HomeMy WebLinkAbout0450~5
Mortgagor.al-aU pay to tl-e Mortgages any argount necessary to make up the deficiency. Such payment shall
be made within thirty (30) days after written notice tetra the Mortgagee stating tl-e amount of tl-e deficiency,
shall tender to the Mor ee in accord-
which noti~:e may be given by mail. If at anyht~b~ tuM1° agm~et t of the entire indebtedtne~s.+ represented
ante with the provisions of the note secured Y,
thereby, the Mort~ee shsU, in computing the amount of such indebtedness, credit to the account of the
Mor~,gagor any credi6 balance remaining under the provisions of (a) of said parsgrcuP ~~~~ ~vered he by
default under any of the provisions of this moriga¢e resulting in a public sale ot. th p
or if the Mortgagee acyuu~es the ProP~Y otherwise titer default, ttie Mortgagee ahail apply, at the time o~
the commencement of such proceedings or at the time the property is otherwu-e acquired, the amount then
remaining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and
unpaid sad the balance to the principal then remaining unpaid on said note. .,
water rites, end other governmental or municipal charges, fines, or
4. He will pay all tares, asseesmeata, rtgsgee may PaY
impositions, for which provision has not been made bereiabetore, ~d in default thereof the Mo the
same; and that he will promptly deliver the oBicii-1 receipts therefor to the Mortgagee.
b. He will permit, commit, or su8er no waste, impairment, or deterioration of said property or an fact thereof
except reasonab~ wear and tear' and is the event of the failure of the Mortgagor to keep the buildings on esi~
premises and those to be erecte~ on said premises, or impmvementa thereon, in good repair the Mortgagee rosy
make such repairs as in its dissretioa it may deem necessary for the proper preservation thereo~, and the toll amount
of each and every nosh payment shall be due and payabb thirty (30) days attar demand, and shall bi~seoured by
the lien of this mortgage.
8. He will pay all and singular the costs, har~e~ and earpc~, including reasonable lawyer's fees, and costs
of abstracts of title, incurred or paid at any time bd y the Mort6,sgee becaw-e of the failure on the part of the Mortgagor
promptly and fuller to per?orm the agreements end oovenaata of said promissory note and this mortgage, and said
~~ ~~~ and ~~ shall ~ iannuediate~ due and payable and shall be secured by the lien of this mortgage.
T. He will oontinuonsly maintain hazard insurance, of such type br types and amoupts as Mortgagee may
from time to time require, on the improvements now or hereafter on said premises and except when payment
for all such premiums has theretofore been made under (a of par~graFh 2 hereof ~ie will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approve by llfortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loos payable c noses in favor of
and in f~ ~ acceptable to the Mo In event of loss he will give immediate notice by mail to Mortgagee, -
and Mortgagee may make prootro~ if not made promptly by Mortgagor. and each insurance company
concerned is herebyauthorised and directed to malts Payment for such loss directly to Nto instead of
7A Mortgagor and Mortgagee 'ointly, and We insunnoe proceeds, o"tiny part thereof, may be applied by Iliort-
gagee at its option eiWer to ~e reduction of the indebtedness hereby secured or to the restrntion or repair of
We property dammed. In event of foreclosure of this mortgage or other tnnafer of title to the mortgaged
property m exting-iiahment of the indebtedness secured hereby, ail right, title, and interest of the Mortgagor
m sad to any msunnce policies then in force shall pass to the purchaser or grantee.
8. He will not execute or file of record any instrument which imposes a restriction upon the sale or occu-
pancy 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 ot, or the consideration for such acquis-tion,
to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are hereby
assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be applied on account of ti-e
last maturing installments of such indebtedness. .
v to the court havin uris<lic-
10. The Mortgagee may, at any time pending s suit upon this mortgage e-pp,~ _ K j
[ 1- t~ ppo-nt a receiver of the remises
lion thereof for the appointment o a receiver, and such co~lrt shall fort wi a P
covered hereby all and singular, including all and singular the income, profile, issues, and revenues from what-
eversource derived, each and every of w hick it beingg expressly understood, is hereby mortgaged es if specifically
net forth and described in the granting an~ habendum clauses hereof. Such appointment shall be made by
such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to
the adequacy or inadegeacy of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendants. Such rents, profile, income, issues, and revenues shall be applied by such receiver
according 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 sprees to pay to the Mo on demand as a reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth :) of the a~r~ate of the twelve monthly
installments payable in the then current pear plus the actual amount of the annual taxes, assessments, water
rites, and insurance premiums for such year not covered by the doresaid monthly payments.
11. 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 stipulations, agreements conditions, and covenants of said note an~
this mortgage, are not duly, promptly, and tally performed or i~ the htortgsgor be adjudicated bankrupt or
made defendant in s bankruptcy or receivership proceedings then in either or any such event, the said aggre-
gate sum mentioned in said note then remauung unpaid, with interest accrued to that time, and all money
secured hereby shall become due and payable forthwith,, p~.thereatter, at the option of said Mortgagee, as
fully and oomp~etely as if all the said sums of money were originally stipulated to be paid on such day, any-
thitig~in said note or in this mortgage to the oontrar'y notwithstanding; and thereupon or thereafter, at the option
of and Mor ,without notice or demand, suit at law or is tquity, ma be prosecuted as if all moneys
secured heretbgyag~e foreclose this wort , as to the
-had matured prior to its institution. The Mortgagee ~Y t3aBe iher
amount ao declared due and payable, and the said premises shall-be sold to aatisf9 and Pay the same tpge ._
~~ ~~ expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises
shall be sod subject to the continuing lien of this mortgage for the amount of the debt not then due and -inpaid.
In such case the provisions of this P'sragraPh rosy again be availed of thereafter from time to time by the
Mortgagee.
12. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby. t nement or extension
• 13. The liea~ot t]iis instrument shall remain in full force and effect during any Poe po
of the time of payment of the indebtsdaees or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or • part thereof, of the lands herein described
and is ezeeuted sad 3elivered contemporaneously with the deed therefor.
lb. If the Mortgagor default in any of the oo~enants or agi~eements contained herein, or in said note, then
the Mortgagee may.pertonn the same, and all expenditures ('including reasonable attorney's fees) made by the
Mortgagee in so dou-g shall draw interest at the taro provided for in the principal indebtedness, and shall be
repsyyible thirty (30) days afier demand, aud, tog~elLce with inteZest sad Data accrued thereon, shall be secured
by thrs mortgage.
18. Upon the request of the Mo ~ehtiLeor ortgagor shall execute m~~~~ ~Proveementamsin-
notes for the sum or sums advanced b for the alteratioia,
tenaaoe, or repair of said premises, for taus or is agairi~t the same and for any other purpose author-
ized hereunder. Said note er notes shall be saCUred hereby on a pant with sad as fully ss it Ehe advance
evidenced thanby were included in the note $ist described abO!e. supplemental note or notes shad bear
-'
,n -
;; .. ,