HomeMy WebLinkAbout0777 If oq of tM wws of awoney herein referred b be not promptly and fully paid within fifteen (15) days neat ofMr He some sererolly become due
and poyobM, « if loch and awry tbt stipubtions, opreemewh, conditions and cownonh d soil promissory ooh and this matpoge, a eitMr, ore not duly
periamed, comp4ed with owd abided by, the oggrpole sum aaentiowed iw laid promissory aaoN shop become rive and poyobM Forthwith or thereofNr of
tM option of 1M Malgogee, as IvUy owd compbtely os if laid opgregoh vein of money was aigirally stipvbted b be paid ow such day, onyMing iw
sold promissory wove a Main b the towtrory wotwiHsrondiag.
t. To deliver b said Mortpoga, ow w before March 13th of each. yeor, bx receipts evidencing the payment of aN bwfvlly imposed roses for the
preceediwp coiewdor yeor, ro ueiiver ro sold rViatpoga, receipq evidewcrnp Me payment of all Hews for public improvements within ninety (90) Boys afNr
the some shall become rive and payabb and b pay a discfwrpe within ninety (f10) dogs aFMr due dote, Day and oU gowrnmentol levies Hot may be
mode ow the aartpoged property. ow His rsortpoge a wont, or iw owy ofhsr way revelling trove the Mortgage indebtedneu secured by this mortgogej and
if this condition be veal complied with and performed, said morlgopee may goy such vein w wens which shall become port of the debt secured by this
wortgoge, owd shall boor interest of He some roN os the awortpope awN, payable semironnuolly uwhl pod or sold Mortgoga away elect shot wid eaorb
gape debt Hereupon become rive and payable forthwith.
9. It is further cowrwn?ed and agreed by sold ponies that in the even) of o wit being inafifufed ro foncbse this wrartgape, tM MortgogN shag
be entitled b opp'y at any time pending s«A forecbwre suit b Me court having jurisdiction thereof For the oppointmtnt d o receiver of all and sinqubr
~ mortgaged ProFenY. and of all the rents, incomes, profits, issues and nwnws tMraF, From whatsoswr source derived; and Hereupon it is hereby
expressly cownowNd and ogretu that the court shall forMwiH appoint o receiver of said rwrtpoged property, all and siwpubr, oaF of such Hots, in•
«.xs, profits, issues and rewnw Hereof, from whoboever sauce derived, with the uswl powers and dukes of receivers iw like Doses; and such oP-
poiwtment shall M mode by soh court « o molter d strict right to tM Mortpopee, ih successors, bgol representotiws w oss~gns, and without reference
to He odegvory or inodequory of the valve of He proFerly hereby mortgoped, or b the aelwnry or insohenq of He Mortgopor, ord shot such rent,
profits, income, iswes ord ravewues shall be applied by such receiver b the payment of He morgage indebtedness, costs and Borges, «cording to
He order of svcA court.
10. Upon owy d~fauh under tke morpoge note or He morgope, at tM option of He holder of the mortpope noN the unpaid balance of He
rworpope note owd owy advances erode under it, w the waortgope, together with inNresr, shall beconw due and payable, time being of He essence of
this conlroce. My waiver of any payment under the ooh w matpope of any itme shall not, of any other time, be token ro be o waiver of He Mans of
He note a rwortgoge, and the «cepbnce of payments upon sold irdebtedneu shall not constitute a waiver of tM option of the kolder of the note ro
oae'erote repayment of the entire unpaid babwa, uwhess the holder expreufy grnnri such waiver in writing.
11. If oN a Dray port of fhtt progeny w ow interest Herein is sold or trowshrred by nwrlgogor vrifhOYf monpopee'a prior written consent excl~d-
:ng (a) the creation of a lien or enccvaabro«e wbadiaob b this mortgage, (b) o transfer by desist, descent, w by operation of bw upon He death of
o joint tenant, or, (d He gran! of owy leasehold interest of three (J) years a bu not cowroiwirtg an option b purchase, a (d) the creation of a pur-
chase money secerify interest for hoYSelwld opplionces, mortgagee may of mortgagee's option, declare all sums secured by His mor?popt M be immediately
due owd payable. Mortpopq shall haw wo'rwd such option b oaebrote only if, grew b the sale or transfer, mo
property is b bt sold a transferred reach retwtat in wrifi Hot such ?tpopa and the person b whom He
M ng person is o gwlified borrower b He satisfoctan of awotgapee exercised
in its sole discretion ord Hot coy modificotioes of Mnau of the ewrtgoge loon os ore required by mortgagee in ifs sole and obsolete discretion which
modifications rwy include wiMout limirofiow the rant of interest payable on the sums catered by He marlgage to o rote as rtgeesfed by mortgagee
how been agreed upon.
If mortgagee eaerci:es such option b acekrob, rortgopee shall moil awrtgopor notice of «celrration by depositing sold btMr in the United
Stoles Moil, posbge prepaid, b Ht following oddreu:
Such notice shall-provide o period of not less Hon Hiny (~0) days /ram the daN He notice is rwaikd, within which nrortpopor may pay He vein de-
ctored rive. If mortgagor foils ro Foy such wws prior b He eapirotion of such period, the bon shall M in defauh and mortgagee may, without further
notice or demand on mortpoga, invoke any remedies as provided for herein upon He event of dcfoult.
Awy waiver of orry payment undo He note or mortgage of any time shall not, of any other time, be token to be a waiver of He terms of He
note a monpope, and He ocreptonce of payrwenh upon soil indebtedness shall not constitute o waiver of the option of the morlgogN b oaelerote
the indebtedness as provided For herein.
12. If • conveyance should be made by the mortgagor of the pemitls herein dnuibed, o. arty pert thereof, end should tlrt grantee a any aubse-
r;.,rrar g.enser under said renYtyawrr, vent Ms rnauwert the merhj•gr and iwdtbMrlrMSS. be in rtrfeuN lav venue of • Mserh pi e"Y r>s +h! prtryt:eOr!!
of this mortgage a the povnions of any assumptim agreement with the ^wrtga9K, whether or not said assumption agreement arodfies the terms a>f
the nratgage and .rrdebtedrress. then and Merelae, the matgaga hereby consents b ausnnpion end the provisions of any auuntption agreement with
the rwatgagee, and to any nrodificat:ons of the terms a povisions of the rrsortgage and irtdebtedrtess «casioned by said auumpion agreement and does
lurther htyeby grant the matgagte the right b grant eaMrsions of time to said grantee without nafi/nation of, without the conaerM of, and without affen-
i^g the I:abrhty of the or:girsal mortgagor, or any subsequent matgaga.
11. When any amoum of money ro fx paid by the mortgagor b the mortgagee render the terms hereof shall be in defauh, or should the rraortgagor
defauh M any o/ the other terms, provisions a conditions d this nrwtgage. then in that use tlse rsrortgagee shell have the right, without notice b tM
waagega, b collect and receive from any tenant a lessee of said naatgaged premises the rents, issues and pofits of the real tKate hereby mongagsd
area area YnprOYlmint rrrerton, M+a a0 g.ve proper rece.pa area Kgwnarrcea tnnetal, slyer peyrrg err COrranwsarans Ot arry rams! agem Carlttlrrg arse fame,
j and any rasoneb4 atorneys' fees and other necessary npaxnes incurred in edketieg same. to apply the p«eeds of such cdkdiors agora any iradebted-
neas, obligation a Lability, of the mortgagor hereunder. The right granted the mortgagee wrier this puagrapfi shall be in addition to, and shall not linwf
a restrict. any ether right w rights granted tl+e mortgagee in this rn0?tgage.
~ 11. Tlsat in Nee !vent Nrt
prenwsee hereby mortgaged, M any part Hereof. shall be corsdenrrred and taken for public use wrier the power of eminent
f domaw, the Matgpee atoll have Mat right b demand drat all damages awarded fa the rakrrg of a darnapes b sad premises shall be paid b 11ra
tNorpegea Yp b the amount than unpaid on tlaie rstortgege and at elr option of the Matgapa may be applied Ypon the paymanb last pgable tlaereoaa.
IS. the matgegor binds himself not b aeraet a permit b ba erected any new buildings on the premaes herein morgaged or b add b w permit
b be added b any of the edstrrag improvement thereon a make any changes a dre.aiom in acid irsrprwerrrenM which rayterielly dsMagf the seine or the
~ vee thereof, without the wrtten nascent of the Mapegee, and M Nye event of any violation a anentpt b violate this stipulation His warrfgagr and all
~ come artarred hereby shall rarrtedieteFy became alw and colhxtHle at the option of the IIAOrtgagae.
c
1H hie ap«iiicaUy agreed Hat time ie of tM easena of this oonaect and then rw waiver of any oblipetion hereumder or of tM ablipahon scarred
laeeeby sMN a any erne be held b be • waiver of tlar lento hereof a of tlae iarakrrrtaerN teaatred hereby.
17. N faecbwn p«aedietga of any second wrorgage a accord trust deed or any junior Hera of any kind sltouW b• iraatituted, tlae Mortpageo may,
N its option, iwrwediately or dterealtsr declare this wrorlgege end Nae indebtedness catered hereby rive and payabb faHwiH, and may at its option proceed
b fetrecleae thin asrortOpe.
lU. To tM exeaM of the iradebtadraeea of the Malgagor b el+e Jorgagee desaibed herein or second faeaeby rise Monpagae b hereby arrbrogated b
ant hew a tiaras grad b the rights of the owren and (solders thereof of each and every mortgage lien a other incsmrbrana on the land ddaxr'bad herein
.vhieh is paid and/a satisfied in whole or in pan out of 1M proaads o/ He ban described herein a setund hereby, and tlse aespectiw liens of said
nratgages, liens p offer rncumbrances shah be and Ilse came and fade d Hem hereby is peaervad end sh~l pass b and be held the
9 M sagtrrh for Ilse indebttdness b Nye Ma/gagle herein deWr~ed M fw..by secsr.ed, b the acme eaten Hat it would hew been presrevad arrdartd would
haw been passed b and been held by tlae Mortgagee had it been duly and .egularly assigned, trarasfernd, set over end delivered swab tfte IMorfgapae by
eapvaN deed oaf assigrrrrenr notwithstandusg 11rt Fact that tfaa ta+we awry b• •atisfiad and cartcdlad of record, it being the infaation of the parties hereto
Meat tlsa carve! will be wtisfiad end cancelled of rooad by doe holdrn thsrwF M « abort the time of the reeordirap of this awortpr0e.
I lfl. To pep all sad singulr Lire cosh, dwges and experga, reatlrrdirrg lawyer's fees, reasonably irrcaarrsd a paid at any time by the Mwtgaga,
bscarrae o1 He failrre o/ Nye Magago? b perfcrm, cowrply with and abide by each and every tM stipulations, agreements, eonditioM, aaad eoversante of Mid
} prowrseay nova end Kris dyad, or e:tlw, end
every ssrefa psywrsaats sf?aU bar interest ham deN at tlae carne rats as the rrtorpaga note.
IN WITNESS WNEREOf, tite said Matgpa hseesmb girls his hrttd sari sal this the dry end year above vrrltlsa
Signd, saoMd, and dalh~red -~G.! _ svcC~-(~K)
in the pressrtce d: RA OND A. SP OCK
_ ._ISr.~)
_ _ - ISE~1y
PAUE
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