HomeMy WebLinkAbout1312 n~i~~~r Ir~~m the ~icrtiakei_,taun~ th~ am~~unt uf the Jcti~~in~y. ~~h~rh nutiie ma~ hr Ki~c•+? h~ ntail. :~t .~n~ tinir ihr \1.>i -
t~:i~ur ,hall trn~l~r tc~ th~ ~t~~rtgag«~ in a~.or~l,i~1~e ~~ith the nro~ i,iun, of the note,e~ure~i h~reh~. luil ~~a>n~ent of ih~ enure
in~lrMr~lnr,• re~~rc.e~tte~1 thereb~, thr ~lunzagrr, a, truti~re. .h~ll. in ~umputin~ the amu?jnt ~,f ,i;~h in~lrhtecJn~,., rre~1~t
• ti~ thc a~ruunt u1 thr \]urtgatiur an~ rrrdit h.?lan~c r~maining un~lrr the pro~ i~iom ot (a1 of ,ai~i ~~aragraph 2. II thrre ,hall
h~ a~l~fault un~l~r an~ ut thr {~ro~i,ion. ui thi+ mun~age re~ulting in publi~ ,ale ol thc prrmi~e, ro~errd hereh~. ~ir il
~h~ ~tc~rtgagec a~yuire. the pr~~~rri~ uthenci,e after ~let~ault. the \lortgag~e, as trutitee. ,hall a{~pl~, at the time uf thr ~~~m-
;nrn~emrnt u? ~u~h pro~rrcf~ng, ur at th~ time the pro~erty is other~~ise aryuir~d, thr amount ~hen remaining to ~r~dit the
\turtgagur un~ler (al ol paragraph 2 prcreding a~ a rre~Jit on the interetit arrrued and unpaid and th~ t~alanre to thc~ ~~rin~ipal
then remaining unpaid .m taid notr.
- J. \lortgag~~r «ill pa~ all ta~e,, a+u~,ment~, ~~ater rate,, and other go~ernmental or muniri~al ~hargr., iine,. ur im-
{,~,.itium, fc~r ~~hirh pro~i~ion hati not been made hereinbefore, and in delaull thereof thr \turtgag~e nta~ par the ~am~;
ancl ~~ill ~romptl~ clrliter th~ o(firial recei~tti thereiur to the ~tortgagc~.
S. ~tortgagor ~~ill pennit. ~ommit, ur ~uffer no ~~a~te, impainnent, or deteriuration ot ~aid propert~ or any part ther~of.
r~~ept rea~unable ~~ear an~ trar, and in thc ~~en~ ut" the failur~ of the \lortgagor to keep the buildingt on ~aid premise~
.in~ thotie to be er~~ted on ,aid premi~es, or imrro~ements thereon, in gooci repair, the ~tortgagee ma~• make surh repair,
a, in it~ di~cretion it ma~• deem ne~es,art~ for the proper preser~ation thereof, ~tnd the ful! amount ot~ each and e~en~ such
~a~ment ,laall be due and ~a~able thirt~• (~0) cia>•+ after demand, and ~hall be sc~-urcd by the lien of this mortgage.
6. ~lartgagor ~~ill pay~ all and ~inguiar the ro~t,, charges, and expen~es including reasonable la+v~~er's f~ees, and rotits
uf ab~trsct~ of ti[le, inrurreJ, or paid at ai~y time b~• the \fortgagee berause of the failure on the part of the ~tortgagor
~romptly and tull}~ to pertorm the agreeinent~ and co~enants of taid promisson note and thi~ mortgage, and said rost,,
charge~, and e~penses shall be inzmediately due and pa~able and shall be secured b~~ the lien of this mortgage.
7_ ~fortgagor will continously maintain hazard insurance, of such type or types and amounts as Mortgagee may from
time to time require, on the improvements now• or hereafter on said premises, and except when payment for all such premiums
has theretofore been made under (a) of paragraph 2 hereof, he/she w•itl pay promptly when due any premiums therefor. All in-
wrance shall be carried in companies appro~~ed by Mortgagee and the policies and renewals thereof shall be held by I~1ortgagee
and ha~e attached there[Q loss pa~•able clauses in favor of and in form acceptable to the ~lortgagee. !n event of loss he/she a~ill
gi~e immediate notice by mail to tilortgagee, and 4longagee may make proof of ioss if not made promptly by Mortgagor, and
earh insurance company concerned is hereby authorized and directed to make payment foi such loss direcily ro tilortgagee instead
of co lfortgagor and !~lortgagee jointly, and the insurance procee.~is, or any part thereof, may be applied by Mortgagee at its option
either to the reduction of the indebtedness hereby secured or to the res[oration or repair of the propert~~ damaged. !n erent of
foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of [he indebtedness secured
hereby, ali right, utle, and interest of the ;ttortgagor in and to an~~ insurance policies then in force shail pass to the purchaser or grantee.
8. !f the premises, or an}• part thereof be condemned under the power of eminent domain, or acquired for a public use, the
~ damages awarded, the procreds far the taking of, or thz consideration for such acquisition, to the extent of the full amount of
the remaini~g unpaid indebtedness secured by this mortgage, are hereb>• assigned to the 1~lortgagee, and his heirs or assigns, and
tii~aii t~r pai~ forthwith t~ ~aid ~}ortKaFee os his!her assiRnee te be 2aelied on acc~unt ~f the last mawring installments of such
indebtednesti: pro~ided, ho~z~er, the 1lortgagee or his or her assignee, mar at his or her discretion pay direct to the ~lortgagor,
hi~ or her heirs or assigns an}~ part or all of wch award; pro~ided, that if the loan is euaranteed or insured> the consent of the
guaranlor or insurer is obtain~d in ad~•ance of said pa}~ment.
9. The 1lortgagee ma~•, at anp time pending a suit upon this mortgage, appl}~ to the court ha~•ing jurisdiction thereof
tor the appointment of a rerei~er, and such rnurt shall forthwith appoint a receiver af the premises covered hereby all and
`ingutar, inrluding alI and singular the income, profits, issues, and re~~enues from whatever source derived, each and every
of Hhich, it being expresslp understood, is hereby mortgaged as if speciGcally 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 5aid ~tortgagee, and Hithout referenre to the adequac~~ or inadequac}~ of ihe value of the property mortgaged or
to the :ol~enry or insolvenc}~ of said ;~tortgagor or the defendants. Such rents, profits, income, issues, and revenues shall
be applied b~~ surh recei~er according to the lien of this mortgage and the practice of such court. In the event of any default
~~n the part of the !~lortgagor hereunder, the Mortgagor agrees to pa} to the :~]ortgagee on demand as a reasonable monthl~~
ren[al for the premises an amount at least equivalent to one-taelfth (1 / 12? of the aggregate of the tw~elve monthly installments
pa~able in the then current }~ear plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums
for surh }•ear not co~~ered by the aforesaid monthly payments.
10. [n the e~•ent of any breach of this mortgage ar default on the part oi the ti1ortgagor, or in the eti~ent that an~• of said sums
of money herein referred to be not promptly and fu115~ paid according to the tenor hereof, or in the event that each and ever}~
the stipulations, agreements, conditions, and covenants of said note and thi~ mortgage, are not duly, promptly, and fully perform-
ed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, w•ith interest acrrued
to thac time, and all moneys secured hereby, shal~ become due and payable forthwith, or thereaPter, at the option of said Mor-
tgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything
in said note or in this mortgage to the contrary notw-ithstanding; and thereupon or thereafter, at the option of said Mortgagee,
tiithout notice or demand, suit at law or inequity, ?nay be prosecuted as if a(1 moneys secured hereby had matured prior to its
institution. The ~1ortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall
be sold :o satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage,
the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount ~f the debt not then due and
unpaid. In such case the procisions of this paragraph rnay again be availe~ of [hereafter from time to time by the Mortgagee.
t l. No «ai~er oF an~ co~enant herein or of the obligation secured hereb~ shall at any time thercalle, ~e held to be
a~~ai~er of the terms hereof or of the note secured hereb}~.
12. The lien of this instrument shall remain in full force and effect during an} postponement or extencion of the time
~~f pa~~ment of the indebtednes~ or any part thereof secured hereb~.
13. If the ~tortgagar default in an~• of the co~enanu or agreernents contained herein, or in said note, then the ~1or-
[gagee ma~• perform the same, and all expenditures (inctuding reasonable attorne~~'s fees) made by the Mortgagee in so doing
shall draw interest at the rate provided for in the princi~al indebtedness, and shal! be repayabte thirt~• (30) da}•~ after de-
mand, and, together H~ith interest and costs accrued thereon, shall be secured b~• this mortgage.
14. Upon the request of the Mortgagee the ;~lortgagor shall execute and uelir•Pr a supplemental note or notes for the sum or
wm~ ad~anced by the Mortgagee for the alteration, modernization, impro~ement, maintenance, or repair of said premises, for
taxe; or assessments against the same and for any other purpose authorized hereunder. Said note or notes shalt be secured hereby
on a parity with and as fully as if the ad~•ance evidenced thereby were includec7 in the note first described abo~•e. Said supplemental
note or notes shaU bear interest at the rate provided for in the principal indebtedness and shali be payable in approximately equal
monthlp payments for such period as map be agreed upon by the creditor and debtor. Failing to agree on the maturit~•, the whole
of th~ sum or sums so ad~•anced shall be due and payable thirty (30) days after demand by the creditor. In no e~•ent shall the maturi-
ty~ extend beyond the ultimate maturit~• of the note first described above.
6~a~ 675 PACEZ312
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