Loading...
HomeMy WebLinkAbout1912 ~ ten~ler lo the ;11ort~i?~;~~e i~~ a~~•cor~luu~•~~ witli tht+ pru~•i~iui?s of tlie uc~te~ se~~ur~~~l h~~mli~•, full ~u~yuie~il of tlu+ entir~ in~tebtedness rLpri~,enleil tl?ere??~~, th~, \tort~;i?~cc, ~?s trust~~e, ,h:ill, in coniputii~~; tlu~ uiuuui~~ of sucli indeble~ln~~s9, cre~dit to tl?~~ accoun4 of t~~e ~iurt ~a};or un~• rre~lit bultuic~~ reinaininR tan~l~r th~~ pruvisiuns of (a) of aRi~l pArngraph 2. If then• shall be n~I~fRU~t undc~r un~• ~f tlu~ pra~•iaions oC tliis n~ort~;~i~;~~ rrsultii?~; in a public sale oP tl?c~ preinises ~•overcii liereb~•,~or if tli~ ~iortg~kre :~cyu~res Ilie pru~~ert~' c~tli~~r~~~isc~ uftrr ~lefault, , thF Aloclg~~;ee, c~ truate~, shall npply, at tt~~ tim~ of Ui~ conuurnce~nent ot 5uch procee~lin~3 or ~t llic lin,e tha p~operG~~ is uthc~rwise u~~i~uiced, Ilie an?ount ihen ~n~ii~iinin~ to c~redit ~if ~tortgagor under (a) c,f para~;raph 2 ; prece~iing as ~ creclii on Ihe int~~resC itcerue~l ~?nd unpaid and tl'e I1liI8lll~e to tlin priucip~l tliell rPllltllillll~; U11~)NIII ~ OR F81(1 I1~LP. - ' ~ 4. Iie wiU pay all taxea, assessmente, water ratRe, and other governmentat ar municipal chargea, finee~ or ; impositions, for which pro~lsion hus not been made hereiabefore~ and in default thereof the Mortgagee may pay the ' same; a~d that he ~viU promptly deliver tho official receiptt~ therefor to the Mortgagee. i - 5. He will permit~ commit, or sui~er no waste, impairment, or deterioration of said pmperty or any part thereof i oxcept reasonable wear and teer; and in tha event of the tailure of the Mortgagor ta keep the buildings on eaic~ ! premisea and thase to he erected on said premisesj or improvements therei,u, in good repa.ir, the Mortgagee may make such repaira as in it~ discretion it may d~em necessery for the proper prescrvation thereof~ and tha iull amount of each and every auch payment shall be due and payable thirty (30) daya after demand, and ahall Le eecured by the Uen of this mortgage. . ~ ? 6. He will pay aU and singislar ths>~~u,, chsrges, and expensee, including reasonable lawyer'e feea, and costa ~ of at>stracf,s of title, incurred or paid at any time by the Moitgages because of the failure on the part of the Mortgagor . promptly and fully to perform the agrecments agd covenants of said promissory note and this. mortgage, and said coets, chargea, and expenses shall be immediately due and ~ayable Rnd shall be eecured by the lien ot this mortgage. ; 7. Ho will continuously maintain hazard insurance, of such type or types and amounts as Mortgagce may _ from time to time require, on tbe improvements now or hereaiter ou said premises, and e.tcept when paymeut for all such premiums has theretofore been made under (a) of pa~agraph 2 hereof, he will pa~ promptly when : due any premiums lherefor. All insurance shall be carried in companies approved by 111ortga~ee and the poli- . cies and renewals thereof shall be held by \tortgagea and have atta~hed thereto loss pa,yable clauses in favor af . and in form acceptable to the l~iortgagea. In event of loss he will give immediate notace by mail to M~rtgagee, and \lortgagee may make.proof of Ioss if not made promptly by ;~lgrtgagor, and each ~nsurance company concerned is hereby author~zed and directed to make payr~;ent for such loss dir~ctly to ~iortgagee instead of ~ to ~lortgagor and Mortgagee 'ointly, and the insurance proceeds; or any part thereof, may be app6ed by I11or~ gagee at its option either to t~e reduction of the indebtednesa hereby s.ecured or to tha restoration or repau of the property damaged. In event of foreclosure of this mortg~e or oLher transfer of title to the mortgaged - property ~n extinguistiment oi the inaebtedness secured hereby, a~l right, titte, and interest of the ~fortgagor - in and to any insurnnce policies then in force shall p~ss to the purchaser or grantee. _ R. If tLi~ preiui5i~s, ur u~~~• p:u•t tL~•r~~uf, b~~ ~•o~ulen~~i~~il tuNli•r th~~ po~~•~~r of en~inent ~1Gniuui, or ucc~uir~~cl !w• - n public• us~, tl~e dmm~~;es i1~~•nrdecl, tlu~ {~rac•~~~~~1:: for tlu• takin~; ut, or th~• ~~~nsideruiic?n !or suc•1? neqiusition, to th~~ exter~t of the full ainount of tlu~ r~~~nnininh itnpaicl incl~l,t~~~lnc~ss s~~rure~i l,}• tliis inorl~;a~~~, :ir~~ iieretl~- i~ssi~nc~d tu th~• ~Iort~;nKee, iu~~l 1?is lu~ii~ or assi~ns, :in~l 41?ull bi~ pui~l fortl?~~~itL to ~ui~l ~lort~;a~;~~~~ or lii~ ua5i~;nee ta Le applieil on tic•~•~wit uf thi~ lt~st niutur~ut iustull::ii~~its of su~•1? in~i~l~t~~cln~~ss: t~ro~•i~le~l, iio~~•e~•er, . thc ~1ort~i~kc~~ or }?is as;i~;n~~~~, iu;i~• fit liis eli:rre~tie~r. p??~- ~lir~~~•t te, t1ii~ \lortra~;e~r, l~i~ lu~ir.; ui- :~,sirns uu~~ pitrt _ or ull o[ suc•li a~~-:u~~l; prori~l~~cl, ti;ut if th~~ Ic>.u~ is ~u.u;~ntc~~~~l or in,ur~~cl, thc~ ~•ons~~nt of tlic ~uurantur or ii~surc~r is ot~taincd i~? a~I~~ancP b~ Stll(I j)il\'111Cnt. - - ~ 9- The ~Iortgc~gee may, at any time pending a s?ut upon this mortgage, apply to the _court having jurisdiction themof for the appointment of a recei~er, and such court shali forthwit.h appoint a rec~iver of the premises covered hereby a11 arid singular, including sil and singular the income, profits, issues, and revenues~ from whatever source derived, each and every of which, it being expressly understood, is }?ereby mortgaged as if specifically set foith and - described in the granting and habencium clauses hereof. Such appointment shall be made by such courL as an admitted equity and a matter of absolute right to said Diortgagee, and without reference to the adequacy or inadequacy of - the value of the property mortgaged or to the soltiency or insolvency of said 1~'Iortgagor or the defendants. Such rents, profit9, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such ~court. In the event of any default on the part of the Diortgagor hereunder, the ~Zortgagor agrees to. pay to the ~iortgagee on demand as a reasonable monthly rental for the premises an auiount at least _ ~,uieslent to one-~~+ei_fth of the aggregate of the taelse monthly installments payable in the then current year plus the actus! amount of the annual t~xes, a.csessments, water rates, and insurance gremiuncs for euch year not covered by the aforesaid monthly payments. _ . 10. In the event of any b~each of this mortgage or default on tlie part of the l~iortgag~r; or in the eveut that a,ny of said sums of money herein referred to be not pro~ptly and fully paid according to the tenor hereof, or in the event that each and every the stipulationa, sgreements, conditions, and covenants of said note and this mortgage, sre not duly, promptly, and fully performed; then in eitfie: or an3~ such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall become - due and payahle forthwiti~, or thereafter, at the option of said blortgagee, as fully and completely ~s if all of the - aa.id sums of money were origi.nally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwit.h3tanding; and thereupon or thereufier, at the option of said I1~Iortgagee, without notice ~r _ demand, suit at law or ~n equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Iltortgagee may foreclose this rnortgage, as t~ the amount so declared due and payable, and the said premises shall be sold to satisfy and puy tf~e same together with costs, expenses, and allowunces. In case of partial foreclosure of this mortgage, the mortg~ged premises shall be so1_d subject ta the continuing lien of this merigage for the amount of the debt not then due and unpaid. In such ca.~: the provisions of this paragraph may again be availed of thereafter fram time ta time b~ the l~iortgagee. _ 11. No waiver of any covenani herein or of the obligation secured hereby shali at any time thereafter be lield to be a waiver of the terms hereof or of the note secu;ed hereby. _ - 12.~'~he lien of this instrument ahall remP.in in full force and ef~ect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. _ . . 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the 1lriortgagee may perform the seme; snd all expenditures (including reasonable attomey's fees) made by the I~lorigaR~ in so doing shall draw interest. at the rate pro~•ided for in the princip~l inciebtedncss, and sha11 be repayable thirty (30) days a[ter demand, and, together with interest and costs accrued tlzereon, shell be secured by this mortgage. - _ ~ - ~ 14. Upon the request of the 1lortgagee the \lortgagor shall e~ecute and deliver a supplemental note or _ notes [or the sum or sums acivanced by the ~Iortgagee Ior the alteration, modernization, improvcmcnt, main- ~ tenance, or repair of said premises, for taxes or as~essments against the sPmc and for ea3 other purpose auihor- ~ ized bereunder. Said note or notes shall be secured hereb~~ on a parity with and as fully as-i[ the ad~•ance evidenced thereby_ were included in the note first described above. Said supplemental note or notes shall bear interest at the rate prorided f~r in the principal indebtedness and shall Ue paya6le in-appro~imately eqaal monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agrec on the maturity, the whole of ihe sum or sums sa ad~•ancec! shall bc due and pa~~able thirty (30) days aftcr demand ~ by the creditor. In no event shall the maturity extend beyond lhe ultimate c~aturity of the note first - described above. ~ . ~ - 600K PAGF 1~ . _ ~ . _ . _ : ~ . ;