HomeMy WebLinkAbout2402- _
4~ ..
z
. ~~ " 4 Y~ .. _-
3. If ~ total of the is a>.de bJ the ~tp~ot undet ~a). ~ para~raPh g ,tbsil the
amount of payymenta trolw~ms~de by the M b~ - fwir swats, lash sad ati, sad itanranoe
premiums, sa tbs cans m~ be, sneh e~ze~ss ~ oa cent paymeats to ba 11~ by the Mortr
gsgor for such iteaos or, at Ma~rt~a8's optioo, steal! bs"retgaded to ~ago~~~ --~ If, howsrer, web naoathly
p~ymeats shall sot bs wS3oient to py such items why the suns d-oila~beoome due aad8~~c6 ~ih l
Mortgagor shall pp~~ to tbs Mortgagee ao, s~ount t-eoes~ary to stake up the diboieucy.
be made within thirty (30) days attar wrlttea notaos ft~sy the stating the amount of the de8wa-o
which notice mp be liven by mail. Ii at tin=e the Mortgagob~~~ entire ~ebtedno~e~ praented -
anse with the viseons of the note seattt+ed Aeeut~y. tall paym~e~nt of
thereby, the b~~ shall, in o~n~pnting the saiouat of such indebtedness, credit to the account of the
Mo~rrt~gaaggoerr any t balance under the provisions of (a) of said paragraph ~: Ii there shall be a
defaultul iwder atq at the ~rovisio~ns of this aoortga~e t+esult~'n~ in a public sale of the premises covered berebp
or it the Mortgagee acquires the property otherwise sir de7sult, the Mortgagee shall_ ap~1y, at the time o~
fhb commencement of arch ptooeedingo or at, tLe tiaae the property is otherwise aired, the amount then
remaining to credit of Mortgages under (a) of paragraph s preocdin6, as a credit an We interest accrued-and
unpaid and the balance to tie-prlnoi'pal then nemaainins napaid on said note.
4. He will pay aD fazes, asses~aeaRs, watee std other et ~~Pd obar~, ~. ~
impodtions, for which provision de~r~oidal~~t~ eta to tbs Mort~es. tM Dloatis~ mV PN ~
same; sad that be wiII prompt~+ reodpts
b. He will peewit, oo®nuiit, ar suQet >m Msste, i:wpairmettlt. a deterlaation of eaW property oebs~~ thereof
aoraept reasonable wear sad tear sad ~ the svesit of the fsilun of the Mortar to keep the an eai~
premises sad those to be ereatAC~ ad swirl pe~amisei, or l~rovemenis thereon, m s~ t e~e~eo~ sad theamount
make such repatts as in its discretion it may deesa nsae~ary for the pccper preserv ~ shall bs scoured by
of each and every sash payment shall be dw and piUrabla tLirtjr (3fl) days s#t+er demand,
the lien of this mort;aae.
6. He will pay all sad dnguL-r tbs oats, and espeases„ iaotnding nasoarable lawyee's fees, sad oats
of abattaets of title, inoureed or paid at any time bry- the Mott~ee because of the failure on tLe part ~ the Mortgagor
prompt)vy sadf~ to perform the ap~ee:aents sad oovenaats of said pcoaniseory note and this mortgage, and said
costs, and espea.ea a6a11 be imiaediate~jr due sad psysble sad ,ball be scoured by the lies of this mortgage.
7. Se will oontinnonsl, maintain basard insuraaos, of each type or and amounts as Mortgagee may
from tame to time require, on firs improvements now ar Lsebsiter on said ~r~m~es sad e:oept when payment
for all each premiums Las theretofore been made Hader (a of paragraph ! hersoi ~e willrpt~aaJ~eperomp~t~by when
due any premiums therefor. All insurance shall be e i ~hP ~ thperperotovl ~ P Viable clauses ~ favor of
eies and renewals thereof shall be held by Mortgagee
and in form soceptabk to the Mar1~ In event of loss he will give immediate notice by mail to Mortgagee,
sad Mortgagee may make proof o it not made pmmpt>~ i = aufcoh his rdirecntly Mors~a~gee instAapd of
concerned is hereby authorised and directed to make paymen hereof ma be a lied Mort-
to Mortgagor and. Mortgagee jointly, and the insurance proceeds, or aqy part y P~ by
gages at its option either to the reduction of the indebtedness hereby secured or to t~-e restoration or repair of
the property damaged. In event of foreclosure of Ibis mortgage~o~ther tle~and~interest of the Morr -
property m estu-guiahment of the indebtedness secured hereby, ,
in and to any insurance policies then is force shall pass to the pue~aser or graatee.
t3. Iie wiii not eaeciite ur : la of rc:.ord any instrument wlziRh i*^p~s • rc+atriction upon the sale or occu-
pancy of the property described herein on the basis of race. ooior,;p3~ c~6d:.•. .
9. The Mortgagee map, st an tame fending a suit upon Chia mo apply to the court having jc~rieclic-
tion thereof for the appointment of a receaver, and such court shall fo~t~ a~pomt a receiver of the premises
covered hereby ell and singular, including all end singular the income, profits, ieaues, and revenues from what-
ever source denved,, each and every of wh-ch it being expressly understood, is hereby iaortgsged as if specifically
set forth earl described in the granting an~ habendum clauses hereof. Such appointment shall be made by
such court es 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
1liortgagor or the defendants. Such rents profile, income, issues, and revenues shall be applied by such receiver
according to the lien of this mortgage ands the practice of such court. In the event of any default on the part
of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgages on demand as a reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth (lfi) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, easesainents, water
rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
10. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event
that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof,
or in the event that each and every the atipulationa, agreements, conditions, and covenants of said note and
this mortgage, are not duly, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receiveishi~ proceedings; then in either or any such event, the said aggre-
gate sum mentioned in said note then rem unpaid, with interest accrued to that time, and ell money
secured hereby shall become due and payaborthwith, or the~resiter, t the option of said Aortgagee, as
tally end oomp~otely as it all the said auras of money were originally atip~ated to be Paid on such delay, any-
thing msaid note or m this mortgage to the oontrar~ notwithatanduig; and thereupon or thereafter, at the option
of said Mortgagee, without naiice or demand, awl at law Or lII equity, may be prosecuted as if all moneva
secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, sa to the
amount so declared due and payable, and the said premises ahall~e sold to sstiafy and pay the same together
with costa expenses, and aUowanoee. 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 of the debt not then due and unpaid.
In such case the provisions of this paragraph may sgaui be availed of thereafter from. time to time by the
Mortgagee. - shall st an time thereafter be
11..No waiver of any covenant herein or of the obligation secured hereby y
held to be a waiver of the terms hereof or of the note secured hereby. t nement. or extension
12. The lien of tjiia instrument shall remain in full force and eSect during any pea po
of the tune of payment of the indebtedness or any part thereof secured teethe sot, of the lends herein described
18. This uwrtgage is giv: n to secure the purchase money, or a part
and is executed and delivered contemporaneously With the deed therefor.
14. If the Mortgagor default in any of the covenants or agreements contained herein, or in said cote, then
the Mortgagee may.pertorm the same, and all expenditures mcludu-g reasonable attorney's fees) made by the
Mortgagee m so doing shall draw interest at the rate proved for in the principal indebtedness, end shall be
repayable thirty (30) days after demand, and, together With intez~est end costa accrued thereon, shall be secured
by this mortgage. ~~ ~~~ ~ deliver s supplemental note or
lb. U n the request of the M the Mortgagor
notes for the sum or sums advanced by-the MorlBag'ee for the alteration, madernisataon, improvement, msia-
tsiiance, or repair of said premises, for fazes or aeseasanenb against the same sad for any other purpose sutbor-
ised hereunder. Said note or notes shall be secured hereby on a parity With and as fully as d the advance
evidenced thereby Were included in the note first described above. Said supplemental note or notes shall bear
'~