HomeMy WebLinkAbout1471 reader to the 'Mortgagee is ~ with M - 7 -:r of the note secured henbv, full payment of the
entire indebtedness raprenented ,the o~~~, as trustee, shall, in computing the amount of such
indebtedness, credit to the account oft Mr sty credit balance retnaiaing wader the provisiotu of (a)
of said parsg Z. !fit there sheq bs a deta t under any of the provisions of this mortgage resulting in •
public sale otm premises coveral hereby, or it tt?e Mortgagee acquires the property otherwise after default,
the Mortgag~ss, as trustee, shall aPP1Y. ~ of ~ cotntneacement of such proceedings or at the time
the property is otherwise acquired, the amount then reutatning to credit of Mortgagor under (a) of p~ragtsph,Z
preceding as a credit on the interest accrued and unpaid sad the balance to the prutcipal_ then remaining uapud
on said note. -
g. He wilt pay ap rases, asrteesnasnts, water sates, and otbeir ~vernasenial ae mvnioipsl charges, ~Sns~, nc
~~s•
atad
t~
L 6s~wiD~v~ d~eliv~er ogiaial r~pf~tlrreeretor to the M~act~ee. ~ M~~i~ ~T P+V ~
~ He wilt permit, co+mmlt, or softer a? waste. ionpairmeat, or detadoration of said peopa+tty ate aayy past thetreot
swept ieasonaWe wear and tear sal is the scent of tbs failure d the M to keep the btdidings on ss3~
premises and thane m bs erecta~ on said premises, or improvements thereon, 3n good repair the Mw~t~,ee may-
maloesuch Kpairs sa m its discretion it may deem aauesary for the ppr~p~ peesctvstioa tbsreo~ and the full amount
of each and every such payment sha11 be due and ps1?abk (30) days aftee~ demand, and shall bs scoured ~
the lien of this martgate.
4. He will ps~y all and iingulsr the posts, ahargev, sad eacpeases, iaalttdin~ resscrosbje kwyer's tees, and oostta
of abstracts of t3t1e, incurred os paid at any time by ibei Mortgages because of t>:s failure oa the part of the Mostg~
promptly and tuU;y to pedarm the agreements and aovenaats of said pr~omirary note ated this. saes said
poets, ahargee, anndd enpenees shall be itngmediateb? due and pyabb sad shall be secured by the liaaaai~taortpge.
He will aontinuous~y maintain hasard imwranoe, a~f such type or t and amounts as Mortgagee may
from tuns to time require, on the improvement now or heebfaiter on said premises and a:Dept when ps~yment
for all such premiums has theretofore been made under (s of paragraph 2 hereof ~e will ps, prom ti~ when
- due any pr+emtums thorefor. - All insurance ahali be m compsnus spprove~ by 1`_~rtkg~ges
~
t~aevo
or of - .
cies and renewals thereof shall beheld b~ Mortgagee and have attached therreto bees pay o cIa
. and in torn aeoeptable to the M In event of bee he will give immediate nottoe by mW to 1Viortgagee, .
and M ales mryy make proofo~~ if not made promptly' 6y Mortgagorf and sash iasuranoe company -
aonoernedo~ s 6ersb~t-authorised and directed to snake payment for such bees du~+ecdy to Mortgagee b
toad of-
" to Mortgagror and Mortgagee jointly, and the insurance proceeds, or say -part thereof may be a_pp7ied y Mores
gages at ita~option either to the reduction of the indebtedaeea hereby secured or to tSte restoration or repair of
the property dttmaped. In event of loseclosurs of this mo or other transfer of title to the mortgaged
property to eztutgtttshiment of the indebtedness secured her+eb~, all right, title,: sad interest of the Mortgagor
m sad -to any issurEsos jtQ4cies then in force shall pass to the purchaser or grantee.
8. If the ppremises, or am part thereof, be condemned under the power of eminent dotiiatn; or acquired for
a public use, the dautages awarded, the prorre..a ~ ~~lte takingg of, or the consids?ration [or such acqutsttion, to
the extent of the full amount of the remaining ,:._pai~i indebtedness secured h~ this mortgage, arc hereb~•
assigned to t)te Mortgagee, and..?is liens or assigt?s, and sl~ail tx~ paid fortl~witlt to saki ;viartgagee or hts
ass~nee to be applies! on acrouut of the last msturmK instalhuents of such indebtedness; provuiesi, however,
the yiort~ee or has asai~nee, may at his discretion psi direst to the Mortgagor, his heirs or-assign any-part _
or all o[ such award; provided, that t( the loan is guaranteed or tnsuresl, the consent of the guarantor or insurer
is obtained in advance o[ said payment.
9. The Mortgagee aLy, at nay time pendin6 a suit upon this mortgage, apply to the court loving jurisdietiote
thereof for the appointment of a receiver, sad nosh court aball farthwitb- appoint a receiver of the premises covered
hereby sell add singular,- including all and singular the income, eta, issues, sad revenues from whatever edur+oe -
derived, each sad every of which, it being eacpreeeiy understood, is hereby mortgaged ss if specifically set forth sad
described is the granting sad hsbendum clstiees hereof. 8~k appoiata~at shall be made by suc8 court as sn admitfecl
~f - equiyr and s matter of absolute right'to said Mortg~ee, and without nfenaoe to the sdequaey or inadequacy of
the value al the property mort,~ged at<.. to the solvency or insolvency of said Mortgagor or tee defeadaats. Such
recta, profits. inaoine, ieeires,-nod rsveaues shall be applied by such receiver aeoordi~ns to the lien of this mortgage
~ and the ptactige Qt,wrh court. Ia the event a~f nay default on the part of the Mortgagor i~ereunder, the M
f agrees to pay to the Mo oa demand as s reasonabis monthly rental for the premises an amount -
` equivalent to ores-tweuth of tbs s~r~ of the twelve ~nontaily iastallmeata pyabk in t>r then eurnat
year plus the actual- amount ot.the annual taxes, aasest~n~ents, water ratan, anal inrrraaoe premiums far such yeas
not covered by the aforesaid monthly payments. - _
~ 10. In the event of dray b~eac6 of this mortgs6e or default on~ths part of the Mo:tdsgor~ or in the event that
nay of said Bums of money herein referred to be not promptly and fully paid accordu- to the tenor hereof, or is the .
event that each ac.: every the stipulations, a,geements, conditions, and oovraanta of said note and this mortgage,
are rot duly, promptly, and tuUy performed; then is either or any rush event, the said aggt+egate sum mentioned
in said note then remsinina unpaid, with interest a~ocrued b that time, and all moneys assured hereby, aball become
dns sad payable iottlrwith, or thereafter, st the option of said Mo~taa6ee, as fully and eoac?pktdy as if all of the
said -sums of money were ori~naUy atipuLted to be paid on ouch day, :aything in acid note or in this mortgage to
the contrary notwithstanding; ahd thereupon or thereafter, st the option of said Mortgagee, without notiste ar
demand, suit at law or in equity, may be.prosecuted as if all ~aeya secured hereby had matured prim to its institu-
tioa The Mortgagee rosy foredase.thts mortgage, as to the amount so declared slue and payable, sad the acid
_ shall be sold to satisfy and pay the same together with poste. expenses, end allow:noes. In cane of partial
foreclosure of this.mortgpge, the mortgaged premises shall be-sold subject to the ooatiautng lien ~ this mortgage
far ::.a su^.ount of the debt not then due and unpaid. In such are the provisions of this paragraph rosy again be
availed sd thereafter !rom time to time by the Mortgagee.
i 1. No.waiver at sir ooveasat herein or of the obligation secured hereby shall st nay time thereafter be held
b ~ s waiver of the te~aos hereof or of the note secured hereby. _
12. The lien of this instritmeat shalt remain is full force and eded during nay postpoa~eat or extension ttE
the time of psymmt at the hidebted~s or any past thereof secured hereby. ~ }
• t3. It the Mortgagor defsutt to a..-y of the covenaata or asreamsnte contained herein, or in said nee, rhea the ~
~ Mortgagee may perform the same, sad all expeaditur~es (including reasoaabk sttoroty's fees) made by the Mort~ges
is so do' shall drew interest at the rate provided for in the principal indebtedness, and shall be repayable
thirty days serer demand, sad, together-with interest and costs accrued eher+oon, shall be secured by
l tLr'~'°rtg~ag°.
14. Upon the request of the Mortgagee the Mortgagor shall execute sad deliver s supplemental note or
notes fort awn or sums advanced a, tthhe 4tortgagee for the alteration, modernization, improvement, msin-
teaancs, of repair of said premises, !cr taxes or ast=easmenis agai~t the same and Ior nay other purpose aut~lto~
ised hereunder. Said note or notes shs11 be secured hereby on s partly with and as tally as tt the advance.
erideneed thereby were included is the note Brat described above. Said suppkauctal notes or notes shall bear _
iatereat at the rate provided for is the principal indebtedness and shall be ppasyable in approximately equal .
monthly psy~eate for such period as may be agreed upon bar the creditor and debWr. wiling to agree on the
maturity, the whole o! the sum or sums so advanced shall be dui sad payable thirty (30) days-after demud
r by the creditor. In no event slesil the maturity axtead beyond the ~ ultimata tnaEurtty of the sate Bast
desrxibed above. ~ -
_ Bllt~I c~,~ P1GE~~~