HomeMy WebLinkAbout1918 7. If any of tAe sums o) money herein referred q be not promptly and fully paid within fil!een (IS? doyt next after Me veers wverolly become due
and payable, or it eocA and every Me stipubtions, agreements, conditions and corenonh of wid prom:sary no» and Mis wrorpoge, M eiMer, ore not duly
performed, complied wiM and abided by, tM oggregob sum mentioned in wid promissory no» shall become due and poyobb forMw:M a Mereoher o1
tAe option of tAe MorlgogN, o+ fully and comple»ly w if, wid oggrpate vein of money was originally st:pubted ro be Paid on sucA day, onyllr:ng in
wid promiswry nob or Aere:n b Me contrary notw:thstond:ng.
To deliver b wid Morttopee, on a before MorcA 1SM o) eocA year, roc receipts evidencing tAe payment of all bwfully imposed roses ter 1M
preceed:ng calendar ywr, to deliver to wid .Wrtgogte, receiph evidencing Me payment of all (:ens for public improvemenh within ninety i90) dogs ofbr
the wine shall become des and poyobb and ro pay es discharge w:1Ain sissy t90) dogs of»r due dote, any and all gowrnmsntol levies Mot may be
mode on Me mortgaged property, on tAis rworpoge es no», or in awy other way revelling from Me Mortgage indebtedneu fevered by Mis mortgage; and
if this condition M not complied wiM and performed, wid mortgagee may pay sucA vein es wins which shall become port of tM debt secured by M:s
mortgage, and shall bear interest of Me were ra» os Me rrartgoge nob, Payable semi-onesaolly until pool or said lNortgogee mey elect that wid eeorl-
goge debt Hereupon become des and payable forlhwiM.
9. It is furMer covenon»u and agreed by wid parties Mot in the event of a suit being instituted to forecbw Mis mortgage, tAe Mortgages sAoM
be entitled b opp:y of any tires pending sutA loreclowre suit to iAe court haring jurisdiction Mereol for the appointment of o receiver of all and singubr
the mortgaged propery, and of all tAe renh, incomes, prof:h, issues and rovenues fAerwl, from whotsoaver source derived; and Hereupon it is Aenby
expressly cownon»d and ogrteu Mot Ms court shall (orthw:M oppam o nu:rer of w:d mortgaged property, all and singJbl, and of suds renh, in-
cc.rres, profih, issues and revenue Hereof, from whatsoever source derived, with Me usual powers and duties of receivers in tike cows; and sucA op-
pointment shall be mode by sech court as o molter of strict r:gAt ?o tAe Mortgagee, :h successors, legal reprewntotirp es assigns, and wrMout reference
to Me adequagr w inodequesy of He valve of Ms ProFery hereby mortgaged, w to Me sdrengr or :nwhrency of the Mortgagor, and Mot sucA rent,
profih, income, issues and rrwnues shall be applied by such receiver ro the payment of Me mortgage indebtednea, costs and drorges, according to
Me order of such court.
10. Upon any default under the mortgage note or Me mortgage, at the option of tAe Holder of tht: mortgage- note Ms unpaid balance of He
morpoge no» and any advances .wade under it, or the mortgage, together with interest, shall become disc and payobk, tame being of Ms eswnce of
this contract. Any woirar of any payment under tht note or nwrtgoge of any itme shall not, at any other tame, be taken ro be o waiwr of Me terms of
the note or mortgage, and the acceptance of poymenh upon wid indebtedneu shall not constitute a waiwr of the option of IAe holder of the note ro
aae'erote repayment of the entire unpaid balance, unless the holder expressly gronh such waiwr in writing.
11. If all or any part of the property a on interest Mersin is veld or transferred by mortgagor wiMouf mortgagee's prior written convent exclud-
ing (o) the creation of o lien er cncuwbrance subordinate to Mis mortgage, (b) o transfer by derive, descent, es by operotan of law upon the dcoM of
o pint tenant, or, (c) Me grant of any leawhold in»rest of three 13) years or less not wntoining an option to purchaw, or (d1 Me creation of a pur-
chew money securiy :n»rest for household appliances, mortgagee may at mortgagee's option, declare all sums wcured by Mis mortgage ro be immed:otely
due and payobk. Mortgagee shall hove vraiwd such option to ouderote only if, prior ro the wk or vonsfer, mortgagee and the person ro whom Me
property is to be veld or tromferred reach opreement in writing tAat such perwn is o quoGFied borrower ro Me wtiafact:on of motgogee exeruacd
:n its sofa discretion and that cny modif:cot:ons of tenors of tAe mortgage loon oa ore required by mortgagee in ih wk ord obwk» discretion wh:cA
modifications may include w:Haut Gmitotion the rote of interest payable on He sums secured by the mortgage to a rob os rsgwsted by mortgagee
hove been agreed upon.
If mortgagee exsrc:;es such option to escelerob, mortgagee shall moil mortgagor notice of acceleration by depos:l:ng w:d kt»r in Me United
States Moii, postage prepaid, to Me following oddress~
Such notice shall provide a period of not less than Miry (30) days from the date the notice n ,wailed, within which mortgagor troy pay Me sum de-
clared due. If mortgages faik b goy sucA sums prior to the expirot:on of such period, Ms bon sAalt be :n default and mortgagee may, without further
notice or demand on rnortgoga, invoke any remedies os provided for herein upon the Brent of default.
Any waiwr of any poymant under Mc note or mortgage of any tame shall not, of any oMer tame, be token to be o waiver of Me terms of Me
no» or mortgage, and the ocreptonce of papwRnts upon sold indebtedness shall not constitute o wa:var of the option of the nwrtgogee to oaelero»
the indebtedness os provided for herein.
12. 11 • conveyance should be made by the mestgagor of the peruses hen:n described, es any pan Hereof, and shorrld the grseNSe a any subs-
quest grantee under said conveyance, who Ms assumed she mortgage and indebtedness, be :n defauh by vrrtsre of • breach of any of tltt provision
of Mrs mortgage es the pors.ons of any asewnpnin agreement wiH the mortgagee, wAsther es not said asssrrrrption agrtement modifies the terms of
tl+e mortgage and rrrdcbtedness, then and therefore. ¢ht mortgages hereby cinsenh to assun+piin and the pov:sions of arty asswnptan agreement wiH
the mestgagee, and to any mod.f.catiom of the »rms a pov:s:on of tAc mestgage and indeWedness occasioned by said assumption agnertsent and does
fwther Hereby grant t?rc nrestgagee the right to grant exten:ins o) tame to said grantors without rgt:f:ut:on of, w:fft0w the consent of, and w:tIt01M affed-
iftg flee liab.liy of the o.rg:Ml mestgagor, es any subsequent mortgages.
13. tNAen any amount of mares to bt paid by the mortgages ro the mestgagee se+dcr the terms Hereof shah bs in defavM, a should the mortgagor
default .n any of the wAer leans, paris:ons o• conditions of this mortgage. then in drat case flee mortgagee sMll have the .right, without notice ro tl+s
mesgages, ro cdlect ao~?eceiw from any tenant a lessee of said mortgaged premises the renh, issues and pofib of the real estate hereby mortgaged
and the improvement therein, and to gave paper receipts and acquittances tlrcrefor, after paying all conrn:ssiorh of any rental agent cdlecting the same,
and any •easonabk anesneyi fees and wiser rseccswry expenses :severed .n cdkcting carne, ro apply the proceeds of such cdlect:on upon any indcbtsd-
ness. rsbl:gat:on or liabrhry, of the mortgagor I+ere~rrrder. The right granted the mortgagee rterde+ this paragraph shall be in addition to, and shall nut limit
a restr:ct, any whet right es rights grained Ilse mestgagee :n this mestgage.
'i lt. That :n flee .vent the penises Mrsby mortgaged, a arty part Nsersof, shall bt cordenured and taken fa public use errrdsr the power of eminent
donate, tics Mortgagee shall have flee right to demand that all damages awarded fa ttre takrrrg of es damages ro sad premises shall bs paid to flee
Mortgages vp a the errrount than unpaid on His nwrpaps and st flea option of tM Mortgagee may be applied upon tlrs paymanb lot payabM Nsarson.
f
E I3. The nwrtgagor binds himself nor b erect a penn:t ro bs snc»d any new buildiesgs on the pem:sas Aerea+ nrestgapsd or b add b or permit
ro bs added ro .ny of the eastwq improvements tMreon a males any changes es sl»ratrins in sad :mproremmn which materially cAat?gs tlrs sense es tFrs
use Nsersof, wrthout the wraten consent of tM Mortgagct, and in tfra event of cny valerian a at»rnpt a violate His stipulation this ntortpaga and all
twins second hereby shall rmrrrediateiy become des and collectible at 1M option of flee Alortpagss.
1k It N spacilically agreed that tines w of tM essana of this conhad and that ne waiwr of any obligation haraurrdsr or of tM dsl:gatron sacwed
r Aarsby shall at cny trrN be held ro bs • waiver of tfra tsrens haraof a of tht irptrurrrant second hsraby.
17. If /esecbwrs poceedings of any second nwrtgags es second host decd es arty jun'es lien of any kind should b• irut:futad, tAt Mortgages may,
H its option. wtrnrsdatey a thereafter dsclers His nwrtgags and Nsa indebtedness secured hereby des and payable forthwith, and may M ih option proceed
to ftsncloss this nrorpaga.
lg. To Nis extent of fie iedsbtadncw of tM Mortgagor b Nw Marpagee described herein a secured hereby IFre Morpagsa it herby subrogatsd ro
Ave lien or liens arsd to the rights of flee owrtrs and holden thereof of each and tvtry mortgage Ircn a other :rscsrmbrartcs on 11sa land desurbad Aan:n
which is pwd and/or satisfied in whole or in part out of flee proceeds of He ban dcwibed herein es secured hereby, and tfss rsfpattiw lisp of said
rtrortgpes, liars es other :ncumbrsrrces shall bs and tM sarrrt and cads of Hem Hereby s preserved and sAtll pass to and be held by the Mestgapse Amin
w BKUriy for the indebtedness w the Mortgages herein descrbed a hereby secured, ro the carne extent that it would haw been psssnsd and would
!taus been passed ro and been held by the Mortgages Had it been duly and regulary assigned, hansfsrred, set over and delivered unto tlrs Mestgagss by
separaN deed of assgrrnent norwirhstand.rsg tl+e fad Hat the Sams may bs satisfied and cancelled of record, it be:rp tlra intention of tba parties lrarsro
Hat tM .erns will be wtisfred and cancelled of record by des holden sMreof at es about tM tans of the recording of fhb ntortgsga.
1!. To pay all aid singular the costs. charges and axpsnsa, snrtud"wrg lawyer's fora, naonably irres?rrtd a paid at any tuna by tlts Mortgages,
r becwse of Nee fa:kre of the Mortgagor so perfcrm, comply with and abide by eacA and every Nor stipukt:ons, agnenrenh, aortditiorra, and eoveneet» of said
promissory rate and this deed, or either, and every such peynrrsts shall bear interest from deN at the sans rate as 1M ngrtgage rests.
E IN WITNESS WNEREOf, the said AAorlgagol heraw+t0 sets his hand and Baal tl+ia fife std year
3 .
~ ~ r,,.` vK~'
Sfgrred, tooled, and dslhrersd ISEAtI
in tlr. pressrrce of: John Licini /
~c . ~~c. fsEK?
lien V. Licini
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