HomeMy WebLinkAbout0925 t~ec~der Lo ~ha Mortg~gee in ~woord~nce with the provieiona ot tl?e note securod herebv, lull p~ymen~ ot the '
entire indebtednees reproeented thereb~r~ the Mortgagee~ as ~rustee~ sh~ll~ jn oomput~ng the antaun~ oi sucli _
indebtedne~e~ credit W tlie ~?ccount ot tha Mortg~p~or sny credi~ balance rem~?ining under the provieions oi (s) "
ot suid W?r ph~. lt there sh~?U be ~ detsult under ~ny o[ the provisiona ot ~hia ~nortga~e neult~ing in •
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publia ~sle o the premieea covered hereb,y~ or if the Mortg~gee acqutra ~ha property otherw~se ~hsr default~
the Morigsgee, ~s trustee, sh~ll apply~ at t,he time ot the canmencement of auch proceedings or at tl~e time ;
the propar~y i~ o~herwise ecqnir~d~ the ~mount t,hen reme?ining w credit ot Mortgsgor under of paragn?ph.2 '
precediag w eredit on ~he intereat accrued and unpaid snd tt~e balanes to the principal then remaining unpud
oa 4sid no~e.
4. He wiU p~y ~?ll tw~ces~ aeeeimeata, nnter rwta~ ~ad otbes~overumeat~l or municiPV ~ :
impodtionr, for whieh grovieion h~?e not been made herelabefore, sad ia defwl6 thereot tLe Mo:tgasee m~y p~y t~hs
Mme; ond that be wW promptly deliver tbe o~cW reoeipte theretor to t~6e Mortp~ee. ,
6. He rvW permi0, oomanit, or sut[er no ~raste, ianp~iraoent or detertor~tton oE eaW Pi'oPertY or uny psrt thereof
e~ceept ra~eonable wesr and tesr• sad in Lhe event of t~he f~ure of !he Mort~or to keop tLe buildlnp on ai~
pcemlee~ and thoee ~o be enate~ on eaid premieee~ or impmvaanents t6ereoa, ln ~ood rep~ir t~he Mortgagee mi?y -
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make suah npain aa in ib dlea~e~ion it muy deem neoeeeary for the proper pra4evsttoa t6e
eo~, and t6e tull amouat
ot escb and evary such p?yment shall ba due i?nd p~ysble thirty (30) duye sfta~ dennand, and e6all be secured by ;
t6s liea ot this mort~e. .
8. He will p?y ~11 and sin6uler the oosta, el~i~ad expeneea~ includlna reaeonsble I~wyer's feee, and eostr ~
of abstn?cts o! Utle, Incurred or p~id at any ttme by e ort~ee becuuee of the failure on t,he psrt oi t,6e Mort~a~or '
promp~ly snd fully t~ perform the a~eements i?nd oovensats of es[d promieeory aote and thlsmortg~~e, ao3 euid k
ooeta, o6argee, ~?nd expeneee shaU be immedistely due und pm~ysble and shaU be ~eeured by the lien oi t~is mortg¢ge. ;
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7. Ha will oontinuoue~ maintsin hazsrd ineursnce, oi auc6 type or t~pes ~nd amounts aa Mortgagee msy ~
irom Lima to time require, on Lhe improveanenta now or here~iter on seud pnmiaes and except when. payment ~
tor all eucb premiuma h4a theretofore been made under.(a) oi paragrs~h 2 Lereo! ~a will p~?y promptly whea .y
due any premiuma thorefor. All inauranoe shall be camed in comp~ee approve~ by Mortg~gee snd the poli- ~
ciea and renewale thereoi ahall be held by Mortgagee and h~ve attachQd thereto loas paysbk cTauses in favor oi ~
and in iorm acceptable to the Mort~gee. In event oi loes he will give immediate notice by mail to Mostgagee,
•nd Mortgagee msy make,prooi of Iosa it not msde prompWy by Mortgagor, and e~ch iaaun?noe.oompanp
e~ncerned ia hereby~sut~Lonzed and directed to make payment for auch loes directly to Mortgagee wstead oi :
to Mortgagor i?nd Mortgagee ointly, and the insursnce prooeeda, or say part thereof may be ~p~phed by Mor~
gagee s6 ite option eitber to t~e reductioa o! the indebtednees henby secured or to t~6e restorst~on or repair of
the property dsms~ed. In event of forecloaure oi this mortgage or other tr~nsfer of tiLle to the mortgsged
proper6y in extingu~shment of the indebtedneee secured hereby, a~ right, title, snd interest oi t6e Mostgagor ~
m and to any insurance policies then in force sbsll p~ss to Lhe purchsaer or grantee.
8. If the pre~uis~~s~ or on~• purt U~ereof, be condewnhcl under the power of en~inent domnm, or acquired [or Y~
a public use, tlie dame~;es awarcted, thc~ procreds for tl.~e~~king9I..9r.theconsideration for such acquisition, to
the extent of the full amount of the rer~aining unpaid indebte~lness sec~ured b~• this inortgage~ are hereb~• ~
assigned to the ~Iortgagec~ und his hcirs or ass~gns, und shnil tx~ paid forthwith to said Mortgagee or his :
assign~ee to be appliecl on accoui~t of th~ luat uiaturmK ii~stalL~ients of such indebtedness; provi~led, however,
1he MortKn~ee or h~s ussiKnee~ »~a~ at 1?is discretion pa~• dircrt to tl~e Morlgagor~ hia hcirs or nssigns any pnrt i
or all of such awarct; proviJed, thnt if the loan is guarantec~l or instsred, thcs consent of the gunrantor or insurer
is obtained in advance o[ said pa~~n?ei~t. -
9. The Mortgagee may, at any time pending a euit upon thia mortgage~ apply to the oourt hsving jurlsdIctIon ~
thereof for the appointment ot a receiver~ snd auch court ehaU forthwith sppoint a receiver of the premieee oovered '
heceby :?!1 aiid aingular, including all and eingular the income, pmfite, ieeue~, and revenues fmm ~vhstever eource
derived, escb and every oi which, it being expreaaly understood, ie hereby mortgaged aa it apecifically eet forth and _
deecribed in the ~nnting and habendum clauees hereof. Such appointment ahell be made by such oourt as an adanitted t
equity and a matter of absolute rigl?t to aaid M~rtgagee, and without reterenoe to the adequacy or inadequacy of `F
the value of the property mortgaged or to t6e solvency or inaolvency of eaid Mortgagor or the defendanta. $uch ;
renta, profita, income, issuea, and revenuee shall be applied by aucb reoeiver aocording t4 the lien of thia mortgsge
and the practice of euch court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
a~e.~ to pay tu tbe Mo on demand aa s reasonable monthly rental for the premiaea an umount st ]eaat ~
i equivslent to one-twel(th ( z) oi the~a
te of the twelve monthly inatallmente payable in the then current ~
~ qe~u plue the actusl amount of the annual taxes, aseessmente, water ratee, and inauraaoe prEmiums for auch year '
not covered by the sioreeeid monthly psymente. ~
10. In the event of sny breach of thia mortgage or default on the psrt of the Mortgagor, or in ~he event thst
~ any of eaid aume of money herein referred to be not promptly and fullypaid sccording to the tenor hereof~ or in tt~e "
event that esch and every the etipulationa, agreemente~ oonditiona, snd oovensnta of eaid note snd thia moztgsge, ~ i
are not duly, promptly, and lully performed; then in either or sny auch event, the asid aggregste aum mentioned
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in eaid note then remaining unpsid, ~?ith intereat accrued to thst time~ and all moneye aecured hereby, sball become s
due and psysble forth~vith, or thereafter, at the option of eaid Mort$egee, sa fully and completely as it mll of t~he ~
said sums of money ~rere ortgiwilly etipulated to be psid on euch dsy, anyLhing tn eaid note or in thie mortgage to ~
the oontrary notwithetsnding; and thereupon or thereafter~ st !he oplion of asid Mort;agee, without notioe or ~
demsnd,-a~it-at-lsw~-oria-equi6~msy-b~prE~eeeuted-s~-i(-all-moneye eecured henby 6ad mature~ prior to its inatitu-
l,ion. The Mortgagee may lorecioee thia raortgage, ~ to the amount eo declared due aad gsyuble,-and-the-said
pnmieee ehall be eold to eatisfy sad pay the aame tqgether erith oosts, eupenees, snd allowances. In caee of psrii~I ~
forecloeure of thia mortg~age, the ~rnortgaged premiaee ahall be sold eubject to the oontinuing lien of thia mortgaae =
for the amount of the debt not then due und unpaid. In such caee the proviaione of thfa pan~graph msy ageun 6e
sv~iled of thereafter fmm time to Lime by the Mortgegee. -
11. No wsiver of sny eovenant herein or of the obligat~on aecus~ed hereby ehall at any time thereafter be held
to be s wsiver of the terma hereqi or oi the note eecured hereby.
12. The lien of this inbtniment absU rem~in in full force and eBect during sny poetgonement or extenaioa oi
tbe tiane of psymenti oi fbe indebtedneee or any part thereof eecured hereby.
13. It the Mortgsgor default in any of the oovenanta or agreements oontsined herein, or in said note, then the
Moztgagee msy perfarm the eaaQe~ and all expenditwrea (including rcaaonable sttorney'e feee) made by the Mort~a~ee
in so doin ahsll draw interest at the rate provided tor in the principal indebtedneea~ sad ehsll be repsyable
thirty (3A~ daye siter demsnd, snd, together with interest snd coata accrued thereon, shall be secured by
thia mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall execute snd deliver • supplemental note or
aotes for the sum or euma advanced Dy tbe ~tortgagee for the slteration, modecnizstion~ improvemen~, msin-
t~eaance, or repsir oi asid premisea, for taxes or sa.Qeeaments sgainst the a~me and for any other purpose tuthor-
ized hereunder. Ssid note or not,es ehail ba secured hereby on • psri~y with and aa fully as it the advance
e~idenced tt,areby were included in t~he note 6rsl deecribed sbove. Said supplemental note or notea ahsll besr
inter~s~ at the rst.e pmvided for in the principal indebtedness and shall be psyttble in ap praxim~tely equs!
moathly payments ior auch period as msy be sgreed upon bp the credicor and debtor. Fsiling to agree on the ~
m~tun~y, the wbole ot the sum or sums sa advanced ehell be due and p~yable thirty (30) days ~tter demend
by t6e creditor. In no event, ahall the maturity extend bayond the ultimate maturity of the AA~,E fi1'8~ , j
de~cribed above. 9
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