HomeMy WebLinkAbout0039 tlit~ ~ic~fic•i~~r.~•~•. tiu~•!i ~~~~'inent sht?ll br n?tulo ~?•itl~in tt~irt~• (:i0) ~i~t~•s:ift~~r ~~•ritti~n notic~e from tli~~ ~tort~;:~~~~~~ -
st~?tiu~; the ~~inount o~ tiie clc~fici~~nc~•, ~~•lii~~li noti~~e n?a~'~ b~~ ~•iv~n by ii~uil. If ~it :~i~y tin?o tho ~lortga~;or ~
sht~?1 !ernic~r to 11~~~ ~lort~~;}:~~ in ~i~~c•or~lan~~~~ ~~•itli ih~~ pro~~i,ions of tlie not~~ se~~ur<<! licr~hy, full pci~~ment
of tlii~ entirc~ i~ul~~l~t~~~ls?ess represente~i thc~r~~l~~•, tl~~ \lort~;uge~ us trustc~~~ sh~ill, in ~omputin~; Ih.~ amount of
y su~~h in~ieLte~in~~~ti, :•rc~lit to tl~~ ii~~~•ount of th~ ~tort~~a~;or an~~ ~•re~lit biiliinre re~ni:?inin ~~uid~r thn pro~'1A10113
of (n) of sai~l [~?~rn ~rupli 2. It tlu~re shi~ll l~e u~Iefuu~t under un~' o[ the pro~•isions of t~iis inort~;«;;~ resultin~ -
in H public stll~ o~ the preniises co~•em~i her~b~•, or if the ~lort~;ii~;ee :u•quir~s th~ propertl' othera~isc~ attcr '
~I~~fault, th~ ~lortru~ee :is U•ust~~e st~:ill :ippl~•, cit th~ lim~ of tl~e co~ni»~~ncen~ent of su~~l~ procec~lin~;s or at
tlie time the propert~~ is other?cise ,~c~qilire~i, the xinount. thei~ reinaiiiin~; to ~~redit of ~tortka~;or uncier (a) of
pxrel~raph 2 preceiiin~; as u cre~lit on tlie intc~rest ac~ure<l i?nd unpi?id un~i th~ balanci~ tu the principtil thon
remnining unptiid on s~iicl nnte.
4. He will pay all t.~cee, ae~scnent~, wnter rates, and other govemmental or municipal chargea, finea~ or
impositions, ior which provision hae not been made hereinbefore, atud in d`efau{lt thereof the Mortgagee may pay the
~,i thAt l~a ~,;1~ ~~,~~t.t}~ ~~!IIYA! t}1P. Q~GI~~ I~CJ~3rtA ~_}lEI~3QI~ 4l3C ~'LQS'tO~nL.
b. He prill permit, commit, or euEfer no w~te~ i.onpairnient, or deteriorstion of ssid pm~rty o: sny part ther~of~
except reasonable wear and tet?r; and in the event of the failure of the Mortgagor to keep the buildings on said
premiee~ and those to be erected on eaid premisea, or improvemente thereon, in goal repair, the ~lortgagee may
make auch repaina as in ite discretion it may deem aecesasry for the proper preservation thereof, and the full amount
of each and every euch payment ehall be due and payable tbirty (30) days after demand, and ehall ba secured by
the lien of this mortgage.
B. He will pay all and singular the coats, chargea, and expenses, including reasonable lawyer's feea, and costa
of ab~tracts of title, incurreci or paid at ~ny time by the 1~Sortgagee becauae of the failure on the part of the hiortgagor
promptly and fully to perform the agreemeata and covenant~ of said promissory note and this mortgage, and said
coets, charges~ and expeo~a ehall be immediRtely due a.nd payable xnd shall be secured by the lien of this mortgage.
7, He wiJl continuous~y maint.ain hazard in9uranct~, of auch type or typos and amounts as ;~~lortgagee map
from time to time requiro, on the improvements now or hereafter on said premises and except when payment
tor all such preuuums haa theretofora been made under (a) of paragraph 2 hereof ~e will pay promptly when
due any premiums therefor. A1l insurance ahall be carried in companies approvec~ by iiortgagea and the poli-
cios and renewals thereof ahall be beld by I1lortgagee and have attached tbereto loss psyable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by msil to 1lortgagee,
and 11~ortgagee may make proof of loss if not made promptly by Mortgagor, and ea~:h insurance company
concerned is hereb~ authorized and directed to make paymont for such loss directly to Mortgagee instead of
to Mortgag~r and . iort~agee jointly, and the insurance pmceeds, or any part thereof, may be apphed by D1ort-
gagee at ite option either to the reduction of the indebtedness hereby aecured or to the restoration or repair of
the property dama~ed. In e~ent of foreclosure of this mortgage or other transfer of title to the mortgaged
~ property m eatinguishment of the indebtedness secured hereby, a~l right, t~tle, and interest of the Mortgagor
m end to any insurance policies then in force shall pass to the purchsser or grantee.
8. He µ•ill not execufe or file of record any instrument which imposes a restriction upon tlie sale or occu-
panc,y of the property described herein on tlie basia of race, color, or creed.
9. If tiie premises, or nn~• pnrt thcreof, be condemiied t~nder the po«~er of eminent dom~in, or acquired ~
for :i public us~~~ the dnmflges nwarded, the proceeds for lhe ttiking of, or the considert~tion for such acquisi-
tion, to th~~ extent of ihe full auiount of tlu~ remainin~; unpnid indebteclness secured b~~ t6is ~nortgflge, are
h~reb~• :i~sigiicd to the Alortgngee, tlilCi I113 }1P11`3 OC f1SS1~11S, :~nd shall be paid fortl~witli to snid I19ortgagec
or 1?is flssignee to Uc :ipplied o?i nceount of the lnst maturing installtnents of such itidebtness; provided, lio~v-
~~r~~r, tLe ~lortgnge~r or I11S RS3ignee, tn:i~- nt his discretion pay direct. to the ~fortgagor, his heirs or assigns
an~• pnrt or nll of such a~card; provided, t6at if the loan is guaranteed or insured, the consent of the guarnn-
tor or insurer is obtained in advance of saic! payment.
10. The ~lortgagee may, at any time ~ending a suit upan this mortgage, appl~• to the court ha~-in~ jurisdic-
tion thereof for the appointment. of a receiver, and such court shall forthK•ith appoint. a receiver oi the premises
co~•ered hereb~~ all and singuler, includin~ all and singular the income, profits, ~ssues, and revenues from ~rhat-
e~~er source derived, each and every of w•hich, it being expressly understood, is hereby martgaged as if specificall~ .
set• forth and described in the granting and habendum clauses hereof. Such appointment shall be made by
such court as an admitted equity and a matter of absolute right to said \fortgagee, and without reference to
the adeq~iacy or inadequacS of the value of the property mortgaged or to thc solvency or insol~•encv of ssid
;1lortgagor or the defendants. Such rents, profits, income, ~ssues, and revenues ahall be applied b~• such recei~~er
according t~ the lien of tl~is mort~age and the practice of such court. In the event of any default on the part
o# the ~tortgagor hereunder, the ~lortgagor agrees to psy to the ~fortgagee on demRnd as s reasonable monttil~~
rental for the premises an amount at least equ~valent to one-twelfth ~f the aggregate of the twelve monthl~•
installments pa~•able in the then current year r?us the actual amount of the annual tases, assessments, water
rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
11. In the event of any breach of this mortgage or default on the part of the 4fortgagor, or in the event
that anv of ssid sums of money herein referred to be not promptly end fully paid according to the tenor hereof,
or in the event that each and every the stipulations, agreements, conditiuns, and covenants of said note end
~ this mortgage, are not duly, promptly, and fu11y performed or if the \iortg~gor be adjudicated benkrupt or
msde defendant~ in a bankruptcy or receivership proceedings: then in either or any such event., the said aggre-
gate sum mentioneci in said no~e inen remaining unpaid, ~+nin inxeresi accrued io inai iime, and aii mone~•
secured hereby~, shall become due and payable forthwnth, or thereafter, at the option of said ~iortgagee, as
fully and completely as if ell the said sums of money were originRlly stipulated to be paid on such da~•, an~•-
thing in said note orm this mort~age to the contrary notwithstanding; and thereupon or thereafter, at the option
of said \'Iortga~ee, without notice or demand, suit at law or in eqwty, mav be prosecuted es if all mone~•s
secured hereby had matured privr to its institution. The lfortgAgee may ~oreclose this mort~age, as to t1~e
amounL so declared due and payable, and the said premises shall be sold to satisfy and pay the same together
w~th costs, expenses, and allowances. I,1 case of pertisl foreclosure of this mortgage, the mortgaged premises
~ shall be sold subject to the continuing lien of this mortga~e fur the amount of the debt not then due xnd ~mpsicl.
In such case the provisions of thia paragraph may agatn be availed of thereafter from time to time by the
Mortgagee. .
12. No waiver of any covenant herein or of the obligation secured hereby shall st any time tl?ereefter be
held to be e waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remsin in full force and ef~ect d~iring any postpone?nent or estension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to aecure the purchase money, or a part thereof, of the lands herein described
and is eaecuted and delivered contemporaneously with the deed therefor.
15. If the Diortg~gor default in any of the covenants or agreements contained herein, or in said note, then
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the Mort a ee ma erform the same and all ex en3itures (includin reasonable attorney s fee ) ade b the
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l~Tortgagee u? so doin shall draw interest at the rate pro~ideci for in tl~e principal indebteciness, and sl~nll be
repayable thirty (30) ~ays after demand, and, together wzth interest and costs accrued thereon, shell be secured
by this mortgage.
16. Upon the request of t.he ~iortgagee tha bsortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced by the Mortgagee for the altc~ration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and for any otlier purpose sutlior-
ized hsreunder. Said note or notes ahell be secured }iereby on a parity with and as fully as ~f tl~e aclvance
evidenced thereby were included in the note first deacribed above. Said supplemental note or notrs sliall bear
so~K
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