HomeMy WebLinkAbout0408leuder lu ti~e 11orl~;u~;~~~• in u~~c•ordnnev~ will~ the provislut~y of tl~~~ i-ut~• secur~•d hrrnb~~, full ~,n~_iu~•i-t ut thi•
enlire indebtrdnes.s rr.prc•st~nled th~~rc~b~•: tL~ ~tort~aK~~, etK tru,~t~~•. .l-all, in coiuputii~~; th~• unu,un~ of such
indebtrd~irsa, rrNdit to th~~ n~•count uf th~• ~lurt ~uRor un~• ~•~e~lil balan~v~ r~•~uxinin}~ u~ul+•r ~h~~ pn,~•i,ion~ of (n)
oi ssid puragraph 2. 1f th~~rc~ yhall be a d~~fxu~t under auy of tiu~ {iro~•iwious of this niortKnge r~•,ultit~~ in a
public sale ot tlie pre~nu~•s co~•ered hereb~-, or if tlu~ tilurtKagee a~•qu~res th~~ pru~x~r1}~ otli~~rv-•is~• att~•r ~l~•tault,
the blortgagee, as truate~•, s}~all appl~•, at the tune of the co~unit~ne~•inet~t uf such proc•erdin~,-y c~r ~-t tl~~• tit~u•
t he propert~• i.y oth~~rwiar a~•yuired, tl-e ainount tlien rNUisinin~ to crrdit of ~1ortKn~;ur utut~~r (u) of ~-arn~-rapL `~
precedin~- as a cr~~dit on tlu• interest a~•~~rued and unpaid an~l tl~e balau~•e to tht• pnu~•ipsl th~•n re~n~a~u~n~; u~~~,ai~i
on saict notr.
4. He wiU pay all taxea, assesamente, water ratee, and other governmental or municipal charges, finea, or
impositione, tor which provision has not been made hereinbefore. and in default thereof the Mo~tgagee may pay tt~
eame; and that he will pmmptly deGver the o~cial receipti+ therefor to the Mortgagee.
5. He wiU pemnit~ commit, or sufTer no weste, impairment. or deterioration of said property or any part thereof~
except reasonable wear and tear; and in the event oi the tailure of the I~iort~agor to keep the buildings on eaid
premisea and tho~e to be erected on said premises~ or improvements themun~ in good repair. the Mortgagee may
make such repairs ae in its discretion it may deem neceaeary for the proper prescrr•ation thereof~ and the full amount
of each and e~ery such paymenL shall be due and payable thitty (30) days after demand~ and shall be secure+~ by
the lien oi this mortgage.
6. He will pay all and singular the costs~ c6arges, and eapensee~ including masonable lawyer's feee~ and costs
of abstracta of title~ incurr~ed or paid at any time by the :~'Iortgagee because of the Eailura on the part of the Mortgagor
promptly and fully to perform the agreemcnts and covenants of said promis~ory note and this mortgage, and said
coats, charges, and expenses shall be immed~ately due and pa}~able and shall be eecured bS the lien of thia mortgage.
7. He will continuously maintain hazard insuranco~ of such type or typea and amounts as ~iortgagee may
from time to time require, on tbtimprovcinei~t3 now or hereaft,er on said prem-ses, and e~cept Hhen payment
tor all such premiums 6es t6eretofore been made under (a) oi paragraph 2 6ereof, be wiU pap promptly w~hen
due any premwms thcrefor. All insurance shall be carried in companies approved by ~lortgagee and the poli-
cies and renewals thereof shall be held by 1lortgagee and have attached t6ereto loss payable clauses in favor of
and in form acceptable to the :~iortga~ee. In e~ent of loss he w~ill give immediate not~ce by mail to Mort~agee~
and ~iortgagee mny mske proof of ioss if not made promptly by ~lortgagor, and each insurance company
concerned is hereby authorized a~id duected Lo make payment for such loss d'vectlv to ~lortga~;ee instead of
Lo ~lortgagor and \tortga~;ee ointly , and the insurance proceeds, or any part thereof, may be applied by :11ort.
ga{;ee at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repeir of
the property dama~ed. In event of foreclosure of this mortgage~ or other transfec of title to the mortgaged
property in extin~u~shment oi Lhe indebiedness secured hereby~ all right, title. and interest ot tfie Jlortgagoc
~n and to any insurance policies then in force shall p~ss to the purchaser or grantee.
ti. If tL~~ pr~•n~i;~~:, ur :tu~~ {-art th~•n•~~f, h~~ ~•~-n~lr:unril tn~il~•r ihr ~~u~c~•r of e~n~in~~nt ~lu-u:-iu, ur :u•yuir~•~1 f~~r
a publi~• us~•. th~~ ~liuuu~~~. u~~~ar~l~~~l. ih~• pr~-~•~•~•~I: fc~r th~• t:-kink ~-f. ~r tlu• ~•umi~l~~r:iti~~n f~~r :url~ :u•yui;itw-i, tu
tlu~ ~•~t~•nt uf th~• full aniount of ih~~ n•~uuinin~ unpa~i~l in~l~•b~~~~ln~•:• ~~•~~ur~~~) h~' tlii: ~u~-rt~u~;~•. i-ri• l~rr~•I,~-
:u.i~~l~~~) t~~ th~~ \1,ur:~itri~~~, u~-il lii~ ku•i~~ ur i-::i~~i~, :ui~l ~I~:~II'h~• ~~~~i~l f~~rtliti~ill~ 1~~ .ati~l ~T~~ct~::~t;~~~• ~~r l~i~
:~:>i~ne~ t~- b~~ appli~~~l ~-n :i~•~•~-u-~t uf ti~~• la:t ~uutunn~~ in:t:~l{iu~•ni> ~~f •u~•I~ in~i~•t,t~~~iu~•:.: {~n~~~i~lt•~I. I~u~~~•~~~r,
th~• \1~-rt~a~~~i• ~~r hi` a~~i~n~•~•. iu:i~• ut his ~li~~•n•tii~~~ ~r.~~- ~liri•~•t 1~- th~• ~Ir~rt~u~;ur. I~i: 1:~•ir~ ~~r :i::i~n; .u-~- ~~art
ur .~Il uf ;u~•h u~citr~l: pro~-i~l~~~l. thi~1 if tl~~• lua~~ i; {~~~:~r:int~•~•~I ~~r in;ur~~~l. Ih~~ ~•u~~;~~~-t ~~f th~~ ~uari-iit~~r ~r ii~:ur~~r
is ol-tain~•~1 i~i a~i~•xn~•~~ uf ~:ii~l ~,u~-iue~nt.
'.-. The ~lortgagee may, at any time pending a suit upon this c~ortgage, apply to the court ha~~ng jsriscliction
thereof for the s-ppcrintment of a receiver, and such court shall forthaith appoint a recei~~er of the premises covered
hereby all aud sinqular, inciuding all and singular the income,.profits, issues, and revenues from v-~hatever ~ource
derived, each and e~•er~• of which, it being expressly understood, is hereby mortgaged as if speci6cally set forth and
described in the granti~g and hubendum clauses herFOf. Such appointment shall be made Gy such court as an admitted
equit~ and a matter of ai~sviuie rig}~t io saitl ~iurtgagc~, and witt~~~i rcference to ihe ade.~~acy or ;~fl~equa•.y of
the ~alue of the propc~rty mortgaged or to the sol~enc~ or insoh~ency of ~id \Iortgagor or the defendants. Such
cents, profits, income, issues, and revenues shall be Rpplied by such receiver according to the lien of this mortgage
and the practice of s~ch court. In the e~•eot of any default on the part of the ~lortgaqor hereunder, the :~lortgagor
agrec:~ to pay to the ~tortgagee on demand as a reasonable monthly rental for the premises an amount at lcast
equivalent to one-twelfth (~~2) of the a~re~ate o! the taelve monthly installm~nts pa}•ablc in the then current
year plus the actual amount ot the annual taxes, a.csessmenta~ water rates, and insurance pcemiums for such year
not covered by the aforesaid monthly payments. .
1~. In the event of any b-each of this mortgage or default on the part of the ~fortgagor; or in t6e event that
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the atipalations, agrcements, conditions, and co~~enants of said note and this mortgage,
are not duly~ promptly, and fully performed; then in cither or any such e~ent, the said aqqr~qate sum m~ntioned
in said note then remaining unpaid, with interest accrued to that tim~, and all mone~-s sccumd hemby, shall tx~come
due and payable forthwith, or thereafter, at tF-e option of said :~tortgagce, as fu;ly and completely as if all of the
esid sums of money were originally stipulated to be paid on such day, anything in sai~1 note or in this mortgagc to
the contrary notwithstanding; and themu~n or th~reafter, at the option of said ~lortgagee, without notice ~r
demand, suit at law~ or in equity, may be prosecuted as if all mone~•s secured herefn• haci matured prior to its institu-
tion. The :~tort~{aRee may foreclose this m~rtRuRe, as to the amo~nt so declar~~d d~~e and pa}~able, ~nd the said
premises shall be sold to satisfv and pa~• the ~.zme togeth~r with costs, expenscw, anri allowaoc~s. In ca.Ge of partial
foreclosur~ of this cr.ortRaqe, the mortRaR~~f pr~•iniscw shaU be sold subject to the continuing lien of this mortgage
for the amount oi the ~1cbt not then du~ an~1 iinpnid. In such case th~ pro~•isions oi this paragraph ma}~ aqain be
availed of thereafter from time to time h~• the \lortqagee.
1 1. No waiver oi any covenant herein or of the ot,ligation secured hcr~b~• sF~all at any tiane thereafter t,e held
to be a waiver of the terms hereof or of the note sccured hereby.
1'~- '1'he lien o1 inis instirumeai al~aii F~Tfiaiu iTi ii5u :^v:C~ ~:~ ^a.°~L e~L'::Lb' °B!' YJ°t~u~n~mn~f nI ext~n~i~n Of
the time ot payment of Lhe indebtedness or any part thcreof secured hereby.
I:t. I[ the Mortgagor default in any o( the co~•enants or aRreements contained her~in, cr io snid note, then the
Mortg:cgee may perform the same, and all expenditures (includ~ng reasonable attorney's tees? made by the ~1ortQaRee
in so doin~- chall draw• intc•rest at the rute prori,lwi for in the prin~ipnl irni~bt~~ln~cs, and shall bc r~~pa}~ablc
thirty (30) ua~•s after d~~mand, an~, toKether w-ith interest and costs a~•crue~~1 thereon, shall be secured by~
thi9 mortga~;e.
14. L'{~c~n the requFSt of the ~fort}~a~.~ee th~ ~tort~:a~;or shal) esecute an~1 ~tc~li~~~•r a si-p~~l~~~i~~ntal n~~te oe
notes for tt~e sum or sums ad~•ence~l try ttie ~tort~a~-~e for the alterati~n. m~~l~~rnization, imprm•~~mc•nt, mxin-
tenance, or repair of said premi~es, (or tax~~s or aS<<•s~m~•nts a~;ainst thc ~am~ en~l f~~r e:~~• othe•r purp~-.e author-
ized hercunder. Said note or notcs ~hall bc s~rure~l hercb~• on a parit~• «•ith an~l as tull}- as i( ti~c ad~-ancc
e~ idenced thereby were included in lhe note first described at~o~ e. tiaid siippl~m~~ntal not~ or notcs sha)I bear
interest at t6e rate pro~ ided for in the principal indebtedne~s and st-all be pa~•abl~ ':n appro~imat~•1~• equsi
monthl~ pavm~nts tor such period as ma~• bc a~;ree~l u~n b~~ the ~reditor an~l ~lebtor. Failin~ to a~rcc on the
maturit~•, t~ie w•tiole o( the sum or ~ums ~o ad~•ance~l shall t-c due and pa~~atrle• thirt~• (:ifl) da}•s after ~lemand
by the creditor. In no e~ent shall the matur~t}• ex~end be}•ond the ultimate r.~aturit~• of ti~e n~te first
described abuve:
~,,~x 351 F~~~~ 407