HomeMy WebLinkAbout0810._ __ ~ eOJ K ~ ~ PACE
ST, i.I1ClF C'?UN'Y. Ft.~1, shall oxceed the
3: It the total of the p• ants made by the Mortgagor under (a) o paragraph 2 preceding
amount of payments actually made by the Mortgagee- for ground n+nts, taxes and assessments, and insurance
premiums, as the case may be, such excess shall be credited on subeequearttgpaymenlf howeve~ such m nihly
gagor for such henna or, at Mortgagee a option, shall be refunded to o ago
beoo yy then tho
ps~yments shall not be sufficient to pay such items when the s~ammvice u 1 the deficiency n 3uc>h payment shall
Mortgagor shall pay to the Mortgagee any amount necessary P slat the amount of the deficioncy,
be made within thirty (30) days after written notice irom the Mortgagee ~g ~ ~ ~o~_
which notice may be liven by mail. If at aqy time the Mortgagor shall tender to the Mortgag
cared harsh full payment of the entire indebtedness represented
ante with the pprovisions of the note sec y. credit to the account of iho
thereby, the Mo shall, in computing the amount of such indebtedness. h Z If there shall be a
Mortgagor any 't balance remaining under the provisions of (`) of said Paragrss p~~~ ~v~~ hereby
default under any of the provisions of this mortgage resulting in a public sale of th at the time o~
or J the Mortgagee acquues the Property otherwise titer deiault, the Mortgagee shall apply,
the commencement of such proceedings or at the time the property is otherwise acqu~d, the amount then
remaining to credit of Mortgagor under (s) of paragraph 2 Preceding, as a credit on the interest accrued and
unpaid and the balance to the principal then remaining unpaid on said note.
4. He will pay aII taxes, assessments, wsbee noes, ~ othae' governnneatal ar municipal eharges, t[nes, or
$npoeitions, for which provision) ~~ the official receipts othe~retor to the Mortgagee. ~ Mortgagee rosy P~-Y ~
same; and that he will promptly thereof
b. He will permit, commit, or suffer ao waste, impa[rmeit, or detezioration of said property or any Pari on eai~
esoept reasonable wear and tear' and is the event of the failure of the Moortggor to keep the building
premises and these to be ereate~ oa said pre®ises, or improvameata thereon, ~ g°Od roP~ the Mortgagee may .
make such repairs as in its discretion it may deem necessary for the Proper preservatioathereof~, and the full amount
of each and every such Payment shaIl be dub and payable thirty (30) .day. suer demand, and shall be secured by
the lien of this mortgag. anti ezpeases, including reasonable lawyer's tees, and costs
8. He wiII pay all and singular the coats,Mortgagee because of the failure on the part of the Mortgagor
of abstracts of title, ineun'edomr ~d ate b'9 note and this mortgage, and said
m lty and filly to pert is and covenants of said pro®ieeory Ws
~~P~~g~ 'and expenses shall ~ imnn~edist~ due anti payable and shall be secured by the lien oft ' mortgage.
T. He will oontinnons~ maintain hassrd insurance, of such type or types and amounts as Mortgagee may
on the improvements now or hereafter on said Pramiaea and except when payment
romptly when
from time to time require,
for all such premiums has theretofore been made under (a of psragra~h a hereo~ by ~ Pa~ _ y_P and the poll
due any premiums therefor. All insurance shall be ~ ~ e st~~~ ~~~ toes psyable~a~uses in favor of
ties and renewals thereof shall beheld by Mortgagee ve immediate notice by mail to Mortgagee.
and inform aooepteble to the Mo In event of loss he will gi rand each insurance company
and Mortgagee y b Mortgago ;
ma make proof o • if not made prompt for such loos d>:~ectly to Mor~agee instead of
concerned is hereby authorized and directed to make psis, or any peat thereof, may be applied by Mores
to Mortgagor and Mortgagee jointly, and the insurance p ~~ or to the restora4on or repair of
at its option either to the .reduction of the indebtedness hereboy other transfer of title to the mortgaged
In event of foreclosure of this mortgage
e property damaged. title, and interest of the Mortgagor
property m extinguishment of the indebtedness secured hereby, ail right,
m and to any insurance policies then is force shall pass to the purchaser or grantee.
8. He will not ezecute or file of record any instrument which impeees a restriction upon the sale or occu-
pancy of the property described hhreon on the basis of race, Dolor; or creed. 1 ~ the court having j~lrisdic-
9. The Mortgagee may, at any time pending a suit upon this mortt,~~ss~gee aPP Y,
lion thereof for the appointment of a receiver, sad such court shall torlhwit~ appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profile, issues, and revenues from what-
understood, is hereby mortgaged ds if specifically
ever source denved,.each and every of wWch it be'u-g expressly
set forth and described in the granting an~ habendum clauses hereof. Such appointment shall be made by
such court as sn adwtted equity and a matter of absolute right to said Mortgagee, and without reference to
mo or to the solvency or insolvency of said
the adequacy or inadequacy of the value of the property , rigaBad _
Mo agor or the defendants. $uch rente~ p~ fita~~ce mi ~ ~~ m~ ~e ~~ ~ ~y default on the part
~g to the lien of this mortgage an P a ~ the Mor ages on demand as a reasonable monthly
of the Mortgagor hereunder, the Mortgagor agrees to P Y
rental for the premises an amount at least equivalent to one-twelfth ( s) of the aggregate of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, aseeeemente, 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 pert of the Mortgagor, or in the event
that any of said sums of money harem refereed to be not promp~~ oonditionsuand oov~en~anta o said note anf~
or in the event that each and every the stiPulationa, agreez°
this mortgage, are not duly, promptly, and fully performed or i~ the Mortgagor be adjudicated bankrupt or
made defendant in • bankruptcy or receiveislup Proceedin8a! then in either or any such event, the said aggre-
gate sum mentioned in said note then refmamu~g unpaid, with interest accrued to that time, sad all money
secured hereby shall become due sad payable forthwith, or thereafter, at the option of said Mortgagee, as
fully and oomp~etely as it all the said sums of money were originally. stipulated to be paid on such day, any-
thing m said note or m this mort~ag to the contrary notwithstanding ~ and thereupon or th ~ ~ ,if all moneoyns
of said Mo , wi~out notice or demand, suit at law or is equity, may~~ ~ mortgage, as to the
secured hereby ~a~d matured prior to its institution ~ ~M~~ea~~~ t~o~y ~d pay the same together
amount so declared due and payable, and the said p , _~~gage
with costs eupenses, and allowances. Ia case of partul f fo~emsmount oo the debt not rhea ue andpun~p~d
shall be sold subject to the continuing lien of thin mortgage be availed of thereafter from time to time by the
Ia such case the provisions of this paragraph may again
Mortgagee. shall at an time thereafter be
11. No w giver of any oovenaat 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 this instrument shall remain in~artf oth~reof secured hereby~y Pa ~
of the time of payment of the indebtedness or any p
13. This mortgage is given to secure the purchase money, or a part thereof, of the lands herein described
and is executed sad delivered oont~emporsaeoudy with the deed therefor.
14. Ii the Mortgagor default in any of the oovenaats or agreements OOatained herein, or in said note, then
the M may,perform the same, and all ea~per-ditures (meludwg reasonable attosney's fe9s) made by the
M~tgoarge~e~ doing shaIl draw interest at the rate prgvided for in the principal indebt~adness, and shall be
repsy~able thirty (30) days after demand, sad, toBather with interest tad oats accrued thereon, shell be secured
by this mortgage. shall execute and deliver s supplemental note or
lb. Uppoon the request of the Mortgages~r~ ~~~, modernisation, improvement, main-
notes for the sum ar sums advanced by thbsa ~ same tad tor. any other purpose author-
teaaaee, or repair of said premise., toe taxes or assessments against
ised hereunder. Said note or notes shall be secured hereby oa s pant with and as fully as ii the advaatx
evideaoed thereby wae~e included in the note.8nt described above. l~supplemental note :~r notes shall bear
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