HomeMy WebLinkAbout0597tendrr to the ~Iortgu~;~~e in accurdnm•e wil1~ -he provi~iona ot th~ notr srrured hNr~•b~•, tull p~~•n~en~ ot the
entirn indebtedness reprNSrnted tt~ereb~•, U~e ~lortgugee, as trus~er, 31~el1~ ~n con+putinK tl~i~ aiuount oi suc•1~
indebteJness, credit to thP acc•ount of tlir ~-turtge~or an~• credit balance reuiainin~ und~•r the pru~•isiuus o! (a)
of asid parsgraph 2. It therP slial) br a detault under any ot tl~e provi~ions of tl~is mortga~e rnsultin~ in e
public sale of tl~e premises covereci I~ereb~. or if il~e :1~iortgagre ucyu~res the pro},erty otl~erw•-sP afte~ detault,
the Mortgsgee~ sa trustee, shall apply, at the tunP o! the co~nii~ence~nent ot suct~ proccedings or et tl-e tim~
the property ia otherwise acyuired, the auiount then re~~iainin~ to c•rNdit o! ~lon~agor under (a) o( parx~raph 2
preceding sa a credit on the interest eccrue~l and unpaia and tile Lalauce to tiie principal then rn~naini~-R unpeid
on said note.
4. He ~viU pe-y ell taxea aee~emente~ wster rstes, ewd other governmental or municip~l chargea, finee. os
impositione, Ior which pmviaioa hae not been made hereinbefore~ snd in default thereoi the MoKg~-gee may psy the
same; and t.ha-t he will promptly deliver the o~cial n~oe~ptn therefor to the Morigagee.
5. He ariU permit, commit, or suRer no waste. impairaneat~ or deterioration of eaid property or sny part thereof.
e~ccept ressonable wear and tear; and in the event of tLe failure oi the Mortgagor to keep t6e building,a oa eaid
premiaes and thoee to be erected on said premisee, or improvements t5ereon, in good repsir, the Mortgagee may
make auch repairs aa in ite diacretion it may deem neceeeary for the proper presc.rvat~on thereot~ end the full amount
of eacb snd every auch psyment ahall be due snd psysble thirty (30) dsys alter demand, and ehall be eecured by
the 4en ot thia mortgage.
6. Ne will pay all aud eingular the coef~~ charges, und expeneee~ including reasonable lawyer's feee, and ooete
ot abetracts of title~ incurred or psid at any time by the Mortgagee becauee of the tailure on t6e psrt of the Morigagor
pmmptly and fully to perform the agreements and covenanta of eaid pmmieeory note and thia. mortgage~ and eaid
oosts. chargea, and expenses ahall be immediatety due and payable and shall be eecured by the lien of t6is mortgsge.
7. He will oontinuously maintain hazard insurance, ot euch type or types and amounfs as Mortgagee may
from time to time require, on the impmvements now or hereeiLer on said premises~ and eacept when pasment
tor all such premiums hea tberetofore been made under (s) oi psregraph 2 hereof, he wi!! pay promptly w6en
due any premiums therefor. All insurance shall be carried in comparues approved by 111ortgagee and t6e poli-
ciea and renevvals tbereoi shall be held by tiiort~agee and 6ave attached thereto loss payable clausee in favor of
and in torm acceptable to the Mortgagee. In eqent of loss he vrill give immediate notice by mail to Mortgagee,
and `iortgagee may make prooi ot Ioss if not made promptly by :Liortgagor~ and each insurance oompany
ooncerned ~s bereby authoriaed and directed to make payment for such loss directly to Mortgagee instead of
to vlortgagor and ~Iortgagee joint,ly~ and the inswance proceeds, or any part thereof~ may be applied by Mor~
gagee at its option either ta the reduction ot the indebtedness hereby secured or to the restareUon or repair of
the property dama~ed. In event of foreclosure of this mortgage, or ot6er transfer of title ta the mortgaged
property in extingu~shment of the indebtedness secured hereby, all right, title, and interest of the biortgagor
u- and to any insurance policiee then in (orce shall pRSS to the purch~ser or graatee.
K. If thi~ pr~•iui,~~s, c-r an~- part tlu•mo(. !r• ro~-~Ir~~tin~~l und~r t1~~ po~cr of cmin~nt doin.un, ur ac•quir~•d tor
a public us~•. tli~ ila~i~uKc•s uNard~~~l. th~~ pror~~r~ls fur ih~~ takinK of. or th~~ ~•on.id~ration for su~•l~ ac•yu~-t~o~+, t~-
ih~• ~•xtent of thc~ tull uniount of the r~•nie-inin~: wipai~l it~<I~•Lt~•~In~•ss s~~~•urnd h~• thu ~u~rlKaK~~. ar~~ hE~r~l~~•
ussi~:ned to th~ ~1ortKakc~•. un~1 hi. t-~ir~ +-r n~,i~;m, :in~l Ji~tl hi~ pui~i fnrthNith to sui~l \1ort~;u}~~~~• ~r liis
as.siKnee to 1-r xpplied on a~row-t of th~~ la,t innturiu~ instailn~~•s-Is uf su~•l~ ind~bt~d~u~+s: ~~ro~•i~ti~~l. how~•~-~r,
tl~e ~IortKa~c~~ ar hi.4 assiKn~~, n~u~• ut liis ~li.,~•r~•tion p~~- ~lir~•~•t to tl~r ~Iortga~;or, his h~~it~ ur assi~-ns anr pu~t
or ~il of su~•h nNard; pro~idc•d, that if th~• loan is ~:uarant~•~•~I or insur~~d, th~ ~•onseut of thf• gunrantc-r or insurer
is obtainc~d in ad~•anc~ o[ .xul pusn~~~nt.
'J- T6e ~iortgagee m~y~ at any time pending a suit upon this mortgsge~ apply to the oourt baving jurisdiction
thereof for the appointment of a receiver~ and such court ahall torthwith appoint a receiver of the premises oovered
hereby all and singular, including all and singular t6e iucome, profifs, iasues, and revenues from whatever source
derived~ each and e~ery of which~ it being expressly understood. is hereby mortgaged as if speci6cally set forth and
described in the graating and habendum clausea hereol. cuch appointment ahaU be made by auch court as an admitted
equity and a matter of $bsolute right to said Mortgagee~ and without m(erence to the adequacy or inadequacy of
the value ot the property mortgaged or to the solvency or insolvency of said ~'Iortgagor or the defendanta. Such
rents. profits, income~ +ssues, and tevenuea shall be applied by such receiver according to the lien of this mortgage
and the practice of such court. In the event oi any default on the part of the Mortgagor hereunder~ the Mortgagor
agrees to pay to the ~'iortgagee on demand sa a reasonable monthly rental for the pmmiaes an smount at least
equivalent to one-twelfth (~y) of the aggregate of the twclve monthly installments payable in the then current
year plus the actual amount of the annual taxes, assessmeats, water rat,es, snd insurance premiums for auch yeas
not covered by the aforesaid monthly payments.
10. In tbe event of aay b*each of thia mortgage or default on the part of the Mortgagor; or in t6e evc~nt that_
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event tfiat each and every the atipulations, agreements, conditions. and covenants of said note and this mortgage.
sre not duly, promptly, and tully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest acerued to that time, and all moneya securecf hemby, shail become
due and payable forthwith, or thereafter, at the option o( said Mortgagee, as fully and completely as if all ot the
enid sums of money were originally atipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; and ~hereupon or thereafter. at the option of said Mortgagee, without notice ~r
demand~ suit at law or in equity, mey be prasecuted as if all moneys secured hcreby i~ad matured prior to its institu-
tion. The :~fortgagee may foreclose this mortRage, as to the amount so declared due and payable, and the said
premiaes ahall be sold to satisfy and paS the same together with casts, expenses, and allowancea. In case of partial
(oreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the pmvisions of thia paragraph may again be
avsiled ot thereafter tmm time to time by tfie 4lortgagee.
t 1. No waiver of any covenant herein or of the obligation secured hereby shall 'at any time thereafter be held
to be s waiver of the terma hereoi or of the note secured hereby.
12. The lien ot t6ia instrument ahall remain in full torce and eBect during any pnstponement or exlension of
tbe time of payment of t6e indebtednese or any part thereof eecured hereby.
l:i. If the Mortgagor default in sny of the covenanta or agreements contained herein, or in snid note~ thea the
Morigagee may perform the same~ and all expenditures (including reasonable attorQey's fees) made by the MortgaRee
in so doinK shall drsw interest at the rete provided for in tfie principal indebte~in~ss, and shall be repa~•able
thirty (30) days a(ter demand, and~ together with interest and costs accrued thereon, si~e11 be secured by
Lhis mortgage.
t4. Upon the request ot the l~fort~;a~ee the ti'Iort~e~or shall execute and deliver a supplemental note or
notes for the sum or sums ad~ance~i Dy the ~tort~agee for the alteration, moderniaation, improvcment, main-
lenance, or repair ot said premises, ioc tsxes or as.~essments against the same and tor dn~ other purE~ose author-
ized hereunder. Said note or notes shall be secure~ hereby on a parity with and as tulty as it the ad~ ance
evidenced thereby were included in ~he note 6rst described above. Said supplemental note or notes shall bear
intereat st the rste provided for in the principal indebtednec~ and shsll be psyable in ap proximately equal
monthly psy ments for such period as may be a~reed upon by the creditor and debtor. Failing to agree on the
maturity, the whole o( the sum or sums so ad~anceJ shall bc due and pa~able thirty (30) dsys after demand
by Lhe creditor. In no eveat shall the maturity extend beyond t6e ultimate c~aturity ot t6e note first
described above.
~345 P~~ ~~5
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