HomeMy WebLinkAbout0345 tender to tl~F '~lortgu~;~~~~ ii? ~c~•c~rannre witl? th~~ ~~ru~~isiu~is ot th~ note• secure~l her~~l~r, futl pa~~ni~~~it ot ilic ;
entire indebtedness represente~l therc~l~~•, the ZiorlgR~ec, a.y trus~ec; sha11, in cou~puting t~:c an~ount oi suc!? :
indebtedness, credit to t!« r:ccount ot t~~e :~lortt~a~;or un~~ credit bstluncc~ trmninin(; t~n~~er th~~ pru~~ision~? of (n) ti
of ssid pare~raph 2. If thcrn ahsll bc~ a'defAUli u~id~rr ari~~ ot-thc provisia~a of tliis ~uortg~~~~~ rrsult:n~; in ~ +
public sale of th~ pretnisc~~ cu~~ered hereU~', or it thc Mortgagre acqtures ti~e j3ropert~~ otlier~e~se ufter dofault, ~
the ~1lortgegee, as trustee, shall apply~ at tl~e timc~ of ihe r.wumenceutent o~ sucl? proceecli~~ or ~t tlic~ lime
lhe property ia other~~~ise acquired, the au~ount then re~~~eining ~o creclit ot ~1ort~a~;or under (a) ~f parugraph 2 •
prececlinb ae a credit oi~ ll~F~ interesC nccrued and ut~paid snd tl~e bnlance to t~~e }~riiici~al ti~en remsi~~ing unp~ul
on said note.
4. He will pa~ all taxes, aas~esmenta, water ratee, aud other governmental or munlcipal chargee, 6aes, or - ~
impos3Wune, far whIch provision hae not been made t~ereinbefore, and in defa~at ttycreof Lhe IV~ortgagea xnay pay tt?e
~nae; and tbat he will pmmptly deliver tha o~iclal receipta therefor to the Mortg~igee.
5. I~e will pernuit, commit, or su~[er no wsste, impairment, or detarioration of eaid property or any parL thereof
except reasc~nabie wear and t~~r; and in tbe event of the ~ailt:re oi tha Mo~gagor to I:eep thA buildings on sai~
premisee and ~hoee to be erected on said pren~see, or irnprovemen'=~ thereon, in good repair tt~e Mortgagee ~ay
make euch repairs as in ita diecreti~n ii may deem nec~asary for tbe proper prescrvation thereo~, and th~ full amount
of each and every eur.h peyment at?iall be due and peyabin thirty (30) days after demaad, snd ehall ba ee~ured hy ~
khe lion o! thie moriga~e.-
- He will pay all and 8ingular ihe cost8, chargea, end expeneee, inaluding reasanable lawyer'a feEe, aud coeta
of ab~tracts of title, incurre~ or paic! at any time by the Mortgegee becauae of the failure on the part of the Mortga~r
promptly and full~ to perform the agreemeats and covenents ot said pmmieeory note and thia moetgage, and said
coets, chsrgea, and expenses shall ba immediat~ly due and payabte and ahaU be accured by the lien of this mortgage.
~ 7. He will oontinuously meintain hazard insurance, of euch type or types and amounta as Mortga.gee may
. from time t~o time requ've, on tl~e improvements now or hereaf~ksr on eaid prem'ises, and oxcept when payment
tor all such premiums has theretotore been niade under (a) of paragraph 2 hereof, he will pay nmmptly when .
due any premiu~~ therefor. All ;nsuiance shall be carried in companies approved by 111ortgagee and the poli-
cias and renewals thereof ~hall b'e held by biortgagee and have attached thereto loss payable clausea in favor af
and in form acceptab~e ta the Mortgagea. Iu event~of loss he will give immstliate notice by mail to I~lortgagee, :
$nd Mortgagee mt?y make proof of Ioss if not made promptly by Mortgagor, and each insurance compaay - ~
conceened is hereby~authorized and duected to make paynient {or such loss directly to I1Tortgage~e instea~ _
to Mortgagor and Mortgagee aintly , and the insurance procee~ls, or any part thereof, may be applied by N~r~ "
gagee at its option either to t~e reduction Qf t~tie indebtedness herebq secured or to t6e res~rat~on or repeur of
the propertp dama~ed. In event of f~reclosure oi this mortgsge or other transier of tntle to the mortgaged ~
property in e.xtin~uishment oi the indabtednesa eecured herebp, all righ~, title, and intereat of the Mortge.gor
- m and to sny insurance policies then in forca ~hall pasa to t,he purchaser ~r gra~tee. ~
8. If [lie ~rc~niis~~s, or u~it• part tlu•reof, be c•ornle~?i?nect uuiler U?e po~~•er of e?nin~~nt~ doiuain, or ncquirect for ~
~ p~eblic use, t~ie clni~?a~es n~~arded, the ~,roi•eeds for ti~e tuking of, or thi~ caisiderution for sucl? ncc~uwition, to -
t1?e cxtent of the tull a~nount of Uie reninininK unpni~l iuclel,te~tnes.4 s~c•umd bt• tl?is. ~?iortgaKe, arc 1?ereli~-
assiknecl to tli~ 1lcrtgngee, un~l l~is I~eiis or :i~.Si~;na, u~zcl slu?11 hi~ pui~l for~h«•ith to ~ui;l ~iort~A~e~ or l~is -
uss~~nee to be applied on a~•~•ount uf the lu5t inaturu~~; installn~i~nts of sucli indebtednc•ss; pro~~idecl, lio~~~c~•er,
the ltortga~?e~ or his assi~nee; nia~' ut l~is ~lisc~ri~tio~? pi?~• ilire~~t to t!?e ~~Iortgu~?or, hi.~ 1?~iR or assign; aii~• par~.
or a!I uf such aw•ard; pi•ovul~~d, tl?nt i[ the luan i~ ~:uaranic•~~~I or insure~l, ili~ consent of tl~e ~uure?ntur or insur~r
is obtaincc{ in acivance of said pu~•!neut. . ~
~ 9. The blartgagee may, at any time pending a suit upon this mortgage, ap~,ly to the cuurt having jurisdiction
thereof for #~~e appointment of a receiver, anci fiuch eourt shall forthwith appoin~t a rzceiver of ihe precnises covered
hereby ell arid singular; including a!! and $ingular the income, pro&ts, issuea, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificatly set for!h and _
descrihed in the granting and habeudum clauses hereot. Such appointmen; shall be m$de t?y such court ss an admitted
F- ~uity and a matter of a6solute right ta said Moftgs.gee, and without reference to the adequacy or_ inadequacy of
' the value of the property mortgaged or ta the solvency or insclvency af ssid Mortgsgor or ths defendants. Such
~ - renLg, prafita, income, issues, and revE-=sea ahall lbe appliect by such receiver accordinA to the lien of this mortgage
and the practice of such c~urt. In the event of any defsult nn the part of the M~rt.gagor heraundar; the Mor#gsgor
- agrees to pay to the MQrtgages~ on den;and as a reasonable monthly rental f~r the premisea an amouni~ at Ieast
equivalent to one-twellth (~2) af the aggregat,e of the twelve monthly insta~.lmenfa paysble in the then current
year plua the actual au~ount of the annusl taxes, asse~menta, water rateaj and insurance prenuiuma for such year -
. not covered by the aforesai~l monthly paymer.ts. ~
~ _ t0. In the event of any b*each of t6is mortgsge-or default on the part of the biortgagor; or in the event that ~
any of said sums of money herein referred to be.not promptly and fully paid zccording to tbe tenor hereof; or in the
event that each and every the atipulations, agreemenfs, canditions, ~nd covensnts of gaid ~ote and this mort-gage,
ase not duly, promp~ly, snd fully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest acerued to that tiwe, and all mone~rs secured here~y, ahall become -
- due and payable forthwith, ar thereafter, at tHe option of said ~biortgagee, as fuUy and completelv ~s if all of t6e
said a~nls of money were origi.nally atipulated to he paid on sueh day, anything in said note or in this mortgage to
t~e contrary notwithstanding; and thereupon or thereafter, at the opti~a of said Mortgagee, without notice or
demand, suit at ]aw or in equity, may be prosecute~ as if ail moneys securad hereby tiad matured prior to its institu- -
- fion. The Aiortgagee may foreclose this mortgage, as to the ainount so declared due an~ payable, and the said
nremeses shall be sold to satisfy and pay the srime together with costs, expensQS, and sllaivance9._ In case of partial
foreclosure of Lhis mortgage, the mortgag~d premises shall be sold subject to the_ continuing lien of this mort~age
for the amount of the debt not- then due anci unpaid. In such case the provisions of this psra.graph may again be
~?v~iled of thereafter from +ime to time by the D'fortgagee. ~ - .
- 11. No waiver of any covenant herein or of the obligation aecur~d h~reby shait at P.ny time thereafter be held
to be a waiver af the terms hereof or of the nate secured hereby. -
12. The lien of this ins~rument shall remain in full force and effect durin~ any postp~nement ar ~xtension of
the tim$ ~f payment ~f the ind4btednesa or any parL thereof eecured hereby. "
t3. •If the Mortgagor default in any of the covenanta or agreement~ contained herein, or in said nate, then ths
= i~i?ortgagee may perform the same~ and alt expenditures (includiri$ reasonable attQrney's fees) made by the MorCga~ee
~ i~,so daing-shal! dra~v interest at Lh~ rnte provicied fur in the principal indebtedness, and shall be ~epayable
thirty (30? ~ays atter demandt and, together with interest and costs accrued thereon, stiall be secured by _
this mortgage. . - ~ -
14. ~Upon the request of t6e :~iortgagee the ;Tortgagor shall eaecute and deliver a supplementsl note or
~ n~tes for ~he sum or sums advancec! ~y the ~iortgagee for bhe alteration, rriodernization~ improvement, msin- .
tenance, or repair of said premises, for taxes c~r as.~QCSments against :.he samc and for an~~ other pus}:oss author- ~
ized hereunder. Said note or notes shall bc secured hereby on a parity with and as fully as if thz ad~anee
evidenced ther~by were includ~d- in the riote firs~ desrribed above. Said supplemen~t?1 iiote or notes shall bear
_ interest at the rate provided for in t~he principal indebtedness and shall be payable ir. appros~mately equal
monthly payments for such period as may b~ a~reed ~pon b~,• the creditor and debtor. - Failing to agree on the _ -
maturity, the whole of the sum or sums so advanced shall be due and pa~able thirty (30) days after demand
by the creditor. In no event.shall the maturity extend be~ond the ultimate ciaturity of the note first
described sbove.
B~OK~~ P~GE