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HomeMy WebLinkAbout0358g~RK 25 PACE Mortgagor sh411 pad to the Mortgagee any amount nec~asuy to mike up the deficiency. Such payment shall be made within thirty (30) days alter written notice from the Mortgagee stating tl~e amount of tl~e deficiency, which notice may be liven by mail. If at time the Mortgagor shall tender to the Mortgagee in accord- ance with the pprovistons of the note eeaured hereby. full payment of the entire indebtcdnesa reprea~nted thereby, the Mo shaU, in computing the sa4ount of `uch indebtedness, ered~h 2. tIt ch'e~ro ahallf be a Mortgagor any it balance remaining under the provisions of (a) of said p p 'default under any of the provisions of this mortgage reselling in a public stJe of the prnmiaes covert'd hereby or if the Mortgagee acquires the ProP~y otherwtae after default, the Mortgagee shall apply, at the time o~ the commencement of such proceedintca or at the time the property is otherwise saquu~i, the amount Bien rnmaining to credit of Mortgagor under (a) of paragraph 2 preceding: as a credit on We interest accrued and unpaid and the balance to the principal then remaining unpsud ~u said note. 4. He will pay-all tams, aaeeaement.. wstte rates, and other W or munidpal charges, f3trea. ~ innpoedtdons, for which provision bas not been made hereinbefore, and 'default thereof the Mortg~ee may Pay the same; and that he will promptly deliver the offdal receipts therefor to the Mortgagee. b. He will permit, commit, or softer no waste, impairmen or tlet~erioration of said property or an pert thereof tt,, r to lee the buildings on sai~ except reasonable wear and tear and is the event d the fail»re of the Mortg,ago P premises and thaee to be erectet~ ~n said premises, or improv~nenta thereon, in good repair the Mortgagee may make such repairs as in its discretion it may deem necessary for the p~oper preservation Lhereo~, sad the toll amount of each aW every sueh payment shall be due and payable shirty (~) days after demand, and shall be secured by the lien of this mort~e. 8. He will pay all and singular tLe oost0. ~a~es and expenses, ineludins reasonable Lwyer's fees, and costs of abstracts of title, incurred or paid at say tame try tLe ~ldortgagee because of the' failure on the part of the Mortgagor promptly sad f to perform the a~eanents and oovenanta of said promissory note and this mortgage, and said ~~ charges, ~' shall be inomedist~r due and payable and shall be secured by the lien of this mortgage. 7. He will oontiauons~ maintain hazard insurance, of such typo or types and amounts as Mortgagee map from tune to time require, on the improvements now or hereafter on said premises and except Shen payment for all such premiums has theretofore been made under (a of paragraph 2 hereof ~io will pay promptlyy when due any premiums therefor. All inaurata~oe shall be rn oompanres approve by ]41o ee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable ctausea in favor of and inform aoaeptable to the Mortgagee In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof o~ ions if not made promptly by Mortgagor1 and each insurance company concerned is hereby~ authorised serf directed to make payment for such loss du~ecdy to Mortgagee instead of r and M rtgagee .. roceeds, or any part thereof, may be applied by 111ort- to Mortgago 0 otntly, and the insurance p gages at rte option either to ~e reduction of the indebtedness hereby secured or to the r+estoratron or repair of the property dammed. IIn event of foreclosure of this tnoor~o der' transfer of title to the mortgaged property m e:tangmahmont of the indebtedness secured hereby, title and interest of the Mortgagor in and to any rnicurarios policies then in force shall pass to the parrhaaer or grantee. 8. He will not execute or file of record any instrument which impose, a restriction upon the sale or a~cu- psncy of the property described herein on the basis of race, Dolor, or creed. 9. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, o; the consideration for such acquisition, to the extent of the Lull amount of the remaining unpaid indebtedness secured by this mortgage, are herrh~ assigned to the Mortgagee, and shall be paid forthwith to Laid Mortgagee, to be applied on account of t' lest maturing inatallmenta of such indebtedness. 1 ~ the court havin urisdic- 10. The Mortgagee may, at asy time pending a suit upon this mortgage~aPP Y, t± l lion thereof for the appointment of a recerver, and such court shall forthhw~i appoint a receiver of the premises covered hereby all t!n singular, including ell and singular the income, profile, issues. and revenues from ~vhat- ever source denved,.each and every of which it being expressly understood, is hereby mortgaged as if specifically set forth and deacnbed in the granting snc~ habendum clauses hereof. Such appomtment shall be made by such court as sn admitted equity and a matter of absolute right to said Mortgagee, and without reference to 'the adequacy or roadequscy of the value of the property mortgaged or to the solvency or insolvency of said Morrtt~gaagg r or the defendants. Such rents, profile. income, issues, and revenue, shall be applied by such receiver accordmgo to the lien of this mortgage and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor a~rcea to pay to the :4iortgage~ on demand as a reasonable monthly rental for the premise, as amount at least equrvalent to one-twelfth (Sy i) of the aggregate of the twelve monthly installments payable is the then current year plus the actual amount of the annual taxes IIsasessinenta, water rates, and insurance premiums for such year not covered by the aforesaid monthly paym 11. In the event of any beach 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 acoordmg to the tenor hereof or in the event that each and' every the atipuLtions, agr'eementa conditions, and covenants of said note anc~ this mortgage, are not duly, promptly, and fully performed or il~ the Mortgagor be adjudicated bankrupt or made defendant in a bankruptcy or reeervesship proceedmgsL then m either or any such event, the said ait3i'e- gate sum mentioned in said note then rem unpaid, wrth interest accrued to that time, and all money secured hereby shall become due sad psyaborthwith, or thereafter, at the option of said Mort ogee, as e as if all the said sums of mosey were originally stlpelated to be paid on such fully sad compf tsly ay, ant- ihing maid note or m this awrt~age to the oontrari aotwttLstandmg; and thereupon or thereafter, at the option of surf Mortgages, without noUoe or demand, amt at law or is equity, may be prosecuted as if sly to the secured hereby bad matured prior to its institution. The Mortgagesoldto isat~,iaflj~i-nd p y thega~un~e together amount so declared due and payable, sad the said premises shall be ~e mort ged premises with oats expemrs, and o1lo~vaooes. ItA~ass of partial forpclosure of this wortgege, shall be sod subject to the oonfdnuing hen of thia`mortga~e for the amount of the debt not then due and iinpaid. In such cane the provisions of this paragraph may ,gam be evaded of thereafter from time to time by the Mortgagee. ' 12. No waiver of any eovenaint hereto or of the abhgatroa secured hereby ahaU at any lime thereafter be held to be a waiver of the terms hereof or of the note secured hereby. nement or extension • 13. The lies of this instrument shall remain is full force and effect during. any poatpo of the time of payment of the indebtedness or any part thereof secured hereby. 14. This is given b secure the purchase money, or a part thereof, of the lands herein described and ie exeeutednuanelivea~ed oont~poraneously with the deed therefor. i b. Ii the Mortgagor default in any of tLe covenants o~r_ agmamesrts contained herein, or in said rwte, then the Mortgagee may Perform t>,e same, and all espenditttr~es, ~'urclvdin8 rwonable attorney's fees) made by the M >s so do' shall dew interest at the rate provides fns to the prineipiil iadebtedness~wbe resured repayable thirty (80) days after demand, ~ad- t~et~~C with inte~st and oats accrued thereon, by t'h's shall execute and deliver a anpplemental note or 1 Upon the request of the Mortgages tha~ Matter im rovement, main- notes foe the wm os soars ad~anoed by the Mortgagee to tb° ~'~~. n°Od~~~' P sutlwr- tenaaoe, a repsic oisaid premises, Los' fazes or is against the aanw sad lute say other purpose itiad hereunder. Said Hots air rated shell be se ateedM+ebY oa a pant ~ eta tw a oe ~ ~sh~all bee eridseroed tbee+eby watt+e itrolnded in the sots $tst desctri>aN! ~boTe.~ sui-Al •. -•, ~ .. ' ti.~' ~ is •..: