HomeMy WebLinkAbout0154 .
t4~nder lo tl?e ;~iorl~;u~;ri~ in ctc:•urdunt~e~ ~~•itlt thc• }?ra~•i,io~~a c,t tlir not~~ s~~curr~l h~~r~~l»•, full ~~:~~•n~c~nt ut tlu~
Fntire indebtednes~ repr~~.ente~l th~~r~t,~•, th~ ;~iort~;u~;ee, e~.v truster, ~+hnll, in ~•cnn~,utiii}; t1~=~ ~uuuu:?t uf such :
incicbteclnc~ss, cre•dit lo t1~e nrcotu?t o~ t~~t• ~lart~nkar uuy cre~lit t,:ili?nc~~ r~~~nait~?nh un~t~~r 11u~ ~~ru~•isiitins of ~u) ;
o[ ssid part~~;raph 2. thcrc~ sl~all L~ a~I~fnu ? uu~tor uu~~ llu~ pro~~iiicros of t}~is i~iort~;a~~~ rc~~ultin~; i~? t~
public sal~~ of th~+ prriui~es cu~•~~reil l~ert~l,~•, ur if tlic~lo~•tgagrc~ iii•~Ruires it~~~ prc?pert~' other~~•~s~ e~(t~rr clefault, '
ihe ~iurl~agee, as teu~te~~, sLtill apply, at the tin~e of the c~oniiiieuce~!~ent uf sucli procee~lin~ or ut tlie li~il~ ~
thE+ properG~• ia uthc~rwis~ t~cquire~l, tl~e a~uount lhen r~~neiui~i~ to ~~r~~dit of Alurt~;agur und~~c (R) of ~?t?ra~;rclpj~ 2 j
prrcc:ting Aa a rredit on the i~it~~rest Hccrued ~nd unpaici au~l the bulaiu~~ tc~ Ilic` !)PU1Cl1lNI illi'!1 1'Pllltillllll~ llil~itlll ;
on said note. _ f
4. He will pay all texes~ asaeasmenta, wst,~r rate~, and ath:;r ~overnment,al or municipal chsrgee, fiue8~ or ~
imPositio~, for whieh prowiaion I~as not beea macio hereinbetore~ er.~_ in defsult therzof tkie Mortgaget~ may pay tha ~
eame; and lhat he will pro~~ptly deliver the official mceipta therefor to the 1lturtgagc~e. ~
. 5: He will permit~ cot ~~it, or suRer no wttete, impairment, or deterioration ~f said property or any p~rt thereoi,
ex~ep~ reasanc~ble wet?r ~~ri tear; and in the event ~f tr,e failu.re af the Tiortgagor to keep the buildinga o~ said ~
Fremires and thoee to be erectod oA said pm~isea, or improvements thercon, in gaod rFpair, tho Mortgagee may ~
make such repaira as in its discretion it way dE~m necesaary for the proper prescrvation ther~oi, and the fult amount ;
of each an~t every such pa~ ment shalt be due anci poya~ls thirty (.30) daye~ af ter demand, and eha11 L~ secured by ~ ~
: t6a lien of th:s mo*tgage. . '
6. He will pa~• all nnd aingular the cests, c~argee, and expenees, including reasonable la~ryer'e feee, and coeta 3
ot sbstraets of title, incurred or paid at any time by the hiortgagee because of tt~e lailure on the ~art of the Murtgagor _ -
promptly and fully to perform thu agrcements and covenanta ~t eflid promissory~note and lhis. mortgage, and aaid
casts, chargea, and c~xpenses shnll t>e immediately due and payable and xhall he eecured by the lien of thia mortgage. _
7, He ~r~ill continuously maintain hazard insurance, of auch type or types aad amounta as blor.gagee may -
~ trom tin:e to time rc~uire, on Lhe improoements nov~ or hereatter oa said premises, and. e~cept when payment
!or all such prpmiums has theretofore been made under (a) ~f~paragrap6 2 hereof, he wiq pay prompt.ly whon
due sny premwrns therefor. A11 irusurance shall ba carried in comparuea approvec~ by ltiartgagee and th8 poli-
- cies snd renew~lZs thereof shall bs held by M~rtgage~ and bavs attar,Led tbereto lass payabls clauses in favor of
~ and in iorin accept~~1~3 to tt~z ~~iortgngee. In eve:~t of loss 5e wi11 give immediat~ not.ice by mai! to Mortgagee, _
and ~iortgagee ziay meko proof of Ioss i~ not mada promptly by Mortgagor, ~nd each insuranee company
concerned ts hereby autl~oriaed and directed tc~ mal~e paymeUt for such loss d'uectly tc? i4iortga~es insteed of
to R1ort~agor and ~iortgages joint~y, and the insurance preceeds, or any part thereof~ mny be apphe~~ by h1or~ .
gagee at ~ts option eithe? to the reduction of the indebtedness hereby secured or to the restoration or repair of
~ the propertp damaped. In e~ent oi foreclosure of this mortgt~e ~r ot~er transfer ot title to the morig,s~ed =
property i~ ext:nguishtnent of the indebtedness secured hereby, a~l right, title, and interest of the I~fortgagor '
in and to any insurnnce policies then in torce shall pqs.s to the purchaser or grantee.
. S. !f th~~ prc~inis~~., or i~n~- piu•t tlu~r~~uf, b~~ ~•onil~~~i~uc~c1 untler tLe po~~~~r of ci~~inent ~loiuum, or ac~quired for
:i public use, tli~ claniak~~s n~~•nrcle~l, tlu~ pro~•er~ls fc~r the tnkin~; of, or ihe~ ~~onsid~~rutioi~ for such ncytt~sitio~~, to
' ~4ie c~xtc~nt of lli~ full u~i~oun; of il~r r~•n~ninint unp~u~i i~ic~c•Lte~ilnc~4s sc~•urril b~• this i~~ortg~ke, urn lu~rc~L~-
ussirii~~~l t~~ tlu~ ~leyrt~;ng~~e•; unel his hi~i?~ ur i~:.tii~ns, un~i sh:~ll b~• piii~i fortl?~citli l0 5iii~t ~1c~rt~;i~s;e~e• or I~is
~ ussi~;nec• to be apJ~lir~l or? a~~i•~u~~t uf tlie Izi,t iu??ttiri~?r ii~stfllln~c•i?ts of su~•h in~I~~Lt~~clness; pr~i~•icl~vl, ho~~-e~•er,
iiu• .~lUfli''A};Pl' OI' ~Ilti :1SSii;llPl'~ IUfI~' A~ ~113 /~151'!'t'~1O1! ~)il\' l~U'l'('t ~O ~~l(' ~1ert~;a~;ur, ~115 llPll~ Ul' ilS51r!?ti ilt!\" ~H1C( _
or ull of suc~~ a~car~l; pro~•~clc~~i, tliut if the tat~n is ~;ua~•.int~~~~~1 or insurecl, tlie ~•onsent of th~~ ~ui!ri~ntur ~.r ii~se~rer
- is ohtai:~~~l in acivt,ncc. ot ~~tid pa~•inc~nt. _
The ~~orCgagee may, at any time pending a suit upon t6is mortgage, apply to the court having jurisdiction
- thereof for .he apgointment of a receir•er, and such court shall forthwith appoint a receiver of the premises corend
_ herebv atl arid singular; in~luding all avd singulnr t6e income, pro6ts; issues, and revenues from whatever source -
- der:vc: , each and e-,•ery of a•hich, it heing expressly understooci, is hereby mortgdged as if specificslly set forth and -
described in tlie g~anting ard habendum clauses ~ereof. Such appointment shall be made by such court as an admitled
equity an~i ~ matter of absolute right to ~id 1~iortgagee, and without reference to th~ adequaoy or inndequac}~ of _
the value of the praperty mortga.ged or to the sol~-ency or ;n~olvency of said Mortgagor or ~~ae defendants. ~~~ch ;
- rents, prof ts, iacome; i~ues, and revenues shall be applied by such mceiver according to the lien of tihis mortgage i
and the practice of such court. In the event of any default on the part of the riortgagor hereunder, the Riortgagor
_ ag:ees to pay to the l~iartgagee on demand as a reasonable monthly rental for the premises an smount at least
. equivalent to one-taelfth (~2) of the aggregate of the twelve monthlv install~nents payable in the then curnnt _ ;
year plus the aetual amaunt of the ~nnuel taxes, assessmente, water rates, and insurance premiums for sucb ~ear =
not covered by the aforesaid monthly payments. ~ : '
~ 10. In the event of any b*each af this mortgage or default on_ the part of the l~iortgagor; or in the eveat that
any of said sums of money herein referred to be not prumptly and fully paid sccording to-the tenoc hereof, or in the
event that ~a~h aLd every the stipulations, agreements, conditions, and covenants of said note and this wortRage,
are not duly, promptly; aud fulty perforne~i; +hen in either or any such eve~t, the said aggregate Bum menteonpd ;
in said not~ then remaining unpaid, with interest accru~ to lhat time, aad all moneya secured hereby, shall become
. due and payable forthwith, or thereafter, at the option of said biortgagee, as fully and ..omptetely as if atl of tr8
' said sums of money were originally stipulated to be paid on such day, ~?nything in ~xid note or in this mortgage to -
thQ contrary notwithstanding; and thereupan or thereafter, at !he option -of said :1lortgagee, without notice ~r ~
demand, suit at law oi equitq, ma~~ he prosecuted as if all mone}•s secured hereby ~r~ad matuied prior t~ its ins~itL-
tion. The ~iortR~gee tnay foreclose this mortgage, as to the amount sa c;eclared due and payable, and the said
'k premises shall be sold to satisfy and pay the.~~n?e together Rith costs, ex~~ses, and allowances. In case o[ partial
forecia?ure of- thi~ mortgage, the mortgaged premises shall be sotd subject to the continuing lien of this mortgage
for the ~muunt of the debt net then due and ~ paid. In such case the provisions of this parxgraph may again be ~
, ava~led of thereafter from t~me t~o t~me by the ~~ortga~ee.
I 1. No waiver of any c.ovenaat herein or of the obligation secured hereby shall st an} tiaoe thereafter be held s
~ to bQ a waiver of t,hz terms hereof or of the note s~cured hereby. . ~
I2. The lien of this instrument shall remain in full force and ef[ect during any oostponement or extension af _
~ the time ~f payment of ~he indebt~dnesa ar an~~ ~art ~hereof sec~lrcd hereUy. - ~
I: ` l;;. .If the Mort or default in an of the covenants"or a eement9 contained herein or in said note theu the
Ba8 Y ~
I 14iottgagee may perform ttie same, and ~L expenditures (incluc~ing reasonable attomey's fees) made by the Diortga~ee
iA so doirsg shall draw interest at the rate pro~•ided ior in the principAl in~lebtedn~ss, ~rsd shs~ll be repAyable z
i: thirty (30; da~s after_ demand, and, together wi.th ir.terest and costs accrued thcreon, si~all be seeured by ~
' this mortgage. - _
j ; _ _ _ _ -
` 14. Upon the rr_quest ot the ~iortga~e~ the ~tortga~;or shall-execute and deliver a supplemental note or
notes tor the sum or sums r~d~•anced by ihe ~tortgagee for b:~e alteretion, mQdernization, improvementj main-
tenance, or repair of said premises, for taxes or as.~essments against th~ sarr,e anci for an~~ othcr purp~se a~~tiior~
ized ~uereunder. Said note or notes shatl be secured hereby on a parit,y with and as #ully as if. the advance
evicienced thereby were included in the note hrst described above. Ssid si~~plemen,sl note or notes sh~ll bear
inter~st at the rate provided far in ~he principal indebtedness and shall be ~,ayable in g~proxin~ately eqe~al .
monthly pay ments for such period as may be agreed upon b} the credilor and cicbtor. Fail~n~ to P~ree on the
mQ4urity, the w tiole of the surr~ or sums sa acl~ anced shnll be due and pa~ able tiiirLy (30) dRys afte< dem~nd
by t6e creditor. In n~ event shall the n~aturity extend beyond t,he ultimate r.iaturity of fhe note first ~
- described above. - ~
_ _ 8aeK ~.J~ FdcE ~i~ -
~ - :