HomeMy WebLinkAbout0971 tendec to the 'Mortgagee in accordancQ with the provisions ot the note secured hereb~•, full pa~•inent, of ti?c
entire indebtednesa represented therebv, the Martg~ee, as trustee, ahall, in coniputii~g lhe a~?wunt oi such
indebtednese, credit to the account of tlie Mort a~or ony credi~ balance re~nainin~ und~r tlie provisions ot (a)
of esid pnragrapti 2. lf t,here sLall bc a delau~t under u~iy of Ihe provieiona of lhis ii~ortga~e resultii?g in a
public sale of the premises covered hereb,y, or if lt~e Mortgagee acqutres the property otherwise afler clefault,
the Mortgagee, aa truatee, ahall apply, at the tune ot the co~iui~encement o! such proceedings or at the tim~
the propor6y ie othorwise tu~yuired, I,l~e amount lhen n+uiainin~ ~.o cr~+di6 of Mortga~or ut~der (s) of ~~urugraph 2
preceding as a credit on the~ interesC accrued nnd unpaid and tl,e balauce I,o tl~e principal 4h~~n ren~aini~~g unppi~)
on said note.
4. He will psy all tauee~ aeeeffimenta~ wster ratee~ snd other governmental or municipal charges~ finea, or
impoaittona, for which p:oviaion hae not been made hereinbefore~ and in de(ault thereof the Mortgagee may pay the
eame; and t,hat be aill promptly deliver the o~cial reoeipte therefor to the Mo.rtgagee.
b. Ha ~vill permit~ oommit~ or suHer no waate~ impairment, or deterioration of seJd property or any part t6ereot
e~ccept resaonable weat aad tear; i?ad in the event of the failure ot t~e Mortgagor to keep the buildiuga on eai~
premisee and thoee to be erected on eaid premiees, or improvementa thereon, in good repair the Mortgagee may
meke such repairs aa in its diecretion it msy deem neceasary tor the proper preec.rvation thereo~, and the full amount
of esch and every euch payment a6all be due e?nd paysble thirty (30) daye a?tter demand, and nhall be eecured by
the lien of this mortgage.
8. He ~rill pay t?ll and aingular the costa, chargee, and expenses, including reasonable lawyer'e feea, and costs
of abetrscta of tit,le~ incurred or paid at any time by the Mortgagee becauee of the failure on the part oi the Mortgagor
prompWy and fully to perform the agreements and covenante of eaid promieeory note and thia mortgage, and said
coate~ chargea, and expenses ahall be emmediately due and payable end ehall be eecured by the lien of this mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounte as Mortgagee may
{rom time to time require, on the improvementa now or hereaiter on said premises and a~cept when payment
tor all such premiums hae theretofore been made under (s) of paragraph 2 hereoi ~e will pay promptly when
due any pre~uums therefor. All insurance shall be carried in compamea approve~ by rlortgagee and the poli-
ciea and renewals thereof ahnll be held by Mortgagee and heve attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event oi loss,he will give immediate not:ce by mail to Mortgagee,
and Mortgagee may make proof of Iosa if not made promptly by Mortgagor, and each inaurance company
concerned ~s hereby authorized and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and viortgagee jointly, and t6e ineurance proceeda, or eny part thereof~ maq be applied by MorG~
gagee at its option eit6er to t6e reduction oi the indebtedness hereby secured or to the restoration or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer oi tiLle to the mortgaged
property in extinguishment of the indebtedneaa secured hereby, afl right, title, and interest oi the Mortgagor
m and to any insurance policies then in force shall p~ssa to the purchaser or grantee.
8. If tl~e pren?is~5, or un~• part tl~rreuf, be ron~lenin~cl w~der th~ pow~r of eniin~nt ~loiua~n, c~r ttcquir~~i for
u public usc, the dauiu~es awui•decl, tiie pro~~~cds for the taki~~g of, or tl~e ~onsiderulion for suc•L ucyu~s~t~on, to
tl~e extent of the full uii~ount of Ute ren?oining unpaid inclebt~clness serured br t}?is ~~~ortga~e, urn liereb~•
ussigned to the Vlortga~ee, ond his heirs or assi~;us, und sliull b~ pt?i~l forthwitl~ to suici ~lortgu~ee or his
assignee to applie~l on uc~•ount uf th~• lust n~aturui~ instullu~ents of such indebtedness; provi~leei, 1?o~vr.•er,
the :VlortgaKee ur liis assignee, n~a~• at liis disc•rntioii pa~• elirec•t to tlie Mortgagor, liis licirs or assigns on~~ pnrt
or nll of sucl? a~vard; provuled, thnt if the loau is Kunrante~il Qr insurecl, the consent o[ the gunrnntor or insurer
is obtained in advance of said pn~~n~ent.
9• The Mortgagee may, at any time peading a auit upon this mortgage~ apply to the court having juriadiction
thereof for the appointment of a receiver, and such court ahall torthwith appoint a receiver of the premisea covered
hereby all arid singular, including all and aingular t6e income, pro6ta, iaeuea, and revenuea from whatever source
derived, each and every of which, it being expressly underatood, ia hereby mortgaged aa if apecifically set torth 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 Mortgagee, and without reference to~the adequacy or inadequacy of ~
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t'~e defendanta. Such
rents, proSts, income, issues, and revenues shall be spplied by such receiver according to the lien of this mortgage
i and the practice ot such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
agreq to pay to the hiortgagee on demand as a reasonable monthly rental for the premisea an amount at lenst
~ equivalent to one-twelfth (~z) ot the aggregate of the twclve monthly installments payable in the then current
~ year plua the actual amount of the a~ual tnxes, as~essmente, water rates, and insurance premiums for auch year
~ not covered by the t~foresaid monthly psymenta.
IU.In the event of sny b*each of this mortgage or default on the part of the Mortgagor; or in the event that
any of said auma of money herein reterred to be not promptly and fuUy paid according to the tenor h~reof~ or in the
event that each and every the atipulations, agreements, conditions, and covenanta of said note and this mortgage,
are not duly, promptly, and fully performed; then iII either or any such event, the said aggregate sum mentioned
in eaid note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, shall become
due and payable forthwith, or thereafter, at the optioa of said Mortgagee, as fully and completely as if all of the
said sums of money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgagc to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as if all moneys aecured hereby had matured prior to ita institu-
tion. The Mortgagee may foreclose this mortgage, as ta the amount eo declared due and payable, and the said
premiaea ahall be sold to satiafy and pay the same together with coats~ expeaeea, and allowancea. In case of partial
forecloaure of this mortgage, the mortgaged premisea ahall be aold subject to the continuing lien of this mortgage
for the aznount o! the debt not then due and unpaid. In such case the provisiona of thie paragraph may again be
svailed of thereafter from time to time by the Mortgegee. •
I 1. No ~vaiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held
to be s waiver of the terms hereof or of the note secured hereby.
12. The lien of thia instrument ahall remain in full force and ePfect during any postponement or extension of
the time of psyment of the indebtedness or any paYt thereof eecured hereby.
~
~ 1:3. If the Mortgagor default in any of the covenants or agreementa contained herein, or in eaid note, then the
Mortgegee may pertorm the eame~ ~nd all expenditures (including reasonable attorney's fees) made by the MortgaRee
in so doing shall draw intereac at the rate provided tor in the principal indebtedness, and shall be repayable
thirty (30) days atter demand, and~ together with interest and c~sts accrued thereon, sliall be secured by
this mortgage.
14. Upon the request of the Mortqa~ce thc Mortgagor shall execute and deiiver a supplemental note or
note.4 for the sum or sums advanceci ~y the ~iortgagee for the alteratior., modcrnization, improvement, main-
tenance, or repair of said premises, tor ta~es or asscssmeni,s agsinst the samc and !or any other purpose au~hor-
ized hereunder. Said note or notes shail be secured hereby on a parity with and as tully as if the advance
evidenced thereby were included in ~hc note first described ebove. Said s~ipplemental note or notes shail bear
interest et the rate provided for in the principel indebtedness and shall be payable in approximately equal
- monthly payments (or such period as may bc a~reed upon by the creditor and debt,or. Failing to agree on thc
meturity, the whole o[ the sum or sums so advanced shnll bc due nnd payable thirty (30) days aftcr demar.d
by tbe creditor. In no event ahall the maturil,y extend beyond the ul~imn4e ciaturity oi the n~te first
deacribed above.
,
~ oox 505 ~ ;,cr
,
- - - -