HomeMy WebLinkAbout0714 Pbr the purpose o! inducing the Mortgagee to extend to the Mortgagor the credit hereby evidenced and se-
cured, the Mortgagor hereby covenants and agrees;
1. Tb promptly pay when lust due the obligatba evidenced and secured hereby. This covenant shall be con-
strued to constitute an independent, unequivocal and uneoaditbnai obligation on the part of We Mortgagor to pay
to the Mortgagee the debt hereby evidenced and secured.
Z-a. To promptly pay when due sU and singular the taxes, seseaaments, levies, UabUlUes and encumbrances
of every nature and kind imposed and levied on the above described property or any Part thereof; to promptly
deliver to the Mortgagee, when received or issued. all asticlal receipts ~?ad satlsfactioru showing pedormance of the
covenant hereof. U the Mortgagor shall default In We performance of the covenants hereof. the Bald Mortgagee
may st any time. without waiving or affecting his option to loreck?se, or any right hereunder. pay said taxes.
aaseaaments, levies, 11abUities and encumbrances, and every payment so made by the Mortgagee shall bear interest
from the date thereof at the rate of 896 per annum.
2-b. 1b promptly pay when due all intangible personal property taxes; occupation. excise, sales and trans-
action taxes; unempk?yment and withholding taxes; all licenses of whatsoever kind. including but not limited to
alcoholic beverage Ucense; and all other taxes and Ucensea levied or exacted by any authority relating to the use.
operation and business of the Mortgagor conducted on the aforesaid encumbered property; and to promptly deliver
or exhibit to the Mortgagee, when received or issued, all official receipt and proo! of payment of each of the
aforesaid.
2-c. To promptly pay when due sU operating, maintenance and servicing charges and costs relating to the
real and personal property encumbered by Wig mortgage, irtch2ding but not Umited to telephone, gas, electricity,
water, water connection. newer, sewer connectbns, and all other expenses incurred in the use and operation o! said
encumbered property, and to furnish or exhibit to the MortgagEe proof of the performance of We provisions hereof.
3. Tb pay all and singular the costa, charges and expenses, incd bly incurred or
paid at any time by said Mortgagee, because of the faUure on the'part~aS~6kid ]llo~~orm. com I with
and abide by each and every the stipulations, agreements, oonditlons and oo~14ppt~,tjQ~d promissory notes and
this deed, or either. and every such payment shall bear interest from date at t e.rate,~_ ~r`1b per annum.
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4. Tb keep the buUdings and personal property now or hereafter located on aaW land inattred''~gainst k?es
by fire and windstorm, in a gum not less than We unpaid aggregate indebtedness hereby secured, in a company
or companies to be approved by said Mortgagee and the policy or policies hedd~ by and payable to said Mortgagee,
and in the event any sum of money becomes payable under such policy or policies, We Mortgagee shall have We
option to receive and apply the same on account of We indebtedness hereby secured or to permit the Mortgagor to
receive and use it. or any part Wereol, for other purposes. without thereby waiving or impairing any equity, lien
or right under or by virtue o! this mortgage. and may place and pay for such insurance or any part Wereot with-
out waiving or affecting the option to lorecloee or any right. hereunder, and each and every such payment shall
bear interest from date at the rate of 801o per annum. Tb promptiy deUver to the Mortgagee original receipts or
other written evidence showing payment of ell insurance premiums when due.
5. Tb permit. commit or sutler rw waste. impairment or deterbration of said real or personal property, or
any part thereof. Tb keep all improvements. buildings and personal property situated on the above described land
in good state of repair, w~eU painted and waterproofed. and to promPUY P8Y all costa and expenses Wereof. Without
the wrttten consent of the Mortgagee. We Mortgagor shall not remove, or albw to be removed, We tangible per-
sonal property hereby encumbered Irom the above described real property.
8. No delay by We Mortgagee Lz enforcing We terms and provisions of this mortgage deed or the promis-
sory notes hereby secured shall ever be constn?ed as a waiver of the Mortgagee's right to enforce the name. The
debt evidenced and secured by this mortgage deed and the promissory notes herein referred to, having once been
accelerated Dy reason os default, cannot be decelerated gave and except (1) by an instrument in writing executed
by the Mortgagee under Beal, and also (2) supported by independent good and valuable consWeration. The ac-
cept~nce by the Mortgagee of part payment or part performance by the Mortgagor shall not be treated 8a curing
any default, nor shall the game operate as an estoppel or waiver against We Mortgagee.
7. Tt any saM gums at money herein referred to be not pirnnptiy and fully paid wiWin fifteen days next after
the same severally become due and payable, or if each and every We stipulations, agreements, conditions and cov..-
nants of said promissory notes and this deed, or either, are not duly performed. compUed with and abided by, the
said aggregate- gum mentioned in acid promissory notes shall become due and payable torthwiW automatically
and without notice, as fully and completely as it the said aggregate gum of money evWenced by the promissory
notes Hereby secured ii~ua vrig;riaiiy euy::;at~: to l;C 1"'~ld T.ia sa:~'~ day, °r; !h+
.g i_~ mid pr~mlaeory notes or herein
to the contrary notwithstanding.
8. It is agreed that We provisions, agreements, terms and conditions contained in this mortgage deed, and
promissory notes hereby secured, together with the Uen and security hereby created, shall extend and apply to, and
govern any and all notes given in extension or renewal of We notes hereby originally secured.
9. All persona, associations and corporations liable for the debt hereby secured, whether prtmarUy or se-
condarily, and each of Wem, hereby expressly waives any statutory or other defense which they now have. or
may hereafter have against We enforcement o~! the terms provisions, agreements and conditions o[ this mortgage
deed and We promissory notes hereby secured, and each of them does hereby agree that Wey have no set-off or
counterclaim against We enforcement and collection oaf the debt hereby secured, and further agree and consent to
We entry of a summary final decree for We e~orcement of We provisions of this identure.
10. The term •`Irlortgagee" as used 1n this mortgage deed sad the promissory notes hereby secured. ahaII be
deemed to include and mean We Mortgagee, his or her or their heirs, administrators, executors and assigns. and
it a corporation, its successors, grantees and assigns; We term ''Mortgagor" as used W this mortgage deed and
promissory notes hereby secured shall be deemed to include and wean We Mortgagor, his or her or Weir heirs. ad•
ministrators, executors. grantees and aseigns4 and >t a corparatbn, its successors4 grantees and assigns. The use of
We singular shall be construed as the plural whenever We context eo requires The terTna "debt" or "obligation", as
used W this mortgage deed and promissory notes hereby secured, shall be deemed to include all We covenants,
agreements and promises of the Mortgagor as herein delineated. ~
11. Upon default by We Mortgagor of any of the terms, provisions, agreements and conditions os this mort-
gage deed, and We promissory notes hereby secarred, the Mortgagee shall have We right to have a receiver ap-
pointed to take charge of, control and manage the mortgaged premises, and to collect and hold the rents and
profits accruing Werefrom• such receiver shall be appointed without We necessity of showing insolven of the
Mortgagor or inadequacy of the mortgaged security: all rents, protits4 rerenues and income cl?
gaged premises or aocruir?g thereupon shall, upon default of the Mortgagor of any of iJ?e te~rm~s
of Wme meortgage
deed or the promissory notes hereby secured, be considered as trust funds, and it collected by We Mortgagor the
same shall oonatitute trurt funds and be held in trust for the use and benefit at the Mortgagee. and forWwlW
delivered upon collection to said Mortgagee. The Mortgagee is excused from giving or llling any bond in a iudicW
proceeding as required by statute or rules of court as a conditbn or prerequisite to the appointment of a receiver, is-
suance of Lidunction, attachment, garnishment or other provisions! remedy, or wpersedeas in We event an appeal
L taken by the Mortgagee. The Mortgagor irrevocably waives such statutory or rule requirements relating to bond.
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