HomeMy WebLinkAbout0670 "1'oc~ethcr ~vith all structures and iiupro~.ements now an c~rcafter on s:iid propcrty and the t:xtures
atr,tched thercto, and all and singular the tenements, heredit~ments and appurlen~nces tilereunto belunsing or in
anpwise appertaining, and the rentc, issues and pro(its ihereof, and also all the estate, right, titte, interest, claim
nnd dein:ind whatsoe~•cr, as ~~~ell in law as in equity of the :~tortsagor in and to the sa~nc.
(:\II of the foregoing ~vheth^r consisting entircly ot real property, er entirely of chattels, or of both
real property and chauels, is hereinalter (or com•enience calted thc "mortgaged property".)
TO HAVE AND TO HOLD the said mortga;cd property unto the Aiortgagee, in fee simple.
AND ~tOR"1'GAGOR does hereby fuily warrant the tide to the said mortgaged property and will defend the same againat
thc I1~~•fut claitns oE all penon~ whoinsce~•rr.
AND \10RTGAGOR further co~~enants ~vitii Ilfortgagee as follows:
1. To pay whcn due all sums provided in said promis~ry note and any renewal, extension or modification thcrcof, and in
this mortgage.
To pay when duc, and without requiring any notice from ~iortg~gee, all taxes, assessments of any type or nature, and
other charges le~•ied or assessed against the mortgaged property hereby encumbered, or any interest of I~lortgagee therein, and pra
ducc receipts therefor upon demand. To immediately pay and discharge any claim, lien or encumbrance against the mor:gaged
property whicn may be or become superior to this mortgage (untess herein abo~•e specitically eKCepted) and to pennit no default
or dciinyuency on any other lien, rncumbrance or charge against the r.~ortgaged p~opertp.
3. To pay aU taxes, stamp tas, or other char~e which may be assessed upon this mortgage, or said note, or indebtedneu se-
cured hereby, witl-~out rtgard to any law, Federal or State, h~retofore or herea~ter enacted, ~mposing payment of all ur any part
thereo! upon :iiortgage~. In e~~ent of enactment of any law imposing payTnent of all or any portion of any such taxes upon I~fort-
gagee, or the rendering by any court of last resort of a decision that the widertaking by ?~Sortgagor, as herein provided, to pay
such tar or taxes is legally inoperative, then, unless \fortgagor ne~•erthcless pays such ta.~es, all sums hereby secured, without any
deduction, shall at the option of Aiortgagee become immediately due and payable, nohvithstanding anything contained herein or
any law heretofore or hereafter enactcd.
1'o keep the mortgaged property insured aSainst loss or damage by firc, and such other hazards in form and amounts,
and for such periods, as may be required by the Jiortgagee, and to pay promptly when due all premiums on such i~s~rcance. All
iust:rance st:~ll Uc carried in cumpanies approved by the ~iortgagee and the policies and renewals thereof shall be held by the
I~fort~agee, and shail ha~~e attached thereto loss p:?pable clauses in fa~•or of, and in a form acceptable to the \iortgaree. In the
e~•ent o[ loss, thc liortgagor sh~ll gi~•e immediatc notice to the liort~agce, and the ~fortgagee may makc proof o[ loss if not
pro~npdy made by ~fortgagor. ~ach insuranee companq concerned is hereby audiorized and dineted to make payment for such
loss directly to the \Sortga;;ce instead of to the Tiortgagor and the Ilfortgagee joindy. The Tiortgagee ma}•, at its option apply the
insurance proceeds, or any part thereof, eidier to the reduction of the indet;tednecs hereb}• secured, or to the restoration or repair
of thc mort~aged property. Upon forcclosure of this mortga;e, or other ac~uisition of the mortg~ged property, or any part there-
of, by the \Sortgagee, said poiicies shall become the absolute property of the ~iort~agee.
5. To first obtain the written consent of I1lortgagee, such cor.sent to be granted or ~ti•ithheld at the sule discretion of such
Tiort~agce, be(ore (a) remo~•ing or demolishing any building now or h~rclfter erected on the ~nortgagcd property, {b) altering
the azrri~ernent, design or structural character thereof, or (e) making any repairs which im•olce the remo~•al of structural parts
or ti~c ex~>osure of ihe interior of such buildine to the clements.
6. To ma;ntain the mortgaged property in good condition and repair, including bui not liniited to the making of such m-
p~;rs as ~forigagec may from time to time determine to be necessary for the presen•ziion of the ~ame; t~ com~nit, suffer or permit
no w.~tte !hereof.
7. To con~pi~• with all laws, ordinances, regulations, co~•enants, conditions and restrictions af(ecting tl~e mortgaged property
and not io suffer or permit any ~~iolation thereof.
If the :~fortgagor fails to pay any claim, lien, or encumbrance ~~•hich is superior to or in parity with this mort~age, or to
pz~ w•hen due, any tax or assessment or insurance premium, or to keep the premises in repair, or sha11 commit, suffer or permit
waste, or if there be commenced any action at law or equity or any proceeding affecting the moctgaged property or die title
thereto, the ~iortgagee, at its option, may pay said claim, lien, encumbrance, tax, assessment or premium, may make such repairs
and take such steps as it deems advisable to prevent or cure such waste, and may appear in any such action or proceeding and
reklin counsel therein, and take sucl~ action as the \iortgagee deems ad~•isable, and for any of said purposes, the I?iortgagee may
advanee such sums of money, including all cosu, reasonable attorneys' fees and other items of expense as it deems necessary.
1\othing herein contained shall be construed as requiring the 1lortgagee to advance monies for any of the purpose~ afomsaid, and
the : d~•ance of sucli monies for such purposes shall in no tvise waive or affect the \iortgagee's right of toreclosure or any other
right or remedy hereiinder.
9. Tiortgagor will pay to Diortgagee, immediately and without d°mand, all sums of monep advanced by I~iortgagee pursuant
to this mortgage, including a? costs, reasonable attorney's fees and otlier items of expense, together with interest on each such
advancement at the rate of ten per cent (10%) per annum, and all such sums and interest thenon shall be secured hereby.
10. In the e~•ent any of the mortgaged property consists of chattels, the Mortgagor shaU keep such chattels, and any re-
newals, repienishmenu or replacements thereof on the premises whece thcy are now located and shall not remove any port:on
thereo[ without the Mortgagee's consent.
1 I. To further secure the payment of the indebtedness hereinabo~•e described, and the perfonnance of all other covenanti
contained in this mortgage, the I?fortgagon c~reby assigns, transfers and sets over to the :~iortgagee:
(a) Any and all judgments, awards of damages and setdements hereafter made, resulting from condemnation proceed-
ings or the taking of the mortgaged property, or any part thercof, under power of eminent domain, or for any damage (whether
caused by such taking or othernise) to the mortgaged prop~rty or the impro~~ements thereon or any part tt~ereof, or to any rights
appurtenant thereto, ?ncluding any award for change of grade of streets. Mortgagee may appl~~ all of such sums, or any part there-
of, to the p~yment of its cost, expenses and attorne}•'s fees, and on the indebtedness secured hereby in such manner as Mortgagee
elects, or, at its option the entire amount or any part thereof so recei~•ed ~nay be released.
(b) All rents, issues and profits of said mortgaged property from time to time accruing, whether under lcases or tenan-
cies, now existing or hereafter created, and the I~iortgagee shall, upon any default of the :~Sortgagor hereunder, ha~~e the right at
~ its option to receive and receipt therefor and to apply the s~me as it may elect to any indebtedness securcd hereby. In the e~•ent
thc ~iortgago* should assign the rents, issues, and profits, or any part thercof to any person othcr than the Ilfortgagee, ~vithout
- first obtaining the consent of the I?fortgagee, then the entire principal sum secured hereby shall, at the option of the I~iortgagee
becume immediately due and payable.
12. If default be made in performance of any of ?~iortgagor's obli~ations, coeenants or agreements hereunder all of the in-
_ debtedness secured hereby shall become and be immediately diie and payable, at the option of the ~iortgagee, without notice or
demand which are hereby expressly wai~•ed, in which e~•ent, ~tortRagee may a~~ail itself of all rights and remedies at la~v or in
equit}•, and this mortgage may he foreclosed, and ;liortgagor shall pay all costs, and expenses thereof, including the cast of secur-
ing abstracts or other e~~idence of the status of tit~e to mortgaged property, and reasonable attorneys' fees.
13. If default be made in performance of any of Diortgagor's obligations, co~~enants or agreements hereunder: (a) biort-
; gagee is authorize.l at any~ time, without notice, in its sote discretion to entr.r upon and take possession of the premises or any
part thereof, to perform any acts :tiortgagee deems necessary or proper to consen•e the security and to collect and recei~~e a11 renu,
issues and profits ihereof, including those past due as ~vell as those accn~ing thereafter, and (b) :lfortgagee shall be entitled, as
` a matter of strict right and without regard to the ~•alue or adequacy of the security, or solvency of ~iortgagor, to have a rece~~•er
appointed to 'er.ter upon and take possession of the premises, collect the rents and profits therefrom and apply the same as the
; court may direct, such receiver to have all the rights and powers permitted by law. :
In either such case liortgagee or the receiver may also take possession of, and for these purposes use, any and all personal ;
; propcrty contained in the premises and used by bicrtgagor in the rental or leasing thercof, or any part thereof. The expense (in- z
t cluding receiver's fees, attomeys' ie~s, costs and agent's compensation) incurzed punuant to the powers herein contained shail be '
~ secured hereby. 1liortgagee shal! (after payment of all costs and expenses incurred) apply such renu, usues and profits received
by it on the indebtedness secured hereby in such order as Mortgagee determines. The right to enter and take possession of said
property, to manage and operate the same, and to collect the rents, issues and profits thereof, whether by a receiver or otherwise,
shall be cumulati~~e to any other right or remedy hereunder or atEorded by law, and may be exercued concurrendy therewith or
independently thereof. Mortgagee shall be liable to account only for such renu, issues and profits actually received by Mortgagee.
# 14. 11io delay by Mortgagee in extrcising any right or remedy hci~eunder, or otherwise afforded bx law, shall operate as a ~
i waiver themof or preclude the exercise thereof during the continuance of any default hereunder. No wan•er by Mortgagee of any ~
~ default shall constitute a waiver of, or consent to aubsequent defa :~lts.
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