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HomeMy WebLinkAbout2570 3, If lh('l total of the payments mad~ ~ ,U'Il~~&. Ca) of paragraph 2 Pl't'Cooilll ahan exeeWlbe amou.nlof paymenta acLually m!l.de by the Mo~f~; i~~nd rents, ta.ns and U1It'8Unenta, and inabrance preolluma, aa Lhe caae mal' be, such e:tOO88 shall be credi....d t'n lIubsequent. payments to be made by the Mort- gagor for such items or., al Mortgagee's opt.ion, thal! be refunded to Mort.pgor, If, boWBVm", BUch monthly paymenta shan not he 8ufficienl to pay such items when the lWIle shall heOOlQe dU(ll and payable, then th.. Mortgagor .hall pay to the Mortgagee any NIlOunt neceMa1'Y to make up thp, dt16cit'ncy, Such psyment shall be made within thirty (30) days afLel' mtlen noticq from the Mortgape statinc the amount of the deficirocy, which notice may be ~ven by mail, If ,'~ any time the Mort,gagor mall t.t>ndt'r to the Mortgagee in aecord- anee with the provislOll8 of the note 8t'CurOO hereby, full payment of th('l entire< ind('b~nf'88 repl'e8t'nW thereby, the Mortgagoo shall, in comput.ing the amount of such indrbtoo'le88, credit. to the accounl of \hl' Mortgagor any credil balance remaining under the provwons of Ca) of said p&ragraph 2. If lhere 8hall be a tlt'fault under any of the provision8 of this mortg~e resulting in a public salt' of Ull' premi8eQ oonroo hereby, or if t.h(ll Mort.gagl'C acquires the property otherwl8el aftft' default, Lh.. Mo~ shall apply, at. Ul('l time of the commt'nct'ml'nt of sU/'h proct't"dings or at the timl' &.Ill.' propt>rty is olheorwUle acquired, I hl' amount th('n rt'maining to ('ft'tlit of Mortgagor under (a) of paragraph 2 prl'CNiin~ Il8 a credi~ on the inlert'8t accrued and ~npaid and the balance to t.ht' principal then remaining unpaid on said not.e. , . 4, He will pay all tau., ~."'''''~&.. water rat.ee, and other lO~rnmental 01' municipal charpI. 6Dee. or impositions, for which provieion baa DOt been made hereinbefore, and in default thereof the Mortppe may pay the same; and that he will promptly deliftJl' the official receipts Ul~refor to the Mortppe. 6, He will permit, commit, or suffer DO wute, impairment, or deterioration of said property or any Part thereof except reasonable wear and tar; and in the event of the failure of the Mortgagor to keep tbe buildings on said premiae8 and those to be erected on said premiat:8, or improvements 'hereon, in good repair, the Mortgagee may make 8uch repainl as in ita diacretion it may deem neo6llll&ry for the proper preeervation thereof, and the full amo\mt of each and every BUch payment shall be due and payable thirty (30) daya after demand, and 8hal1 be aecured by the lien oi this mortgage, 6. He will pay all and eingular the 008ts, charges, and expenaes, including reasonable lawyer's feee, and costa of abstracts of title, incu.rrOO or paid at &I1Y time by the Mortgagee becaUlle of the failure on the part of the Mortgagor promptly and fuUy to perform the agreements and covenants of said promiBeory note and tllla mortgage, and &~d COllts, charges, and expeD8e8 ahaIl, be imrnflldiately due and payable and ahall be BeCured by the lien of this mortgaae. 7, He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on the improvements now or hereaftAlr on 8aid premises and except when payment for all such premiums baa theretofore been made under <a) of paragraph 2 bereoft he will pay promptlv when due any pr.:3miuma therefor. All insurance shall be carried in companies approvoo by Mortgagee and tbe poli. cies and renewals thereof Bhall be held by Mortgagoo and have attached thereto 1088 payable~ cfausee in favor of and in form acceotable to the Mortgagoo, In event of ).:>88 he will give immediate notice by mt.U to Mortgagee and Mortgagee inay make proof o-f 1088 if not made promptly by Mortgagor, and each insurance company conc.erned is hereby authorized and directed to make payment for Buch 1088 directly to Mortgagee instead of to Mortgagor and Mortgagoo jointly, and the insurance proceed8, or any part thereof, may be a,plied by Mort- gagee at its option either to tbe reduction of the indebtedneB8 hereby secured or to the restoration or repair of the property d&m~ed. In event of forecl08ure of this mor~age or other tnuWer of title to the mortgaged property in extingwsbment 01 the indebtedn6118 secured hereby, ;ill right., title, and interest of the Mortgagor In and to any inaurance policies then in force 8hall pssa to the purchaser or grantee. 8. Ht' will not t'Xl'C'ute or fill' 01 rl'Cord any instrument which imJ>08E'!l a rt'8trictioll upon the sale or occu- pancy of the propt~rty dl'SCribed herein on the basis of race, color, or creed. . 9, ThE' Mort~age('l ".lay, at any time pending a suit upon thiB mort~a~, apply. to thl' cO~lrt hl\vin~ jl\ri!>tli('. lIOn thcrt'Of lor the appomtml'nt ot 8 rt'Cf'IVer, and Buch court shall forthWIth appomt 8 rl'C'elvt'r of tIlt' prl'miSl'S covt'red hert.by all and aingullir, indudi~ all and singular the income, profits. issues, and revenut'S from what- ever BOurce derived, elil'h and enr,)' of wluchl it bt'ing exprt1SSly untleIlltood, is hereby moctgaged &8 if spt'C'ifieallv 8('t forth and dl's('ribNI in thl' ~anting ana habendum clauses hereof. Such appointment shall be mBde by !mch ('ourt as an admittctl l'quity and a matt('r of absolute right to Baid ~[ortgagee, and without rl'ferl'nee t~) thl' adl'(IUl\CV or inadMJlIllCY of the valul' of the property mort~age<l or to thl' BOlvl'ncv or inllOlnncv of said Mortga~or o'r tht' deft'Dtlants. 8u('h I'l'Dts, profits, income, issues, and revenul'8 shall be applied by such rl'ceiver 81't'ordinK to the lit'n of Ihis mortgage and the practice of Buch court. In the event of any default on the part of Ill(' ~Iort~agor hl'reuntlcr, thl',~(ort~agor agrel'8 to pay to the ~[ortg8gee on demand as a reasonabll' monthlv rt'ntal for tIll' prt'mi~ an amount at It'ast equivalt'nt to one-twdfth Oit) of tht' aggrE'gatl' of the tWt'lvl' monthl~' installml'nts payable In tht' thl'n CUITl'nt year plus the actual amount of thl' annual tut'S, aS8e!18ml'nts, water ratt'8, anll in8urance prl'miums for Buch Yl'ar not covered by the aforcsaid monthly payments. 10. In the l'wnt of any bl'('a('h of this mortgage or dt'fault on thl' part of the ~fortgagor, or in the t'wnt. that, any of said sums of mont'Y ht'rl'in refl'rrt'd to be not promptly and fully paid according to the tenor hert'Of, or in thl' ewnt that t'ach and l"'l'ry tilt' 8tipulation8, agret'ments. conditiuns, and COVl'nants 01 said not(' and this mortgage, art' not duly, promptly, and fully pt>rlonnl'd or if the ~(ortgagor be adjudil'at('(l bankrupt or mRdt~ tl<.fendant in a hankruptcy or Cl.'('('j.,'ership--:?COC'l'l'dings; thl'n in l'ither or any Bu('h eVt>llt, till' ssid &ggrt"- glltl' slim ml'nlionl'd in sRid note thl'n remaimng unpaid, with interl'8t aecrued to that timt', anll ftll mont'v 8('('ured ht'rebv, Bhall become due and payahle forthwith, or then>after, at the option of Baid ~Ioftgagel', as fully and completely &8 if all lhe said sums of money were originally Btipulated to be paid on 8udl day, any- thing in said note or in this mor~ to the contrary notwithstanding; and thereupon or thereafter, at, tht' option of said Mortg~e, without notice or demand, suit at law or in equity, mav hl' prosecuted as if all moneV8 Sl'Cured hefl.hy had IQatured prior to its institution, The Mortgagee may (ort'<'lose this mortgagt', &8 to tht' amOlIDt BO dl'l~lared due snd payable, and the Baid premises 8haUbe sold to SAtisfy and pay the 8ame togetht'r wilh costs, l'xpc'nses, and allowances, In case of partial foreclosure of this mortgsgt', the mortgsgM p'rcmises shall be BOld subjecL to t.he continuing lien of thi8 mortg&fPl for the amount of thl' dt'bt not then dut' and unpaid, In su('h ClL86 the proviaions of t.hie paragraph may aglWl be availed of therealter froID time to timl' by Ibt' Mortgagee. 11, No waiver o! any covenant herein or of the obligation secured hereby 8hall at an)' time thl'realu-r be held to be a waiver of the termB hereof or of the note secured hereby, 12, The lien 'of t1iia instrument 8hall remain in full force and effect during any postpont'm('nt or t':<tl'nsio.n of the time of payment. of the indebtedncse or any part thereof secured hereby. 13, This mortgage is given to secure the purchue money, or a part. thereof, of the lands herein de-lC'ribed and is executed ana delivered contemporaneously with the deed therefor, 14. If the Mor~agor default in any of the covenants or agreementAJ conuined herein, or in said note, then the Mortg~ may pt>rfonn the aame, and all expenditures (including reaaonable attorney's feea) made by the Mortgagee ID so doing shall draw interest. at the ratAl provided for in the principal indebtednees, and .hall bto repayable thirty (30) days after demand, Uld. together with intere&~ and NJ8ta aoerued thereon, shall be lOOured by this mortgage. 16. Upon lh(; request of the Mor~a~ the Mortgagor shall execute and deliver a aupplemental note or notea for lhe sum or su.m& advanced by the Mortgagee for the alti'ration, moderuizaUon, improvement, main- tenance, or repair of N.id premiaea, for taxes or M8eI8Dlents against the same and'or any other purpoee author- ized hereunder, Said note or noiel shall be aeeured hereby on a parity with and as fully.. if the adnnce evidenced thereby were included in the noLe firH.delCrilMcl above, Said supplemental DOLe or DOtes shall bear 1 . . . ..