HomeMy WebLinkAbout0864 tender to ttie ;~iortgager in accordance with t}?e provisions of flip nc?te aerurc•d lirn•b~•, full payulent of the
• entire indebtedness reprraented Ulereby, the Mortgagee, as trustee:, shall, in cotnputinK the an?ount of such
iadebteJnrsa, credit to the account of the \iort{~ aKur any credit balance rrlnainin{; under the provisions of (a)
of said paragraph 2. If there shall be a default under any of the provisial?s of this niortgagr resuUing in a
public sale of the pretnisf:~ covered hereby, or if Lhe Mortgagee acquires the property otht+rwtse after detaul4.
the Mortgagee. as trttatre, shall apply, at thA tin?e t„f the rnttl!!la!lC~t•t°nt '?f o~n{t '~`rv`ia'%°dSti`f,'°a Ur ist file ttii'tf°
the property is otherwise acquired, the aulount then reutainingg to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued and unpaid and tl?e tlalance to the principal then ren?aintng unpaid
on said note.
4. Hs wiU pay all takes, a>ieeasments, water rates, and other governmental or municipal charges, fines, or
imptteitions„ for which provision has not been made hereinbefon, and is default thereof the Mortgagee may pay the
ttt?me; sad that he wiU promptly deliver the official receipts therefor to the Mortgagee.
5. He will permit, commit, or sager no waste. impairment. or deterioration at said property or any pad thereof,
except reasonable wear and tear; and in the event of the failiire of the Mortgagor to keep the btttldiagrs on said
premises and those to be erected on said pretniae~, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper prest:rvation thereof, and the full amount
of each sad every such ps?ymeat shall be due and payable thirty (30) days after demand, and tihall be secured by
the lien of this mortgage.
8. He will pay all and singular the poets, charges, and expenses, including reasonable lawyer's fees, and costs
of abstrscta of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said pmmitleory note and this. mortgage, and ttaid
costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft is mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounts as Aortgagee may
from time to time require, on the improvements now or hereafter on acid premises, a>Gd excep6 when payment
for all such premiums has theretofore been made under (s) of paragraph 2 hereof, be will pay prom flyy when
-due any premiums therefor. All insurance shall be carried in companies approved by Aortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and Gave attached thereto loss payable clauses to favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate nonce by mail to Mortgagee,
and ~'Iortgagee may make proof of toss tf not made promptly by Mortgagor, and each insurance company
eoncernecl is herebyp authorized and directed W make payment for such loss directly to 141ortga~ee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mort-
gagef~ at its option either W the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. in event of foreclosure of this mortgage, or other transfer of title to the mortgaged
property to extinguishment of the indebtedness secured hereby, all right, title; and interest of the Mortgagor
to and to any insurance policies then in forte shall pass to the purchaser or grs•ntee.
5. If the prcluise., ur :ut~- part tiu•renf, ar (.ands:l?ned wu!er the flower of en?ine+?t douiunl, ur acyuircd for
a public use, ti?c• dan?uKes awarded, the prnl•cerls for the tui;inK ui, or th:• consuteruti(m fur sur•h aequisu?on, to
ti,e (•xtent :?f it?(• full auwutlt of ti3e ran?ainu?K unpui(f indebtedness secured h~• t1,?s u,ortz;at;e, are }Iereb\•
usi;:ned to tLe JlortgaFee, u?:d t:ia heir .?r us?~ns, ul,d sLuii paid furthwuh to said Al(?rtf;ut;ee or his
7t15siKnee to !x• applied ~(+n 1u'crn?nt of tt:(• Mist u?:uurnw lthtaih:u•111s „f sul~l? indebtednes,: provider!, hot~•c`ver,
the ~lort{:uKee r?r his asixuee. ula~• ut his disr•retimi p:?~• dire,•t to the Alortku~ur, 17is hf•u~: nr ascig:)s unv part
~r a!! of such uwarrl; provuted, that it the !.,nit is t;luu;?nt(•r(t nr msured, fife consent ref the f:uurantnr rlr insurer
is ohtuint•rl nt ,?dvanee of soul j1u~•uu•nt.
:t 1'he ~iortgagre may, at any time pending a suit upon this cortgage, apply to the hurt having jliritadiction
.thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
heret,y all and singular, including ail and singular the income, profits, issues, and revenu(s from whatever source
derived, each and every of which, it being expressly. undeist,ocxi, is hereby mortgaged as d specifieatly set forth and
described in the RranhnK and hailendum c?alises hereof. Such appointment shall be made by such court as an admitted
equity and a matter of a1>soiute right to Bald Mortgagee, and without referenr•e to the adequacy or inadequacy of
the value of the properly mortgaged or to the solvency or insolvency of sa?d ~iortgagur •~r tae defendants, such
I~ rents, profits, income, ?s,SUe3, and revenues shall lye applied by su:,n rece?ver according to the lien of this mortgage -
and the practice of such court. In the event of any default r)n the part of the ~Iurtgagor hereunder, the Mortgagor
agn(~ to pay to the ~lortgagf:e on demand as a reasonable monthly rental fnr the premises an amount at least
eywvalent to one-twelfth (!42) of the a~n•Rate of the twelve monthly installments payable in the then current
year plus the actual amount of the annual taixes, assessments, water rates, and insurance premlunis for such year
not covered by the aforesaid monthly payment9.
:U. In the event of any b-each of this mortgage or defaudt (n t:?e part :)f file Mortgagor, or in the event that
any of said sinus of money Herein referrf>d to i,e not promptly and fully paid accor(ing to the tenor hereof, or to tt:e
event that each ancf every file stipulatiors, aKreements, conditions, arri covenants of anal note and this mortgage.
are not duly, promptly, and tui;y pcrformc,i; then ?n eitfler or any such evert, the sa.d aRRreRate sum mcniionert
!n said note then rema?nt:iR unpa,~i, w?rh inU'rr•it accrut•a to that time, and :.ii ntr~nevs secures t•.emt>y, shall becom:~
due and payai,le forthwit n, or !t~erf•~ut••r. _tt tae opu(,n :,t ~:t:d ~lortgaR(~`, is f~1t:}• ano cnmpteteiy :~s if xll of fife
said sums ~f monNV were orig3nauy sttautated to ce pain un such nsv, anytMnR in sa:a note or this mortgage to
t:?e (:ontra-y notwlthstau(i?ni;; ar:d thcr(•up:)n •)r there:3itf•r, <.t the optlc,n •)i said Jfortgagef , without noti(.e. or
uernarui, s;ttt it t:31~' ~)r ?n c•giuty, m+s~• ne pr()sYC1:lfSl 73.5 It ;iii re,nnr,~•s secured hr•rer,} n:tct msturY~1 prior to ?ts instlt:l-
( face.. "T`:e tit+rtgag.'e mac iurecia=c ttas rnur)RxKe, 3s to the sr3fwnt ~o r~eclarr•d dtie ara pa~•ahie, and the said
j+[Cnll~("i Sh::tl N' rc;l,i tr) ti121~:~' ht,tl U:t~' t.:l(' ~:tril(• InK(`tt7>•r w•?th iU~TA, PxpeDSr's• And flllOw'af+('r•~. .n C:i.~e nt partial
tUr(fl0`11C1• •)f t! IS n:urtKuKe, '.~7C SI?`+fi~a~+,l prclLl`t•S Sflalt :;r ~t+id $c!t)jPCL •O t,:t• COiltll)tiILJ~ hr'n ~)t tt,iS Stinrft(aQ('
f')r Li1C aln0'la[ .,f t~lf' (lf'.)I G')C fnr n Ut1Y aI:U t:np?tt~t. .:1 5U~h C1iie Ll)e pff)Yhlp:ls •it ~taS Q:traRra;'•tl lll;t)• ag:3tn C,e
x
avatt(xi ~f tttc:f•aitcr irv:n ante ).o t,rae • 1• t:)e ~lurtgay,r•e.
:•O WalVer OI rifa_y CO~'enanL i?erein of Ot Lt1P a>UIiQ3U~,n ~eeUrr•Q nert•',Y Sh:tli 3t A;iS' t?:r?e L,:eifaftr'r :K? help
;.O be a waiver of tae t(•Rns !3('re`)1 {)T •?f !:?f' n~,tC selair~•(1 he:
et:~:.
' 1'he lien of this tns:runlent 5ttail remain in full force an(1 effect during any postponement nr extenstr+n of
the'tin?e of payment of the iodehteduess or shy part thereof secured h(>reby.
} If the AfoltgaRnr defa:ilt in an. of tl,e ,~uven:3nt:1 or a><reelnenL9 contained herein, nr in Bald note, th(•n the
Mortgagee may perforn3 the sar.3e, and ail expru(tltures : including reasonable attorney's fef , made by the AiortRaRee
~n ~ Joint; shnil draw- inte?c••;t at the rate i,r~,. tried fnr in the. pnn(•Ipal uldPt?tcdnr•v, xnd shall be repal•Rbie
thirt~• !an) ~la~-s aftc r (i(•n/a:3a, ar?+1, tokett?r•r with intYn•st ar;,i ccst•; arcnlr,i thereon, s})ail be secured by
this niortga~(•
f. i pr+n tttr• rertur'st )f Zlnrtt;a~••(• ti:(• '.t<?rt~aznr s!?1?ii rzecute :t.:r! del?c,•r a ~unpternrnta} not: nr
not.`. fur the su:n ur tutus arl~-xnc,'rt t)y the ~InrtgaRre fnr the alteratir,r., nu+cternlzf3tu)n, irl?p:nvrlnrnt, nlau?-
tenance, or repair of sa:(t prt•misec, for taxes or assr•ssn?ents e~;ainst the sanu• and fnr nm• other purpose authr)r-
rzed hereunder. maid note or notes sh?,li :x` ~(•rured hereby (+n a pant}• with ancf as fully as if the advance
er•i(ienced thereby were included in the note first described above. maid supi,iementai note or:?ot(•s shall bear
( in'erea at the raft. prol-idf•d for in the i?nnc?pal in(ict,tefinf•~s anti :hat! c)e pa~-at,le to approxlniatriy equal
monthly pad mr•nts for sac} period as coati- t?e a~;rerd t1;x)n by the creditor and debtor. Failing to aer(•e on the
maUuity, the wt?oie of the sl?m ,?r ~nni`•so ,yrivanr•e(I siu:ii -be clue ,3n(1 t,asrit,ie tiurt~• (Rtti days aftt r d(•nlanll
by the creditor. In no event shat! tl?e n?aturlt_v extend beyond th:• ultimate Lraturlty_ ~,f the note first
described atx~ve. ec~~ n p~+t~
3t1~k J~9 PlGF ()I1./_