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HomeMy WebLinkAbout2846 tendcr to Ihe ~;~lort~n~;i~e in uccur~lun~•~~ ~+~itli thc pro~•isiu:~x of tlu~ t~otc~ srcurecl 1?~~r~~b~~, full pn~•inent ot ih~ enlire in~iebtedne.ss repmsentccl tl?uro4~~', thc~ ~lortgagcc, us Irut;teE~, sliall, in con~puting th~+ tii~~u~mt. o[ sucli inclobfedness, credit to th~+ nccount of tlu~ ~Iortge~~;or nn~~ credii balunce reuininin~; under thc~ pru~•isians of (u) ot asid paragraph 2. 1~ tlier~ sl?all bc~ N default un.;c~r un~~ of ti~i~ provisious of this mortgt~~c~ resultin~; in a public sa'.e o! ihc? pr~+mi~es covere~l l~rrrby, or if tli~ I~iort~agrc acyutres the propcet~• otL~r~~~w~ ~fter ~Iefault, the Morigageo, t?s trustee, shall Apply, at the tin?c? ot the canmenceutent of such proceedin~,~ or at tlie tim~ the propert~~ is otherwise e~cyuired, the su~ount tl~en ren~ainin~ to credit_ of ~tort~ugor under (a) of puragraph 2 preceding as a credit on thc interesG aecrued and unNaid and Ille bfllancc~ to thr pri~icipal tl?en rein~ii?in~; unpai~i OIl &dl(1 1101P. 4. He RiU pay a!l taxea, assesamente, water rate~~ and other govemmental or municipal chargee, finea~ or - impositions, !or which provision haa not been macie hereinbefore~ and in defsult thereof the Mortgagee may pay the eame; and that he will ~romptly deliver tha o~cial receipt~t+ tLerefor ta the Mortgagee. ~ . b. He will permit, comaait~ or suPfer no waete, impairment, or deterioration of said property or any part thereof eatcept reasonable wear end tear; and in the event of the failure of the biortgagor to keep the buildinga on saic~ premisea an~ thoee to be erected ~n eaid pretnisee, or improvements thereon, in good repair, the l~iortgagee may ~ . make such repairs ae in ita discretion it may cleem necessary for the proper prescrvation thereof, and the tull amouat _ of each and every auch payment ehall be due and payable thirty (30) days after demand, and ehaU t~o eecured by the lien of thia mortgage. - . . 6. He will pay all and eingular the costs, chargea, and expenses, including reasonable lawyer'e feea, snd coats ~ - of abstracta of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgag~r• ~ ~ promptly and full to perfornz the agreements and covenants of eaid promissory note and thia mortgage, and said ~ coats, charges, an~expenses shall be immediately due and payable and ahall be secured by the lien of this mortga.ge. 7. He will continuously maintain hazard insurance, of such type or typAS and amounts as Mortgagee may ~ trom Lime to time require, on Lbe improvement,9 now or hereaiter on said prPmises and e~cept when psyment ~ Ior all such piemiums has theretofore been made under (a) of para.graph 2 hereof, ~e will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by ~iortgagee and the poli- _ cies and renewals thereof shall be held by 14iortgagee and have attached thereto loss payable clause:~ in favoc of - and in [orm acceptablc~ to the Mortgagee. In event of loss he will give immeciiate notice by mail to l~i: *fo~~ee, - snd ;1lortgagee moy make,proof of Ioss if not made promptly by D4ortgagor, and each insurance company - concerned is hereb~ authorized and d'uected to make payment for such loss directly to Mortgagee instead of _ to Mortgagor and ,~ortgagee jointly, and tt~e insurance proceeds, or any part thereof, may be apphed by bior~ x gagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of ~ ~ the propert9 dama~ed. In event ai foreclosure of this mortgage or other transfer of title to the mortgaged ~ property in exti~gu~shment oi the indebtedness secured hereby, a~l right, title, and interest,of the l~iortgagor . ( - ~ ~n and to any insurnnce policies then in force s~,all p~ss to the purchaser or grantee. ; - : 8. If tl~e pr~~u?ises, or un~- purt tlierrnf, b~~ cotuletnn~~cl u~uler tlu~ po~~'er oF en?ii~e~it doniuin, or ac<~uired tor - :i public use. tt~e ~InmflKe~s a~~•nrded, thr prorc~eds [oc il~e takin~; of, or the~ ~•onsicl~rution foi• suc•h ncyuisitiou; to ~ - . tl~e extent of tlie full ai~ioutit of Uu~ r~~mninin~; unpai~l incl~~l~t~~~lnc~ss s~~c•urntt i?~• this u~ortga~;e, tir~ her~b~- ussirnc~l t~ th~~ ~1ort~;n~;z~c, u~ul I~is h~~i~~ or u.si~;~~s; cuui sl?ull h~~ pui~l fortl?~~•ith to suid ~1c?rt~;,i~;c•c• or liis t~ssiKnee_ to be applie~l ou tic•~•o~uit ~?f thc lust inat~~rinr ii~sti~llnu~i~ts of su~~h indc~Ltc~dness: pro~•icl~~~l, I~on•~~~•er, = = the ~fortkap;c~e or 1?is .issiknc~~~, 1~12?~' il~ }113 (I1Sl•rt~tic?n pi~~- ~lirn~~t to thc~ ~1ort~:a~;or,1?is hri« ~~r ussirns a~i~• part - or:ill of suc•h u~~•ar~l; pro~~iilc~d, tli:~t if thc luaii is ~;u,u•?inte~~~l or insurc~~l, tli~ ~~ons~»t of tlu~ guare~ntor or i~isi~rer - is oht~line~l in a~l~•ance of s:iid p:i~-iu~~nt. . . 4 The ~iortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction ` _ thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of ti~e Yremises covered hereby all arid singular, including all and singular the incorne, Frofits,`issues, and revenues from whatever source derived, eact~ and every of which, it being expressly understood~ is hereby mortgaged as if apecificaliy set forth and r described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted = equity and a matter of absolute right t4 said biortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said 11'Iortgagor or bhe defendants. Such ~ rents~ profits, income, issues, and revenues shall be appiie~ by such receiver according t4 the lien of thie mortgage ; and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor sgrees to pay to the Morigagee on demanci as a reasonabte monthly renlal for the premises an amount at least - t equivalent to on~tRel[th (~2) of the aggregate. of the twelve monthly instailments payable in the then current ; ~ year plus the actual amount of the annual tsxes, assessments, wat~r rates, and insurance premiums for auch yeaa not covered by the aforesaid monthly payments. : ~ . . ' _ 10. In the event of any h*ear_h of ~this mortgage or default on the part of the Mortgagor; or in the eveht that ~ ~n; of said sums of money herein referred to be not promptty and fully paid according to the tenor hereof, or in the ~ EvPnt thst each and every the atipulations, agreement9, conditions, and covenants of said note and this mortgage, ; are not duly, promptly, and fully petformed; then in either or any such event, the said aggregate sum mentioned ~ in said note then remaining unpa:d, Rith interest accrued to that time, and all moneya secured hereby, shall become ~ due and payable forthwith~ or thereafter, at the option of said 141ortgagee, as fully and completely ~s if all of the _ ~ _ ~aid eums of 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 or in equity, inny be prosecuted as if all money~s secured hereby had matured prior to its institu- tion. The Rlortgagee may. foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy nnd pay the cime together with costs, expen~es, and allowances. in case of partial ' foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage ~ . for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be" ~ availed of thereafter fmm time t~ time by the Diortgagee. - ~ 11. No ~vaiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held ~ - to be a waiver of the terms hereof ~r of the note secured hereby: - ~ 12_ The lien of this instrument ahall remain in fu11 force and effe;,t during any postponement or extension of ' t he t ime o f paymen t o f i he in de b te dness or any pa r t t hereo t eecure d here by. - _ ; 13. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, tt:en tha ~ - Mortgagee may perform the same, and all expenditures (including reasonable attomey's fees) made by the l~iortga~ee ~ in so doing shall draw interest at the rate provided for in ihe principal indebtedness, and shall be repa3•able ~ thirty (30) days atter dema:~d; and, together_with interest and costs accrued thereon, sliall be secured by - ~ this mortgage. - - 14. Upan the request of the l~~ortga ee the t'Iortgagor shall e~ecute and deliver ~ supplemental notE or ~ notes for ths sum or sums ad~•anced by t~e ~tortgagee for the alter$tion, modernization, irnprovement, main- tenance, or repair oi said premises, for ta~es or as.~essrnenls ~gainst the seme en~l for any other purpose author- ized hereunder. Said _note or notes shall be secured hereby on a parity with and as fully as if the advance evidencsd thereby were included in the note first descri~ed abo~ e. Said supplemental note or notes shall bear - interest at the rate provided for in the principal indebtedness and shell be payable in a~pro~imately equal ~ monthly payments for such period as may b~ agree~ upon by the creditor and debtor. Failing ta agree on the ~ ~ ~ maturity, the whole of the sum or sums so advanceci shull be due and pa~•able thirt~~ (30) days alter demsnd - by th~ creditor. In no event- shall the maturity extend beyond the ult,imate niaturity of the note first ~ described above. _ ~ - - ~ ~ - BOOK~V9 PACE~~ ~ , ; • s - ~ , ~