HomeMy WebLinkAbout1726PACE
S T. l llCIF~~~~ ~l~d
Mortgagor atoll pay to ills Mortgagee any amount necessary ~ eficiency. Such payment shall
be made within thirty (30) days after written notice [rom the Mortgagee stating tl~e amount of tl~e deficiency,
which notice msy be liven by mail. If at an time the Mortgagor shall tender to tho Mortgagee in nccori!-
ance with the provisions of the note aecuwd hereby; full payment of the entire ind~btednc•ss repres~•nt~•d
thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to~ the ace~~int of the
Mortgagor any credit balance remaining under the provisions of (a) of said pa aph 2. It them shall be ii
defaullt under any of the Qroviaiona of this mortgage resulting in a public sale ot~e promises covered hereby,
or it the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of
the commencement of such proceedings or st the time the property is otherwuie ac aired, the amount then
remaining to crP3it of Mortgsgc-r under (a) of paragraph 2 preceding as a credit on tho interest accrued and
unpaid and the balance to the principal thon roma-nmg unpaid on said note.
4. Re will pay all tares, aaeeesmenM, water rates, and other governmental or municipal charges, tines„ or
impoeitiona, for which provision has sot been made hereinbefore, and in default thereof the Mortgagee may pay the
same; sad that he will promptly deliver the official receipts therefor to the Mortgagee.
b. lie will permit, commit, or suSer no waste, impairment. or deterioration of said property or an part thereof,
ezcept reasonable wear sad Leu• and in the event e>f the failure of the 142ortgagor to keep the buildings on said
premises and those to be erecteeii on said premises. or improvements thereon, in good repair, the Mortgagee may
make such regalia as in its discretion it msy deem necessary for the proper preservation thereof, and the full amount
of each and every such payment ahaU be due and payable thirty (30) days after demand, and chap be secured by
the lien e>i this mortgage.
6. He will pay all and aiiigiilar the costs, and expenses, including reasonable Lwyer's fees, and costs
of abstracts of title, incurred or paid at any time~Mortgagee because of the failure on the part of the Dortgagor
promptly and fully to perform the ageementa and covenants of said promissory note and thin mortgage, and said
costa, charges, and ezpeases shsU be immedu-tely due and payable and shall be secured by the lien of this mortgage.
7. lie will oontinuousl, maintain hoard insurance, of such type oriypes and amounts as 14~ortgagee may
from time to time require, on the improvements now or hereafter on asi premises and except when payment
for all such premiums has theretoforA bean made under (a of panigraFh 2 hereof ~e will pay promptlyy when
due any premiums therefor. All insurance shell be curled in eompaiues approvee~ by Mortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loan payable clauses in favor of
and in form soceptable to the Mortgagee In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee msy make proof o3 I ~ it not made promptly by Mortgagor, and each inaui~ance company
concerned is hereby~authorved and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by riort~
gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of 'this mortgage or other transfer of title to the mortgaged
property in eatiiiiguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
m and to any maursnce 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 ills sale or occu-
pancy of the property described herein on the basis of race, color, or creed.
3. If ills premises, or any part thereof, be condemned under the power of eminent domain, or acquired
for 1 public use, the damages awarded, the proceeds for the taking of; or the oonaideration for such acquisition,
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 bo applied ou account of tlic
last maturwg installments of such indebtedness.
10. The bortgagee rosy, at any time pending a suit upon this mortgage apply to the court having jeiriselic-
tion thereof for the appointment of s receiver, and such court shell fort wit~i appoint a receiver of the premises
covered hereby all and singular, inclusiin~ all and singular the income, profits, issues, and revenues from what-
ever source denved, each and every of which it being eapresaly understood, is hereby mortgaged as it specificalig
set forth and described in the granting ane~ hsbendum clauses hereof. Such appointment shall be made by
$uch court a8 an admitted equity and s matter of absolute right to said ~iortgsgee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvcncv of said
Mor agor or the defendants. Such rents, profits, income, iasusis, and rerenuea shell be applied by such receiver
accordm' g 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 Jiortgsgor agrees to pay to the Mortgagee on demand as a reasonable monthly
rental for the preiniaew 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, asaesainenta, water
rates, and insurance premiums for such year not covered by the aforesaid 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 soma of money herein referred to be not promptly and fully paid seconding to the tenor hereof,
or in the event that each and every the stipulations, agreements, conditions, and covenants of said note and
this mortgage, are not duly, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receivership proceedings; then in either or any such event, the said sggre-
gste sum mentioned in said note then rem unpaid, with interest sccruad to that time, and all money
secured hereby shall become dos sad payaborthwith, or thereafter, at the option of said Mortgagee, as
fully and eomp~etely as it all the said sums of money were originally stippMated to be paid on such day, any-
thing m said note or m thin mortgage to the contrary notwithstanding; gad thereupon or thereafter, at the option
of said Mortgage, without nonce or demand, suit at law or in equity, msy be prosecuted sa if all rrioners
secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the
amount eo declared due and payable, and the said premises shalll7e sold to satisfy and pay the same together
with coats expenses, and allowaaexs. In case of partial foreclosure of thin mortgage, the wortgaged premises
shall be sod subject to the continuing liefi o1; this mortga~ri for the amount of the debt not then due and unpaid.
In such case the provisions of this paragraph may 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 ahaU at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. 1'he lien sit thus instrument shall amain is full force and effect during any postponement or extension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage >s given to secure the purchase money, or a part thereof, of the lands herein described
and is executed and delivered oonteunporaneously with the deed therefor.
15. IL the Mortgagor default in any of the oovenaats or agreements ooatained herein, or in said note, then
the Mortgagee may perform the same, and all eapenditurea including teasonable attorney's fees) made by the
Mortgagee in so do' shall draw interest it the rate provi ed for is the principal indebtedness, and shall be
repsyab a thirty (30) days attar demand, sad, together with interest and cosh accrued thereon, shall be secured
by this mortgage.
18. Upon the request of the bio ag~ee the Mortgagor shall eaecut`and deliver a supplemental note or
motes fair the sum or sums advaaoeil bey the Mortgagee for the alterat'Lon, modernisation, improvement, maia-
tmance, or repair of said premises, for taus or aaaeesments against the same and for any other purpose author-
ised hereunder. Said note or notes shaD be secured herby on a p~an~ t~y with sad as fully as it the. advancx
evidenced thereby were included in the note first dacribgd above. Said supplemental note or notes shall beu