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HomeMy WebLinkAbout1806 . , - - - . . { ~ ~ ~t . ~ ~ ~..~~~~~~m ~i . ~ r aad shall pay all other sums provided to be paid br thu 11lortsaga aad ahall pertorm. o~~ ah and ~each and eceK7r the ~tipulatioa~, agreemeau. coaditioas and corea~nts of aid pnomissory note aad of tliis Jeed, then this ce and the ' atate herebr created a6a11 cca~e aad be auil aad void AND TNE MORTGAGOR does hereb~ turtber coreaant ead aaree as (olkws: ~ 1. To pa~ dl aad sin~tlu the priacipal and interest and other suws of moaer payable b~ vinue ot said pnom~voq aote and this mo~ta~6e, or eit6e~. promptlr oa ~e da~. rapecurelr ehe aame sererall~ come due. ~ 2. To paT all aad sin6ula~ tues. aeeessmeats. levies. liabilitta. obliaataw and encumbranees of ererT aature oa said dcscribed propcrt~. ach aad erer~. rrithiu t6e time apeci(ied in Paraaraph 6 bclo~r. and ii t6e wse a6all not be praaptl~ paid, t6e Ma~taaaee ma~, at an~ time ei~her be[ore or atter deliaquene~. pq tLe aame ~rithoat ~raivias or Jfectins t6e option to [ore- ciaee, o~ ao~ right 6ereuader and every pa~ment so made ahall bar iatereu fmai the date thereot at the nte o[ 10 percmt per aanam. 3. o keep the buildin6s oow or he r on eaid land and tbe futu d n ' ~ ~ " in a com or eompaa . ue ao m orm. for the 6i66est insurable ~aloe so that the mort ce's interest is not subject to co-i ance. and Ihe policr or polic' ahall be 6eld b~ aad be parabl W said mortaagce. aad mort6a`ee shall hare t6e option receire and applr said pay~m on aeoount ai the indebtedoas hercb~ secured. or permi the mortsasor w receive or ux it. aay put tLereol. tor an~ p without thereb~ ~+airina im- . pairins the equiq. 'ea or ria6t nnder aad b~ virtuc o is mortaage aad ma~ plaoe an pa~ for wch inwranoe or an put . t6ereof ~?ithout ~rair' o~ dtectia6 t6e optaa to toreclose anr riRht hereunder. and each ch pa~meot ahall bear interest date at the rate ot 10 nt per amnm. k,.. . , 4. To permit. com it, or sulicr ao ~+aste, impairn~ent, • donment, or deteriontion of ' pmpect~. or aer part the ~ of. and npon the tailure o Mortassor w keep the buildings penooal properts on sa~d P in 6ood condi~iop or *a pair. the Mortgaaee may d t6e immediate repair oi aaid prope , or an inerea~se in the am t of aecurit~. or the im- mediate repannent of the debt b~ secured, and the (ailure of the o~tgagor to eomply nith ~id and of the Mortgagee for a period of 15 days. s6d1 itute a breach of t6is 1liortgage. an t the option o[ the 1~iortg immediately mstare the entire amount of principal an ' tereat 6erebT eecured. and the Ato agcr. immediatdp and ~rithont ice, ma~ iastitnte proceedings to ~OClf~OSE I~lq ~t0l~3g .fpr ~h~ inMint~nnnf n( ~ ~ a ~frrp-n+~E~~[~Ct~. ~ ' ; ~ 5. To perform. aompl~ wit6 and abide b~ ea~ aad erer~ the atipulatioaa agrr.emeate, conditions, and eoveaants in said ? pramvsory aote and deed xt forth. ~ 6~ To deliver w the Mortaagee. on or before Februar~ 1 of each year. taz receipts evidencins the p~yment of all la~rfnll~ impoeed tues upaa the mo~tgased propertr for the precediag calendar ~eu; to delirer to the Mortgagee rceeipts cvidencing the ~ parmenb o[ all lieas for public impm~~emcnts within Ninety (90) daps alter the same ehall became due and pa~able, and to pa~ or discharse within Ninetp (90) da~s after dne date, an7r and all 6oremmental levies that ma~ be madc op the mortBaaed f,,, . Propert7. ou thi~ Mort6aae o: eote er in aa~ otLer wa~ nsuleins fmm the mort6a6e indebtednas aecured b~ this Mortia6G , - 7. To paT all aad sinanlar the ca~te, clursa, and eacpea~es. iacladiai larr~er s tear. reasonabl~ iocnrrod or paid at aa7 ~ ~ tioe b~ the Mo~t~ee. baause of the f~ilure of the Maarsaa~or to p~xform, oompl7 .?ich and abide b~ eacL aad eve~ the stip~- p xf i~ lations. ageements. oonditioos aad careaaat~ of nid ptoaaiteor~ note ~nd thi~ deed, or either, asd erer~ snch pa7ment shall P, bear ietere~t from date at t6e rate of 10 pxceet par ana~. ' ~ T6et i[ an~ aetion~ or prooxdio~. ~hali be commenced b~ aA~ per~oa alkr chan the 6older of tlw tsort~~e ~t:cept red therob to xhic6 action, or roceedin , t6e holder of this an action W Eoreclose tbn mort6a~e, or to collect the debt aecu 7) P B mortgaae is made a pan~, or ia ~r6ich it shall become nece~arY w defend. or up6dd, tLe liea of tLis mo~rtgage, all sums ~ paid b~ the hoMer o[ this mortga~e for the e:pense of any litigation to prosecutq or defead, the righta and liais crated 6~ t6is mort6age (iaclnding reasonable counsd fees), shall be paid b~ the Mortgagor. toget~a~ with interest thtreon. at thc rste of ~I 10 percent per annam, aad any wch aum, and t6e intereest thereon, shall be a claim upon asid premises, and shall be deemed to j~! be seeured b~ this mortgage. 7Le sums paid by or incurred by t6e holder hec~eot ia accordance with the terms of this paragraph. ~ shall be paid Ly the Diortgaaor unto the holder bereof r?ithia tLirt~ (30) daps, and the failare or omiqsion of tLe bfortgagor so to do ahal! ~ntitle the Mortga~ee w add such wms w ehe priacipal indebtedoeas of this mortgage aad the note it secures, and/or at its n t-- : option der.lare this mortaa~e wd tLe aote it eecnree W be ia default, tliu~eupon matur'urg all of the unp~id indebtednces ioclndiaa j t6e sums sd~anoed hereunder. • ~ ~ 9. Tl~at no ezteasion of the time or modificatioa o[ the terms of payment hereinabove, and no relwe of any part or pares i ~ of the mortgaged prcmivea, ecen though made ~?ithout the consent of t6e Mortgaaor shall releax, nlie~e, or discharge the { :liortgagor from t6e paTment of any of the sums hereb~ aecured but in such esent t6e Mortgagor shdl nere~thele~ be i e to j pay such sums according to the terms of such eztension or moditicataos unlesa speciiically released and discharged in rrritin8 { ~ss~ bp the 1Giort~agee; and furthcrmore, that acceptaace of part:~~heo?bi aq't bstq~lmt~td p}fi~r.i~d' or interest, or both, or of ~ ~ part performance of any oo~enant or delaq for an~ period of time in t=ercising tbe optioA to mature the entire deM. sha11 not - operate as a Maiver ot the right to ezecute such option or act m such defauft, partiat' '~acoept~ce or an7 wbee4nent defaalt. ~ ~ - i7~J: il.~ ~ ; G ~~f~+ ?1'~8~ ~ l0. Until default ia the performance of the corrcnants' aod agretuneiib of thf! Ma ~L i~ r s6a11 be eatitled i s~ ; to collect the rents, icsues, and profits trom t6e premises hE~ei~bdrrd_deseri~ed, btt jn e~e aE~,,'L~~, ~ of th~ terms of ~ " this :1lortgage, or the filing of a bill to foreclox thu or any other moStBase a?cumberin; . th~, ,~*rthm d~~cnb~d property, t6e 1ltortgagee shall immediately and withont notice be entided, as a matte~'of rig6t, and ~rit6d6!-~tbV~.~d~ of the premises, or solienc~ or insolvency of the partirs, to the appo?ntment of a Recaver of t6e mortgaaed pmpertp, both rea1 and personal, and ~ ot the rents, iseues and protits t6ercof. rrit6 the usual po~rer of Receivers in such cases, and suc6 Recei~rr may be continued !~t in posses5an ot the aaid propert~ until the time of the sak t6ereof, under suc6 foreclasure. aad until the confirmation of such ~ sale bv the Court. r~ 11. If forecloeuro procredings shonld be instituted o~ any mortgaae inferior to this mortgage or if any foreclosure pro- ~ ~ ~ ceeJinE is iastituted on any lirn of an~ kind, the arortgagee may st its option immed'utely or thereafter declare this mortgage ~ and the indebtedness secured herebp, due and payable. If there is any mortgage superior to this mortgaae, then failure to pay - '~li said mortgage when due and in accordance with ita ierms or iailnre to abide b~ tbe terma of said mortgage shail be deemed a ~ breac6 of this mortgage and the mortgagee at its option may immediately or theredter declare this mortgase aad the indebtedn~ ~ 6ereby secured due and papable. Any modi(ication of any mort6age superior to this mortgage or wai~er of anp principal or interest _ f~ pa~-ments oa any note or mortgage superior to thi~ mortgage shalf be deemed a breach of the terms and covenants of this mortgage and the mortgagee hereof may at its option declare thia mortgage and the indebtedness aecured hereby due and pa~able. ~ 12. That the mailing of a r?ritten notice of demand, addrcsged to the orrner of reoord of tbe mortaa6ed.premiqes, directed to the said owner u the last addreas actunlly fnrnished to the biortgagee, or directed to the said o~cner at eaid mortgaged pre- ~ mises, and mailed by tbe United Sutes mails, shall be sutficient notict and demand in an~ case arisin` uader thi~a instrument and ~ - requircd b~ the pror•isiona hereof or by lawr. ~ ` ~:i ~ ~ 13. That in the e~ent the ':lfortgagor should a~ign the rents of the mongaged premisea or any Qart t6ereof without t6e " ~ - oonsent oi the 11to'tgaget, t6ea the rntire principal~sum secured heneb~ ahall, at the opt'an of the Mortgagee, bdwme immediate- ~ j.~~ ly due aod paTaWe. ~ 14. To the uteat of t6e indebtedaesg oi ~he :lioctaagor to t6e Moctaaaee deberibed t~erein or seeared 6ere6~, tl~e Mortasaee ~ is hereby aubmgated to t6e lien or liena and to the rig6ts ot the orrnera and 6olders t6ereof of uch and erer~ mortsage, lien or ~ i-~ other encumbr~nce m tLe Lnd deacribed hernin xhicL is paid and/ar sstisGed, in ~rhoie or in part, ont of the proceeds of the loan ~ 1'--~ deaccibed huein or iecured berebl. aad the rapoctire lieos ot said mortgagea, lieas oc other ~enmbraace~, sluD be and the same ~ aud eacb of t6eia 6erobr is preeetred and shall paes tu aed bs beld by t6e Atortgagee herein ss eect~rity tor t6e iodebtedoesa w the 1ltortgagee 6ereiu described or 6ereby eecured, to tbe same esteat that it Nonld hare beea pr~nred aod ~roald hav~e been pasaed to ~ r=-_° and been held by t6e Dlortaasee had it bees duly and reaulad7 aasi6oed, ~anaferred, set over and delivered unto tLe Mortaaaoe bp ~ separate deed of assi6nment notKithetanding the fset t6at the same ma~ be satis(ied and cancdled of record. it beiaa the intention oE the parties hcreto that the aame will t?e satisfkd ud c~~odlsd ef tre~ed 6/ t6e holders t6aeot at or abo~t the time of t6e ~ ' recordina of this ~tortgage. ~ '~31~ _ . ~ ~ °i~~ ~r~~ P~GF~~ '.y; " ~ ~ - _ a. , y i'Y . £ +ES~~~i~'i~i~~~4' ~ .~Y.L~~ ~1I"`l~ ~ . .