Loading...
HomeMy WebLinkAbout0644 ; r a-~ ~ . . t~>udcr tu 21ir 11.,ri~;u~~~i~ iu uecor~unr:~ H~itl? tlic ~?ro~~isiot~s o( tl~~~ notc~ secut'i~~l licrc~L~•, fult ~~a~'u~~~?l of tl~~ rnlire indebte=.Inr~ repr~~:~~~ntea ther~~b~•, tli~ \lort~u~e~~, as trust~=c~, ~1?c~ll, in con?putin~; tl~~~ t?i`~uunt of 3ueli indobte~nrs.9, eredit 1~~ tlu~ ac•count of tl~e ~ic~rt ~e~;or u~~~' c•~c~dit 1,Hlance r~~n~ai~~in~ u~uler tl?e pru~•i~i~~ns of (a) af asid purugraph 2. If tlicr~~ chpll L~ A~tt~tau~t under n~iy o1 thr. }yroyi~io»s ~~i tliis u~ort~;a~e r~~suliin~ iu ti public sale of thc~ }.rrnii~es co~~ered I~t~reb~~, ar if tl~e I~lortgagee a~~yutrea th~ }?ropert~• oll~er~+~tse aft~c ~Ic~fault,, the ;liortgaK~e, tis truslec, sht~ll apply, at tho tinie ot thc co~iunencr~nent of such proceNClin~,?~ or at tllc+ time the proper~~~ ia otherwise ~u•yuircei, tlie ainount th~~n re~nainin~ to crPdit uf ?1~lortg~+g~~r ttnder (a) of J~t~ra~;rapb 2 - precedin~? as c~ c;edit.on thr. interest accrued nnil unpaid and t)le tiQlRfll'0 t0 lIl('. FIPtIICl~1qI lllPil t('IIlAllllllti unp~tel O11 Shc(~ IIOIC. _ 4. He wiU pay sll taxes, ~asessmenta, water ratee, and other ~overnmental or municipal charge~, finea~ o~ unposittons, tor wtuch pro~lsion haa uot brjeen made hereinbefore, and ?n default thereof the Mortgagee may pay the ' tsnme; and that he will promptly deliver the officinl receipte themfor to the Mortgagee. ~ 6. He will permit, weumit, or suRer no waste, impairment, or deterioration of said p*oparty or any part thereof e~ccept reasonabla wear and tear; and in the event oE the failure of the Mort;;ugor to keep ~hA buildinga on aaic~ premisea and those t.o be erected on said premir~ee, or improvements thereon, in good repa,ir, the Martgag~e may nnake auch repaire as in its discretion it may deem neceaeary for tbe proper preacrvation thereof, and the iull amount ~ of eacb and every auch payment ahall be due and payable thirty (30) daye a~ter demand, aud shall be ~ecured by the lien of this mortgage. ~ ~ - . . ~ : 6. He will pay all and singular the costs, charges, and expensee, including reasonable lawyer's fees, end coata of abatracta of title, incurred or paid at anp time by the ATortgagee taecause af the failure on the part of tbe Mortgagor - promptly and tuUy to perform the agreeme~ts and covenanLa of eaid promissory note and thia mortgage, and said - coats, chargea, a.nd expenses shAll bo immediately dus~and payable and ehaU be secured by the Uen of thi~ mortgage. • ~ He will continuously maintain hszard insurauce, of such typa or typea and amounts as Mortgagee inay fmm time to time require~ on Lhe irnprovements now or hereafter on said premises, twd etcept when paymsnt . tor ell auch premiums ha.4 theretofore beeu made under (a of garetigraph 2 hor~of, he will pay promptIy when due any premtums tLcrefor. - All insurance sha11 be carrie~ in companies approved bq 111ortgagee and the poli- cies and renewals thoreof shall be held by Niort.gagee and have attached thereto loss payable clausea in tavor of and in form acceptablc~ to ~he I~4ortga g~ ee. In erent of toss he w-ill give immediate notice by mail to Mortgagee, and ~iortgagee m2y make praof of Ioss if not made promptly by Mortgagor, and each insurance companp concerned ts hereby suthorized and directad to make pay~nent for such loss directly to h4ortg~ige~s instead oi _ to b~fortgagor and `'fortgages joir~tlv, and tho insurance proceeds, or any part thereof, may be app~ied by Mort- ge.gee at its option either to the rec~uct,ion of the indebt~dnesa hereby secured or to the restorat~on or repair of the property dama~ed. In event of foreclas~are oi t!?is mortgage or other trausfer of iitle to tha mor~gaged - property in extinguishment ot the indebtedness secured hereby, a~l right, title, and interest of tbe ll4ortgagor _ in and to any insurance policies then in force shall p.9ss to the pur~;haser or granteo. 8. If the prcii~is~~s. or ?ln~• part tlu~reof; b~~ con~len:necl uncler tlie po~s~~r of einini~i?1 da~~~n?, or acquircd [or ~ - u public use, tlic dniun~;es n~snrded, the prorcc~ls fc,~• tl~c takin~; of, or the~ consid~rnlion for suc'II AC({L11S111011, te - tlie cxtcnt c~f tl:e full a~nount of tl~c ren~ninin~; itnpai~l in~lebtr~inc~:s serurcd t?~• this ~nortga~;r, arn liercb~• ~ z~ssi~;n~~d to th~~ ~fortKa~;ce, uu~t liis lieiis or ussirns, :uicl ~l?uil b~~_p~~i~l fo~•tl~~~•iU~ ~o~suid \tortgA~ee or )~i~ _ ~ assiKi~re to be appliecl ou flc•rount uf th~~ lust n~aturin;~ instnlln~~~nts of surl? in~l~l,t~dness; proi~i~l~d, ha~••e~•er, ` ~ tLc ~IortK~Kce or 1?i~ :issiKn<<~, ni:~~' at I~i3 cii.~~ri~tio~? ~~a~- ~lir~~~•t to tl?~ ~lortg~~~;or, l~is li~ii:: ur assinns an~~ pnrt ' or iill o[ su~•1~ a~~~ar~l; pro~•iili~~l, tl?ut if the loai~ is ~?u~u~iinlc~~~c1 ur insure~l, tlic eonscn[ af tlie gu~irantuE• or i~isurer k is obl~ine~l in u~lvancr. of s~ii~i piirnicut. - _ ~ 9. The biortgagee may, at nny time pending a sui~ upon this mortgage, apply to the court. having juris~iction thereof for the appointment of a receiver, and such cuur~ shall forthRith appoint a receiver of the pmmises coverEd - hereb~ all arid_ singular, including sll and singidar the income, profits, issues, and revenues; from whataver soutce derived, each and ever~ of which, it being expressly understood, is hereby mortgage~i as if specifically set foith and ~ ~ deseribed in +he gTanting and habendum clauses hereof. Such appointment shall be made by auch court as an admitted : equity and a r~atter of absolute right to said riortgagee, and without reference to the adequacy. or inadequacy of ~ the value of the property mortgaged or to the sol~ ency ai insoivency-of said Mortgagor or the defendants. Such rPnta, pro6ts, income, is4uea, and revenuea shail lSe applied by such receiver according to the lien of this mortgage - - and the practice of such court. In the event of ~sny defsult on the part of the Mortgagor hereunder, the l~~artgagor - agrees to pay io the ~lortgageo on demand ss a reasonable m~nthly rental for" the premises sn amount at least equivatent to one-tnelf2h (1~2) of the aggregate of the twelve monthly installin~nts payable in the .then cur~ent _ - year plus the actual amount of Lha annual taxes, asse..5smenta, water rat.es, and insurance premiuma for such year ~ - _ not cavered by the aforesaid monthly payments. - - - _ _ _ . - . - - . - - - _ 10. In the e~ent of any. b-each of Lbis mortgage.or default on the part of the 11Zortgagor; or 9~ the eveut that - any of ss?id sums of money herein r~ferred to be not promptty and fully paid accordi~ Co the-tenor_ h~reof, or in the si - _ - event tbat each and every the stipulations, agreements, conditions, and covenants o said note anci this mortgage; _ are not duly, promptly, and fully performed; then in ei~her or any such event~ the said aggregxtE sum mentioned _ _ in said note then remsining unpaid, with intQrest acerucd to t.hat time, and all moneys secuted hereby, shall i~come due snd payable for#hwith, or thereaftPr, at the option of stiid ~'Iortgagea, as fully and completQly as if all of th~ said sums of money were originally stipulated to be paid on such day, anythin~ in said not,e or in this mdrtgage to • the contrary notwithstsnding; and thereupon or thereafter, at the option of said Mortgagee, without notic~ ~r ~ demand, suiti at !aw or in equity, may be prosecuted as if all moneys secured hereby had matured prior t~ its-institu- - _ tian. The biortgagee may foreclose this mortgsge, as to the amount so dec'.ared due and p$yable, and the said premi~es shall be seld to satisfy and pa~~ the ~.~me togetl~er a~ith costs, ~xpenses, and allowances, ln csse of partial foreclosure of this mortgage~ the mortgaged premises shall be sold subject to the~continuing lien of this mortgage - - " for the amaunt of the debt not then due and unpaid. In sueh case the pro~zsions of this psragraph may again be - ~ availed of thereait,er from time to time by the 1'Iortgagee. ~ . ' _ : 1 l. No waiver of any covenant h~rein or of thE obligation secured hereby shall at any ti~e ~,hereafter be held ~ to be a waiver of the terms hereof or af the note secured hereby. - ~ 12. The lien. of this inscrument ahall ren,ain in full force a~d effecL during any postponement or exiension of ~ the ti.me of paym~nt of the indebtednesa or any parf: thereof secured hereby. _ _ ~ 13. If the 3~iortgagor default in any of the covenants or agreements cc,ntained Ae*ein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reason~t~le attorney's fees) made by ~he biortqa~ee ~ - in so doing shsli draw interest at the rate provideci for in the principul indebtedness, and shalt be repa},~ble thirt~ (30) days a[ter demand, and, together wiGh interest and costs accrued !,hereon, shall be secvred by _ this mortge?ge.- - . ~ - . _ ~ 14. Upon the request of the Mort.~agee the ~tortgagor shall eaecute and deliver a supplemental note or ~ netes for the sum or sums ad~ anced. ~y t,tie :ltortgagee for the alteration, moderni2ation, improvemen;,, main- tenan,:e, or repair ot said premises, for taxes or assessmcnts sgainst the sanie and for an~ olher ~urpose author- ized hereunder. Said note or notes shall be secured hereby on a parity ~vith and as fuliy as if the advsnce ~ evidPnced thereby were included in the note first de~cribed above.' Said s»pPlemental note or notes shall bear _ interest at tbe rate provided for in the prinr.ipal indebtedness snd sha11 be psyable in a~proximately equtti ~ - monthly pay ments for such period as may b~ agreed upon by the creditor anci debtor_ ra~ling.to agree on the ~ maturity, tha ~hole oi the sum or sums so ad~~anced shail bc due anc~ pa~•able thirtti• (30) days aft.er dcmand by the creditor. . In no event shell the maturity extend beyand the ultimate ~~aturity of the note first - _ described above. - ~r~ _ - - - . - BOOK PAGf ~4~ . . - - _ ~ • . - ~ ~ . _ . . . rr__.._._ . _ _ _ - - -Y._~---=--_--.