HomeMy WebLinkAbout0967 4. •1•o pa•nnrt, commit ur sutler no waste, rmpairmrnt ur deterioration ul said property ur any part thrrrol.
S. To pay all and srnl;ular the costs, charges and expenses, includu?g reasonable lawyer's Iris and cost ul abstracts of
trtlr, incurra•a1 ur pard at an}• tune by s:ud Mortgagee because and/or in the event ul tha• failure on tha• part ul the said
Mortgagor to dul}•• pnnnptly and fully perform, discl+argr, execute, effrat, aumplrtr, aumply with and abide by each and
every the strputatu,m, ag«rnu•nt,, iunduu,m and covenants ut uu1 prunusson• note, and this mortgage, any or either, and
said cuscs, charges and rxpa•nsrs, a•.+ih and a•vrn•, shall hr rmmedratrly due .urd payable, whrtha•r ur nut them hr noucr, de-
mand, attempt to collect ur suit prn.lnrg; and the full amount of each and eva•ry such p:»•ment Khali ha•ar interest from rhr
data• tha•ra•ol unui paid at tha• rata• of ta•n per ca•nturn per annum; and all said casts, a hargr+ and a•xprnses so nuur«d or pard,
u.ga•thrr with such rntrrrst, ,halt ku• ,caura•d by rhr lien of this mortgage.
6. That (a) rn the event of any breach of this mortgage ur default on rhr part ut the Mortgagor, ur (h) in rhr event am• of .aid
sums of monr}• herein « leered to ha• nut promptly and fully paid within ten days next :+ftrr rhr same sr~a•rally brcomr due and
pa}ablr, w•ithuut demand or notice, or(e) in threvrnt rack and every rhr stipulation, agreements, cund+tionsandcuvrnantsof said
pn?missory Hutt and this murtKaKr, am• ur euhr~,are nut duly, promptly and lolly performed, dischargrai, executed, effrcte-al,
um+plrted, aumplird w•uh and abided hy, then, in either or an}• such event, rhr said aggregate sun: mentioned in said promisson•
nota• then rrnrau+ing unpaid, w•eth mtrrrst aiarurd, and all moneys srcurrd hrrrhy, shall brcomr due and payable forthwuh, or
thrrraftrr, at theuptwn of said Mortgagee, as lolly and completely as if all u(thr,aid sums of numa•y w•rrr uriginall}• stipulated to hr
paid on such Jay, anything in said pn,missory note, and/or rn this mortgage a? rhr contrary notwithstanding; and thereupon or
thereafter at the option of said Mortgagee, without Hurler or demand, suit at law ur m ryuity, thrretoforc, ur thereafter begun,
may br pn?srcutrd as it all moneys srcurrd hereby had matured prior to its mstitutiun.
7. That in rhr event that at the beginning of or at any urns pending am• suit upon this mortgage, or to foreclose it,
or to «form it, and/or to enforce payment of any claims hr«undrr, said Alortgagrr shall apply to rhr court having jurisdiction
thrrrol fur rhr appuintmrnt of a Kecrnrr, such court shall forthwith appoint a Rrarn•rr of said mortgaged pn+prrn• all and
singular, including all and singular rhr rents, income, profits, issues and revenues Imm whatever sourer derived, each and every
of which, it hring expressly understood, is hrrrhy mortgaged as if specifically set forth and described in rhr gr,+nting and
habrndum clauses he«of, and such Receit•rr shall have all the broad and rflrctivr functions and pnwers in am•w•isr rntrustad by a
court to a Receiver, and such appuintmrnt shall hr made by such court as an admitted eyuiq• and a matter ul absolute right to sail
\lortgagre, and withou? rrfrrencr to rhr adeyuac}• or inadryuac}• u(thr valor of rhr property mortgaged or to rhr solvency or
insolvency of said M+rrtgagor and,~ur of rhr defendants, and tlut such rents, profits, income, issues and revenues shall be applied by
such Recrrvrr according to the lien an+Uor ryurty of said Mortgagee and the practice of such court.
8. In the event the jurisdiction of rhr U.S. District (:Dort shall br invoked by ur against rhr Aiortgagor under any ul
the provisions of the Federal Bankruptcy Act, such action. whether voluntary or imoluntan• un the part t?f rhr M+?rtgagor.
shall automatically, without notice, accela•ratr rhr maturu}• of all sums of move}• he«in described and secured and rhr same
shall thereupon become due and payable !~?rthw•ith as fully as if rhr card aggregate sums of money were originall}• stipulated
to be paid on such date.
9. To deliver to sand ,Mortgagee on or before !lfarch 1 S th of each year, tax recrrpts evidencing rhr pa}•ment of all lawfully
impa?srd taxes for rhr preceding calendar yea:, and to deliver to said Mortgagee, receipts evidencing the payment of all liens
for public improvements within ninety (9t1) days after rhr same shall become due and payable, and to pay or discharge within
ninety (90) days after due date, any and all governmental levies that ma}• hr made on rhr mortgaged property, on this Mortgage
or iVote, or in any other w•ay resulting from rhr Mortgage indebtedness secured by this Mortgage; and if this condition hr not
complied with and performed, said Mortgagee may pay suih sum ur sums which shall become part of rhr debt sea tired by this \fort-
gageand shall bear interest at the default rate provrded in said Promissory \otr pa}vhle monthly until paid ur said Mortgagee may
elect that said Aturtgage debt thrrrupa?n brcomr due and payable forthwith.
Iii
10. [f all or am part of the property ur an interest therein as sold or transferred by Mortgagagor without Mortgagee's
prior written coruent, excluduig (a) the creation o(a lien or encumbrance subordinate to this Mortgage, (b) the creation of a
purchase money security interest for h+,usrhold appliances, (c) a transfer by devise or descent, or by operation of law upon the
death of a joint tenant, or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Alortga-
gee may, at its option, declare all rhr sums secured by this Mortgage to be immediately due and payable, Mortgagee shall have
waived such option tc? accelerate if, prior to the sale or transfer, Mortgagee and the person to whom rhr property is to be sold
or transferred reach agreement in writing that rhr credit ofsuch person issatisfactory to Mortgageeand that the interest payable on
the sums secured by this rnurfgagr shall be at such rate as Mortgagee shall request.
1 1. That in rhr eyrnt rhr premrscs hrrrby murtgagrti, ur any part thrrrol. shall he condemned and taken fur public use
under the pa?w•rr of eminent dornaur, tha• ~lurtgagrr shall have rhr right to demand that all damages awarded for rhr taking of or
damages a, said premises shall h+• paid to rhr Mortgagee up to rhr amount then unpaid on this Mortgage and at rhr option of rhr
~lurtgager may he applied upon rhr payments last payable thereon.
12. Thr Mortgagor binds himself not to t•rri t ur prrrnit to hr treated any new buildings on rhr p«mrsrs hrrrin mortgaged
or to add to or permit to hr added a? anr• of rhr existing improvements thereon or make am• changes or alterations in said
improvements which materialh• chankr rhr same or rhr use thereof, without the written consent of tha• ~tort}~agre, and in rhr event
ofany ciolauonor attempt tuviolata• thisctrpulatu,n, thuMortgagrand all sumssecurrd hrrrby shall immrdiatrh•briomedurand
u?Ilritihlr at rhr option of rhr Mortgagee.
1 3. It is speedicalh• ag«rd that time r. tit rhr rs~rnce of this Mortgage and that no waiver o) any obligation hrrcunda•r or of
rhr obhgatiun srcurrd hereby shall at aria trine hr held to br a waiver of rhr terms hrreu! ur of rhr rnstrumrnt srcu«d hrreb}•.
14. I(foreclosurr prucredingsolany x•cand rnortgagror sec~ndtrustderdoranyjunior iienotany kind shouldbr instituted
v rhr Mortgagee may. at its opium, immediately or thereafter declare this Mortgage and rhr indrhtx•dnrss sriured hrra•hy due and
payable fuahw•ith, and may at us option pn?crrd to foreclose this mortgage.
1 S. To the rxtrnt otter indebtedness of rhr Mortgagor to the Mortgagee described he«in ur srcurrd hrrrby rhr Mortgagee
is hrrrhy subrogatrd to rhr tiro ur hens and to rhr rights of rhr owners and holders thereof nl raa h and ecrn• mortgage I:rn ur other
rncumhranrr tin rhr land described ha•rrm which is paid and/or satisfied in whole ur in part out of the proceeds of rhr luaa drs-
aribed herein or srcurrd hereby and the n•spt•ctn•e liens of said Mortgages, liens or other eni umbranres shill hr and rhr same and
each of them hrrrby is preserved and shall pass to and hr held by rhr .~lortgagre herein a, security fur the inda•htrdnrss to rhr
Mortgagee herein described or hrrrhy ,eaurrd, to rhr same rxtrnt that it would have brrn preserved and would have brrn p.+sed
u?and brrn held by rhr ~tortgagrr had it brrn duly and regularly assigned, transferred, set over and da•Lerrrd unto tha• Mort};agrc•
M• separata• deed ul assignment notwithstanding rhr fact that rhr same may hr satisfied and cancrllyd of record. it hring rhr
rntrntion of tha• parties hereto that the same well be saudird and cancelled o) «cu:d by tha• holders thereof .+t or about rhr li
time of rhr recording of this Mortg:+ga•_
g~x 343 PEE 96f