HomeMy WebLinkAbout0261 tender to ti?e tilortguf;ee in accorc~_.e witt? the prov~aious of tho Hate sec•urr..-horebr, full pa~•nient of the
entire indebtedness represrnted thereby, the Mort~+agee, as trustt•e, shall, in computing the anwunt of such
inde~,tedness, credit to tl?o account of t~?e Mort aKur ai,~• credit balance remaining undor thc• provisions of (a)
of sutd paragrapl? 2. it tt?rr[• at,dll IK• a ,iefn?.~t under uhf of the provisions of this uiortga~e rrsultit?g in a
public sale of tl?e promises covered hc•reb~•, or it the Aortgagee acywres the property otherwise attc•r default,
the 1ortgagee, as trlislee, shall apply, at tt?e tune of the conuuencen?ent of such procoedinKs or [~t the limo
the propert~• is otherwise acquire<I, the amount then remaining to credit of :blortgakor under (a) of haragraph 'l
preceding as a credit on the inten•st accrued and unpaid and the balance to the pruicipal thou rornaiuinK unpaid
on said Hole.
4. He will pay all taxes, assesamenta, water rates, and other governmental or municipal charges, fines, or
impositions, for which provision hsa not been made hereinbetotre, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the Mortgagee.
5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof,
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preacrvation thereof, and the full amount
of each and every such payment shall be due and payable thirty (30j days after demand, and shall be secured by
the lien of this morigage.
6. He will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costa
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Morigagor
promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said
coats, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
tie will oontinuoualy maintain hazard insurance, of such hype or types and amounts a9 Mortgagee may
from time m time require, on the improvements now or hereafter on said prem?ses, and except when payment
for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when
dae any premiums therefor. All insurance shall be carried in companies approved by Mortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of toss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed to make payment for such loss directh• to hortgagee instead of
to Mortgagor and Mortgagee )ointly, and the insurance proceeds, or any part thereof=, may be applied hY 11Zor~
gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pRSS to the purchaser or grantee.
If the premise., or un\- 1?art then•??f, be c•ondenu,ed under tho lx?\\•er of on,inent ~iouuun, ur ueyuired far
a pubiie use, the d:uu:,kes u\\•urded, the 1?roeeed~ for tLe• tukinl; of, or the eonsiderutior, for sash arqursrtion, to
tl?e e!ctc•nt of the full uu?ount of tbo re•n?uining unpaid indel?te,lness seeun•d h\' this uu?rti?aKo, are hernh\-
ussigned to the ~fortKakee, and I,i. lu•ir~ „r ussi~ns, and .i,:,ll he paid forth\\•itl, to s;,id \lurtknkee or his
assiknoo to ho applied on acrour,t of the lint r,ratunr?~ iustalluu•nts of sash indobtedness: pru\•ided, huwe\-er,
tho ~lortkaKee,?r his u`srKnee, ruu~• at I,is diseretic??r pus dire,•t to the ~Guti;ul;ur, hi. lu•irs or assrrns uu\" p„rt
c?r all of stu•J, u\\•anl: pru\'uled, that ii the loan i, ku:u~ante,•d ,?r incured, tho c•unset,l of the 1?uarantor or insurer
i. nhtained m ad\•aneo of uiid pu~•,uent.
The Mortgagee may, at any time pending a 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 and singular, including all and singular the income, profits, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and
described in the granting and hahendum clauses hereof. -Such appointm~•nt shall b'' made by such court as an admitted
equity and a manor of at>sol»te right to said Mortgagee, and without reference to the adequacy or inadequacy of
the vaLie of the property mortga{~d or to the solvency or insolvency ~\f said 1ortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applied by such roeei\•er according to the lien of this mortgage
~ and the practice of such court. n the event of any default c,n the part :?f the ~lortgaQor hereunder, the iViorigagor
agrees ~o p:,y to the :tlortgagoe nn demand as a reasonable monthi;• rental for tt a prcmis;~s s.n amout;t at least
equivalent to one-twelfth (~Z) of the aggregate of the twP{ve tnonth`y insta!Im~•n s payable ~n the then current
year plus the actual amount of the annual taxes, assessmenfw~, water rates, and insurance premiums for such year
{ not covered by the aforesaid monthly payments.
i 0. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that
t any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage,
are not duly, promptly, and fully performed; then in either or qny such event. tt?o ci:d a~{regate sum mentioner~
in said note then remaining unpaid, with interest accrued to that time, and all mone~•s secured hereby, shall M•come
due and payable forthwith, or thereafter, ut the option of said ~1c?rtgape<•, ss fui'v serf ec?mptetely ay if all of tt•e
i said sums of money were originally stipulated to be paid on such day, anvlhinq in sa:~ note or n this mortgaRe t<;
the rnntrs:y notwithstanding; and therei;pnn ~,r thereafter, •it the notion of sai[f 4f~,rtgagee. without nr?tice or
demand. suit st taw nr ,n equity, may Ix• prosecuted as if all r~,oneys secured hereby had mat?:Heel prior to it9 institu-
tir,u. The ~tortgaRoe may foreclose this morttralte, :,s to the amount ~n declarcct clue and payable, and the said
premieuw shall t?e sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial
foreclosure of this mortgaRe, the mortRatted promises shall he sold subject to the contin?rinR lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the pro\•isions ~•f this paragraph may again be
availod of thereafter from time to time by the Mortgagee.
i I. No waiver of any covenant herein or of the obligation secured hereby shall at arn• time thereafter he hell
to be a waiver of the terms hereof or of the note secured hereh\•.
i The Gen of this instrument shall remain in full force and effect during any r?ostponoment or extension of
the time of payment of the indebtedness or any part thereof secured heret?v.
~ i ~S- If the Mortgagor default in any of the coeer,ants or agreements c•ontainc•d herera. or in Said noto, than the
Morigagee may perform the rwrne, and all expendih~r~ (including reasonahic• attorn•~y'i ro,~=i mate by the hlortQaRee
.n doing shall draA• intorPa at the rate nmvicled /„r !n the pnncn,n{ m~iehte,tno.: and :hell he repayable
thirty ~3tt1 das after ,lemancl. an,f, together with interest and cc?~,s gc•crura •h••~.•on, si?h11 be cec•nred by
this mortgage
A
t 1 rn[.n the rc•queKt ~•f •he ~lortgagco 'he ~torr~aeor chaff a«•.•tn a ar.,i •i,•'~v r 9 snnr~l~•ment>~' n~~,• nr
nMec t~,r the sum nr sums advanced nv the ZlortQageo f{?r the alteretic,r?• moclern~zahon, iml,r~?\•~m~r,r mx:r!-
tenenr.e, or roparr of card premises. for taxes ur as.~essmonts against the ~amo and f•?r e;,y other p„rpo~o authc,r-
ized hereunder. Said note or notes shall be secured hereb~• on a parity with and as fully as if tho ad\•ance
evidenced thereby were included in the note first described above. Said supplemental notF or notes shall bear
interest at the rate provided (or in the principal indebtedness and shall t,e ppayable in a~proximatciy equal
monthly payments for such period as n:ay he agreed upon by the creditor and dobtnr Failing to agree on the
maturity, tjie whole of the sum or sums so advanced shall be due and payat?lo thir!\• f3(1) da\•s after domand
by the creditor. In no event shall the maturity extend beyond the ultimate r_iaturity ~f the note first
described above. -
i:~ ~K ~.3 Ps~E 261 K 329 1260
ecord
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