HomeMy WebLinkAbout1650tender to ti~e ~+1orlga~;~•e in nc~•urduu~•N vvitl~ the pruvi~io~u~ o~ th~ not~ e,tcured I~ernb~•, full pa~•n-ent ot the
entire indPbtedness reprr~rnted the~eb~•, tl~P ~toctgagee, us trustee, xh»ll, sn computii~K t1u• a~ne,unt ot such
indebtedarss~ cfedil to the account of t~~p 11ort eKor nn~~ c~cdit balance remainin~ uud~~r tl~~ provisious oi (a)
ot asid parag~aph ~. ~t ~f~e~P ~f-a~i --r g~~~r~~~t ~~~~ip~ a~~Y ~r ~~~~~ provi~ions ot tt~is iuortgn~e rnsultin~ i~~ b
public sale oi lttie pre~ui~s coverrJ i~errb~, or if ti~e Mortgagre s~•yu~res ti~e pro}-ert~• otberw•~se afte~ default,
the Mortgsgee, ea trustee, shall apply, st the tune ot tt-e couuuenceuieul of suct~ }-roc~edin~s or at ll~e tim~
the propert~• ia otherwise a~•quired, the amount tl~en rea~sinin~ to erNdit of vlortKagor w-d~~r (a) of E~aragraph 2
preceding ae a credit on the interest accrued and unpaid sud tlle Lulanc•e to the principsl th~n rNn-si~~iu~ unpeid
on said note.
4. Ha wiU pay all te~cee, ~neeesmeate, wst~er ratee, snd other governmental or m~nicipal chargea, ~fines. o:
impositione~ tor which pmviaioa 6ae not been made hereinbefore, snd in detault thereof the Moctgagee may pay tbe
eame; snd thAt he w~ill pmmptly deliver the officisl reoeipte t6eretor to the Mortge~ee.
5. He arill peraait, comuut, or suRer no aaste, impairment~ or deterioration oi said pmperty or any part thereaf~
except reasonabte weac and tear; ewd in tha event of ~Le failure ot the Mortgagor to keep th~ buildinga on eaid
premises and tsoee to be erected on said premieea~ or impwvementa thereon~ in good repair, the Mortgagee me-y
malce sueh repaire ae in its diseretion it msy deem neceeeary for t5e proper preacrvation thereof, and the tull amaunt
of each and every auch payment ehall be due sad psyable thirty (30) days after demaad, and ehsll be eecured by
the lien of tbis mortgage.
6. He will psy sll and siflgu{ar the coat,a, c6arges~ and expeneee, including reasonable lawyer's feee, snd oosta
of abstracta of titte~ incurred or paid at any time by the Mortgagee because of the lailure on the part of the Morigagor
promptly and tully to perform the agreements and covenanta of_ eaid promiaeory note and thia mortgage~ and said
costa, a6argee. and expenses shalt be immediately due and payable and ahall be eecured by the lien of tt-is mortgage.
7. He will oontinuo~.sly maintain hazard insurance~ ot such type or types and amounts as 111ortgagee may
irom time to time require~ on the unprovemeui~ aow or hereaiter on said premises~ and e.~cep6 when payment
!or all such premiums has theretofore been made under (s) of pacagraph 2 hereof, he will pay promptly when
due any premroms therefor. All insurance shall be camed in companiea sppcoved by l~iortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausea in favor of
and in form acceptable to the r'Iortg ee. In event oi loss he will give irnmedie-te notice by maif to Mortgsgee~
and ~iortgagee may make proot ot~oss it not made promptly by ildortgagor~ and each insurance aompany
concerned is hereby suthorized and d'uected to make payment for suc6 loss directly to Mortgagee instead of
to ~'Iortgagor and hlortgagee jointly, and the insurance proceeds. or any part thereof, may be applied by Mor~
gagee at ~ts oplion either w the reduction of the indebtedness hereby aecured oc to the restorat~on or repair of
the property dama~ed. In event of foreclosure oi this mortgege or other transfer of title to the mortgaged
pmperty in extinguishment of the indebtedness secured hereby, a~l right, title~ and interest of t6e Mortgagor
m and to any insurance policiea then in torce s6all px~s to the pucchsser or grantee.
K. If ll~e preiui~~w, ur uu~- purt t!-en•of, be con~l+•z+~nsd u~~d~r tli~ poHer of cu~iu~nL do~uiun, or a~~quir~~l for
x publi~• use. th~ dt~n~uK~~s uw•erileJ, th~• pro~•~~~~~Is for th~~ takinK of. or th~~ ~•on~id~•rution for su~•li ui•quw~ttcm. 10
tht• t•xt~nt of th~ full umowrt of the remnining unpaid ind~bt~~(n~~ss s~~~•umd 1-~• th4s ni~rt~aKe, nr~• h~mb~•
ua~:i~-~-e~l to th~ ~tortKagc•c~, uu~l I~i.i hci~ or av.si~-us. un~i sl~uli h~~ pui~l tortl~w•ith to sui~l ~1ort~aK~~~ or liis
assiKnee to t-r applied on a~•~•ount af th~~ last niatunu;- i~-stall~u~•nts o( ,urh i~id~•lsted~+rss: pr~-~•i~1~•~1, hoH•~v~r,
thc \tort~u~e~ or his nssiKn~~~, inuy nt his dis~•n•lio~i pa~- din•+•t to the ~~furt~nKor, his h~irs vr a~si~ns unr parl
ot u{! of sw•h aHarci; pro~ici~cl, thut i! th~• loan is kuiirunt~~~•~I ~~r insurn~l, th~ ~•onseut of tlu• guaran/c~r or insur~r
is abtained in ad~•ance ot ~nid pa~iu~•~+t.
~- The ;4lortgagee may~ at any time pend'sng a suit upon this mortgage, apply to the court having jurisdiction
thereaf for the appointment of a receiver, and suc6 court shall forthwith appoint a rec~eiver of the premisEa covered
herebg all arid~singular~ including all and singular t6e income, pro6ta, iasues. and revenues from whatever source
derived, each and every of wfiich, it being expressly understood~ ia hereby mortgaged as if apeci6cally aet forth and
described in the grantiag and habendum clauses hereof. Cuch appointment ahall be made by such court as an admitted
equity and a matter of absolute right to esid Mortgagee, and without rEference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency ot said Mortgagor or t'~e detendanta. Such
rents. profita, income, issues~ and revenues shall be applied by such receiver according to the lien of thia mortgage
and the practice of such court. In the event oi any default oa the pact of the 4tortgagor hereunder, the Mortgagor
agrces to pay to the Mortgagee on demsad as a reasonable monthly rental for the premises an amount at least
equivafent to one-Lwelfth (yf z) of the aggregate of the twelve montbly installmente payable in the then curren!
year plus the actual amount of the annual taxea, assessmente, wster rstea, and insur~woe premiums for aucL year
not covered by the aforesaid monthly paymente.
! 0. In the event of any b~+each of this mortgage or default on the part of the Mortgagor; or in the evrnt that
any of said awna oi money herein referred to be not promptly and fully paid according to the tenor hereof~ or in Lhe
event that eacfi and every the atipulations, agreements, conditione, and- covenants of said note and this mortgage~
are not duly, Qromptly, and fully performed; then in either or any such event, the aRid aggregate 8um mentioned
in eaid note then remaining unpaid, with interest accrued to that time, and all moneya secureci hereby, shall become
due and payable forth~vith~ or thereafter, at the option of said Mortgagee, as fully and completely »s if all of the
eaid sums ot money were originally atipulated to be paid on such dsy, anything en asid note or in this mortgage to
the contrary notwithstanding; and thereupon or therealter, at the option of ssid Mortgagee, without notice ar
demand. suit at law or in equity, msy be prosecuted as if all moneya secured hereby had matured prior to its iostitu-
tion. The Mortgagee may foreclo~e this mortqage, sa to the amount eo declsred due and payable, and the said
premiees ahall be sold to satisfy and pey the same together with co~ts, expen~es, and allo~rances. In case of partiel
(oreclosure of thia mortgage, the mortgaged premises ahall be sold aubject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such ca~e the provisions of this patagraph may again be
svailed of thereafter trom time to time by the Mortgagee.
1 l. No vraives of any covenant 6erein or of the obligation secured hereby shall at any time theresfter be held
to be a wsiver of the terme 6ereof or of the note aecutrd hereby.
12. The lien of thia instrument ehall remain in iull force and eHect during any poatponement or extenaion of
tbe time of payment of Lhe indebtednese or any part thereof eecured hereby.
I:3. If the Mortgagor default in any of the oovenants or agreements oontained herein, or in eaid note, then the
Mortgagee msy perform the same. snd all Pacpenditures (including ressonable attorney's fees) made by the MortgaAee
in so doing shalt dnw interest ~t the rate provided for in tfie principnl indebtedncss, snd shall be repa~~nble
thirty (30) days atter demand, and~ together with interest and costs accrued thereon, shsll be secured by
this mortgage.
14. Upon the request ot the Mortgagee the Mortgagor shall eaecute and deliver a supplemental note or
notes for Lhe sum or sums advanceci ~y t6e titortgagee for the alteration, modernization, improvcment, main-
tenance, or repsir ot said premises, for taxes or ss.¢essments against the same and for any other purpose author
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as d the sdvance
evidenced. tbereby were included in the note first described sbove. Said supplemental note or notes shall bear
interest st the rate provided !or in Lhe principal indebtedness and shal) be payable in ap proximately equal
mont6ly payments for such period as may be agreed upon by the creclitor and debwr. Failing .to sgree on ihe
maturity, the wbole of the sum or sums so advanced shal) be due and pa~•able thirty (30) days after demand
by tbe creditor. In no event shall the msturit,y excend beyond the ult,imat,e c~sturity ot the note firat
deacribed above. ~±
B~OK~~~ P~Gt~U~~