~require, on L6e itnprovements now or hereaiter on said premises~ and e.~cept when payment
for all such premiuma has theretofore been made under (a) oi parsgraph 2 hereoi, he wiU pay promptly when
due any premiums therefor. All inswance shall be carried in compamea approved bp blortgag ee and the poli-
ciea and renewals thereof s6all be held by Mortgagee and 6ave attached thereto loss paysble cleuses in favor of
and in Iorm acceptable to the Mortgagee. In event, of loss he will give immediate notice by mail to Mortgagee,
snd Mortgagee mny mske prooi oi toss ii not made promptly by Mortgagor, and each insurance aompany
ooncerned is hereby aut6orized and d'uected to make payment for such losa directly to Mortgage~e instead of
to Mortgagor and Mortgagee jointly, and the insurance proceed~, or ewy part thereof, may be applied by Mor~
gagee at its option either to the reduction oi the indebtedneas hereby eecured or to the restorat~on or repsir of
the property damaged. In eveat of foreclosure of this mortgage or other transfer of title to the mortgaged
pmperty in extinguishment of the indebtedn~a secured hereby, a~l right, title, and interest oi the Mortgagror
m and t,o any iasurance policies then ia force ahall pasa to the purehaser or grantee.
S. If U~e premi~~~, or un~• part th~•n•of, be~ c•onil~u~ued under th~ pow~r of emineM don~uin, or acquir~~l for
e public use, the dnniaKi~s aw•arde~l, thi• pro~•i~e~ds for the~ taking o(, or tlir ~onsid~ration for su~•h a~yuisition, to
the extent of tlie full aniount of the ren~aininK unpaid indebt~~lnchs s~~•ure~1 b~~ tiiis inort~aKe, are l~er~t»-
assi~?ne~1 to U~~ ~Iort~aRPe, un~l hi.G h~~irs or uasi~;us, an~i ~{iell hi• pai~l fortliw~ith to said ~torlKn~e~ or his
assiKnee to be applied on acrou~~t ~~f th~~ last n~uturin~? installnu•nts of surh in~1~Lt~~lm~ss: pro~•i~le~l, hoH•~~•er,
thc ~lort~u~ee or his :is.giKnt~e, n~ur nt his dis~•r~~tion pu~- ~lirn~•t to tli~ `Iort~aKor, his li~irs or assi~ns an~• pnrl
or all of ~ucl~ aw•anl; pro~idecl, tt~ut i~ the I~,an is ~:uarant~~~~~1 or insured, th~ ~~onse~~t of th~~ guarantur or insur~r
is obtaineil in ad~'ance of said pu~•iu~~nt.
J- The ;liortgagee may~ at any time pending a suit upon thia mortgage, apply to the oourt 6sving juriadiction
thereof for the appointment of a reaeiver, and such court ahell forthwith appoint a receiver of the premises oovered
' hereby all arid singular~ including all and singular the income~ profits, issuea, and revenues from whatever source
' derived~ each and every of which, it being expressly understood~ is hereby mortgaged sa if apeciScally set forth and
described in the granting and habendum clauses hereof. Cuch appointment shall be made by such court as an admitted
~ equity and a matter of absolute right to said MorLgagee, and without reference to the adequacy or inadequacy of
' the value of the property mortgaged or to the aolvency or inso:vency of said Mortgagor or t!~e defendanta. Such
~ rents, profits, income~ issues~ and revenues sheil be appliecl by sueh receiver according to the Uen of thia mortgage
~ and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor
r agrces to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (yf Z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annual taxes, assessmenta, water rates, and insurance premiums for auch year
~ not oovered by the aforesaid monthly payments.
k 10. In the event of any b*each of thia 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 fully paid according to the tenor hereof, or in the
~ event that each and every the atipulations, agreements~ conditione, and covenants of said note snd this mortgage~
~ are not duly, promptly, and fully performed; then in either or any such event, the said sggregate sum mentioned
in said note then remaining unpaid~ wit6 interest acerued to that time, and all moneys securecl hereby~ shail become
due and payable forthwith, or thereafter, at-the option of said Mortgagee, ss fully and completely as it all of the
eaid suma of money were originally atipulated co be paid on such day~ anyLhing in said note or in this mortgage to
~ t6e contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee~ without notice ~t
demand~ suit at law or in equity, may be prosecuted as if all moneya secured hereby had matured prior to its institu-
tion. The Morcgagee may foreclose this mortRage, as to the amount so declared "due and payable, and the said
~ premiees ahall be sold to satisfy and pay the same together with coats, expenses, and allowancea. In case of partial
~ foreclo~ure of thia mortgage, the mortgaged premises shall be sold subject w the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In suc6 csae the provisions of this paragraph may again be
~ svsiled of thereafter from time to time by the Morigagee.
~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terma hereof or of the note aecured hereby.
12. T6e lien of thie instrument ahall remain in full force and effect during any postponement or extension of
the Lime of psyment of the indebtedneea or any part thereof eecured hereby.
` I:3. If the Mo or default in an of the covenants or
~ rtgag y agreementa contained herein, or in eaid note, then tha
~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ee
~ in so doinR sha11 draw interest at the cate pro~•ided for in the principnl indebtedness, and shal) be mpa~abie
" thirty (30) days atter demand, and, together with interest and costs accrued thereon, sl?all be secured by
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~ this mortgage.
~ 14. Upon the request of the Mort~a~ee t6e ~'Iortga~or shall ea~ecute and deliver a supplemenGal note or ~
'~T notes for the sum or sums advanced Dy the ~tortgagee tor the alteration, modernization, imprc~em~nt, main- I
tenance, ot repair of ssid premises, tor taxes or as.~essments against the same and for en}• other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a pariLy with and as tully as if the ad~ ance I
~ evidenced thereby were included in the note first described above. Ssid sapplemental note or notes shall bear i
~ interest aL the rate provided ior in the principal indebtedness and shall be Pa~ able in approximately equal '
~ monthly payments tor such period as may be agreed upon by the creditor and~debtor. Failin~ to agrec on the
maturity, the whole of the sum or sums so ad~anc~d shnll bc duc and pa~•able thirty (30) days aftcr dcmand
by t6e creditor. In no event shall the maturity extend beyond t6e ultimate c~aturity of the note first
~ described above.
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