HomeMy WebLinkAbout1989eo~K ~ 27 PA,F589
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Mortgagor sl-all ppay to tl-e Mortgagee any amount rr~~~~to make up tho deficiency. Such payment shall
be made within ttiirty (30) days after written noticen~J~~'16b~1#$'~'I~SAnB tl-o amount of tl-o deficiency,
which notice may be ~tven by mail. If at an time the Mortgagor ~ . tender to t.l-e Mortgagee in acconl-
ance with the provistona of the note secured hereby, toll payment of the entire indebtedness inpresent-vl
thereby, the Mortgagee shall, in computing tho amount of such indebtedness, credit to the account of tl-e
11~[ortgagor any credit balance remaiFiing under the provisions of (e) of said paragraph 2. It them shall be u
detau t under any of the provisions of this mortgafie insulting in a public sale of the pinmises covered heinby,
or if the Ilfortgagee acquttes the property otherw-se after default, the Mortgagee sl-all apply, at the time of
the commencement of such proceed-nga or at the time the property is otherw-se ac u-ind, the amount then
n•maining to cn•dit of I-4ortgsgor under (s) of para~aph 2 preced-ng_ --s a credit on the inten•at accrued and
unpaid and the balance to thhe principal then remain-ng unpaid on sa-d note.
4. He will pay all rases, aseessonents, water rates. and other governmente-1 or municipcharges, f ~es. or
impositions, for which provision has not`been made hereinbetore, and in default thereof the Mo ma the
same; and that he will promptly deliver the official receipts therefor to the Mortgagee.
5.' He will permit, commit, or suffer no waste, impairment, or deterioration of aa-id property or any part thereof,
except reasonable wear and teat; and ire-thg event of the failure of the Mortgagor to keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount
of each and every such payment shall ae due and payable thirty (30) days after demand, and shall be secured by-
the lion of this mortgage.
8. He will pay all and singular the costa, c ,and expenses, including reasonable lawyer's tees, and costs
of sbstracte of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the a®reements and covenants of said promissory note and this mortgage, and said
costs, charges, and expenses shall be immedii~tely due and payable sad shall be secured by the lien of this mortgage.
7. Iie will continuous), maintain hazard insurance, of such type or types and amounts 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 paragraph 2 hereof ~e will pay promptly H hen
due any premiums therefor. All insurance shall be carrieedd m a-mpan-es approv by Mortgagee and the poli-
cies and renewals thereof shall beheld by Mortgagee and have attached thereto lose payable c ausea in favor of
and in form acceptable to rho Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned >s h~r~~y authorized and directed to make peymont for such loss directly to Mortgagee instead of
to Mortgagor and :Mortgagee ointly, and the insurance piviceeda, or any part thereof, may be applied by 1liort-
gagee at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed. In ovent of foreclosure of this mortgage or other transfer of title to the mortgaged
Property m extinguishment of the indebtedness secured hereby, ell right, title, and interest of the 1ortgagor
in and to any insuranco policies then in force shall pass to the purchaser or grantee.
K. He Mill not execute or file of record any instrument which imposes a n•s : ~ction upon the sale or occu-
pancy of the property described heroin on the basis of race. color, or creed.
t~. If the pn•mis-•s, ur any part themof, be condemned under the power of eminent domain, or acquir-rl
fur a publie+ use•, the damages awarded, the pn-cecds for the taking of, or ti-e consideration for such aC(I-11911Ug1,
to the extent o[ thi• full amnm-t. of the mmau-iug unpaid indebtedm:c4 secured by this mortgage, are he-ein'
a,~,igne•el to the \iur~gage•e•, and shall be paid forthwith to said `lortgagec, to be applied on account of the
Iasi n-ati-ring iustallnu•uts of such iiidebtc•dne•ss.
10. The ~tortgagec may, at env tSme pending a suit upon this mortggage, apply to the court ha~•in}~ jnriseli~•-
tion thereof fur tl-e app~-intment ut a~recetver, and such court shall forthw•~th appoint. a recei~•er of tl-e pn•u-ises
covered hereb}• all an-t .Kin{;ular, im•ludin~ all and singular th-• inrome, prulits, -ssues, and n•vrnu-•, (ruin ~~•hat-
eversource deri~ e-1, eacl- and every of w•h-ch, it 1-eing expn•ssly undersU-od, is hereby mortgaged as it specilically
se•t forth and de•se•rihe•el in the granting and habendum clauses hereof. 5nu•h appointment shall be made by
sucl- court as an admitteel equity and a matter n[ absolute right to said \Iurtgagee, and Nitl-uut n•[en•nce• to
the adequacy or inadequacy of the slue of the property mortgagwl or to the solvency or inse-Ivenc~ of said
~Iurtgagur or the defendants. tiuch rants, profits, income, issue, and revenues sl-all be applievl by sucii receiver
accunling to the lien of ti-is mortgage and the practice of such court. In the event of any default on the part
of the ~iortgagur hen•undcr, the ~lort}!agor agrees to pay to the ~lortgager on demand as a reasonable nu,nthly
rental for the preunse•s an anlOllnt at Icast elllll\'alent to one-twelfth ('i:) of the aggro}-,ate of the hvelve monthly
installments payable in the then currrnt year plus the actual amount of the annual taxes, assessments, water
rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
11. In ti-e 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 refernel to be not promptly and fully paid according to the tenor 1-ereof,
or in the event that each and every the stipuiatiuns, etireements, conditions, and covenants of said-note and
this tnort{;agge, arc not duly, prompth•, and fully performed or if the Mortgagor be adjudicated bankrupt or
made defenelant in a bankruptcy or neeivershiP proceedings; ti-en in eitlur or env such event, thr said x{,q;re-
gate sum mentioned in said note then remainingg unpaid, with interest. accrue•el to that time, and all money
secured hereby, sl-all become due and payable forthwith, or thema[ter; at the option of said Mortggagee, as
fulh• and completely as it all the said sums o[ moneywere originally stipulated to lx paid nn suet e1ay~ any-
thing inlaid note or in this mortgage to the contrary notwitlistanding;and thereupon or thereafter, at the dption
of said Mortgagee, N ilhout notice or demand, suit at law or in equ-ty, rosy be prosecuted as J all moneys
secured herel-y had matured prior to its institution. The Mortgagee may foreclose this mortgage, xs to t{u•
anuumt su drelan~d clue and payable, and the said premises shall lx• sold to satisfy and pay the same tu}n•ther
with scats, expenses, and allowances. In cage of partial foreclosure o[ this mortgage, the mortgaged premis~•s
cl-all lx• wild subject to the continuing lien u[ Ll-is mortgage for Lhe amount of the debt not then due and unpaid.
In suci- case the provisions of this paragraph may aga-n be availed of thereafter from time to tinu• by the
IVlortgagee.
12. No waiver of any covenant herein or of the obligation secured hereby shall RI any tinu• thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and elTect during any pe-stlwne-nent or extrusion
of the time of payment of the indebtedness or any part thereof secured hereln•.
14. This mort}}•~~agge is giv-•n to secure the purcha.e money, or s part thereof, of tL-• lands lu•rein d~•~•rilK•d
and is executed salt eli•livereel contenlPe-raneously Kith the deed therefor._ ,
15. If tl-e Mortgagor default in any of the covenants or agreements contained heroin, or in said note, then
the \iortga~ee may perform the same, and all expendiUins (including masonable attorne•v's fees) made by the
Mortgaggeee m so loin shall draw interest at the rate provided for in tl-e principal indelitevlness, and shall be
repa~•alile thirty (30) ~aya after demand, and, together with interest and costs accrued thereon, shall lx secured
by t1-is mortgage.
It-. t' -n the request of the \fc-rtgagre the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, impn-vcnient, main-
tenance, or repair of said premises, for taxes or assessments against the same and for any other purlx-sr auth~r-
ized h:reunder. Said note or notes shall be secureel Lerehy on a parity Kith and as fully as d the advance
evidenced thereby were included in the note first described above. Said supplemental note or nuns shall bear