HomeMy WebLinkAbout0900tenaer to the :~longu~;~•e in u~•cur~luu~•N witl~ tlie pro~•i.~iuns o~ thi~ ~wt~ srcured hrr~~bv, full px~•u~~nt of ih~~
eatire indPbtcdness reprns~•~~te~l therrb~•, thF titoN~agre, as truster, shsll, in ron-putiiiK ih~• uniuunt ot su~•h
iRdebtr~urss, c~re~lit to the ac~•ount of th~• ~tor~ -eKur nn~• c•r~•dit t,alauc~~ remainin~ und~~r tlu• pn-~•isiuns of (al
of said paraKraph Z. I~ ~IIPCN SIIHII IlP d(IPtau~t undrr uuy uf Ihe pro~~i.wio~~s of thi~ n~urtga~~ rnsultin~ in a
public sale oI the premi~t~s cuvcred h~•reb~•, or if (h~ Mortgagre ecyu~rea the pn,~x~rt~• oth~~rw~~s~~ ahe~ ~lefault,
the hlortgagee, as truatc~~, sl~all apply, 8< <IIP 1U11P O~ ~I1P (`OllllllE•nc~Pincul of such pm~•~~r~liu~,-s or ut Ih~ tinu•
lhe pro{iert~~ is othPrwi~e acyuired. thP a~uount Ii~E~~i reuiaininR to ~•r~•dit of ~1ortKagur uncl~~r (a) of {~eraKraph 'l
preceding a+~ a rrrdit ou ttir int~~n•st accrut~d und unpeid and U~~ bslam•e to the principsl th~•n reu-ui~~u~~; unpsid
on said not,e. ~
4. He ~viU psy all tsxea~ aeee~smenta. ws~er re-tes. snd otber governmental or municipal chsrgea~ 6nes, or
impoeitione, tor which provision hae not been made 6ereinbefon~ aad in default thereof the Mortgagee may psy tbe
eame; and that 6e wiU promptly deliver the o~cisl reoe~ptn theretor to the Mortgagee.
5. He will permit, oommit~ or autter oo waate, impairment, or deterioration ot said property or any part thereof~
e~ccept reaeonable wear and tear; end in the eveut ot the failure ot the Mortgagor to keep the buildinp on eaid
premises and thoae to be erected on said premises, or improvementa t6ereon~ in good repair~ the Mortgagee msy
make such repaire ae in its diacretion it may deem neceeeary for the proper preac,rvation thereof~ and the tull amount
of each and every euch payment ahall be due and payable Lhirty (30) days stter demand, and ehall be eecuted by
the lien of thia mortgage.
8. He will pay all and aingular the coats~ chsrges~ and expeneee~ including reasonable lawyer'e fees~-and ooate
ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of tAe Mortgagor
promptly and fully to perform the agreementa and covenanta ot eaid promieeory note and this. mortgage~ and said
costs. charges, and expensea s1-a11 be immeciiately due and payable and ahall be eecured by the lien ot this mortgage.
7. fIe will oontinuously maintain hazard insurance~ ot such type or typee and amounta as hlortgagee may
irom time to time require~ on the improvement9 now or hereaiter on said premises, and eacept w6en pay men6
for all suc6 premiums has t6eretolore been made under (a) of pars~aph 2 hereof~ he will pay promptly w6en
due any premiums theretor. All insutance s},all be carried in comparues approved by :~lortgagee and t6e poli-
cies and renewals thereof shnll be held by `lortgxgee and have attac6ed thereto loss payable clauses in isvor of
and in form acceptable to tlie Mortga ee. ln.event oi los.g he will give immediate notice by mail to ~riortgagee,
and ~fortgagee may make proof ot ~oss it not made promptly by Mortgagor, sad each insurance company
ooncerned is herebv suthurized and directed to make payment for such loss dvectly to Mortgagee instead of
to ~lortgagor and ~'Iortga~;ee jointly~ and t6e insurance proceeds, or say part thereof, may be appGed by Mortr
gagee at tts option either to t6e reduction ot the indebtedness 6ereby secured or Lo t6e restoracion or repsir of
the property damaged. In event ot toreclosure of this mortgage. or other transfcr ot title to the mortga~ed
ptoperty ~n extingwshment of the indebtedness secured hereby, all right, title, and interest of the ~iortgagoc
in and to any insurn~ice poGcies then in torce sheU pnsa to the purc6aser or grantee.
ti. If Uu~ pr~•~nis~•s, ur un~- 4~urt tl:~•r~v~f. b~• ~•un~l~~:un~•~1 un~i~•r th~• ~H-~~•~•r of ~•n~iu~~nt ~I~~~u:ut~, ~-r :ir~{uir~vl f~~r
a publii• usi•. th~• ~luiuu~;~~s i-~~•~ir~l~~~l. tlu• 1-r~-~•~~~•~1: fur th~• tukit~~ uf. ~-r the ~~~~n,i~l~~r:iti~~t~ f~~r .w•1~ u~•qui.tt~un, t~~
th~• ~~rti~n! of th~~ full uin~-unt of tlu• r~•nu-itiiu~ unpui~l i~ul~•I~t~~~ln~•.s s~•~•urr~l 1-~• thiti u~~~rtK:iK~~. nrc• h~•r~~l-~-
u~si~;n~•~1 to th~~ ~1ur1}-aktv•. u~ul his lu•it~ or u..i~u:. a~i~l •li:~ll hr ~-ui~l furthw•itl- In .:~i~l ~1~~rt};u~-~~~~ uc his
a,~ikner to IH~ xppli~~~l ~~n x~•~•~~unt ~~f tlu• la;t iuutunn~• in~tullnu•nl; ~-f .w•h indrbtrdn~•.s: pn-~~i~l~•~1, h~~~~•~•~•~~r,
th~~ ~lon}~uKr~~ or his :~~.i~n~•~•, niu~- :~~ his ~li~~•n•ti~-n pa~- ~Iir~•~•t t~- th~• ~I~-rtha~ur. hi, lu~ir~ ur :~.~i~ns i.n~- pnrt
or all of su~•I~ u~~~ard; pro~~ut~•~I. thut if th~• lu:~n ~s ~uar:u~t~~~•~1 ~-r insur~•~I, th~• ~•ons~~~-t ~~f th~~ ~-u:~rant~~r ur in5ur~•r
i, obtain~•J in a~l~•an~•~• of :ai~l pu~•iu~•nl.
=-- The ~Iortgagee mey, at any time pending a suit upon this mortgage, apply to t6e court ha~~ng jurisdiction
thereof (or the appointment uf a receiver, and such court ahall forthwith appoint a receiver of the premises oovered
6ereby al! and siagular, including all and singular the income, profits~ issues, and revenues from whatever source
derived, each and every of which. it being expressly understood. is hereby m~rtgaged as if apecitically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such coart as an admitted
equity and a matter oi at,sulute right to said Mortgagee, and without reference to the adequacy or inadequacy ot
the value of the property mortgaged or to the solvency or insolvency of sai~l Mortgagor or the defendant9. Suc6
rents, pro6ts, ;ncome~ isgues, and revenues shall tfe applied by such receiver according to the lien of this mottgage
end the practice ot such court. In the event of any default on the part of the :Viortgagor hereunder, the Mortgagor
agrec~ to pay to the ~iortgagee on demand as a reasonat,le monthly rental for the pmmi~s an amount at least
equivalent to one-twelfth (~y) of the agqmgate of the twelve moothly installmenta pa3•able in the then ~urrent
year plus the actual amount of t6e annual taxes, assessments, water rates~ and insurance premiums for auch year
not covered by the aforesaid monthly payments.
l0. In t6e event of any b-each of this morlgage or default on the part of the Mortgagor; or in the event that
any of said sums of money herein referred to be not promptly and fully paid acconli~g to the tenor hereof, or in the
event that each and every the atipulations, agreements, conditions. and covenants of said note and this mortgage~
are aot duly~ promptly, and fully performed; then in either or aay such e~ent, the said aggr~qate sum mentioned
in eaid note then remaining unpaid, with interest accrued to tl~at time, anrl al! mnneys secum~l hereby, shall be~come
due sod payable forthwith, or thereafter, aL the option of said :~tortgagce, as fully and completely xs if al! of the
said sums of money were origi.nally stipulated to be paid on such day, anylhing in said note or in th~s mortgage to
the contrary notw~thstanding; and themupon or therFafter, at the option of :~sicl ~Iortgagee, without notice ~r
demand, suit at law or in equity, may be pro.srcuterl a,4 if all moneys secured hereby had matured prior to its institu-
tion. The :~tortqagce may forecla5e this mortRaqe, as to the amount so declar~d due and payable, and the said
premie~ shall be sold to satisty and pa}• thc ~ame together with costs, expenses, and allowancea. In case of partial
forecloeare of this mortgage, the mortRaqed pr~mises shaU be sold aubject to the continuing lien of this mortgage
for the amount ot the cfPbt not thcn due and unpa+d. In such case the provisions of this paragraph may again be
svailed of thereafter from time to time bv the ~lortgagee.
~ ~. No weiver of any covenanf. hereio or ot the obligatioo ~cured hereby shall st any time thereafter be held
to be a wsiver of the terms hereof or of the note secured hereby.
I2. T6e lien of this inbtrument ehall remain in full force and eftect cfuring any postponement or extension of
the time of payment of t6e indebtednese or any parf~ thereof eecured 6ereby.
1:i• I[ the :Vtortgagor default in any of the covenanta or agmementa contained herein, or in said note, then the
Mortgagee may perform the eame~ and aU expenditures (includ~ng reasonable attorney'e fees) made by the MortqaRee
in so doinK shall draw interest at the rate pro~ id~d for in the principa) in~lPbt~~ln~ss, and shall be rFpa~•able
thirty (30j days a(ter demand, anJ, together witL interesl, and costs accrued thereon, sl~all be secured by
t6is morfgage.
14. Upon the requ~st of thc 1~fort~aRee lhe ~tortga~;or shall eaecute and deliver a supplemental note or
notes for the sum or sums advanced by t,he ~tortRagee for the alteration, modcrnization, improvement, main-
tensnce, or repair o( said premises, for taxes or as.acssmenls a~ainst the same and (or en~• other purpose author-
ized hereunder. Said note or notes sF~all be secured hereby on a parity with and as tully as if the advance
evidenced t6ereby were included in the nole 6rsl described above. Said supplem~ntal note or notes shall bcar
interest st the ral,e.provided for in the principal indebtednecs and shal) be pa3able in approximat,ely equsl
monthly payments (or such period as may be a~reed upon by the creditor and deb~or: Failin~ to agree on the
msturity, the whole ot the sum or sums s~o ad~•anced shall bc due and pa~•able thirt,~ (30) days af~er demand
by tbe creditor. In no even~ s6all the maturity excend beyond tbe ult,imate c~aturi'ty o[ l6e note first
deacribed above.
anoK3~~ p~~~~ ~~