HomeMy WebLinkAbout0920 c~•nil~~r l~~ llu• ~livt~;u~;~•~• u? ni•~•ur~luu~v• witl~ tii~• }~ru~i;wus u( th~• n~~tr ;rcun•~I lirr~~l~~~, full ~?x~'ini•nt u( ll~r
rntire inili•btciln~~.+ rr~~n~,~~ntr~l thrr~•l~~•, tlu• ~1url~n~;rr. lrusl~~e~, >I~nll. in rwu~~utiu~; th~~ a~u~~unt of su~•h
in~lrbtc•Jn~•s.~, ~•r~•~lit tu tlu• n~•~~uunt uf tlir \1ur[ ~a~;ur un~' <•n•~iit t,alancr r~•n:ut~~iii~; ut~cl~~r ll~~~ pru~'i;iun~ of (x)
O~ 3811~ NBPFI~;rNN~1 lllPfl• ~~IN~~ ~~C ••••:I.,r r;•e•• ••f ~1... r~r~.~•iui~.~~g t~ii. ~~~n~~~iN_L'_P ~P5U~1111}; 111 ri
public sal~~ of ti~e• pr~•ini.,t•s ~•u~~~~rr~i hereb~•, ur if tlie j~lortKa~;e~~~.u~•ywres tl~~• pr„E~ert~• otl?t~rw~ist• aft~~r ~l~~fault,
tl?e :11ortKaK~•e. x~ truat~•c~, sh~ll appl~•, at tl?e tititc• of the~ ~•uiiu~ic~n~•t•nteut of su~•i? proc•~~N~li~?~;s <?r at tl~~• tin?~•
ti~e pro~C•rt~~ i.~ utlu~rw•i,t• n~•yuirE•~l, tht~ aniount th~~i~ rt~u~ainink tu ~•rrdit uf ~lort~;e~;or und~~r (a) c?f Eiarn~rn~?L 2
pr~~ce~lit?~ e~v a~~r~~d~t un thi~ int~~r~~,t tu•~•ru~~~l nn~l ut~NHid an~l tlu~ Lulan~~e to ~h~~ prii~<•ipal tlu•m m~?ainiuk unpc~i~1
un sai~l t:olr.
4. He witl pey all tsxes, asseasmente, water rates, and other governmental or municipal chargea, fines, or
impositiona, for which provision has not been macle hereinbefore, and in default thereof the Mortgagee may pa}• the
eame; and that he will promptly deliver the o~cial receipti+ therefor to t6e hiortgagee. ~
5. He will permit, cummit, or suRer no waste, impairment, or deterioration of said property or any part thereof,
eacept rexsonable wear and tear; and in ttre event oi the (ailure of the l~iortgagor to keep the buildiugs on eaid
premise~ and those to be erecled on said precnises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in ita ~liscretion it may deem necessary for the proper n*P~ ~.~at~~n thQr~f_ end the fi~ll amount
of each and e~•ery such payment at~all be due and payable thirty (30) deys after deme?nd, and ahall be eecured by
Lhe lien of this mortgage.
6. He will pay all and aingular the ca9ts, charges, and eapensee, including reasanable lawyer's f~s, and c~R!~
oi aLstracts of title, incurred or paid at any time b}• tt?e :14ortgagee beceuse of the failure on the part of the Mortgagor ~
prompth• and fully to perforru the agrccmr~~ts and cu~~c~uant~ of eaid promissory note and this mortgege, and sa.id
costs, charges, an~l expense:a shall t,e immcd~:ttei}~ .iue an:; pa3 able and shall be eecured b~~ the lien of this mortgage.
7. lie H•ill continuously maintain hazard insurance, of such type or tppe~a and amounts as ~lortga{;ee may
trom tiiue t~ titnf~ n•quire, on tl~e itnprovetner~ts now or hereafter on said premises, and e~cept when payment
tor all such pre?niu~ns has theretofore been made under (a) of para{;rap6 2 hereot, he w~ill pay promptlv ~•6en
due any prem?ums th~•retor. All insurance shHll be carried in compc?rues approved b} \lortgagee and tfie poli-
cies and renew~als thereof shull be 6eld b~ `tort~;H~;ee and I?u~•e attached thereto loss pa}•able clauses in favor ot
an~i in for~n acreptable to ttie ~lort~;u~;ee. In e~•~~nt oi lo~s he w~ill ~,~ve immediate notice bv mail to Liortgagee,
ai~d ~1ort~;x~ee mu}• ?nake proof of ?c,~; if uot ?nxde promNtly l,s ~iort~~or, aiid each insurence colnpany
coiic~~!?ed ~s he~ebv authorized ai~d directed to mube pa~•menl for such loss duectl~• to ~lortga~ee instead of
to ~lort~;a~;ur and ~iurt~~;ce }ointlv, und ttie insurauce proceeds, or any pxrt thereof, may be applied by :~for~
g~;ee at ic_~ option either to the reducti~~. af +.!.e ~~~!{~htPC~ness hereby secured or to the restorat~on or repair of
the prupE~rt~• riainu~;c~d. In e~•ent o( fureclosure of thia morigage, or other trsnsfer of title to the mortgsged
~ru{~ert~• in estin~;ui~timent uf the indebtedne:~s sPCUred hereby, all right, title, and interest oi the `fortg~;or
in a~d to an~~ in~uriiu~•e policies then in fori~e shall ptiu to the purchaser or grantee.
~ If t!~t• E~n•ii:i,~••, ~~r :in~ ~~art !li~•n•~~~. h~• ~~~s~~l~•~un~•~I ~u~ii~•r tlii~ ~~~r«~•r uf i•inin~•ti~ ~Ini~.:ur. ~~r u~•~{~~in•~I f~~r :I'
u~~ulrlir ii;~• ~iuu~~i~_~~> u~~iu-~I~•~!. tl~~• ~~n~~ ~•~•~I~ [~~r th~• t:iE.~+u~ ~~f. ur th~• ~•~~n~i~l~t•r:~ti~,n f~~r :u~~l~ tu~~~i~!~iti~~~~. tn
ftt~• r\(1•Iif ~~i Z~i~• ~U~~ UhluUlll 1~11• I-i•tu2lit~tl!'' Illil~:tl~~ 111~1~~f~~~'~~[1~•~~ ~1•~'Uf~•ti 11\ (~IL Iu~~f1~r!:1~.'~•. t1C~• ~i~•(1•~~\
u~>r~i~~•~1 1th~• \i~~rt~~u~~~~•. uu~l Iti. ii~ ~~r u~>~~:~~. :in~l ~h!:iil V~~• ~r,~iil ft~~rti~~~i`th t~~ •:u~i \1~~rt~a:~,i~~~ i~r 1~~~
21~~1~.;11P1' ~~1 !N' .)t41~IlU•1~ ~~li ill'i'~11111~ ~~f ~h~~ i:l~l 1!::t111I~i11'_ 11l.~111~1111•11~~ 11~ ~i11'!1 Illl~f•1/~1'I~IIe•~.. 411:I~~If~i•1~. 1111\\~1'l~1•!'.
If~~• ~~UI'1~,_':l~fv• ~~1' f~t:~ ;l~:lt,;lt~•~' Ilf:t~ :ll E~~I~ ~~'~~'r'~•Il~~li ~~:t~' ~~Ifl•i'I 1~1 (`If• ~I~IfI:,'11f•IlI'. ~!1: }1~'if~• ~if :1'~~1''!IIti :111\" 4:ttfi
~~r ;~f) ~~f ~~i~•h ;«~~tr~l: {irn~i~l~•~I~ th:~t if tls~ i~~:,,. i, r~i:~r:~!,t~•~~~I ur it~.i~n•~1, Ihi~ r~~t~.rnt u( tli~• ~~~:trttu!ur ~~r iti~ur~~~
i. +,}~Ittiu~•~I in x~l~an~•~• ~~f ~ru~l ~r.~~u:~~tit.
'I'he ~1urtKii~;~•~~ uiati•, at any time ~~n~lir,q a su?t vpon this ciortgage, apply~ to the court ha~•ing jurisdiction
therec~f fur thc~ f?pp~~inttn~ nt of a rec~~i~~er, and ~uch court shall forth~r7th appoint a receiver of the pmmises co~•ered
hc~ret~~ All f?nd an~;ular, ~nelu~ling ~I] :?nd ~inRule?r thc~ ineumc~, profits, is~suc•s, and re~~c•nues from R•hatever source
cirri~•ed, n~~.; ~~~er}~ uf «~hich, it tx•inq exprc~s,l~• un~letst<xxl, ~s h~reby murt~aged as if specificall}• set forth and
deseribc•~l in the Rrantinq an~i ?~uhc~udum clause~ ht•rE~of. `uct~ appointn~ent shall be made by such eourt ~s an admittecl
e(~LL~~}' flA(~ tl fl].iltP~ ~)f a[i~i~iuir ~~K:n iv oa;~i ~:~:::t,3R!`e, 8Il(j R1~}IOUt Ck~ference to the adequac}~ or i~adequac}• of
the ~•alue of the pruEH~rt} murt~aged or to the w>l~•~•nc~• or inu,l~~ency of said :~lortgagor or t'~e defendants. Sucb
rents, profits, incomc~, i~.suc•s, and reven~ie9 tihall t5c• .~ppli~~~ t,~~ such receiver accordinR to the li~n of this mortgage
and ti,e practice of such court. In the e~•~nt of an~• ~IE•fault ~~n the part of the ~t~rtgaqor hereunder, the ~1ortRa{;or
agrec~s to pa}° ta the ~tort~agF~e on demand i,s a rE~.~.~~n;.t,lr~ m„nthl}' rental f~~r the prc~mises an amount at least
equivalent to one-tw•~~Ifth ~ 2J of the aRRrE•RatF~ of th~ tR'r~?~•c~ monthly instalimc~nts pa}-able in the then currcnt
; year plus the actu9l a~uount of the annual t:ixes; n.tiseti,ments. water rates; and iasurance premiums for such }•ear
~ not co~•eeed by the aforesaid monthly pa~•ments. -
ti? In the event uf an~• b-each of this mortR:~e or defauit on the part of the \fortgsqor, or in the evemt that
; any of ~aid sums ~~f rnone}• herein referm~l to ?x~ nc~t pr~,ri~ptl~• and fuil}• paitl acconiin~ to the tenor hFreof, or in the
4 event thAt each an~l ~~•ery the stipulations, Ii~,iPE~mrnts, c~~n~litions, anil co~•r~nants of ~i~1 note a~d this mortq.3qe,
` are not duly, pr~mptly, aod fully pc~rforn~c~~1; thc•n in c•iihf•r or an~~ such e~~~nt, the sai~f a~r~~qate sum m~ntionc~~
~ in said note then remr.ininq unpai~l, with intF•r~~~t accruFV1 t~~ that tim~~, an~1 all m~in~~•s u~curecl h~r~b}•, shall hc~rnme
~ due and pa~•ahlF fortha~ith, or thcreaft~r, nt ih~ r,pti~~r. of s:ii~l ~turtRaKe~e, xs fully and c~,mpleteh• as if all of the
~ said sums of mone~~ were originally stipulf?tc•d to t,e~ pai~l on such day, an}•thinR in ~aid ?ote or in this mortRaRe to
the contr:?ry- n~,twithstandi~~; an~1 therc•u~wn ~,r thrr~aft~r, at the option ~~f ~ai~l ~1ortRaRee, wiehouc notice or
t demar,el, suit at i::w• r~r in equ~ty, ma}• t,e pr~~~rc~itf~~i a~ if ~Il m~rnc•~•s :,ecured herc•t~~• had mahlred prinr to its institu-
~ tion. 'Ch~ ~t~~rtR;~K~•~~ may forFClo~e thi~ rn~~rt~aRc~, ,~.9 t~~ thr amot~nt so d~clar~~i due and payAhle, and thc said
i premius ~hnll t~f• :~uld to ~atisf~~ an~l pa}• th~• ~.~n.~• toRF~thF~r M'I~F1 C(~S~A, expen~~, BII~I R~IOR'bilCf•s. In c:~.~ of pArtial
" foreclosurf~ of tFiis mortRaRe, the m~~rtRaR~~~f pr~~?nisc~~ ~hall h~ ~Id subjc~ct to the c~ntinuinq li~n of this m~~rt~aqe
~ for the amount of the rlebt not thE~n du~~ an~1 unpaid. In such ct~se the pro~•i~i~~n:~ of this paraqraph m:~}• aqai? t~e
a~•ailec~ of th~rcaiter from time to time h~• ttie ~1~~rtKnRee.
~ 1 I. No waiver of any covenant herein or of the obliKatian securecf hf~rc~h}~ ~hall at an}~ t~z~~ theresfter t~ held
e to be a waiver of the termg herAOf or of the note secured hereby.
I'l. The lien of this instrument shall remain io full force and effect durinq an~~ po~t~n~m~nt or ext~nsioo of
the time of pa}•ment of the indebtedoess or any part thereot secured hereby.
- t:t. If the viortgagor default in eny of the co~~ec,ant~9 or aRrcemen~9 contain~d hemin, or in saic~ ootc, the~ the
s Mortgagee may perform the ~xxme, and all expenditu:es (inclu~3~ng reasonable attor~ey's fecsj made by the Mort~a~ee
in so ~1oin~; sliall draw• int~rest at the ratc pru~•i~l~~d (~r in thc ~rin~ipu! indc~ht~~~ln~ss, and shall k~ r~pa}•able
~ thirty (30) ~lays a(ter demand, anJ, WKether w•ith inter<~5t and cost~ti accru~~i thereen, shall be s~~ured by
~
this mort,~;age.
~ 14. Upon the request of th~ 11ort};a~;ce the ~tort~a~or shall execute xn~l ~l~~liver a suppl~~rn~ntal not~ or
notes tor the sum or sums a~i~•anc~~i ny the ~t~~rt~a~;FC~ f~r th~ alt~ration, m~~~lc~rnization, impm~~~m~nt, main-
; trnance, or r~pair of said prcmisc~, for tax~s or a~.~f~~sm~~nts a~;ainst Lhe sam~ and f~r e:~~• olh~r pur~~osc~ aiithor-
ized t~crcunder. Said notc~ or notes shall be s~~~ur~~l h~~retn• on a parity ~vit6 an~l as full~• as if the• ad~•ance
~ e~•i~lenced thereby were includ~d in th~ not~ first deurib~~l at~o~•e. ~aid ~i~ppl~m~~ntal not~ or not~s shal) bear
~ intFrest at the rate pro~•id~d for in the princiE?al indebte~lnc~•, an~1 shall t?c pa~-able in approximat~~l~• ~~yusl
moothly pa~'m~nts for such pcriod as ma~• h~ a~;r~c~d uFx~n b}• thc cr~~litor an~l d~htor. Failin~ to a;;rcc on the
~ maturity, t~ie w•hole of the sum ~r sur;~s so acl~-an~•~~~1 ~hall t,c~ due and ~~x~~ahl~~ thirty ~3~) da~~s aft~r d~mand
~ by the creditor. In no e~•ent shall the malur~t}' extcud t~}'ond ehe ultimate r.ia~~rity of tli~ n~te first
~ described above.
~ u~:7K~~ Qat7E
~
~
~
~
,
J - - ~ ~
- .~.w~ - _s_ _ _ _r_. .eri ~~.~s