HomeMy WebLinkAbout0014 ~~~~n:r ts~,n~ the ~1~~n~aKee ~tat~~~~ tt~r amuunt ~~f th~ aet~irirnr~. ~~hirh n~~ti~e m:i1 F>C gl\CIl h1 mail. lf a; an~ time thr !~lu:
t~:igur ,hall trn~ler t~~ ihe \1urt~:~~~r in ar<<~r~fan~e ~~ith ihe pro~ i,i~~m ol thr nutr,e~urc~cl hereb~, full ~a~mei~t u~ the entir~
~n~l~•htc.inc~,~ rr{~rr,rti~r~l ~her~h~, thr \1ur~~,!L~r. .i~ tru~trc. ~h,tll, in ~~~m~~u~in~ lhr amuunt uf ,urh in~l~htc~inr,., ~re~lit
t.~ ihr.i~ruunt ul thr \l~xtgagur an~ ~re~lit halc?n~r remaining uncler thr pru~i~iun, uf (a) ot ~:u~l ~~?~.~~~,?~r, ii ~n«<,nall
hr a ~Irlault un~lcr c?n~ ~~1 thr ~ru~i,iun~ ul thi~ ntortgagr r~+ulting in a publi~ ,ale of thr ~riini~e~ ~u~erc~i hrreb~, or il
thr \tur~ka~c~ :~ryuir~~ thr ~ru~~<rt~ utherni.e .iftrr Jrlault, thr ~turtkagee, a~ tru,ire. ,hall a~~ply, at ihr time uf thr ~um-
i~irn~rment ut ,u~h ~~ru~erding, ur at the tim~ the pr~~~irt~ i. othin~i,e aryuire~l, the amount thrn rrmaining t~~ rrr~lit the
\turtga~or un~ier (a) uf paragra{~h ~ pre~e~ii?~ a~ a ~rrelit on the intere~t ar~rued .incl unpaid and the halanre to the prin~ipal
th~n rcmaini~ig unraid ~~n .:~id n~t~
-i. ~tortgagor ~vill pa~ all ta~c., a.,e.,ment,, ~~ater ra~e,, an~f othrr go~~rnmental or muniripal ~harg~., fine~, ~~r im-
~o,itiun~, tc~r ~~hirh pru~i~ion h.tti not hecn made hereinhefore. ;~nd in det~ault thercof the \tortgagre ma~ ~a~ the ~amr;
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5. ~lort~,~~ur ~~ill permit. ~ummit, or ~ut ier no ~~a~te, i?n~airn~ent, or deterioratiun uf ~aid property or .in~• ~art thereof,
~~~ept rea,onahle ~vear .ind tear, and in the c~ent ol the failure of the ~tortgagor to keep the buil~iing~ on ,aid premities
c~n~1 tho,e to bc erectcd on ~aid {~remi~e,, or impro~emrntti th~reon, in good repair, the ~tortgagre may make tiurh repairti
ati in it, clitirretion it ma~ ~ieern ne~e~,an for th~ ~roner pre~er~ation thereof, and the full amount of rach and e~en ,uch
~e+~mrnt ~hall be ~iue and ~a~able thirt~ (i01 d'ay~ alter dem.ind, an~l ,nall be seriired by the lien ot~ thi, mortgage.
~tortgagor ~~ill pa~• all ancf ~ingul:ir the ~u.t., ~harge,, and expense~ inrluding reasonable la«•~•er', ier.. and cost.
ut c~bstra~t~ of titlr, inrurred, or paid at any time hy the 1lortgaeee because of the failure on the ~an ot~ the :1lortgagor
~~rumptly an~1 full~• to perform the agreement~ anel ~u~enants oi~ ~aid prornitisory note and thi~ mortgage, and saicl ci~sts,
~l~arge,, ancl e~~rn,es ~hall be immediatel~~ elue an~l ~a}able ar.d ~hall be .ecured h~~ the lien nf ~hi~ mort~,ag~.
7. ~tortgagor Hill rontinously mainiain hacard insurance, of such type or t}pes and amounts as ~tortgagee may from
~ime to time reyuire, on the impro~ements now or hereafrer on ,aid premise,, and except w•hen payment Cor all such premiums
has theretot~ore been made under (a1 of paragraph 2 hereof, he%she ~ill pay promptl}• when due an~~ premiums therefor. All in-
.urance shall be carried in companies appro~ed by \tortgagee and the policies and renewals thereof shall be held b~• tilortgagee
and ha~e attached thereto loss pay~able clauses in fa~or af and in form acreptable to the ~1ortgagee. In e~~ent of loss he/she ~ill
gi~e immediate notice by mail to !~tortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagor, and
each inwranre conzpany concerned is hereby authorized and directed to make pa}•ment for such loss directly to Mortgagee insread
of to \tortgagor and 4tortgagee j~intl~•, and the insurance proceeds, or any part thereof, may ~e applied by Mortgagee at its option
either to the reduction of the indebtedness hereby ~ecured or to the restoration or repair of the propert~• damaged. In event of
fore~losure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the indebtedness serured
hereb~•, all right, title, and interest of the ~tortgagor in and to any insurance policies then in force shall pa,s to the purchaser or grantee.
R. If the premises, or any part thereof be condemned under the po~er of eminent domain, or acquired tor a public use, the
~iamage~ awarded, the proceeds for the taking of, or the consideration for such acquisition, tu the extent of the tull amount of
[he remaining unpaid indebtedne5s secured b} this mortgage, are i~ereb~ assigned to the ~tortgagee, and his heirs or assigns, and
.hall be paid forthwith to said ~tortKaKee or hisitier assiKnee to be a~olied on arcount of the last maturinR installments of such
in~lebtednetis; pra~ided, ho~se~er, the \lortgagee or hi~ or her ati~ignee, ma~ at hi~ or her J+iticretion pa} direct to the'~tortgagor,
hi. or her heirs or atisignti an~ ~art or all of surh a~~ard; pro~i~ed, that if the loan i, guaranteed or insured, the consent of the
tiuarantor or in~urer i~ obtained in ad~anre of +aid pa}ment.
y. The 11orcgagee ma}~, at an~ time pending a wit upon this mortgage, ap~ly to the rourt ha~~ing jurisdiction thereof
tur the appointment of a re~ei~er, and sunc ~ourt shall forthwith appoint a recei~er of the premises covered hereby all and
~ ~ingular, including all and singular the inrome, profit~,, issues, and re~enues from H•hatever source derived, each and every
~ ut ~hirh, it being expressl}• understood, is hereb~~ mortgaged as if specifically set forth and described in the granting and
~ habendum c:auses hereof. Such appointment shall he made b~~ such court as an admitted equity and a matter of absolute
~ right to said Mortgagee, and without reference to the adeyuacy or inadequacy of the value o( the property mortgaged or
to the soh•ency or insoh~enc}~ of said ~4ortgagor or the defendants. Such rents, profits, income, issues, and re~~enues shall
~ he ap~lied by w~h recei~•er a~rording to the lien of this mortgage and the practice of such court. In the e~•ent of any default
~~n the part ot- the Mortgagor hereunder, the Mortgagor agrees to pa~~ to the Mortgagee on demand as a reasonable monthly
' rental for the premises an amount at least equi~~alent to one-twelfth (1 / 12) of the aggregate of the twel~~e monthly installments
~ pa~~able in the then current year plus the acwal amount of the annual ta~es, assessments, Kater rates, and insurance premiums
(or such ~~ear not ro~ered b~~ the aforesaid monthly pay~mems_
10. In the event of an}~ breach of this mortgage or default on the part of the tilortgagor, or in the e~~ent that any of said sums
of monep herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that each and everv
the uipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully perform-
ed; then in either or an}• such e~~ent, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued
° to that time, and all moneys secured hereb~•, shall become due and paya~le Corthweth, or thereafter, at the option of said Mor-
~ tgagee, as fully and completely as if all of the said sums of mone~~ were originally~ stipulated to be paid on such day, anything
i in said note or in :his mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee,
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institution. The'~tortgagee may foreclose this mortgage, as to the amount so dedared due and payable, and the said premises shall
be sold to satisfy and pay the same together ~~ith costs, expenses, and allowances. In rase of partial foreclosure of this mortgage,
the mor[gaged premises shall be sold subjert to the continuing lien of this mortgage for the amount of ihe debt not then due and
unpaid. In .;uch rase the pro~ition~ of this paragraph may again ~e ati~ailed of thereafter from time to time bp the I~lortgagee.
` I I. Nc~ ~~ai~er of an; ro~enant herein or of the ohlieatic~n ,erured hrreb} ~t~all at am time ttferealte~ oc held to be
; << ~~ai~er of [he terms hercof or of the note ~rcured hercb~.
I?. The lien ot~ this instrument tihall rernain in tull lorce and effe~t during an~ ~c~,tponem~nt or r~ten~iun uf the tirne
nf ~a}ment of the indebtedneti~ or an~ part thereof ~ecured hereb}.
13. If the `tortgagor default in an} of the co~enanls or agreementti rontained herein, or in tiaid note, then the ~tor-
ttiagre ma~~ ~erform the ~ame, and all e~nenditureti (inrluding reationablc attorne~', fecs? made b~~ the \tortga~ce in ;c~ daing
,hall draH intere5t at the rate pro~ided for in the princi~a! indebtednes~, and shall be repa}~able thirt~ {30) da~~ti af~ter de-
mand, and, together «ith interest and co~t, ac~rued therean, shall be 5ecurcd by this mortgage.
14. Upon the request of the 1lortgagee the ~tcrtgagor shall execute and deli~~er a supplemental nore o~ notes for the sum or
~ums ad~anced b~~ the Mortgagee for the alteration, modernization, impro~ement, maintenance, or repair of said prem~ses, for
tazes or acsessments against ~he same and for any other purpose auth~rized hereunder. Said note or notes shall be seeured hereb~•
on a parity ~~•ith and as fully as if the advance e~idenced thereby were included in the note first described abo~~e. Said supplemental
note or notes shall bear interest at the rate pro~ided for in the principal indebtedness and shall be payable in approximatefy equal
manthl}• pa~ments for such period as may be agreed upon b~ ;he creditor and debtor. Fai!ing to agree on thc maturit~•, the whole
of the sum or sums sa ad~anced shall be due and payable thirt~• (30} days after demand by the credicor. In no e~ent shall che maturi-
t} estend be}•ond the ultimate maturit~ of the note first described abose.
aocK 67~ PACE 0~4
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~c , ~_w.~ _a.~~ ~e.~~ s. r~~