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HomeMy WebLinkAbout1328 S ~ ~ender l+~ it?e 'hlort~a~;~~e iti ucconlunr~ ~vith ti~r pro~•isions of tl?e not~~ secured iiernb~•; full ~~u~•n?e~nt oI tlu~ { entire i~:ilebtrdn,as renresenl~~d there~~•, the ~iortbagcP, a.q trustee, shnll, in co~i?E?utiiig tltc~ uii~u~uit o! sucl? ; i~debttJness, credit to th~ arcount of the ~iart gH~A[ A;ta": redit b~l~n~~~ rr~n~inin~; ~uuler thc~ 4~ro~•isions of (A) ; of ssi~l paragraph 2. If the«~ shall bs a~1efAUlt under any ot U~o p~o~~isions o~ tl~is uiort~;n~;~ r~~sultin~; in tt public $ale ot the p~e~nises covere~l hereb~•, or ii th~ Alortgagre flcqu~res ihc propert~' otl~er~sese after ~I~fault, ~ the hiortgageo, as lrustee, shnll apply, at the timc of thc conunencement o( sucii proceectings or at tfie time ! the property i~ otl?.~~wi~c iicc{uiretl, ihe si~?ount thei~ remainin~ to cr;dit. of 1liort~;agor uncler (a) of pnrn~;rapL 2 ~ preceding as a cred~t un tliu interest accrued and unpairl and t ~e balancc~ to thc principal th~n remaining unpaid ~ on s~id ~ZOte. . ' 4. He ~vitl p~y all taxee, assessmenta, water ratee, and other governcuental or n?un.icipal charge~~ finee, or in~positions, for wbIch pmviaion hae not been made harelnbefore, anci in defe~ult thoreof the Mettgagee muy pay the ~ aama; and that ho will promptly deliver the ofScial receipt~ therefcv to the Mortgagee. ~ b. He wiU pernait, c~omrnit, or su~er no waate, i~pairment, or deteri~ratiou of said property or sny part thereof ' except reasonablo wear and tear; and in the eveat of t6o failure of th~ hSortgagor to keep thA huilding~ on sa.i~ ~ premiees a~ad Lhoee to be ereoted on ssid~ premiees, or improvements thei'eon, in goad repair the Mortgagee r~nAy - make such repairs as in it$ discretion it may deem nec~ea~ary tor the proper preecrvation thereo~, and the full aqiount ~ - of ~ach aQd ev~ey such payment ehall be due and p~?yable tlirty (3Q) days aiter demand, and ahaU be secured by the lien of thia mortgage. ~ ~ ~ 6. He wi?1 pay all and singular the costs, charges, and expeneea, including rea5onable lawyer'e feee, and cos+e ~ of abstracta of title, incurred or paid a~ nny time by the Mortgagee because of the failure on the part of the Mortgagor i - promptly and iully to perform the agreemencs and covenanta of said promiesory note and thia mortgage, and sa=:d costs, chargea, and expenses shall be immediat~ly due and payable and ahall be secured by the lien of this mortgage. - - 7. He will continuously meintsin hazard iaettre~uce, of such i,ype or types and amounta as Mortgagee may - irom time to time requue, on_the unpmvements now or hereaiter._on said ~r~misas and e~cept when payment ~ ~ Ior all such premiums has theretofors been made under (a) of-paragrsph 2 hereof ~he will pay promptly when ~ due any premiums therefor. All insurance shell be carried in comgaiues approver~ by I~iortga~ ee and the poli- ~ ciea and renewals thereof shEtll be held by ~iortgagee and have attacbed thereto loss payable clausea in favor ot - ~ and in form acceptablo ta the 141ortgagee. . In event of loss hs will give immediate notice by mail to Itlortgagee, ' and ~lortgagee may make proof of Ioss ~f not made promp~ly by Mortgagor, and each insurance eompany - concerned is hereb-y--authorized and directEd to make payment for auch loss d'uectly to Mortgage~e instead of ~ - to ~14ortgagor and Mortgagee jointly, and the inaurance pmceeds, or any gart thereof, ~ay be applied by Mort- ~ ~ gages at its option eit6er to the reduction of the indebtedness hereby secured or to t~e restoraUon or rt:p~ir of the property dama~ed. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness aecured hereby, a~l right, title, and inte=est of the 11-iortgagor . ~ in and to any insurance policiea then in force shall p+iss to the purchs~ser or grantee. _ _ 8. If the prcinis~~s, or nur piart ti~ereof, he concleins~~~d un~lrr th~ po~~•er of eniii~ent~ do~uan~, or acc~uirec! for ~ a public use, tl?e d~~nnKes nw•nrileil, tlu• pro~•~~ecfs for tlie taking o[, or tlu~ ronsideration for such acquisition, to ' tlie extent of thc full n~i~ount of tlie rcmnining un~~~icl iiuiel,tr~lness serured b~• U~is inortguKe, ar~ hereb~• ~ nssi~;ned to t)i~ ~1~rt~aKce, unil l~is I?~it~ or ussi~;us, tinil slitill b~ pui~l fortl~~sitli !o saicl ~1ort~;n~;cr or I?is ~ - ussiK~me to be applied on ar~~ount uf the lost iiuiturin~ inst~llrueiits oE su~•1~ indrbtcdness; pro~.icleci, 1?0~?'~~•er, the llort~;i~Kce or his ns~ig~~ee, u?a~- at liis ~lisrr~~tion par ~lir~~t•t to tli~ `lortgngor, !tu h~irs or assinns ttu~~_pnrt ~ or ~U of such n~cflr~t; pi•o~ i~led, that if lhe ioa~~ is Kuarunt~~i~il or ir~surecl, thc eo~iseut of tl~c gunrnutur or ii~surer is ohlaine~l in advance of sni~l pn~•ni~nt. - ~ - _ ~ - ~J• The liortgagee may, at any time pending a suit upon t6is mortgage, apply to the court having iurisdiction ~ thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered ~ ~ hereby al1 erid singular, including all and singular the income, profite, issues, and revenues irom whatever source _ derived, each and ~vary of which, it being expressly understood, is hereby mortgaged as if epeeifically set forth and _ ~ descrit~ed in the granting and habendum clauses hereof. Such appojntment shall be made by such court as an admitted equity and a matter of nbsolute right to aaid biortgagee, and without refeience to th~e adequacy or inadequacy of the va.lue of tlie property mortgaged or to the solvency or insolvency oi said Mortgsgor or t~e defendants. Such rents, profits, income, isaue8, and revenues shall be applied by such receiver according to the lien of thia mortgage - and the practice of auch court. In the event of any default on the.part of the lt3ortgagor hereunder, the Mor~gagor . agrees to pay to the hiorfgagee oa demand ~ a reasonable monthly rent$1 for the premises an amount at least - ~ equivalent -to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in t.he then current _ year plus the actual amount of the annual taxes, assessments, water rates, aud insurance premiums for;such year not covered by. the atoresaid monthly payments. ~ . l0. In the event _of any b-~aLh of this mortgage or default on. the part of the l~iortgagor; or in the event t~~t- any of Pa.id sums of money herein referred to be not promptly and fully paid according to the tsnor hereof, or in Lhe ~ event t6at each and every the atipulations, agreemenGg, conditions, and covenants of said nbte and this mortgage, . are not duly, promptly, and fully t~erformed; then in either or any such e~~ent, the said a~gregate sum mentioned II _ . in eaid note then remaining unpaia, with iLterest ~ccrued_ to that time~ and all moneys secured hereby, shall become - - ' cl~e and payable forthwith, or thereafter, at the option of said 141ortgagee, as fully and comnletely xs if all of the - said sums uf money were originally stipulated to be paid on such day, anything in said note or in this mortgage to _ the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or - ~ ~ demand, suit at law ot :1 equity, may be prasecuted as if all moneys secured hereby had matured priar to its institu- - ~ tion. The bfortgagee may foreclose t~is mortgage, as to the amount so declared dLe and payable, and the said premises shall be sold to satisfy and pay the same together with costn, expenses, and allowances. In case of p~rtial - foreclosure of this mortgage, the mortgaged pmmises shalt be sold subjeet to the c~ontinuing lien of this mortg~ge ~ far -the amount of the debt not then due and unpaid. In such ca~e the provisians of this paragraph may again be ; - availed of ~hereafter lrom time to time by the hiortga.gee. - ~ - ~ 11. No waiver of any ccvenant herein ur of the obligation secured hereby siiall at any time thereafter be hetd ~ to be a waiver oi the terms ~ereof or of the note secured hereby. - 12. The lien of-thia instrument ahall remaen in !ull force and eRect during any pastponement or extension of _ the titne of psyment of the indebtednesa or any par+. thereof seeuted hereby. _ . - 13. If the Mortgager default in any of the covenants or agreements contained herein, ar in-said note, then the Mortgagee may perfotm the aame, and ~Il expenditures (including reasonable a~torney's fe~j made by the Mortga~ee - in so doing shall draw~ interest at the rate pro~•ided (or in the principal indebtedr:ess, rnd shall be repa3~Able thirty (3Q) days after demand, and, together with Enterest and costs accrued thereon, shall be secured by this mortgage. - _ 14. Upon the request ot the ~iortgagee the 1'Iortgagor shall execute and deliver a supplementsl note or notes for the sum or sums advancec! by the_ ~torfgagee for the alteration, modernizatxon, improvement, main- - tenance, or repair ot said premise~, for taxes or a~~essments agains4 the same and for aiiy other purpose author- Fzed hereunder. Said note or notes shall be securcd hereby on a psrity w~th and as fully as if the advance - evidenced thereby were included in Lhe note first described above. Said sitpplement~l note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable in ~p proaimately equal " monthly pay ments for su~h period as may be a~;reed upon b} the creditor and debtor. . Failin~ to agree on the maturity, the whole of the sum or sums so advanced s6all be du~ and payable thirty (30) days aiter demand . by t6e creditor. In no event shall the maturi6y Extend beyond t,he ultimate n~aturity of ti~e note first - described above. - . _ _ - BooK ~h~f1327 ~ . ^ , - - _ ~ ~ ~ , _ ;a .