HomeMy WebLinkAbout0553 teader t,o tha Mortga~ee in sccordence witl~ the proviaiona of tlie note eecured hercb~~, full pa~~men6 of the
entire indebledness repre.aent.ed therebv~ tae~ Mortgy~ r~s t,rus~ee, ahu!!, in computing the amaunt of such
indebtednese, credit to tlie account ot tl~e` Mortg~Ror an~-arldit balance re~naining under tl?e pmvisiona of (s)
ot said p aph 2. lt there st~all be a default undtr any ot tlie pro~ri~iona ot thia ~nortgs~e ~esulting in s
publie sale o the premises covered hereby, or it the Mortgagre acquires the property otherw~se after de(ault~
the Mortgagee~ ae trustee, ahall apply. at the lime of the canmencement ot such proceedings or at tl~e time
the prop~rty r otherwise acquirecl, the amount then reu~aining to credit of Mortgsgor under (a) ot paragrap}~ 2
preceding as ~ credit on the interesC sccrued and unpaid snd tl~e balance to the principal then re~nain~ng unpa~d
on said notR.
4. He will p,y all tases~ ~eamenta, wat,er r~t~es, i?nd otber sovernmenW or munieipal eh~?rR'~, ~e+. o:
impositions, !~r wLtch pravi~io~ bas no~ baen mada 6ereinbeiore~ and in dei~ult thereot Lbe Mortg~gee maY P~Y ~
~ane; aad t,bat he wil! promptly deliver the o~eial reoeipta theretor to tbe Mortg~ee. .
b. He will permit, oommit. or suffer ao Naate~ impairment, or deterIoration ot aa~d propetty or any psr! thereot
esapt reaeonsbb weu sad tRar; ewd in the event of the G?ilure of tLe Mortg,agor to keep tLe buildin~s on sai~
pnmisee and t6ose. to be erected on said p~mis~, or improvements tLereoa, in good npair the Mo
make auch npaiis aa in it~e diacretion it may deem neoeaeary tor t6e pmper Prescrvation thereo~, and the
ful8
l~amount
of each and every euch payment sbsll be due and payable thitty (30) daya att~ ~d, ~
t6e liea of t,his mort~e,
8. He will psy sll and singulu t6e coets, charge~, and e:penees, includin6 reasonable lawyer's fees, and cosf,s
af sbetracte o! title, incurred or paid at any time by tbe viortgagee becsuse of the failure on the part of the Mortgagor
promptly and fu11y to perform the agreementa aad covenante of eaid promieeory note and this mortgage~ and ssid
eoeta, c6argee~ aad expenees ahall be immediately due sad pnysble aad ahall be secured by t6e lien oi tbie mortgAge.
7. He will oontinuoualy maintsin hazard i~urance~ of euch Lype or types and amouny ae,Mortgagee may
imm time to time require, on the impmvementa nov? ~r hereaiter on asid premises and e.~cept when psymen~
tor all such premiuma 6aa theretofore been made under (s) of paragrsph 2 hereoi, ~e will pay promptly when
due any premiums chcrefor. All insurance s6all be carried in compsniea approved by I?iortgagee snd t,he poli-
ciea snd renewals thereoi shall be held by Mortgagee and hsva sttached thereto loss payable cTausee in favor of
snd i~n~
form scceptable to t6e Mofrtgagee. In event oi loss 6e will give immediaLe notice by msil to Mortgagee,
~A~ 3~'!A~'~ApOPN R'~A j 1~s~P. ~Z'QQi Q~ ~a~s :f u~: .:.~ic g:~~gLlg b~ 3i~; ~~~r, e«.h insura~ce vompany ?
ooncerned is hereby authorized and directed to meke payment for such loss directly to Mortgage~e inatead ui
to Mortgagor and biortgagee lointly, and the insutance proceeds~ or any part thereof, msy be applied by Mor~
gagee at its option eit6er to the reduction oi t6e indebtedness hereby eecured or to the restorataon or repair of
the property dama~ed. In event oi forecloaure of this mortgage or other transfer of title to the mortgaged
property in extinguishment o! the indebtedness eecured hereby, efl right, title, and interest oi the Mortgagor
m and to any insurance policies then in force shall pnsa to the purcbaser or grantee.
R. If tLe prnu~is~~, or un~- part lhcrrof, lx~ eonile~uned und~r tl?~ poNer of e~uin~nt do~nau?, or ac~yuirn~i for
a public use, the ~IamaK~~s av?arded, the proc•e~~~Is for the tuking of, or thi• ~onsid~ration for suc~h ai•yuis~tion, to
tl~e extent of Uie full a~i~ount of the ren~aininR w~pni~l indelit~dnrss ~erurn~l b~• this i~~ort~a~e, arn i~ernbr
E assi~;ned to the Ltort~aKee. and hi.ti hrirs ur assi~;ns. un~l sl~:~l) tK~ paid forthv?ith to sai~l ~fort~aKe~ or his
! xssiKnee to be applied on ec•~•ount of the• lust n~uturin~ installu~~~nts of su~L indebtedness; pro~~i~le~1, how•c~ver,
tlie ~1ort~uKec or his assiKnre, uia~- at his ~lis~•rt•tion pn~- ~lire~•t to the Vlortgu~or, his heirs or as~si~?ns an~ part
! or all of such aHard; pmvidPd, thut if thc loan is Kuarunt~•~~~1 or insurc~d, the consent of the guurantor or insurer
; is obtain~d in advance of said pa~•nie•nt.
~ - The :Viortgagee mey, at any time pending a suit upon this mortgage, apply to the court having jurisdiction
ther~of for the sppointment of a receiver~ and auc6 court sball forthwith appoint a rec;eiver of the premi~es covered
~ hereby all_arid singular~ including all and singular the wcome, proSte, issuea, and revenues from whatever source
derived~ eac6 and every of which~ it being expressly understood~ ia hereby mortgaged ~peci6eally eet. forth and :t
deacribed in the granting and habendum clauses hereof. Such appointment shall be made~suchyequ~t a~an sdmilt,~d
equity and s matter of absolute right to said Mortgagee, and without reterence to the„~d
e
qupc
y or in~d e q u q
c
y~ o
f~ r r
~ t he v
a
lue o
f t he property mortgaged or to the solvency or insolvency of said Mortgagor or t~he defendants. Such
e renta, proSts. inoome~ isaues~ and revenues shall be appliecl by suc6 receiver according to the lien of this mortgage
and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mottgagor
i s~eee to psy to the Mortgagee on demand as a reasonable monlhly rsnta! for the premises an amount at least
~ equivalent to one-twelith (~2) of the aggregate of the twelve monthly installments payable in the then current
yeas plus the actua! amount of t6e annuai taxea, assessmente; w8ter rates~ and inaurance premiume for such year
~ not covered by the atoresaid monthly paymente. .
€ 10. In the event of any breac6 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 essh and every the stipulations, agreementa, conditione~ and oovenanta of said note and this mortgage~
i are not duly~ promptly, and fully pedormed; then in eith~r or any such event, the said aggregate sum mentioned
j in eaid gate then remaining unpaid, with interest accrued to that time, and al] moneys secured herebp, ~ahall become
~ ds:s ~ gays~,3~ f~r~,~~it~,, vF L~reafier~ s~ "the opiion oi said Iviortgagee, as fully and completely ,~s if all of the
~ said suma af money were originslly stipulated to be paid on such day, anyl,hing in said not~e or in this mortgage to
~ the contrary notw~thstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice ~r
~ demand~ suit at law or in equity, may be prosecuted as if ail moneya secured hereby had matured prior to its institu-
~ tion. The Mortgagee msy foreclose this mortgage, as to the amount eo declared due and payable, and the said
~ premieee ahall be sold to satisfy and pay the same together with oosts, expenses~ and allowances. In case of partisl
foreclosure of thia mortgage, the mortgaged pmmises ahall be sold eubject to the continuing lien of this mortgage
y !or the amount of the debt not then due and unpaid. In such ca~e the provisions of thie paragraph may again be
availed of thereaiter imm time to time by the hiortgagee.
~ 1 l. No waiver of any oovenant herein or of the obligation eecured hereby ahall at any time thereafter be held
to be s waiver of the ternoa hereof or of the note eecured hereby.
12. The lien of this inatrumeat shsll remain in full force and eBect during any poetponement or extenaion of
the time_of psyment of the indebtedneas or any part thereof eecured hereby. ~ ~
~:3. If t6e Mortgagor default ia any of the rnvenante or agr~ements contained herein, or in said note, then tha
Mortgagee msy pedorm tbe eame~ nnd all expenditures (including resaonable attorney's fees) made by the Mortga~ee
in so doing shall draw intereat at the rate provided tor in the principal indebeedness, and shall be rppa~ able
thirty (30) daya aiter demand, and, together with interest and costs accrued thereon, shall be secured by
t6is mortgage.
14. Upon the r uest of the Mo ~
eq rt~agee the Asortgagor shali execute and deliver a supplemental note or
notes for the sum or sums advanced ~y t6e 1lortgagee for the alteration, modernization, improvement, main- ~
tensnce, or repair ot said premisea, for taxes or as.Qessments against the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on s psrity with and as tully as if the advance
evedenced thereby were included in the note firsl described above. Said si~pplemental note or notes shall bear
interes6 at t6e nte provided for in the principal indebtedness and shall be psyable in approximately equal
monthly payments !or such period as may be agreed upon by the creditor and debtor. Failing to agree on the
ma6urity, the wbole of the sum or suma so nd~anced shall bc due and ps~able thirty (30) days a(ter demand
by t6e creditor. In ao event a6all the maturi~y extend beyond the ullima~e c~eturity of the note first
described above.
~QRK 311 F~~E 5~2