HomeMy WebLinkAbout1157 t,enJer lo lhe :liortgaE;ee in accord~nce•with the proviaions o[ tl~e note secured hereb~, full ps~ment ot the
en~ire indebtedness represented the;ebK~ the ylotlga~ee~ ss truatee, st?all~ in co~i?puting the an~ount of suci~
indebteilneae~ credit to tlie acrount of tLe ~1orlga~or nny credit balance re~naining under U~e provisions of (a)
ot said paragraph 2. 1[ tt~ere s}~all be a de(ault under any ot ti?e pmvisions of this uiortga~e resulting in a
public sale ot the premises covered hereby, or it tl?e Mortgagee scqu~res the property otl~erw~se aftec detault, .
the Mortgagee, as truatee, sl?all spply~ at the time of the can~nencement of such proceedinga or at ti~e time
the property is otherwise acyuirecl, the smount then remai~in~ to credit ot Mortgagor under (s) of para~;rspl~ 2
preceding as a credit on the interest accrued and unpaid and t!`e balance to the principal then rprnaining unpaid
on said note.
4. He ~riU p~y all tauee, aaeeeameate, water raLes~ aad ot6er sovernmental or municiPal char6es. fina. os
impoeitions, for which provieion baa not been made heninbefore, and in defsult theceot fLe Mortg,agee m~y pay t6s
e~me; and thst 6e will promptly deliver the o~cial reoeipte therefor to the Mortg,agee.
5. He will permit, oommit, or auHer no waate~ impairment, or deterioratioa d eaid property or any p~art thereo!
e~ccept resaonsbk wesr aad tear; and in Lhe event ot the f~ilure oi the Morigagor Lo keep t6e building~ oa said •
pnmisee and t,hoee to be erected on ssid premiees~ or impmvementa tLereon, in good repe?ir the Mortgagee msy
malce euch npaire as in its diecret~on it msy deem neoeaeary for the proper preecrvation thereo~~ and the tull smount
of eac6 and every euch psyment ahall be due and pay~ble thirty (30) days dter demand~ and shsll be sxured by
tbe lien of this mortg,sge. .
6. He will pay all and singulsr the oosts, chsrgee, aad eupensea, including reaeonsbk lawyer's fees, and oost~ +
ot sbetracts of title~ incarred or paid at any time by the Mortgngee becauee of t6e fsilure on the p~ut of the Mortgagor
pmmptly and full~r to pedorm the agreementa and covenants of eaid promieeory note and thia mortgage~ and ea~d
coete, chargea, and expenaes ahail be immediately due and payable and ahsU be secured by the lien of tl»a mottgage.
7. He will oontinuously maintsin ,l~rd insurance~ of such type or types and smounts as Mortgagee msy
trom time to time require~ on L6e itnprovemente now or hereatter on said~ premises and eacept when payment
tor aU auch premiums has theretofore been made under (a) of psregrsph 2 hereof~ he will pay pmmptly when
due any prerruums thcrefor. All insurance shall be carried in compatuea approved by I11ortgagee and the poli-
cies and renewals thereot a6all be held by Mortgagee arid hsve attached t6ereto losa payable clausee in favor oi
and in form acceptable to the Mortgagee. In event oi loss he will give immediate notice by mail to I?sortgagee,
and titortgagee may make proo! of Ioss if not made promptly by Mortgsgor~ and each insursnce eompany
ooncerned is hereby aut6orized and directed to make payment for such losa directly to ylortgagee instesd of
to Mortgagor and liortgagee jointly, and the insurance proceeda, or any part thereof, may be appZied by Mor~
gagee at ite option either to the reductioa of the indebtednesa hereby eecured or to the restoration or repair of
the property damaped. In event oi foreclosure of this mortgage~ or other transfer of title to the mortgaged
property in extingu~s6ment o! the indebtedness secured hereby, all right, title~ and interest oi the Mortgagor
m and to any insurnnce policies then in force s6a11 pqsa to the purchaser or grantee.
R. If the pr~•iuis~~, or un~- purt th~•re•~~f. b~~ ~•oml~~um~~d uml~r th~ pov?~r of r~nin~nt do~~iuu~, ~.r a~•yuirc~d for
a publir usc•. th~ daiuaK~s uN•ar~l~d. tlu• pro~•~•~vis for ih~ tnkin~ of, or th~~ ~•onsid~ration for su~•)? a~•yuisition, ic?
the ~•xtent of tl~e full uiuount of tlie rernaininK uupai~l iud~l,t~~ln~~ si~~•ur~~d b~- tt~is n~ort~aKt~. ar~~ herel~~•
u~5i~m•~1 to th~~ \I~~rtKaK~~r. uu~i hic h~irs or a~.,i~;~~s. un~i si~ull b~~ }~ui~l forthK•ith to sai~{ ~tort~u~;~~~ or his
assiKne~ to tx~ applit~~l on a~•~~ount of th~• la.t i~~uturink instalini~~nis of yw•h ind~l?tc•dn~~ss: pro~•i~l~•~l, IION'{•~•er,
tlie ~lort~u~e~• or hi4 a.csiKnc~~•, ina~• at his ~lis~•r~•tion pur dir~~~•t to tL~ ~lortgnKor, liis l~~irs or ussir~?s an~~ part
or ull of su~•h i~w•nrd; Pro~idc~cl, thut if Ih~• loan is }~u:iranl~•~~~1 or insur~~d, tl~e ~•ons~•nt of the guurant„r or insur~r
is obtainc~~l in a~l~•an~•P of ~aid pu~•ni~nt.
The ~iortgagee may~ at sny time pending a suit upon t6is mortgage~ apply to the court having jurisdiction
t6ereo[ for the appointment of a receiver, and suc6 court ahall fort6with appoint s receiver of the premisee covered
~ereby all and singular~ including all and singular the income~ profite, ia4uee~ and revenuea irom whstever source
' derived, each and every of which, it being expressly understood~_ is hereby mortgaged as if apecifically eet forth and
I ~ described in the grsnting and habendum clausea hereof. Such appointment ahall be made by such court as an admitted
equity and s matter ot absolute right to ssid 11Zortgagee, and without reference 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
j rents~ pro6ts, income, issues~ and revenues shall 1Se applied by such receiver_according to the lien of this mortgage
and the practice of auch oourt. In the event of any default on the part of the Mortgsgor hereunder~ the Mortgagor
~ agreeg to pay to the Mortgagee on demand as s reasonable monthly rental for the premises an amount at least
~ equivalent to one-twel(th (~f z) of the aggregate of the twelve monthly instaliments payable in the then current
~ year plus the actual amount of the annual taxes, asses~sments, water ratea, and insurance premiuma tor auc6 year
, not covered by the aforesaid monthly paywenta.
~
~ 10. In the event of any b_-eac6 of this mortgage or default on the part of the Mortgagor; or in tDe 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, agreementa~ conditiona~ and covenants of said note and this mortgage,
~ are not duly~ promptly, and tully performed; then in either or any such event~ the said aggregate sum mentioned
~ in said note then remaining unpaid, with interest acerued to that time, and all moneye securecl hereby~ shall become
, due and payable forthwith, or thereafter~ at the option of said Mortgagee, as fully and completely us if all of the
~ asid aums of money were originaUy stipulated 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
~ demand~ suit at law or in equity, may be prosecuted as if all moneys aecured hereby had matured prior to ifs institu-
~ tion. The ~iortgagee may foreclose this mortRage, as to the amount ao declared due and payable, and the said
~ pmmises shall be sold to satisfy and pay the same together w:th coata~ expenaee, and allowances. In csse of partisl
(oreclosure of this mortgage, the mortgaged premisea ahall be sold subject to the oontinuing lien ot this mortgage
for the amount of the debt not then due and unpaid. In suc6 ca~e the provisions of thia paragreph may again be
r availed ot thereafter trom time to time by the 111ortgagee.
t 1. No wr.iver of any covenant herein or of the obligation secured hereby ahall at any tiaoe thereaiter be held
~ to be s waiver of the terma hereof or of the note aecured hereby.
~ 12. The lien of thia inatrument ahsll rea~ain in tull force and efiect during any postponement or extenaion of
the tene of psyment ot the indebtedneae or any part thereof eecured 6ereby.
~ I( the Mort or de(ault in an of the covenants or
gag y agreemente contained herein, or in esid note then the
# Mortgagee may aerform the eame, end all ezpenditures (including reasonable attoroey's fees) made by the MortgaRee
~ in so doin~ shsll draw intc~rest at the rate pro~•ide~l for in l,he principal indebte~incss, and shall be mpa~•able
- thirly (30) de}s a[ter demand, and, together with interest and costs accrued Lhereon, sl?all be secured by
` t6is mortgage.
~ 14. Upon the requFSt ot the .Liort~a~ee the ~iortRa~or shall euecote and delivcr a supplementa~ note or
~ notes (or the sum or sums ad~ance~l Dy the ~tortRaE;ee (or the alteration, mod~rnization, improvcm~nt, main-
~ tcnance, or repai- of said premises, (or taxes or as.a~~s~mrnts a~ainst che same end for e.a~• other purpose author-
~ ized t~ereunder. Said note or notes shnll be secured hereby on s parity with and as fully as if the advance
~ evidenced thereby were included in the note first described above. Said siipplemental note or notes shaU bear
~ interest at t,6e rate provided for in the principal indebtedness and shall be pavable in approximately equul
monthly psy ments tor such periad as may be e~reed upon by the crcditor and detitor. Fsilin~ to agree on the
~ maturity, the w~hole of the sum or sums so ad~anced shnll t,e due nnd pa~•able thirty (30) days after demand
, by the creditor. In no event s6all the maturity exeend beyonJ the ultimate c~aturity of t~e note first
desc=ibed above.
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