HomeMy WebLinkAbout0884ter-der to Lhe 11~lortguE;t~r in ucrunlan~•~ witL tbP provisious of tl~e uut~~ s~~cu~e~l hrr~•b~•. full pa~•~uNn~ ot U~o
entire in~lebtedneaa repn•s~•u~rd the~eb~•. the ~lortgugee, us tru~~ee. :s1~aU, in ~•o~nNutii~K th~~ aniuuut ot sucl~
indebtedness~ credit lo th~~ etrcount ot tl~r \1o~tgnKur uu}• cr~•dit t-aluuc~• r~~nieinin~ und~~r lh~~ pru~•i~ia~s of (u)
ot said paragraph Z. I~ IIIPI'H BIINI~ IlC N lIl`tault ut~dNr uuy o~ tl-e pro~•iyiuns of tiiia n~ortga~~ r~•sultin~ in a
public sRle o( the prt~nii~rs ~~uvered liereb~•, or i( the hiortguge~• n~•qwres tl~~~ projx•rty uth~~rw~~s~ aft~r delauit,
tl-e Morlgagee, aa truete~~, sl~all apply, at the tuiie of the cownience~uetit ot such prorc~rdings o~ at the tim~
the propert,~ ie otherwi,vP acyuirecl, the aniount U~en rNU~ainiuK ~u ~•rrdit o~ L1ortKa~or under (a) o( {-arngrapl~ 2
preceding as a cr~~dit on ti« intNrest accrurd and u~~paid xnd tF~e balaure to the prineipal thi•n rnn~ainu-~ u~~paid
on seid note.
4. He ~vill psy e~ll taxea, saeeesmente. wster rst~e, snd other governmental or municipat chargee, 6aes„ ot
impoeitione, [or ~rhich pro~~iaion 6ae not been me-de hereinbefore~ ~-nd in default thereof the Mortgagee msy pe-y the
eaone; and thst he will pmmptly deliver the oH'icieJ reoeiptA t6eretor to the Mortgagee.
5. He wil! permit~ oomanit~ or sufTer ao waate, impairment~ or deterioration of said property or any par~ thereot,
e~ccept reaeonabla wear and teer; and in the event of the failure ot the Mortgagor Lo keep the buildinga on eaid
premiees and thoee to be erected on said premieee~ or improvemente thereon~ in good repair~ the Mortgagee msy
make such repairs a8 in iW discretion it msy deem neceeeary tor the proper preac.rvation thereot~ and the fult amount
of each and every auch psyment ahall be due e-nd psyable t6itty (30) daye e~fter demand, snd shall be eecured by
the lien ot thia mortgage.
8. He will p~-y sll and singular the ooata~ chargee. and e:peneee~ including reasonable lewyer'e feee, and costa
of abstn-cta of title, incurred or psid at eny time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and tully to perform the agreements snd coveuants of eaid promieeory note. and t,hia mortgage~ and asid
e~osta~ chargea~ and expensea shall be immediately due and payable and shall be eecured by the lien of t6is mortgage.
?. He will oontinuously maintain hazard insurance, of such 6ype or types aad amounts as Mortgagee may
trom time to time reyuire, on the impmvement~s now or hereaiter on said premises, and eacept when payment
for all such premiums has therotofore been made under (a) of paragraph 2 hereof, he will pay promptly w6en
due any premiums therefor. All insurance shall be carried in compacuea approved by ~iortgagee and the poli-
cies and renewals thereof shall be held by ti4urt~agee and 6ave att,ached thereto loss payable clausea in favor of
end in form acceptablo to the Mortga~ee. In event of loss he w-ill give immediate notice by mail to Mortgagee,
and ~iortgagee muy make proof of ioss if not made pmmptly by ~lortgagor~ aad each insurance company
concerned is 6ereb authorized and directed to make paymeat for such loss directly to Mortgagee instead of
to Mortg,agor and ~iortgagee jointly, and t6e insurance proceeds~ or any part thereof~ may be applied by Mor~
gagee at its opLion eil6er to t6e reduction ot the indebtednesa hereby secured or to the restorataon or repair of
the property dama~ed. In event ot foreclosure of thia mortgage or other transiec ot title to the mortga~ed
propert,y in extingws6tnent of the indebtedness secured hereby, a~l right, title~ and interest of. t,6e Mortgagor
m aad to any iasuronce policies then in force s6all pqsa to the purchaser or grantee.
R. If th~• pr~vuis~•s, ~-r un~- ~-urt IL~•r~•~rf, b~• ~•onil~•iuu~•~i un~ler th~~ {x,«•~•r of ~~n~im•nt iloiuuuti, ~-r u~•quir~•d for
u publi~• us~~. Ih~• c{aniu~;~•s u~ear~l~~~l. thr pror~•~•il~ fur th~~ tuki~~R of. ur th~• ~•~n-.i~1~~r:Ui~~n fur.w•h u~•qut,U~~ni. tu
tlu• t~xtrnt o~ th~• full u~nounl uf Ih~~ r~•~iutinin~ unp~~i~l iiul~~ht~~~ln~•ss ~~~~•un•~I b~• ihis uiort~-a~-~•. ar~• hi~ri•b~-
assi~-n~•~I it- ih~• ~IortKak~•~•. uu~l hi. {u•i~~ ~~r u~.i~n:, :~u~l •liall h~• ~,ui~l f~~rti~~~~ith lo ~ui~l \1~~rlkuR~•~• ~-r his
us.,i~;ne~• to !N• al-Pli~•~I ~n- ui•~•~-iu~t i-f th~• lu:t iuuturin~ in:tallini•~~t. ~~f .w•li in~l~•ht~•~lu~•~s: pn~~•i~l~•~1. h~-~~•~•~•~•r,
tli~~ ~t~rt~ak~•~~ or his :i.si~nr~•. inu~- iil I~iw ~li>~•n~tiun ~-u~ ~lir~•~•t 1~- th~• \Iort~u~;ur. I~i: lu•i~• ur u::i~~-: ~in~- ~-etrt
~-r ull uf su~•I~ u~car~l: ptti~ci~l~~~l. thut if Ih~• I~rui is ~:u:i~:uit~~~•~I i~r inaur~•~I. th~• ~•~~n;~•n- ~-f th~~ Ru;-r~~~Nur ~-r ii~~urnr
is obtuio~~~l in u~l~•nmv~ of .si~) pu~-~~i~•nt.
!-~ The ~liortgagee mey, at any time pending a suit upon this c~ortgage, apply to the court having jurisdiction
thereo( for the appointmenL ot a receiver, and sucb court shall forthaith appoint, a receiver of the pmmisea covered
6ereby all and singular, inclu~ling all an~l singular the income. profits, issues. and revenues irom whatever source
derived, each and every of which, it beiag expre~ssly understoal, ia hereby mortgaged as if apecifically set forth and
describPd in the granting and habeudum clauses hercof. Cuch appoiotment shall be made by such court as an acimitted
equity and s matter of absolute right to said Diortgagee~ and without reference to tt-e adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagur or the defen~lants. Such
rents, pro6ts, income, issues~ and revenues ahall l'fe applied by such receiver accordiag to the lien of this mortgage
and the practice of such court. In the event of any de(sult on the pxrt of the tiiortgagor hereunder~ the Mortgagor
agrees to pay to the ~tortgagee on demand as a reasonable monthly rental for the pmmises an amount at least
equivalent to one-tael(th (~21 of the agqregate of the twelve monthly installments pa~able in the then current
year plus the actual amount of the annual tuxes, as..~essments, water rates~ anJ insurance premiums tor auch year
not covered by the a(oresaid montWy paymenta.
10_ In the event of any b-eac6 of this mortgage or default on the pnrt of the tiiortgagor, or in the event that
any of said sums of -noney herein ceferred to be nut promptly and tully pui~f acconiing to the tenor hereof, or in the
event that each and every the atipuiations. agreements, conciitions, and covenants of said note and this mortgage~
are not duly~ promptly~ snd fully performed; then in either or any such eveat, the said aqgregate sum mentioned
in eaid note then remaining unpaiJ, with interest accrued to that time, and sll moneya secumd hereby, ahall become
due and payable forthwith~ or themu(ter, at the option of said i~lortgagcc, as fully and complecely as if all of the
said aums of money were originally stipulateci to be paid on such day, anything in saicl note or in this mortgage to
the contrary notwiihstanding; and thereupon or thereafter, at the option o[ :;aid ~tortgagee, without notice ~r
demand, suit at law or in equity, may be prosecuted as if al) moneys secured hcreby had matured prior to its inslitu-
tion. The Nortgagee roay foreclose' this mortRaqe, as to the amount so declared due and pa~ able, and the said
premiees shaU be solcl to satisfy and pay the ~.~me together with costs, expenses, and aUowances. In ca.se of partisl
foreclosure of thia mortgage~ the mortgageJ prcmisea shall be sold subject to the contiouiag lien of this mortgage
for the amoaat of the debt aot then due and unpaid. In such case the pmvisions of this paragraph may again be
availed of thereaiter from time to time by the :~iortgagee. -
I 1. No waiver of any covenanL herein or of the obligation securecl hereby shall at any time thereafter be held
to be s waiver of the terms hereof or of the note secured hereby.
12. The lien of this inbcrumeot ahall mmain in full torce and eHect cluring any poestponement or extension of
the time oi psyment of the indebtedneas or any part thereof eecured hereby.
1:i. Ii t6e Mortgagor defa~ilt in any of the covenanta or agreements contained herein, or in said note, then the
Mortgagee may per(orm the same~ and all expenditures (including reasonable attorney's fees) made by the 1ltortgaRee
in so doinK shsll draw interesL at the rate pro~ idc~,i r~,~ ~~~ the principul ind~~bte~ln~ss, and shall br mpa~•able
thirt,y (30) days atter demand, and, together with inten•st and costs accrued ther~on, shall be sc•cured by
thi.q mortgage.
14. Upon tbe reque3t ot the btort~a~ee the ~tort~s~or shall caecute and dcliver a supplcmcntal note or
aotes tor Lhe sum or sums advanccd ny t6c ~iort~agee for the alteration, mod~rnization, impro~•cmcnt, main-
tenance, or repair o( said premises, tor taxcs or a~.~~~ssm~nts against the same and tor an~ othcr purpose aut6or-
ized 6ereunder. Said note or notes shall be s~cured hereb~ on a parily with and as tully as it tl-c ad~•ance
evidenced thereby were included in the note firsl described at,o~e. Said snppl~m~ntal note or notcs shall bear
int,erest st the rate provided (or in the principal indebtedness and shall be Pa~•able in epproximatc~ly equal
monthly psy mPnts for such period as ma,y be a~;reed upon b~• the creditor and ~lebtor. H ailin~ to agree on the
maturity, the whole of the sum or sums so ad~•anced shell be due and pa~•atilc thirty (30) days atter d~mand
by Lhe creditor. In no event shall the maturily extend beyond lhe ultimate t~aturity u[ tt~e note fi~st
r
F
`.
,~
descnbed sbove. ~~K~~ ~~
`
a~~x ~ e~cE
~
~ . _, . ~ ~~..:..{- - - -
_ ~ _ , . .
_. _ ,~ ._
- _ _ _ _-~
~~~: -Y