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HomeMy WebLinkAbout2120 Xo~i 20 PAC( 13 ;, I Mortgagor..h~l ~1 c.o t.he Mortgr.pe ~y amou~t. neeE...., c.o make up tbe ~eficit-ncy. S~h payoufnt shall be ~ade ~thm thirty ~30) days ~t.er wnt.Len no~lCe from t.he Mortgaceo ...twe the amount. of the dl'ficil'ncy, which ~hce may be Jlven by mail, If a\ any t.une t.he Mortgagor ahall \ender c.o the Mortgagee in &CCOM- anee Wlt.b the proTiuona of the noLe IN'lCured hereby, full P\'yme~t of t.he ent.ir~ indeb~nf'88 repl't"af'ntro thereby, the Mo~ thall, in comput.ing t.he amount of auch indebt.edness, credit. t.o tbe account. of thl' Mortgagor any enUi~ balance remaining uader the provisions of (a) of said paragraph 2. If there shall be 11 dt'f~ult. -under any of the ~roTiaion. 01 this mortg-r resulting in a public Bale of the premill'8 coveroo hereby, or if t.he Mortgagee at'qU11'e8 the proper1.y ot.hennee uw default., the Mortg~ee shall apply, d the t.ime of the c~)I~menceme~t of .uch proceedinga or at the time t.be prope~y ia Othl'rwl8e acq.u~, th.. amount thl'n I't'matrung c.o credit. of Mortgagor UME'r (a) of paragraph 2 pl't'Ct'dmK .. & c.-edit on the mtert'St. accrued and unpaid and the balance to tJie principal then remaining unpaid on said note. ~. He will pay all tuee, ~ta, water ... ud other aovemmental . mUDiciid cb&rpe, &De.. or Impollit.iona. for which proviaon baa DOt. been made hereinbefore, and in default thereof the Mortppe may pay the lame; and that he will promptly deliver the o8icia1 noeipt. tberetor to the Mol1p&ee. 6. He will permit, commit., or au1fer DO wute, impainDent, or deterioration of aaid property or any .part thereof exce~ reuonable wear and tear; and in the e~t of !-he failure of the Mo~r c.o k~p the buildinp on said prem18e8 and thoee to be erected OD laid prem.I8eI, or unprovement. thereon, m good repair the Mortpgee may make auch repain .. in ita dilcretiOD It. may deem nee r ry for the proper preeervation U;;;;;; and the full amount. of each and every auch payment. ebaJl ~ due and payable thirty (30) days after demand, and sball be aecured by the lien of t.hia 1IlOrip&e. ' . 6. He will pay all and 1Iincu1ar the C08te, char&ee. and expeD8ell, including rea80DAble lawyer'. fees, and eGSta of abstract. of title, incurred or paid at any ~ by tbe Mortp&tle becauae of the failure on t.he part of the Mortgagor promptly and fully to perform the ~taaDd covenant. of said promiBBory note and this mortgage, and sa.id OO8t., charges, and expell8ell shall be immediately due and pa1able and aha1l be aecurOO by the lien of this mortgage. 7. He will continuoualy maintain hazard insurance, of .uch type or types and amounts &8 Mortgagee may from time to time require, on the improvements now or hereafter on uid premises and E'Xcept when payment. for all Buch premiums haa theretofore been made under <a> of pe.ragr&,Ph 2 hereoft he will PAY promptly when due any premiuIDB therefor. All ins\lJ'&DCe shall be carried in compamee approved by Mo~ee and the poli- cies and renewals thereof &ball be held by Mor~agee and have at.tached thereto 1088 payable cfaU&e8 in favor of and in form acceptable to the Mortgagee. In event of 1011II he will give immediate notice by mail to Mortgagee and Mortgagee may make proof o-f f088 if not made promptly by Mortgagor, and each insurance company concerned ia hereby authorized. and directed to make payment for such 1088 directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or acy part thereof, may be applied by Mort- gagee at it. option either to tha reduction of the indebtednll88 hereby secured or to the restoration or repair of the property dam&t{ed. In event of forecl08ure of this mortgage or other transfer of title to the mortgaged propert.y in extinguishment of the indebtedne8l!l secured hereby, all right, title, and interest of the Mor~agor m and to any insurance policies then in force shall pass to the purchaser or grantee. 8. He will not e-XE'Cute or file of rE'Cord any instrument which impost's a rt'Striction upon the sale or ()('('u- pancy of the property described herein on the basis of race, color, or creed. 9. If tll{' prt'mi!K's, or any part thereof, bc cond('mlleJ under the power otf'.mint'nt domain, or acquin'tl for a public UIK', the damagl's awarded; the procl'OOS for tlw taking of, or th(' consideration for such acquisition, to till' l'xtent of tilt' full amount of the remaining unpaid indl'btt'dnt'SS secured by this mortgage, art. IlI'fl,b\' assigllt-d to tht, MortgagN.', and shall be paid forthwith to said ~Iortgagee, to b~lLpplied on account of th',. last mat uring installments of such indebtednt'88, . 10. The- Mortgagee may, at any time pending a suit upon this mortgage apply to thE' court hftving jmis<lir- tion th('J'('()f for the appointment ola rl'CelVE'r, and such court shall forthwith appoint a rt'ct'i\'t'r of till' \In'mis,'g covered herl'by all and singular, indudin~ all and singular the income, profits, issues, and revenul'S from Whllt- eve-r 80urctJ dl'ri\'oo, each and ..Vt'ry of which! it bl'ing t'xprt'881y undN'Stood, is hl'rl'by mortgagt'd as if spt'('ifi<-a\l\' 8('t forth and d('SCrilx-d in the granting ana habendum clauS<.'S herrof. ~Ilrh appointml'nt sh"ll bl' madt' h,' such court &8 an admittt'd equit), and a matter of absolute right to said ~lortgageE', and without rt'fl'rl'nce- to the- adequacy or inadequacy of the value of the property mor~aged or to the 1I01vE'ncy or in801vencv of said Mortgagor or thl' dl'fendants. Such rl.'nts, profits, income, isaue8, and rennues shall be applied by such r('ceinr according to tht, !il'n of this mortgage and the practice of such court, In the e\'ent of any dl'fault on the part of tht' ~Iortgagor hl'reundt'r, thl' ~Iortgagor agrees to pay to the ~lortgaKl'f on demand as a rl'a!lOnllble monthl\' I't'ntal for tll(' pr('mi~ an amount at It'88t t'quivall'nt to one-twelfth (~I) of the aggrl'gate of the twelvl' monthl~' installments payable m tht' th('n cllrr('nt year plus the actual amount of the annual taxes, assessml'nts, watt'r rates, and insurance prl'miums for sU(1h Yl'ar nol covered by the aforesaid monthly payml'nts. 11. In the- ennl of any brl'ach of this mortgage or dl'fault on the part of the ~Iortgagor, or in th(' ev('nt that any of said sums of money hl'rl'in rE'fe-rred to be not. promptly and fully paid acconling to the- tenor lwreof, or in thl' l'nnt that e-ach and l'Vl'ry thl' stipulations, agreements, conditions, and covenants of said notl' and this mortgagl', are not duly, promptly, and fully performl'd or if the ~Iortgagor be acljudicatt'(1 bankrupt or madl' defendant in a bankruptcy or recl'ivership procl'l'dings; thl'n in eithl'r or any such ewnt, thl' said aggn', gate sum ml'ntion('d in said note thl'n remainmg unpaid, with interf.'St accrul'd to that timE.', anti all monE'Y !l('('ured hl'rebv shall lx-coml' due and payable forthwith, or therl'aftl'r, .at the option of said ~lortg8gl'E', as fully and compil'tely &8 if all the said llllm8 of money'wt're originally stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereaftE'r, at the option of said ),Iortgagee, without notic..e or demand, suit at law or in equity, may be prosecuted as if all monl'\'>\ 8t'Curec:l hC'reby h&d matured prior to its institution, The Mortgagl'e may (oreelose this mort~a~(', as to the amount 80 dl'Clared dul' and payable-, and the said premille8 ahall be 80ld to satisfy and pay the same to~(,tlll'r \\;th costs, l'xpen8efl, and allowances. In cue of partial foreclosure of this mortgagt', the mortgag('(l prl'lnis<'~ shall be sold suhjl'Ct to tbe continuing lien of this mortg~e for the amount of thE' debt not then dul' and unpaid. In such case the provisions of th.is paragraph may agam be availed of thl'rl'afler from time to tinw by tht' Mortgagee. . 12. No waivE'r or any cove-nant ~erein or of the obligation lleCured ht"reby shall at any timc tlll'rt'"ftt'r be held to be a waivE'r of the tenns h('J'('()f or of the note :K'Cured herl'by. 13. The lil'n of this instrument shall remain in full force and eflect during any postponl'ml'nt or ,.xt<.nsion of the time- of payml'nt of the inde-btt'dness or any part thereof 8('cured hl'reb)'. 14. This mortgage is gi\'l'n to secure the purchase money, or a part thereof, of the lands herl'in d('S('rilX'd and is e-xt'Cutl'd and delivert'd contemporaneously with the det'd thE'refor, 15. If the Mortgagor default in any of the covenants or &grt'Cments contained hl'rein, or in said nott', thcn the Mortga~e may perfonn tht' SlLO}l', and all expenditures (including rl'88()Ilable attom('y's r"M!) mad(' by thl' ~lortg8gel' m 80 doing shall draw inter('8t at the rate providl'd for in the principal indl'bt('(ln<'88, and shllll bt, rl'pa\'able thirty (30) days after demand, and, togethe-r with interest and costs accruoo thereon, shallh<' securt.-d by tllis mortgage. ' 16. Upon the request of the Mortgagl'e the Mortgagor shall l'XE'Cute and delivE'r a suppll'ml'ntal notE' or notes for the sum or sums advanced by the Mortg&gl'e for the altl'ration, modE'rnization, improvcml'nt, main- t('nanC(', or i't"pair of said premises, for taxes or 888e88m!'nts against the aame and for any other purpost' author- ized hereunder. Said note or notes shall be 8Ccun.u hl'l't'by on a parity with and as fully as if the 811\"tlDCe- evidenced thereby were included in the note finat. described above. Said aupplemental note or notl'lllih4l1 bur