HomeMy WebLinkAbout1094 tL~~ ~1c~ti~•irn~•~'. tiu~•i? !?~~1'iu~~nt ~li,~ll 1~~~ ii~~l~l~~ ~~~itliin tliirts• (:il)) ~l~i~'s ~ifle~r ~~•rilt~~i~ ~u~ti~~~~ trom tli~~ \tort~u~^r~,
~t~itin~ th~~ unu?unl of t~u~ ~I~~G~•i~~n~•~~, ~~~I~i~•I~ nuti~•i~ n~a~' h~~ ~;i~•~~n l~~• ii~,~il. If ~tt ~~n~~ t~nu~ tlic~ ~1ort~a~,or
sli«~I trn~li~r to Ilir \Iort~u~r~~ in u~~~~orci,?n~•~~ ~~•iti? tl?i~ ~~ro~•isiuns of t~i~~ not~~ sc~~•urc~cl herc~by, !u!l {~nynt~n!
of ttir c~?tit-e inci~~l~ti~cin~~~s ri~pr~~sc~nti~l! tl~~~t-~~i,~•, ~li~~ \li»•trtih~~i~ tis truylrr ah?ill, in ~~o~iiptiti~?~ thr 2111101111~• O~
:;u~•li in~l~~l~tr+lni~,s, ~~re~lil to the ~i~•~•ount o[ ilic~ \[ort~a~or i~n~• cie~iit bul~in~~t~ rE~nuiinin~ und~r tli~ provisionti
of (n) o[ ,:ti~l ~~~u•,<«raph If tli~~r~~ sliull hi~ :i ci~G~ult un~lc~r :~n1' of the pro~•isioi~s of this morttia?~~~ re3ultin~;
in ~l puhlic~ •~il~~ o~ tLi~ ~~r~~n?i,~s ~•o~~en~~l (i~~rel,~•, or if thi• \tortr,ire~~ iu•quirr, tl~c~ prop~rtj~ othc~r~~•is~ aftc~r
~I~~~riult, the \lort~~~irec~ as trust~~r ,li~ill ~?ppl~', tit lii~i~~ of ih~ ~~o~nn~E~ni•i~tnr»t uf ~t~~it pr.~~r~~cii~i~,*5 or at
Ih~ tiuir~ th~~ ~~roprrl~' is oth~~r~~•i~c~ ni~quire~l, th~ iuuount tlirn rcmainin~ to rrt~rlit of \Iort~~~;or un~lcr (s) o[
piira~;r~iph '3 precc~~lin~; as i? cr~~~lit ui? tlie int~~rest ~i~~~~tirecl iu«t unl~ai~i :?n~l thc hi~l~in~~n to tlie pri~icipn( tiie~i
reiuainin~; unpxid on sHirl r,~tc.
4. He cvill pay all taxea, a~seasmente, ~avater rates, and other governmental or municipal chnrgea, Gne~, ar
impositiona, for which provision h~ not been msdQ hereinbefore, and in ciefault thercof the Mortgagee mAy pay the
same; and that he will promPtly deliver the ofTicial receipta therefor to the hiortgagee,
5. He will permit, cammit, or suser no waste, impairment, or deterioration of said praperty or any part thereof,
e~tcept reasonAble wear and tear; and in the event of the failure of the I1'Iortg~or to keep the buildings on said
premisea and those to be erected ~n said premises, or impmvementa thereon, in good repair, the hiortgagee may
make such repaira aa in it8 diacretion it may deem necassary for the proper preservntion t!~ereof~ and the full aruount
of each and every euch payment ahall be due and payable thirty (30) duys after demand, and ahall ba secured by
the lien ot thia mortgage.
6. He will pay all and aingular the casts, chargea, and expenaea, including reasonable lawyer's fees, and costs
of abstracts of title, incurrecl or paid at any time by the Mortgagee because of the failure on t.he part of the l~fortgagor
pmmptly and full~~ to perform the agreement~ snd covenauts of said psomissory note and this mortgage, and said
casta, charges, and expenses shall be immeciiately due and payable and ahall be secured by the lien of this mortgsge.
7. He will continuouslp maintain hazard insurance, of s~c~ tppe or types and amoants as ~~iorigagee may
frotn tinie to timo require, on the improvements no~v or hereafter on asid premises, snd escept when paymen!,
tor R1.1 such premiums hsa theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when
due any prenuums therefor, All insurance shall be carried in companies approved by ilfort.gagee and the poli-
cies and rene«als thereot ahall be held by I4Tortgagee and have ett~ached thereto loss pAyable clauses in favor of
and in form acceptable Lo the hiortgagee. In event of loss he will give immediate notice by mail to ;~iortgageo,
and `lortgagea may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed to make payment for sucu loss directty to 114~rtga~ee instead of
tfl l~~iortgagor and iiortgagee ointly, and the insurance proceeds, or any part thereof, may ba applied by Diort.
gagee at its option either to t~e red~~ction of the indebtedness herebp secured or to the restoration or repair of
tho property damag~ed. In event of foreclosure of this mortgage or other transfer of title to the morigaged
Property in extinguishnicnt of tha indebtednesa secured hereby, a~l right, t~tle, and interest af the ~~Tortgagor
~n and to any insurance policies thon in forca ehall pass to the purcha_~r or grantee.
8. He H•ill not execute or file of recot•d any instrument which imposes a restrictioci upon tl~e sale or occ~-
pane,y of the progerty described herein on the basis of race, color, or creed.
9. If ttie prcmis~s, or an~- pnrt tliereof, br condcinned i~nder tlie po~~~er of emincnt cio?nain, or acquired
for :i puhlic usi~, tl~e dnni~i~;es n~a~ard~~~l, tht~ proceeds [or th~ takin~ of, or the consicleration for such acquisi-
tion, to th~~ e~t~~nt of thr full nmouut ot th~~ remainin~; unpnid iiidebte~(ness secured b}• tl~is iuortgnge, are
[u~r~~b~• nssinne~l t~ ti~e ~tortgilkee, a~?~i his li~~irs or ns,igns, :t~id shall be paid forth~s•ith to snid h'lortgt~gec
or lii~ ~ssi~ti~e~ to be~ ~zppliec~ on ~ccou~~t c>f the lnst mflttiring inst~llm~nts of such i~idrbh~esa; pro~•ide~l, ho~v-
~~-~~r, th~~ \Ioct~;ag~~e ~~r t~is t~ssignee, ma~- izt liis dis~~retion pii~• direct to #he ~fortgngor, his heirs or nssigns
nn~- part or ~ll of such a~~~nrd; pro~•ided, t6:it if the loan is gunranteed or insured, t(ie consent of Lheguarau-
tos or ~nsurer is obtauied in advance of said payment.
10. The \lortgagee may, at anv time ~ending a suit upon th~s mortgege, applti• to the cotirt }ia~-in~ juris~lic-
tion thereof for the appointment o~ a receiver, and such court shall fortliwith appoint a recei~•cr ot the premises
co~•ered hereb}~ all and singular, including all snd singular the income, profits, issues, and revenues from ~~•hat- ~
e~ er source derived, each an,d e~•er~- of ~~•hich, it beinK expressly understood, is hereby mortgaged as if specificallv
set forth and described in the granting and habendum clauses hereof. Such appointment shall 6e mede b~•
such court as an admitted equit;y and a matter of absolute right to said \tortgagee, and without reference to
the adequac,y or inadequacy of the value of the property mortgeged or to the sol~•enc~ or insolvency of said
;~lortgagor or the defend~nts. Such rents, profits, income, issues, and revenues shati be applied b~• such tecei~•er
accordmg to the lien of this mort~age and the practice of such court. In the eveni. of any default. on the part
a~ ihe Zlortgagor jiereunder, the ~lortgagor agrees to pay to the ~fortgagee on demand as a reasonable monthl~~
rentsl for the premise3 an amount at least equi~•alent to one-twelflh of the aggregate of the t~ti•el~•e monthlj~
installments payable in the then currcnt ~•ear plus the actual amount, of the annuai ta~ces, assessments, water
rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
11. In the e~-ent of any breech of this mortgage or default on the part of the ~iortgsgor, or in the event ~
that any of said sums of monev herein referred to be not promptly and tully paid according to the tenor hereof,
or in the event that each and e~•er,y the stipulations, a.greements, conditiuns, and covenents of said note and
this mortgage, are not cluly, promptly, and fully performed or if the ~fortgggor be adjuclieated bankrupt or
made defendant in a bankruptcy or receivership proccedings; then in either or sny such evf ..t, the said aggre-
gate sum mentioned in said note then remeining unpaid, wzth interest accrued to that time, and all mone~•
secured hereby-, shall become due and pay~able forthwith, or thereafter, at the opti~n of said Afortgegee, as
tull~ and completely. as if all the said sums of money were originalty stipulated ta be paid on stech cla~•, an~~-
thing in said note or in this mortgage to the contrary notwithslanding; and thereupon or thereafter, at tlie option
_ of sa~d .ltortga~ee, w•ithout notice or demand, suit at law or in equity, mav be prosecuted as if alt mone~•s
secured l~ereb~~ had matured prior to its institution. The ~fortgagee may ~oreclose this mortgage, as to the
amount so declsred due and payable, and the said premises shali be sold to satisf5• and pay the same together
w~ith costs, expenses, and allowances. In case of gartial foreclosure of this mortgage, the mortgaged premises
shal~ be sc~ld subject tQ t}~e continnzng lien of this mortga~e for the amount of the debt not then due and unpsid.
In such case the provisions of this paragraph may again be availed of theresCter from time to time by ttie
l~iortgogee.
12. No waiver of any covenant herein or of the obligation secured herehy sha11 at Rn}> titne tlierenlter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effeck. ciuring any postponement or extension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or a part thereof, of the lands herein ciescribed
and is eaecuted and delivered contemporaneously w~ith the deed therefor. ~
15. If the ;liortgagor default in any of the co~ enants or agreements contained lierein, or in seid note, then
the b~lortga~ee may perform the sarne, and all expenditures (inclucling reasonable attorney's fees) made by the
:1lortgagee m so doing shall draw interest at the rate pro~ ided for in the principal indebtedness, and sLt~ll be
repey•able thirty (30) days after demand, and, together wzth interest and costs acerued thereon, shfllt be secured
by this mortgage.
16. Upon the request of the ~iortgagee the ~iortgagor shell execute and deliver a supplemcntal note or
notes for the sum or sums advanced by the tiiortgagee for the alteration, modernization, improvement, main- .
tenance, or repair of said premises, for taxes or assessments against the same and for any otlier purpose autl~or-
ized hereunder. Said note or notes shall be secured hereby on a parity K~itji and as futly as if ti?e a~l~ ance
evidenced thereby were included in the note first described above. Said supp n ~i~'ote or n ~alr bear
B O
K ~t1 V ~~i7
- - - _ . ~