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HomeMy WebLinkAbout0872tender to ti~e 11~iortgegre in sccurdum•e with the provi.giona ot the ~rot~ ~ecured I~ereb~•, tul) pa~•n~en1, ot the en6ire indebtedness rdpr~rnted thereb~, the Mortgagee, ua trustee, shall, in computi~-K 1hP a+uount o( sucl~ indebleduess. rrrdit to the uccount of the \lort ~aKor any errdit balunce rewainin~ uud~r the pruvisiuns ot (a) ot sa'st! ~~r~rsph 2. 4E tttere slia!! bc a ciei~u~t tilitlP~ Siiy c~t it-e pF~viaii,i~s at this ~uortga~c resultin~ ~n a public ssle of the p~en-isra covere~l hereb~ ~ or it t!-e Mortgagre acywrea 1he pro}x•rt~ othervv~sP afte~ default, the Mortgagee, as t~uetee, shsll apply, et the tune of the eouunencNUleul ot sucl~ procPedings ur at Uie time the property is otherwisP acquirecl, the anwunt tl~Pn reu~ainin~ to rrc•dit of MortRagor under (a) o! parat;raph 2 preceding as ~ credit on the mtNrest acerued and u»paid an~i t}le balance to the principal thc~n rnmai~un~ unpa~J on said note. • 4. He ~vill psy all te-xes, a~asmeats. water raLes. and other governmental or muaicipsl chargee~ finea, or impoeiWone, for which proviaion hae not been made hereinbefore, and in de(ault thereof the Mortgagee may pay the esroe; ~ thst he ~vill promptly deliver the o~cial reoeapt~ therefor to the Mortgagee. 5. He will permiL~ oommit, or suQer uo waste~ impairment, or dete:ioration of said pmperty or aay patt thereof~ taccept rensonable wear and tear; twd in t6e event of the failure ot the Mortg,sgor to keep th~ buikiinge on esid premises and thoee to be erected on said premiaes, or unpmvementa thereon, in good repair, the Mortgagee msy make euch repaira aa in ite diacretion it may deem neceeeary tor the proper prescrvation thereof~ and the full amount of each and every euch payment aball be due e-nd psyable thirty (30) days sttet demand, and s6all be eecured by the lien ot thie mortgage. 6. He ~rill pay a!1 and singula~r the coets, charge~, a-nd e:penees, including reasoneble lawyer'e feee, end oosta of sbstracts of title~ incurred or paid at any time by the Mortgagee becauae of the [ailure on the.patt of the Morigagor promptly s.nd fully to pertornu the agreements and covenante of eaid promieeory note and ~thia tuortqage, and said co~ta~ cbsrges~ and expenses sha11 be immc~fintely due and payable t,nd shaU be eecured by the lien of ttus mortgage. 7. Ne will continuously maintain hazard insurance~ oi auch type or types aad amounts as'.1~tortgagee may tmm time to time cequire~ on the improvements now or hereafter on said premises~ and e.YCept when payment for all such premiams has theretofore been made under (s) ot parug~aph 2 hereof, he witl pap pmmptly vvhen due any premwms therefor. All insurance shall be carned in companies approved by Tlottgagee and the poli- ciee and renewals t6ereof shull be held by Mortga~;ee and have attached thareto loss payable ciause8 in favor of and in form acceptable tn 1he Tlortga~ee. ln event oi loss he will give immediat~e notice by mei{ to Mortgagee, and titortgagee may make proof of ioss it not made promptty by Mortgagor, and each ~nsurance oompany concerned is herebv euthorized and directed to make payment i~r such loss directly to Mortgagee instead of to \tortgagor and iGiortgagee joint!y , and the insur:+nce proceecis, or any part thereof. may be applied by D•1or~ gagee at it9 option eit6er to the reduction vi the indebtedness hereby secured or to t6e restorataon or repa-r of the property dama~ed. In event oi foreclosure of this mortgage, or other transfer oi title to the mort~a~--ed property in ext~nguisbmenL oi the indebtedaess secured hereby, all right, title, and interest ot the ~iortga~or m and to aay iasurance policies then in force shall p~s to the purch~ser or grantee. R. If the pr~~n~is~~s, or un~- puct lt~en•of. IH~ ~•on~l~~wn~~~l +md~~r th~ pov-~•r of t•min~»t ~tu~ie:~~n, ur a~•~~uirc•~) for n public us~~. th~~ da~uaK~~s aNerded. the~ prorri•ds (or th~~ takiuK c~f. or th~• ~•on~i~li•rution for.w•I~ u~•qu4,itiot-, t~~ th~~ ~•xt~nt ot th~~ full umount of tlu~ r~•inaininK unpai~l in~l~~bt~vln~•~.+ s~vun•~i h~~ this ~noriK:-Kr. eirc• h~•r~~b~- :ta~ik~+~~tl 1o th~• ~1ort~a~c~. uual I~is h~~ir~ nr :~~.i~n::. ami s1~:iH h~• ~~iii~i (orti~N~ith to sui~l \lort{~u~~•~~ or I~i~, BaSiKncA to lx~ ap~-lie~l on a~•~•~unt uf th~~ la,t i!iaturiu~ iustaU~u~~nt~ o! Su~•!i ind~•bt~•~In~~ss: pro~•i~lyd. I-o~~~•cf~r, ihe ~lortku~c~~ ur his assi~n~~~, n~u~' at his s1i,~•re~tian ~-a~• ~lir~~~•t to Ilu• ~lortgn~or, hic h~•i~ ~~r as,i~~~~ ut.~• ~~art or ull o( +u~•h u~~•aril; pro~ i~lr~i. thut if th~~ luan is ~;u:~r.~nt~vvl ~~r insur~•d, th~ ~•ons~ut of tli~• Kuurant~~r or insur~r is obtain~~d iu ait~anc~ o[ sai~l pa~•~~+~~~tit. '~- The `iortgagee may~ at any time pending a suit upon this nortgage, apply to the court having jurisdiction t6ereof for the appointment ot a receiver. and such court ahall [orthwith appoint a receiver of the pmmises co~ ered hereby all aud singular, inclu~ing sl) and singular t6e income~ profits, issues~ and revenues from whatever source derived, each and every of which~ it being expressly understood~ is hereby mortgaged as it speci6cally eet forth and described in the grsating and habendum clausea hereoE. Such appointment ahall be made by such oourt as an admitted ~~;;~3 ~;~# s~~Li~r ~,i a~i3Ciii1~ iig~lE ~4 iai~ i~i~rig~c~e, and wit~nout reference to the adequacy or inadequacy of the value ot the property moregaged or to the solvency or insolveacy of said Mortgagor or t!~e defendants. Such renta, pro6ta, income, issues~ and tevenues sha11 Ibe applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor egrees to pay to the Mortgagee on demund a9 s reasonable monthly reatal for the premises an amount st least equivalent to one-twelith (~y) of the aggregate of the twelve monthly installments payable in the then current year plus ~the actual amount ot the snnual taxea, assessmenta, water rates, and insurance premiums for such year aot covered by the aforesaid montWy paymenta. 10. In t6e event of any b_-eac6 of this mortgage or default on the psrt of the Mortgagor; or in t~e evc~nt that sny of said sums of money herein referred to be not promptly and fully paid sccording to the tenor hereof~ or in the event that each and every the atipulations, agreements. conditiona, aad covenanta of said note and this mortgage. are not duly~ promptly, and tully performed; tfien in either or sny such event, the said aggrcgate sum mentioned in esid note then remaining unpaid~ with interest accrued to that time, and ail mooeya secured hereby, shal{ become due and payable forthwith~ or thereafter, at the option oi said 4tortgagee~ as fully and completely as if sll of the eaid aums of money were originally stipulated to be paid on such day, anything in said not.e or in this mortgage to the contrary notwithstanding; and thereupon or therea(ter~ at the option ot said Mortgagee~ without notice ~r demand. suit at law or in equity, may be prosecuted as if all mone}•a secured hereby had matured prior to its institu- tion. The :Vlortgagee msy foreclose this mort~xge, as to the amount eo declared due and payable, and the said premiaea ahall be sold to satisfy snd pay the same together with cost-r, expenses, s¢d allowaaces. In case af ~rtisl foeeclosure of this mortgage~ the mortgaged premises shall be sold subject to the contiauing Gen of tl»s mortgage for the amount of the debt not then due and unpaid. In suc6 case the provisiona of thia paragraph may again be svaiied of thereafter from time to time by the biortgagee. 11. No waiver of any covenant herein or oi the obligation secured hereby shall at sny iiave theres(ter be held t,o be s waiver of the ternne hereof or ot the note secured hereby. 12. The lien of thie insttument ahall remain in full torce aad eBect during any poetponement or extension of the time of psymen! of the indebtedneae or any part thereof eecured hereby. t:i. If t6e Mortgsgor default in any of the covenants or agreementa contained herein, or in aaid note, then the Mortgagee msy pertorm the eame, snd all expenditures (iacluding reasonable attomey's fees) made by the Mortga~ee in so doing shalt draw ~nteresL a6 the rnte pro~ icl~d for in the principul indebtedncss, and shall be repa~•able t6irty (30) days atter demand, and, togett-er with interest and costs accrued thereon, shsl) be secured by thin mortga$e- 14. Upon t6e request of the Mort~agee the btortgagor shall eaecute and deliver a supplemcntal note or noLec ~or the sum or sums advanced by the ~tortgagee for the alteration, modernization, improvcmcnt, mnin- tenance, or repsir ot ssid premises, for taxes or as.Qessments against the same and tor an~ other purpose author- ized hereunder. Said note or no~es shal) be secured hereby on a parity with snd as tuliy as if Lhe advance evidenced t6ereby were included in the note firs~ dexribed above. Said si~pplemental note or notes shall bear interest at Lhe rste provided tor in the principal indebtedness and shall be pa}able in ap proximately equal month)y payments for such period as may be egreed upon by the credilor and debt.or. Failin~ to agree on the maturity, the whole of t he sum or sums so ad~ anceJ shal) be due and pa~ ablc thirt,y (30) days a(ter dcman~! by t6e creditor. In ~ event sball the msturity eacend beyond ~he ultimate t~aturity of t6e nnte first deacribed above. ~~ ^",~~h,,5~ ~~UF ~.J~1 ~ ~ . . -- ~ ,. i - _ , .~ ~,: , .