HomeMy WebLinkAbout0905t,ender to the 1~lorlgu~;ee in ~-ccurJence wiU~ tl~e provis{btia~:of tl-e not~ secuced liernb~•, full pa~•men~ ot the
entice indebtednesa reprc~rnted I,hereL~, the Mortgagee, as'I,rustee, shall, i~ co~uputinR thr auiuunt of such
indebtedness~ credit lo tl-e accoun- of tl~e MortgaKor any credil Lalai~ce remai~it~g un~ler il~e provisions o( (a)
of aaid paragrsph 2. It thern sliall t,e a cle~ault u~der any ot ti~e provi~iona ot this uiorlga~e resulting in e
public s~le ot the premises covered liereby, or if 6he Mortgagee arywrca Ihe property otherw~ after default,
the Mortg~gee~ as ~n,atee, sl~sll apply, st the time o~ the co~n~nence~nent o[ such proceedings or al, tl-e ~i~ne
the proper~y ~s otherwise ac•yuired~ the auiount then remaining to rreclil of Mo~tgagor unde~ (s) ~t para~;raph 2
preceding as o credit on the interest accrued and unpaicl and tl~e bal~nce to the principal then re~msin~n~ unpa~d
on said note.
4. He wiU p-y all t~cea~ aeeeesments, water rstee~ and ot6er governmental or municipJ char~e0. 6aes~ or
impoeiuons, tor whicb provieion hae not been made 6ereinbefore, aad in defAUlt theroof tLe Mortgagee msy puy tbe
e~me; and Lhnt be will promptly deliver the o~cial reoe~pte tberefor to the Mortg~gae.
b. He ~vill permit, oommit, or euHer no waate~ impairment~ or det~erioration d eaid pmperLy or any part thereot
eucept rea~onabk Mear and tear; snd in We event oi t6e failure o( tbe Mortgagor to keep the buildinge on eai~
premises and tboee to be erected on eaid premieee, or improvemente thereon~ in good repsir~ the Ir1o ma
make such repsire aa in its diecretion i~ msy deem aeoeesary tor tbe proper preacrvstion t6ereot~ and the t~ull~amount
ot each and every euch payment shall be due and payable thirty (30) dsys Jter demaad, and e6all be secured by
the liea of t,his mortgage.
8. He ~rill pay all and aingutar the ooeta~ c6argee~ aad ezpeneee~ includin~ naeonabte lswyer's feea and oosts
oi abstracte of title~ incurred or paid at any time by the Mortgagee becsuee oi t6e failure on the part of t6e Mortgagos
pmmptly and fully to perform the agreementa and covenaata of eaid promiaeory note and tAia mortgage~ snd said
ooste, chargee, and expenses ahall be immediately due ~and paysble sad ahall be eecured by t6e lien of t6ie mortgage.
7. He will oontinuously maintain hazard inaurance, oi such type or typee snd amounte ss Mortgagee msy
fmm time to time require, on .t6e improvemenfs now or hereatter on sa~d premises~ and e.~cep6 when psyment
for all such premiums 6as theretofore beea made under (s) of paragraph 2 6ereof, he wiU pay promptly when
due any premiums lherefor. All insurance shell be carried in comparues approved by 111ortgagee and the poli-
cies and renewals t6ereof shall be held by Mortgagee e-nd 6~ave attac6ed thereto loss psyable clauses in. isvor ot
and in form acceptable to the Mort~a~;ee. In event oi losa 6e will give immediste notice by mail to Mortgagee~
and 4iortgagee may make proof of Ioss it not made promplly by Mortgsgor~ and each insurence oompany
ooncerned is hereby~aut6orized and directed to make payment for such losa directly to Mort~apee instead of
Lo Mortgagor end Mortgagee oint,ly~ and the insurance proceecis, or any part thereoi~ may be app7ied by Mor~
gagee at ita option either to t~e reduction oi the indebtednesa 6eceby aecured or to the restoraWon or repair of
the property damap~ed. In even~ of foreclosure oi this mortgage or other traasfer oi title to the mortgaged
property ~n exlingws6ment of the indebtedness secured 6ereby, a~i nght, title~ and interest oi t6e Mortgagor
in and to any insurance policies then in force ahall p~s to tbe puechsser or grantee.
k. If tlu~ {-r~•~uisu~s, ur un~- part th~•rruf. b~• ~•on~l~~tnn~vl un~l~•r th~ }x-w~•r of ~~n~in~nt ~lo~i~uin, ur a~•yuiri~~) fc~r
a publir us~~. Ilu~ dunu~~~~s uN~ardrd. th~• pro~•~•~•ds for Ih~• tukinK of. ~-r ih~• ~•unsid~~ralion f~~r sw•I~ a~•quisitio~~, t.~~
th~• ~~rt~nt o( the full uniount of thi• r~•~uuinink un~-ai~l itul~~l~t~~~lm:~.~ s~•ror~~~l h~- this iiu~rt~-aKe. am L~r~~l~~-
ussiku~•il to th~~ ~lorlkak~~t•. un~l l~i~ h~~irs ~~r t~isi}-ns, ut-~1 sli:~ll h~• pui~l forthw•ith to sui~l ~lt•rt~;ak~•r or hu
astii~-n~•~ to Ix~ ap~-li~•d ~~n a~•rt-uut of th~• lusl ~uuturi~i~~ instuliu~~•nt. uf surL ind~~btr~ln~~ti: pr~~~•i~l~~d. hoH~~~~r,
the ~lortkuKer ur hi4 ac~:iKn~•~•, ~nu~- at hi.g ~lis~•n~tian ~-u~- ~lin•rt to th~• ~fort~;ukor. l~i, h~•irs ur us.~iKns an~• part
or alln! tiu~•h ~w~ar~l; pmrul~•~I. thut if t!u• I~~:ui~is kuartu-t~•~~~I ~~r ii~5urn~1, th~• rons~•nt n( thf• ~;uurantur or insur~~r
is ~~btuin~~il in ad~nn~•~ of s~ii~! ~~u~~nu~nt.
'~- The 4~iortgagee may~ at any time pendiag a suit upon t6is mortgage~ apply to the court 6aving jurisdiction
thereot (or the appointment of a receiver, and suc6 eourt shall forthwith appoinL a receiver o! the premises oovered
hereby all and singular, including all and singular t6e income. profits, issuea~ and revenues trom whatever source
derived, eac6 and every ot which, it being expressly understood, is hereby marigaged ae if apecifically set forth and
described in the grantiag and habendum clauses hereoi. Such appointmeot ahall be made by such coart as an admitted
eyuity and a matter of absolute right to said Mortgagee. and without reference to the adequacy or inadeyuscy ot
the value ot the .property mortgaged or to the solvency or insolvency oi said !Nortgagor or the defen~ants. Such
rents. pro6ts, income~ issues, and revenues shall be applictil by such mceiver according to the lien of this mortgage
and the practice of auch court. In the event of any default on the part of the Mortgagor hereunder, the biortgagor
agree9 to pay to the ~iortgagee on demand as a reasonable monthly rental for the pmmisea an amount at least
equivalent to one-tweltth (y~2) of the ap~reqate of the twelve monthly installments pa~able in the then current
year plus the actual amount oi t6e annual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monttily paymenta.
1 u. In t6e event oi any b.-each of this mortgage or defeult on the part ot the Mortgagori or in the evrnt that
aoy of said aums of money hemin reterr~ to be not promptly snd fully paid according to the t,enor hereof, or in the
event that each and every the atipulatioa~, agreements, conditioas, and covcnao~g of said note and this mortgage~
are not duly, promptly, and tuUy performed; then in either or any such ev~nt, the said ap,Rmgate sum m~ntioned
in said aote then remaining unpaid~ with interest accrued to that time, and all monc~ys secured hereby, shall become
due and payable forthwith, or themafter, at the option of said Murtgaqec, ag fully and completely xa if alt of the
said sums of money were originally stipulated to be psid on such dey, anythinq in said note or in this mortRage to
the contrary notwithstaoding; and thercupon or thercaftrr, at the option o( s.1id Mortqaqce, without notice ~r
demand, suit at lav- or in e~uity, may tx~ pr~~sccuted ag if all moneys secured hereby had matured prior to its institu-
tion. The 1~tortqaRee may foreclase tt~is mortQaRe, as to ti~e amount so declam~l due and payable, and the said
premises shaU t-e wld to satisfy and pa~ the ~ame together w~th cagt9, expen.~, and alluwancc~. [n case of partial
foreclosurP of this mortRage~ the mortRaqed pmmi5es shall t,e sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may agaia be
availed of thereafter trom time to time by the ~tortgaqee_
1 I. -No waiver of any covenant herein or of the obliqation secured hereby shall at eny ti~e thereafter be held
to be a waiver of the terms 6ereof or of the note secured hereby.
1''_ The Gen of this instrumeot ehall remain in full force and effect during any postponemeat or extension of
the t,ime of peyment of the indebtedne.sa or any part thereof secured hereby.
~~;- If t6e Mortgagor default in eny of the covenanta or agreementa contained hemin, or in said note, then the
Mortgagee may perfurm the same, and ap ezpenditures (includ~ng reasonable attomey's fees> madc by the Mort~aRee
in so duinK shal) draw intPrc~sl at the rate pro~•ided for ~n the principul ind~i~tednrss, and shall tx~ rnpa~•able
thir~y (30) dsys aft~r demanJ, and, together with interc•st and costs accrued thereon, sliall be secured by
this mort,gage.
14_ L'pon t6e request ot the :~tort~a~ee the ~1ortKa~or shall e~ecute and deliver a Supplem~nLal note or
~~ote~ (or the sum or sums ndvanc~d t,_y the ~toctRagee (or the alteration, mod~rnization, impro~•en~~nt, main-
tenance, or r~pair ot said pr~mises, tor taxrs or a~.~t~c5m~n~4 a~;sinst, Ihe sem~ and for a.n~ other pur~-o~~ aut,hor-
ized hereunder. Said note or notes shall be sccured hcreby on a parity with and as fully as if t.he ad~•ance
evidenced thereby were included' in 1,he note firsl described above. Said supplemrntal note or notcs shal) bear
interest st t6e rate provided (or in Lhe principal indebteclness and shall bc pa~•able in approximatrl} equal
monthly pay mPnts for such periwl as may be a~;rced upon by the crcditor and ~lcbtor. I~ aihn~ to a~rcc on the
meturity~ the whole of the sum or sums so advanced shall be due and pa~•able thir~~ (30) da~s afl~rr demand
by t6e creditor. In no event s6all t6e maturit~y extcnd beyonJ the ultimate r.~aturity of tLe note first,
described above.
a~x~~s P~E ~
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