HomeMy WebLinkAbout1907 {~A
ten~ii~r lo tlu~ ~`lort~i?~~~e i~i ui•i•urtlauc~+ H'itl~ 11« pra~~i3ions c?f tlii~ uut~~ st~cun•~1 1~~•r~~l,~•, full pt?~'nu~nt o; th~~
e~~tire indel~tedness rc~~r~~:~e~il~~~l Ihercu~`, tht~ ~1ort~a~ce, as truat~~~•, ,1?::11, in ~~~>n~putiii~ ~h~• :in~uunt of surl?
indcb?cdncss, cr<~dit to tlu~ uc~•ow~t ~f t~i~~ \lort ~a~or un~' ~~~~~ilit I,tiliu?r~~ r~~n~uiuin}~ uncl~~r Ih~~ pn,~•i~ic~i~s of (i?)
of said parakrsph 2. If tlu~r~~ sl~E~1! Li~ u d~~fi~u~t un~l~•r un~• of Uu~ ~~ro~•i.aions of thia uiort~;el~;~~ rc,ultin~; in n
publir. asl~ ot th~ preinGti~~s covered lu~rel,~•, or if tlie ~tcut~;a~;re :~cyttire3 tlu+ ~~rapert~' other~~•is~~ iifler cle[ault,
ti~e Aiorlg~sgee, ~ truste~~, SlitiU tl~)~)~~•, at the ti~~ie uf th~ ~~ouun~nc~nient ot sucl? proc~~eclin~;s ~r ui U?~ tim~
tl~e propert~' i~ other~vise i?cquired, the Wn~ount tl«n r~~niaiiiin~ ~o ~~rr~lit of ~tortkagur un~ler (s) of ~~i?ru~;rflp1~
precedin~; as a rre<lit ~~n tlu~ interest scrrued i?ncl unE~ai~l fend tll~ t,~ilan~~e to th~~ ~~riaciE~nl th~n reinni~?in~; unE~ni~l
o~i srai~l note. - "
4. He wiU pay all caxea, asseagmente, water rates, and other governiuental or municipal charges, fine~~ or
impoaitione~ for which pro~~sion hae not been made hereinbefore, aad in default thereof the Mortga.gee may pay the
eRme; and that he wiU promptly deliver the o~cial rec~ipta therefor to the Mort,gagee. ~
b. He will permit, cowmit~ or auffer no waste, impairment; or ~eterioration of said property or any part thereoti,
except reasonable wear and tear; and. ir the event of the failure of the l~iortgagor to keep thA buildings on said
premisea and those to be ereeted on said preu~se8, or improvements thec~on, in qooci repair, the Mortgagee may ~
make such repaira e.s in itx discret.ion it ma~~ deem necessarv tor the proper prescrvution thereof, and the full amount
of each and every such payment shall be due and payable thirty (30) daya after dcmand, and ehall be secured by
the lien of tbis mortgage. ~ ~
~ 6. He will pay aU and singular the costs, chargea. and expenses, including reasonable lawyer'e fees, and coat$
of ahstracta of title, incurred or paid nt any time by the ?~iortgages because of the failura on the part of the Mortgag4r .
promptly and fully to periorm the agrcements and covenants of said promissory note and thia mortgage, and F.aid
costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
He will continuously maintain hazard insurance, of such type or types and amounts as 111ortgagce may ~
from time to time requ've, on the improvements now or hereafter on said premises, and e~cept when payment
_ !or all such premiums has theretofore been made under (a) of paragrsph 2 hereof, he will pay prnmptly when
E due any premiums tticrefor. All insuraace shall be carried in companies approved bq I~iortgagee and the poli-
cies and renewals thercof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
: and in form acceptablel to the Tiortgagee. . In event of loss he will give immediate notice by mail ta Mortgagee,
` and ~iiortgagee mny mske proof ot Ioss ~f not made prompt-ly Ly ~4ort~agor, and each ~naurance company
~ concerned is hereby suthorized and directed ta maaa payment for such loss directly to Niortgage~a instead of
- to ;~ior~gagor and :1lortg~ee oint.ly, and tl~e insurance proceeds, or any part thereof, may be applied by Mor~
gagee at its option either to t~e reduction of the indebtedness hereby secured ar to the restoration or repsir of
the property dama~ed. In event of foreclosure oi this mortgage or other transfer oi tit:e to the mortgaged
Property in extingu?shmenG of the indebtedness secured hereby, a~l right, title, ana interest of the ~iortgagor
• in and to aay insurnnce policies then in force shalt pass ;A the purchaser or gr~ntee. . -
K. If th~~ prn~uis~~s, oi• iu?~- purt th~~muf, bi~ ~•on~l~~niue~d uniler ihr po~~•e~ of eini~u~nt clonuiu?, or ~tcquirc~cl foi• -
:i publie use, t)u~ clmm~Ke~s u~+•nrclr~l, tlu~ pro~•ec~cl~ for tlie takin~; of, or thE~ ~o~isiderution far suc•l~ itequisition, to .
~ tl?c~ extent of tlie full :unount of t)i~ r~~iuninin~ uup:~i~l i~uii~ht~~~lnc~ss sr~•um~l b~• tl~is n~ort~;a~~~, arc Lc•reb~-
ussirn~~~l io t)u~ ~lortkn~;~~r, i~n~! I~i. 1?ri~~ or :?s,i~n,, ;?~ul ,l~t~ll h~~ ~,iii~l fortli~~itl~ to said \1ort~;akr~ or liis
eissi~;nee to t,~ ?ipJ,lie~l c?n ac•~•ouni ~~f tlu~ liist n~i~luri~~~ installiui~nts of su~•h in~lrl~t~~~ln~~s:;; pro~•i~l~~~l, l~o~~•c•~•er,
thc ~1ort~a~;e~~ or his assik~u~i~, iuu~• ut l~i~ ~li.~•r~•tiun pu~- ~lir~~!•t tc~ tli~ ~1c~rt~uk~,r, liis 1?rii~: ur ussinn, ilt?~• pt?rt
- or ull of sucli ~t~~~tir~l; pro~•i~l~•~i, thut if th~• iuun is ktr.u:int~~~•~1 ~~r insurt~~l, tlu~ ~•oi~s~~nt of thi~ ~uurantur ns• ic?~urc~r
- : is ohtnined in ~iil~~~nce of s:?i~l pa~-n~t~nt. - -
- 9• The ~iortgagee may, at any time pending u suit npon this mortgage, apply to the court having jtuisdiction
tbereof for tlie appointrnnent of a receiver, and such court shall forthwith appoint a receiver of the premises covered
. herebv all arid sinqiilar, including all and singulur the income, pro&ts, issues, and revenuea from whatever source
derived, each and every of ~~hich, it being expressly understood, is hereby mortgaged as if specifically set forth and
described in the grsr.ting and habendum clauses hereof. ~uch appointment shall he made by such court as an admitted -
equity and a matter of absolute right ta said Diortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the sol~~ency~ or insolvency of said A'Iortgagor or t~e defendants. Such
rents, profits, income, issues, and revenues shall ~e applie~ b~• such re~eiver according to the Iien of this mortgage
and the practice of such court. In the event of any default on the part of the hiortgagor hereunder, the l~iortgagor
agrees to pay to the Tiortgagee on demand as a reasonable monthly rental for the premises an amount at least
- equivalent to one-taeifth (~2) of the aggregate of the ta•el~~e monthly instaltments payable in the then current
- year plus the actual amount ot the annual taYes, assessments, water rates, and insurance premiums for such year
= not covered by the aforesaid monthly payments. -
t0. In the event af any breach of this mortgage or default on tlie part of the 14iortgagor; or in t~he everot that
any of said sums of money herein aeferred to be not promptly and fully paid according t~ the tenor hereof, or in the
event that each and e~ery the atipulations, agreements, conditions, and covenants of said note and this mortga.ge,
sre not duly, promptly, and fuliy performed; ihen in eit.fier or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all mon~ys secureci hereby, shall become
: dus and payable forthwitti, or thereafter, at the option of said hiortgagee, as fully and completely as if all of the
_ said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; snd thereupon ur thereafter, at the option oi sr~id Mortgagee, without notice or _
~ demand, suit at t~w or in equity, may ~e prosecuted as if all mone~~s secured hereby had matured prior to its institu-
tion. The ~lortgagee may foreclose this mort~age, as to the amount so declared due and payable, and the said
premises shall be soid to satisfy and pay the ~ame together with costs, expenses, and allowances. In case of partial
fomclosure of thia mortgAge, the mortgnged premises shall be sold subject to the continuing lien of this mortgagz
for the amount of the debt not then due and unpaid._ In such case the provisions of this paragraph may~ again be
a~siled of thereafter from time to time by the ~iortgagee.
-i 1. No waiver of any covenant herein or of the obligation secured hereby shall at any tiane thereatter be held
, to be s waiver of the terms hereof or of the note secured hereby. ~
12. The lien of thia instrument shall remain in full force 'and effect during any ~tponement or extension of
- the time of payment of the indebtedness or any part thereof secured hereby.
` l:i. If the viortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~ Mortgagee may perform the same, and all expenditures (incl~iding reasonable attomey's fees) made by the I~iortgaAee
I~~ : in so doing shall draW interest at the ratE pro~•ideci tor in the principal indebtedness, and shall be repayable
thirty (30) da~~s atter demand, and, together with interest and coscs accrued thereon, shall be secured by
I ' this mortgage. - ~
- _ 14. Upon the request of the ~tort.gagee the ~iortgagor shall e~ecute and deliver a supplemental note or
: notes (or the sum or sums ad~anced by the.~tortgagee for the alteration, modernizat.ion, improvement, main-
tenance, or re}~air of said premises, tor taxes or a~~essments against the samc and for 8.~3 other purpose suthor-
- ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as ii the advauce -
= evidenced thereby were included in lhe note first described above. Said supplemental note or notes shall bear
interest a~ the rate pro~ ided for in the principal indebtedness and shall be pa_yable in approximat~ly~ equal
monthly pavments for such period ~s may bc agreed upon by the creciitor and debtor. ~'ailing to aaree on the
maturity, t~?e v?°hole of the sum or sums so ad~anced shull br. due and ps~•able thirty (30) days after demand
by the creditor. In no event s6all the maturil3 extend beyond the ult.imate r.isturity ot the -note first
- described above. ~
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