HomeMy WebLinkAbout2454 tender to the Mortgagee is ~ ` , with tens oI the note secured hereby, full pavtnent of the
entire indebtedness rapresenled ,the MM , as trustee, shall, in oo~a~puting the ~unount of such
iadebtedaer, credit to the account of a Moetga~or any credit balance remaining under the pmvisions of (a)
of said paragraph Z. if there-shall bs a default under any of the provisions of this ~nortga~e resulting in a
public sale of the p~remiees covered hereby, or it the Mortgagee a~quiras the property otherwise sfter default,
the Mortgages, as trustee, shall apply, at the time of the oantnenaasent of such proceedings or u the-tuna
the property is otherwise acquired, the amount then e+eu?ainiag to cvedit of Mortgagor under (a) of paragraph_2
preceding as a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid
on said note.
4. He will pay all ta~oes, assessaseats, watee rates, and othee~overamealal a muaicdpat ohargeer tx
;tnposttio~, fee which peovbioo has sot been made hereinbetore, and la defauk fheseof the Mortgagee msa? pear the
same; and tLat hs will promptly deliver the oioial receipts tbae+etor to the Morttagee.
b. He will peewit, commit, or salter ao waste, imp3rmeat or deterioration of said ps+opertar abu~~ part the~teot
esoept reasonable>wear and tear and Ls the event of the fai~uee of the M to keop tbs dtnp on sai~
premises and these to be ereate~ oa said premises, a< impeoveooeats t6earooa, ~n-good repair tls Mottg~ee my?
of e~b and
~ such ~
~
iL ~
~
~ f~~ ~ demand, aa~ thaU scoured b1? -
the lien of this mort;a~a .
a. He will pttiy all and dngular the costs, sad ezperrses, including reasonable 4wyer's feed and Dods
of abstracts of title, iacuirned oc paid at say time
Mortgagee bed?uee of the failure oa the part d tLe Mort~e _
promptly and f to perform the agreements and ooveasats of said pro~mieeory note and this m rt~~e, sad said -
oods, charges, sad expenses shall be Lnmediately due sad payable and shall be secured by the ilea at this mort~e.
7. He will oontisuouslrj maintain heard iasuraaoe, of such -type or t and amounts as Mortgages may
fmm time to time require, on the improvements now or hereafter on saidl premises and ti, meat
for all such ums has theretofore bees made under ~(a of paragra h Z hereof ~e wily p~~when
due any pre therefor. -All insurance shall be ~d in camgan ea approve by I?i rtg~ea poll- -
cies and renewals thereof shall beheld by Mortgagee and have attached thereto loss p~syabk
cTi?uses in favor of
end in form acceptable~~q the Mo In event of-bas he will give immedi+?ts notice by mW to Mortgagee,
sad Mo yy~a~es may. tnai~e ,proot~~ if not made promptly by Mortgagor) and each insurance oampagy
eoacernad is bereb . authonsed end directed to make payment for ouch loss du~ec to M instead of
to Mortgagor and ~ortgegee '~in~,~j, end the insurance proceeds, or say part thereof msy be
a~.by MorF
Magee at i •option either to t~ reduction of the indebtedness hereby secured or to t~es restora4oa oe repair of
the prope~j dammed. 1n event of toreclosure of this mortgage or other tranafar of title to the mortgaged
property ja extaagucshment of the iadebt~edaess secured her+ebj, s~l right, title, and interest of the Mortgagor -
in and to anya igsutaaoe pPlicies then in force shall p~?ss to the purchaser or grantee.
S. /t the Ppremises, or any part thereof, be condemned under the power of eminent domain, or acquired for
a public use, file da~uages awanlecl, tl~e pmc•eecls for tl~e takingg ot, or the ronsiclerntion for such acqu~sction, to
the extent of the full amount of the remaining unpaid indebtedness serured by this mortgage, arc hereby -
asaigned to the Mortgagee, and his heirs or assgry~s, and -shall lx• paid forthwith to said 1ortgagee or hca
ass nee to be applied on acc~owU of the last maturmK installments of such indebtedness; provided, however, _
the :1~Iortgagee or 1?~s assignee, i~?ay at hie disrretion pay dirc~•t to the Mortgagor, his hews or assigns any part
or all of such awanl; provided, that it the loan is guaranteed or insured, tl?e consent of tl~e guarantor or insurer
is obtained in advance o[ said payment. •
9. The Mortgagee may, at any time pending s suit upon this mortgage, apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered _
hereby all atjd singular, including all and singular the income, profits„ issues, and revenues from whatever source
derived, each sad every of which, it being expressly undeestAOd, is herby mortgaged as if specifically set forth and -
deseribed inthegranting and habendum causes hereof. Such sppointmeat shall be made by such court as an admitted
equity and; s matter of sbaolute right to acid Mortgagee, and without rffernaee to the adequacy or inadequagr of -
the value of the pr+cttpetty mortgaged ,oe t4 ~~,,~~ee solvency or msolveacy o spud Mortgagor or t're defendants. $uch _
r+eatsr peofit+s, income, iswes, sad revenues shall be sppliai by etch receiver according to the lien of this mortgage
and the ptaeti~ Q#,~h spurt: In the event of any deeflault on the part cf the Mortgagor hereunder, the M
agrees to .pay to the M oa demand sa a reasonable monthly rental for the premises an amount ao~
equivalent to one-twelitb s) of the. a~tz of the twelve monthly inatallmeata payable in the then current
year plus the actual amount of the annual taxes, assessments, water rates, and inauraaoe premiums for such year
not covered >ry the aforesaid monthly payments.
10. In the event of any bleach of this mortgage or default on the part ~ the Mortgagor, or in the event that
any of said sums of money herein referred to be not promptly and fully paid aceorduig to the tenor hereof, or in the
event thsl each and every the stipulations, agreements, conditions, sad oovenaats off said note sad this mortgage,
are not duly. promptly, and fully performed; they is either or any such event, the said smote sum mentioned
In said note they remaining unpsid, with interest aeenied to that tame, and all moneys secured hereby, shall become
dns sad payable forthwith, or thereafter, at the option of said Mortgagee, as Lolly and completely as J all of the -
i said sums of money were origlaaUy stipulated to be paid on such day, anything is s:id note or in this mortgage to
the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice ae _
~ demand, suit at Isw or inequity, may be prosecuted as J all moneys secured hereby had matured prior to its institu-
lion. The Mo may foreclose this mortgage, m to the amount eo declared due and payable and the said
pnmiees shall ~to satisfy and p?y the same together with costa, expenses, and albwanoes. In case of partial
of
reclosune of thm mortgage, the mortgaged premuw'a ahall be sold subyect to the oontmuing hen of this mortgage
for the amount of the debt not then due sad unpsid. In such ease the provisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
11. No waiver of any covenant herein or of the obligation secured hereby ahaA at any time thereafter be bead
to b_ e a waiver d the terms hmeof or at the note secured hereby. _
12. The lies cf this inatrumeat shall remain in full force sad eQed during anY postponement or extension of
s the time of payment of the indebtednesr a say part thereof sec~u+ed hereby.
13. If the Mortgagor default In say cf the coveaaata or ag<+eeauents contained herein, or in said note, then tbs
~ Mortgages may pertosm the acme, and all eupenditures (including reasonable attorney's fees) made by the Mort~es .
in so do' shall draw interest at the rata provided for in the principal indebt~edneas, end shall be repayable -
~ thirty days after demand, end, together with interest and costs accrued thereon, shall be secured by
( this mortgage.
~ 14. Upon the request of the Mortgagee the Mortgagor shall execute end deliver a supplemental note or
notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, impcavemeat, msi~
t,enance, or rep~~r of p:.,m~, for t:;.~ ar:e~:~eaia against the same and for any other purpose aut~or-
i:cd hereunder. Said note ar notes shaA be secured hereby. on a panty with and as fully as ~f the advance
evidenced therebj were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate prodded for in the principal indebtedness sad shall be payable in approximately equal
monthly Pa rats for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum or sums so advanced shall be due and payable tb'irty (30) days after demand
by the creditor. Ia no event shall the maturity extend beyond the ultimate n~s?turity of the note fast
described above. cc~~~~
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