HomeMy WebLinkAbout1567 Il~~il~l' 1[~~iil i~i~ ~IUllidiCt ?lalll!~, iI{l' :fill~lliill il) 1~1C l1iII~ICih1, \t~ll~fl Il~~ll:l' :iGl\ j)c' ll\tll ~1\ Ill:il~. 31 :111\ IIf11P I~t~' ~l~ir-
~zazur .ii.~ii irn~lrr tu thr \lurtgager in a~~~~r.latt~r ~~+th tl~r }x>>~ i.i.~n. ui Ih~ n~~tr ~rcurc~l herrht. ~uli ~~a~mcnt ~~1 thr ei~ure
in~lrhtr~lnr„ rr~,r,,c~nteJ tlirreh~, thr \I~~n~.ierc, a, t~u,t~r. ~h,tll. [n ~~~m{~ut+ng thL .imc~tstu ~~f ,u~h in~iehtedne.,, ~retlit „
tu ~hr a::uunt ~~t thc \lurtta~ur an~ ~re~lit hal:tn~r rrtnaining und~r th~ {~r~~~i,iun, ul (al uC ~.ii~l paratra(~h'_. {1 tlirrr.haN ,
i~r :i ~irtauit un~irr :in~ ul thc ~,r~,~i.iun. ~~F thi. murtg,~~r re,ultin~ in a~,uhlir ,al~ uf thc ~~r~mi,e~ ~u~ere~l hrr~b~, ur iC .
Ihr \1urt~agec a.yuiri, the ~ru~rrt~ t,th~r~~i,r:t(ter ~icfault. the \tortg.~g«, c~+ Iru~tce. ,h~ill up~~l), at the time ot thc ium-
nicn~ement ut .u~h ~,n~~rc.ling, ~~r at the tim~ the rrunrrt~~ i. ulhen~i~e aryu~rr~l, th~ anwunt then remaining to ~rrclit the .
\{.tiriLagur un~fer (a1 ~,t naragra~h {~rc~r~lin~ a, a rr~~it un thc intere,t a~~ruc~i an~l unpaiJ and the h.?lanr~ to thr rrin~ipal
thrn r~mciii?ine usiE~:tiJ ~~n ~aici nutr.
a. \t~}rt~agur ~~ill na~ ~~11 ta~r., a„r.,mcnt., ~~at~r r.~te,, an~ c~th~r Lu~ernmrnt.il ~~r muniriral ~har~r., lin~,, ur im- `
~~>.iti~,n., C~,r ~~hi~h Pm~i,i~~n ha, nut hern ma~le hereinhef~,re. an~i ~n ~icfault th~r~uf thr ~lurttia~re ma~ ~~a~ ~he ,~inu:
an~t ~+ill rrum~tiy efrli~~r the i~Sfi~ia{ re~eirt, t1i~r~tur ~u the \lortgaLee.
\tunza~sur ill ~ermit.:umn~ii, ur ,uf tcr nu ~~a~~e, imnairment, ur dcteri~~ration ui.ai~ rruE~eri~~ ur an~ rart fhere~if,
e~~e~t r~a,unable ~~ear anci tear, an~1 in the c~rnt ul th~ f,tilure c~f the ~tortga~or to k~ep the buildin~~ on ,ai~1 premi,eti
an~i th~~.e tu he err~ted on ~aid ~•rrmi,~., ur im{~ru~ement. thcre~~n, in guud rr~air, the 1lurtgage~ !na~ make.urh repair~
in i[, ~li,~r~~ic~n it ma} de~m ~ie~e.tar~ fur il~e ~ro~er pre,enation thereul, and tt~e iu11 amuunt ut ~sch and ~~en ~urh
E~,i~ment ,hull he elue an~i ~a>able thirt~ (20? da>~ after dem,ind. an~i ,hal! be ~e~tired b~ thc lien of thi, mungage.
6_ \lurt~:~LUr ~.ill pa} all •~ne1 ,+ngular the ~a.t.. ~harg~~, and e~pen~e, inrluding rea~:~nahle la~~~~er', tee~, anJ cost,
~~f ab,tra:t~ i~t title, in~urred, or paid at :t!t~ time h~ the \tortgagee be~auu oC the fai{ttire on the part of the \tortgagor
rr~~m~tl~ .ind tull~ tu ~erforni ehe agreement~ an~i ~u~rnanl, of ~aid ~romi~tior~ note and thit mortgage, and tiaid ~o,c.,
~harge~, .ind e~~en~rs tihall be immediatel) ~lue anJ ~a>:~ble and shall be ,etured b~• the lien uf thi~ mortgage.
~tortgagor «ill continousl>~ maintain haiard insuranre, of such t~•pe or t~•~cs and amounts as \1ortgagee ma~ from
rme to time require, on the impro~ements no« or hereafter on said premises, and exrept w•hen pa}•ment for all such premiums
has theretofore been made under (a) of paragraph 2 hereof, he/she ti~ill pay promptlp when due any premiums [herefor. All in-
.uranre tihall be rarried in companies approved by Mortgagee and the policies and reneWa{s thereof shall be held by \fortgagee
and ha~e attached thereto loss pa>•able clauses in fa~or of and in form acceptable to the Mortgagee. In event of lo~s helshe will
gi.e immediate notice b}• mail to 1lortgagee, and 1lortgagee may make proof of loss if not made promptl~• by Mortgagor, and
ea~h inwrance cumpam• concerned is hereby authorized and directed to make pa~~ment for such loss directly to Mortgagee instead
of to ~tortgagar and ~tortgagee jointl~, and the insurance proceeds, or am~ part thereoC, may be applied by ~tortgagee at its option
either to the reduction of the indebte~ne;s hereb~• secured or to the restaratian or repair of the propert}' damaged. !n e~ent of
fureclosure of this mortgage, or other transfer ot' title to the mortgaged propert~• in extinguishment of the indebtedness secured
hereM•, all right, [itle, and interest of the 1lortgagor in and to any insurance policies then in force shail pass to the purchaser or grantee.
8. If the premises, or an~• part thereof be condemned under the po«er of eminent domain, or acquired for a public ~jse, the
j da?nages a~arded, the proreeds for the taking of, or the consideration for such acyuisi:ion, to the extent of the full amount of
~ the remaining unpaid indebeedness seeured by this mortgage, are hereb}~ assigned to the ~fortgagee, and his heirs or assigns, and
~ ;hall be paid forchNi~h to said itort~aQee or hisiher assienee to be aanlied on account of the ;ast maturinA installments oi such
j indebtedne.~; pro~ided, ho~~e~er, the \tortgagee or hi~ or her at~igner, ma~~ at hiti or her disrretion pa}• dire~t to the'~1ortgagor,
hi~ or her he~n or a~si~ns an~ part or all of wrh a~~ard; pro~ ided, that if the loan is guaranteed or insured, the concent oi' the '
guacantor or in,urer i, obtained in ad~ance of' said pa>•ment.
;
9. The ~tortgagee may, at an~~ time pending a suit u~on this mortgage, apply to the court ha~•ing jurisdiction thereof '
i~~r tht appointment of a receiver, and sunc ~ourt shall ;orthHith appoint a rerei~er of the premises co~~ered hereb)~ all and
.ingular, inrluding all and singular the income, profits, issues, and re~enues from whate~er source derived, each and e~ery~
ut ~~hirh, it being expressly understood, is hereb~ mortgaged as if specificall~• set forth and described in the granting and
habendum clauses hereof. Surh appointment shall be made b~~ such court as an admitted equit~~ and a matter of absolute
right to ~aid ~tortgagee, and without reference to the adequary or inadequacy~ of the ~alue of' the property~ mortgaged or
to the•ol~enr} or insohenry~ of said hiortgagor or the defendants. Such rents, profits, income, issues, and re~~enues shall
be ap~lied b} Such recei~er according to the lien of this mortgage and the practire of such court. In the e~ent of an~~ defa~lt
un the part ol the ~iortgagor hereunder, the Mortgagor agrees to pay to the 11ortgagee on demand a; a reasonable monthh
~ental for the premises an amount at least equivalent to one-tHelfth (1 / 12) of the aggregate of the tweh~e monthl}~ installment~
pa~able in the then rurrent y~ear plus the actual amoun[ of the ar?nual taxes, assessments, water rates, and insuranre premium,
ic~r w~h ~ear not co~ered by~ the afore;aid monthl~• payments.
~ IU. In ~hc e~ent of an}• breach of this mortgage or default on the part of the'~lortgagor, or in the event that an: of said sums
€ af mone~~ herein referred [o be not promptlp and fuUy paid according to the tenor hereof, or in the e~•ent that each and e~er}
~ the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptl~•, and fully perform-
ed; then in either or any such e~~e~t, the said aggregate sum mentioned in said note then rQmaining unpa;d, with interest accrued
€ to that time, and all money~s secured hereb}~, shall be:ome due and payab{e forthwitfi, or thereafter, at the option of said Mor-
tgagee, as fuilq and completel~~ as if ali ef the said sums of money Kere originally stipulated to be paid on such day, anything
4 ir~ said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said !~1ortgagee,
` ti~ithout notice or demand, s~it at law or inequit}~, ma~~ be prosecuted as if all moneys secured hereby had matured prior to its
in~titution_ The ~lortgagee ma}~ foreciose this mortgage, as to the amount so declared due and payable, and the said premises shall
he ~old to satisfy~ and pa}• the same together u•ith costs, expenses, and allowances. In case of partial foreclosure of this rnortgage,
the mortgaeed premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and
un~aid. (n such case the pro~~ssons of this paraeraph ma} again be a~aiied of thereafter from time to time bp the Mortgagee.
11. N~ ~tiai~er of an} co~enant herein or oC the obiigation tiecured hereb~ `hall at an~~ tim° thrreaite~ oe held to be
ci ~~ai~er of the term5 hereof or of the note ~erured hereb~.
I'. The lien of this instrument thall remain in full for~c ancl effert durine asi} {~ostponement or cttentiion at~ the time
~~i ~~a~ment ot~ the indehtednes5 or an~• part thereo! ~e~ured hereb~.
13. If the ltortgagor default in an~ of the ro~enantti or agreement~ ~ontained herein, or in ~aid note, thcn the \tor-
tgagee ma~~ Mrt~orn~ the same, and ali expenditure, (inrluding reasonable attorne~'~ fees) made by the ~lortgagce in so doing
~hall draw interest at the rate ~ro~ided for in the p~incipal indebtedness, and shall be repayabie thirty~ (30) da}~s after de-
mand, and, together ~+ith interest and retits arcrued thereon, shall be secured b~• this mortgage.
14. Upon the request of the'~lortgagee the Mortgagor shall execute and deliver a supplemental note or nores for the sum or
~ums ad~anced by~ the htortgagee for the alteration, modernization, impro~~ement, maintenance, or repair of said premises, for
ta~es or assessments against the same and for an}• uther purpose authorized hereunder. Said note or notes shall be secured hereb}~
on a parity with and as fully as if the ad~ance e~idenced thereby were included in the note first described ab~~~e. Said supplemental
note or notes sha;l bear inrerest at the rate pro~ided for in the principal indebredness and shall be payable in approximately eqnal
mc~nthly~ payment~ for such period as may be agreed upon by the creditor and debtor. Failing ro agree on the maturit}•, the µhoir
of the tum or sums so ad~anced shaH be due and pa}~ab1e thirty 130) days after demand by~ the creditor. In no e~ent shall the mawri-
t~ e~tend be}ond the ultimate maturitg of the note first described abo~e.
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