HomeMy WebLinkAbout2705 : ten~ler lo ttu? Tiortgi?~;~~~~ in accc~rclun~~~+ w•itli Uie },ro~~isic~ns o! tlu~ notc~ secure~l here~b~•, tull pAynieii~ of tl~c
~ etilire indebtedness repr~~sented thercl,~•, tl?~ ~tort~;agee, as truster, sl?t~ll, in coniputin~; Ihc t~inouist of sucl~
indeute~lucs.g, cre~lit lu tlu~ ~t~•~~a?~~~~ or ~1~~~ ~iort ~a~;or ui~~• rrc~~iit t,alunce mii~t~inin}; ~uid~~r Ilu~ pru~'1310115 Oj ~ft~
of ssid para~;rapl? 2. If tl~~~r~~ siiall be a clefeiu~t un~lrr at~~• o~ th~ pro~'L410115 O( ~I113 ~i~ortka~e rcyultin~; in iz
public ssle ot tl?e preini~t~s co~•en:i I~ereb~•, or if tl~c Alortg~gre acqu~res th~~ }:ropert~~ otlier~~~ise aher ~lefault,
the Aiortgngee, c?a truste~~, sl~all aEzply, at ihe tinic of the ~~omuienceme~it o( sucli proree~lin~,?s or ~it th~ time
tl?e properL)' i.9 otherwis~ u~~quired, th~ aniount tlien rei:~aiuin~ to ~~rt~~lit of \lo~l~ngor und~~r (t~) of pnra~;r~ph 2
preceding tts a rredit ~~u the interest accruect and unpai~l anc! tlte b:ilance to thc~ principnl 11~~~n re~nnin~n~; unp~i~l
on saicl notc.
4. He will ~wy all taxee, assea~smente, water rates, and other governmental or munieipal charge8, finee~ or
impositione, tor which pro~zaion he~s not been made hereinbefore~ and in default thereof the Mortgagee rinay pay the
~ eame; and that he wiQ promptly deliver the o~cial receipta therefor to the Mortgagee.
5. He will permit, conicnit, or suffer no waate~ impairment, or deterioration of said property ar any part thercof,
except reasonable wear and tear; and in the event of the failure of the hiortgagor to keep the buildinga on said
' premisea and thoee to be erected on said premisee, or iwprovementa themon, in good repair, the Mortgagee may
make auch repaira aa in it,~ discretion it may deem necesaary for the proper prescrvation thereof, and the full amount
of each and every such pa~~ment ahall be due and payable tturty (30) daye after demand, and ahall be eecured by
~,he lien of this mortgage. .
6. He wili pay all and singular tue costs, charges, and expenaes, including reasonable lawyer's feEe, and coste
of abstracts of title, incurred or paid at any time by the ?~iqrtgagee because of the failure on the part of the Iviortgagor
~ promptly and fully to perform the agreements and covenanta of said promissory note and thia mortgage, And said
. coste, ehargea, and expenses ahall be immediately due and payable and ehal! be eecured I;y the lien of this mortgage.
7. He will continuously maintain hazard insuranco, of suc~ type or types and amounts as Mortgagee msy
from time to time require, on the improvements now or hereafter on said premises, and e~cept when payment -
for sll such premiums w~s tNeFetofoF~ been aiade under (a) of paragraph 2 hereof, he wili pay promptly when
- due any premwms iherefor. All i:~sur`pnoe shall be catried in comparues approved by l~iortgagee and the poli-
cies and renewals tliereuf shnll be held by Mortg~gee and }~ave attached thereto loss payabie clausea in favor of
' and in form acceptabla to the I1Zortgagee. In event of loss hs will give immediate notice by mail to biortgagee, ~
_ and ~lortgagee muy make proof of Ioss if 'not •made promptly by `iortgagor, and each insurance company
concerned is liereby authorized a~id directed to make payment for such loss directiv to Mortgagee instead of
~ to ~lortgagor and `lortgagee j~intlp, and the insurance proceeds, or any part thereo~, may b~ applied by Mor~ _
gagea at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage ~ or other transfer of title to tha mortgaged
property in extingutshtnent of the indebtedne3s secured hereby, a~l right, title, and inte~eat of the I~4ortgagor
. in and to any insurnnce policies then in force shall pass to the purchaser or grantee.
R, if the~ pr~~iui~i~s, or iu?~- part tlu~rrof, b~ ~•oml~~~n~u~cl uncler tlie Nowi~r of en~inent cioniiun, or iicyuirecl for
u publi~• us~. tL~~ ~Innu~k~~s a~~•iii•ci~~l. thi• pro~•~~i~cis fur th~~ ti~kin~; of, or thi~ ~~onsicic~rution for suc•L ncquisition, to
tLt• extent of tlu~ full aniow~t of tlu~ r~~n~~iinin~; unp:iicl indc~Lt~~ilncss s~~rured b~' tl?~s u~orikakc~, nr~~ h~~reb~'
ussi~;m•tl to tiu~ \tortriik~~~, un~l his h~~i~s ur a.siri~s, ;uu1 .lu~ll bc~ puicl fortt?~~•ith to suid ~1orf~;u~;~~c~ or liis _
ussi~;nce to be~ ap~?lie~l un uc•~•~uut uf th~• lust nuituriiir inst:iil~u~~nt, of su~•h ind~bt~~clncss; pro~•i~le~il, l~o~~•c~rer,
thc ~Iort~;u~;c~~ ur liis :issi~;iu~r, ~uu~- ut Lis ~lis~•ri~tion pu}• ~lir~~~•t to ih~~ ~Iort~;:~~;or, l?is lu~ir; or ussi~ns an~• p:lrt
or i~ll of su~•1~ .iu~:ir~i; {~ro~•i~le~t, ihut if tlii~ lo~in is ku.u•tu?t~•i~~l or insurr~l, the~ ~~onsent of tLe ~uuraiitc~r or ii~surc~r
IS OI)(tUI1Pl1 lll A(~~'tiRC(' O~ 5t11(I ~1i1~'lll(~nt. _ - -
' !1• The ~iortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisciiction
thereof for the appointment oi a receiver, and such court shall fort.hwith appoint a receiver of the premises covered
~ hereby aU arid singular, including all and singular the income, pro6ts, issues, and revenues from whatever source ~
derived, each and e~ery of which, it being expressly uuderstood, is hereby mortgaged as if specifically set forth snd
- described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
~ equity and a matEer of absolute right to said Dsortgagee, and without reference to the adequacy or inadequacy of _
the value of the property mortgaged or to the solvency or insolvency of ~id Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall 15e appiied by such~ rzceiver uccording to the lien of this mortgage
_ and the practice of such court. In the event of any defa~~lt on the part of the I~'Iortgagor hereunder, the Diortgagor -
agrees to pay to the ~iortgagee on demand as a reasonable mont.hly rental for the premises an amount at least -
- ~uivalent to onc-tRelfth (~2) of the aggregate of the twelve monthly instaltments payable in the then current
y~ar plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for euch year
not covered by the aforesaid monthly payments.
t0. In the event of any b-each of this mortgage or default on the part of the l~tortgagor; or in the event that
. any of said sums of money herein referred to be not promptly and fully paid according t4 the tenor hereof, or in the
~ event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage~
sre not duly, promptly, and fully performed; then iu either or any such event, the said aE;gregate sum mentioned
iu said note then remaining unpaid, Rith interest accrued to that time; and all moneys secureci hereby, shall become
due and payable forthwith, or thereafter, at the ogtion of said l~iortgagee, as fully and completely as if ail of the
aaid aums of money were originally stipulated to be paid on such day, anything m said note or in this mortgage tci
the contrary notwithstanding; and thereupon or thereafter, at the option of said 11~ortgagee, without notice ~r
demand, suit at law or in equity, may be prosecuted as if all moneS~s secured hereby had matured prior to its institu-
tion. The ~iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the ssid
premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of parti~l
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 cass the provisions of t~his paragraph may again be
availed of thereafter from time to time by the ~lortgagee. -
_ 11. No waiver of any covenant-herein or of the obligation secured hereby shall at any time therpaCter be held
to be a waiver of f,he terss hereof or of the note secured hereby. ,
12. The lien of this inscrument ahall remain in full force and eSect during any postpo~ement or extension of
the time of payment of the indebtednes.s or any part thereof secured hereby. ~ ~
1:3. If the Mortgsgor def~ult in any of the co~~enants or agreement9 contained herein, or in said note, then the
Mortgagee may perform the same; and all expenditures (including reaso~able attorney'e fees) msde by the &lortgaAee
in so doing shall draW~ interest at the rate pro~•ided for in the principa! inclebter}ness, and shall be r~pay~able ~
thirty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by
- this mortgsge. ~ - -
l4. Upon the request o6 the ~iortgagee the b'Iortgagor shall eaecute and deliver a supplemental note or
~ ~ notes for the sum or sums advanced bS~ ihe ~fortgagec for the alteration, modernization, improvement, main-, ~
: t,~nance, or repair of said premises, for taxes or ~ss.~essments against the same and for an~• other purpose suthor-
_ ized heretinder: Said note or notes shall be secured hereby on a paril.y with and as fully as if the advance
evidenced thereby were included in the note first described above. Said supplemential note or notes shall bear
~ interest at ihe rate pro~ ided for in the principal inclebtedness and shall be payable in approsimately equal
- monthly pay menEs for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum or sums so ad~anced shnil bc due and pa~•able thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond t.he ultimate Liaturity of the note fi~t
described above. -
= - _ _soox 24U ~A~E~~oz