HomeMy WebLinkAbout2791~U~It 28 X660
3. If the total of the prp.nents made by ) of paragraph 2 preceding shall exceed the
amount of payments actually ;,:ads by the ~rit~~~ ~ a~ taxes-and assemments, and insurance
premiums, ss the case ma~ be, such excess shall be credited on subsequent payments to be made by the Mort-
gagor for such items or, s Mortgagee's option, shall be refunded to Mortgagor. If, however, such monthly
pa-ymeats shall not be sufficient to pay such items when the same shall become due and pa able, then the
Mortgagor shall pa, to the Mortgagee any aawunt necessary to make up the deficiency. Such payment shall
be made within thirty (30) days after written notice from the Morigagee stating the amount of the deficiency,
which notice may be given by mail. Ii at time the Mortgagor shall tender to the Mortgagee in accord-
ance with the pprovistons of the note secured hereby, full payment of the entire indebtedness represented
thereby, the Mo ee shall, is computing the amount of such indebtedness, credit to the account of the
Mortgagor any credit balance remaw~ng under the provisions of (a) of said p ph 2. If there shall be a
default under aqy of the ~roviaions of this morfga~e resulting in a public sale of the premises covered hereby,
or it the Mortgagee acquu~es the property otherwise after default, the Mortgagee shall apply, at the time of
the commencement of such proceedings or at the time the property is otherwise acquired, the amount then
remaining to credit of Mor~sgor under (s) of paragraph 2 preceding as a credit on the interest acerued and
unpaid and the balance to the principal then remauning unpaid on.said note.
• 4. He will pstiy aIl taxes, aeeeeements, wales rates, and other governmenW or municipal charges, fines, or
impositions, for which provision has not been made hezeinbefore, and is default thereof the Mortgagee may Pay the
same; sad that be will psemptlJr deliver the offietal receipts therefor to the Mortgagee.
b. He wlll permit, coanmit, ar suffer no waste, impairment, or deterioration of said property air any part thereof
ezoept reasonable wear and tear sad in the event of the failure of the Mortgagor to keep the buildings on eai~
pa~ennises sad those to bs eseote~ oa said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs as is its disas+otian it may deem aeoeeeary foe the proper preservation thereo~, and the full amount
of each and every sash payment shall be due sad payable thirty (30) days after demand, sad shall be secured by
the lien of this mortgage.
8. He will pay all and siaguLr the costs, charges sad expenses, inehrdiag r+easoaabls hwyer's fees, and oosts-
of sbstrr-ats of title, incurred or paid at say time by the ~ortaagee because of the failure on the part of the Mortgagor
promptly and frrltj- to Perform the agreemneats sad ooveaants of said pr~oeonispory note sad this mortgage, and said
coats, charges, awndd ea~peases stall be iannaediatel3r due sad payable and shall be secured by the lien of tWa mortgage.
7. He wnl oontinuoue~ maintain hasard fnsmwnoe, of such type or tepee and amounts as Mortgagee may
from time to time require, on the improvements now or on said ~ramises and except when payment
for all such premiums has theretofore been made under (a of paragraph 3 hereof he will pay promptly when
due any premiums therefor. All insurance shall be in oompames approve by Mortrtggaaggeeee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loos payable clauses in favor of
and inform aooeptable to the Ia ev t of loos he will give immediate ~troe by mail to Mortgagee,
and Mortgagee may proof o ma`d'e prom by Mortgagors and each insurance company
concerned is hereb thorised and directed to make payment such loos du~ectl o matesd of
to Mortgagor and jointly, and the insurance proceeds, or aqy may . by Mort-
~agee at its option Cher to the reduction of the indebtedness hereby seaiu+ed onto the restoration pair of
the property In event of foreclosure of this moor other trander of title to the mortgaged
property m t of the indebtedness sea~n~ed hereby, right, title, and interest of the Mortgagor
m and to aq' ' policies then in force shall peas to the purchaser o~ grantee.
8. ill not execute or file of record any instrmnent which imposes a restriction upon the sale or occu-
pancy the property dercribed~hereia on the basis of race, Dolor, oe creed.
9 e Mortgagee may, at any time pending a suit upon this mo apply,to the court having j~u~isdic-
tio f for the appointment of a receiver, and such court shall for wit s~pomt a receiver of the premises
cov hereby all and singular, including all and singular the income, profits, reaues, and revenues from what-
source denved, each and every of which it bbuernngg ezpreeely nndustood is hereby mortgaged as if specifically
t rth and described in the granting aa~ habendum clauses hereof. Such appointment shall be made by
ch art as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to
e uacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said
o r or the defect ants. Such rents profits, income, issues, and revenues ahaII be applied by such receiver
to the lien of this mortgage anc~ the practice of such court. Ia the event of any default on the part
of the Mortgagor hereunder, the Mortgagor s~r+ees to pay to the Mo on demand se a reasonable monthly
rental for the premises as amount at least equrvalent to one-twelfth ,) of the a~r~ste of the twelve monthly
' tallments payable in the then current year plus the actual amount of the annual tares, aseessmenta, water
n and inauraaoe premiums for such year not covered by the aforesaid monthly payments.
1 . In the event of say breach of this mortgage or default on the part of the Mortgagor, or in the event
that y of said sums of money herein referred to be not promptly sad fully paid according to the tenor hereof
or ' event that each and every the stipulations, agreements oonditiona, and oovenanta of said note an~
' mort~a,ge, are not duly, promptly, and fully performed or i~ the Mortgagor be adjudicated banlu~upt or
m defendant in a bsnkruptay or reoeiver~ship prooeedragN-; then in either or any such event, the said aggre-
ga sum mentioned in said note then r~mammg unpaid, with interest accrued to that time, and all money
hereby shall brooms due and payable forthwith, or theredter, at the option of said Mortgagee, sa
and comp~etdy as if all the said sums of money were original), st~pMated to be paid an such sy, any-
thin~ said note oe is this mortgage to the oontrar~ notwithstanding; sad thereupon or theredter, at the option
of said orrttg~~agge~eee without notroe or demand, amt atrlaw or in equity, may be prosecuted as if all moneys
hereby hid matured,prior to its'iastitution. The Mo may es~aclose this mortgage, as to the
ant so declared due sad payable, sad the said premises shaIlbe sold to eat~sfy and pay the same together
rtgag~, the Premises
'th costs expenses, sad aIIowaaoes. In saes of partial fineclosurs of this mo
aII be sod subject to the oontinning ties of this mortgage for the amount of the debt not th~d unpaid.
In such case the _ prnovrsione of this paragraph may agnn be avarled of thereafter from time to time by the
Mortgagee. '
11. No waiver of say oevenant herein or of the obligation secured hereby shall at say time thereafter be
held to be a wajver of the terms hereof or of the note secured hereby.
12. The lien of this instrument shall remain in fall force sad effect during any postponement or extension
od the time of payment o!t the indebtedness ae say part thereof secured hereby.
13. This t~aq~ rs given to secure the pnt~ehase money, or • part tber~eof, of the Lnds herein described
sad i. e:ecutednuwad delive:+ed oonteraporaa~eousltiy with the deed tha:etoz.
14. Tf -the Mortgagor default is say of the covenants or agreements contained herein, or in. said note, then
the Mortgagee rosy perform the same, sad all expeaditm~es (mduding seasonable attoraney's fees) ~~by the
M m so ahaIl draw interest at file rate provided for in the principal indebtedness, and shall be
repa~. (80ys after detaand, aiod, togathee with iatgt+est and coats accrued thereon, shall be secured
~ lb. II the request of the the Mortgagor shall execute sad deliver a supplemental note or
notes fort tl-e rum or snaps advanoed~~ by ~e~os~ag~ee for tLs dt~tiost, modernisation, imp:+ove~ment, maia-
tenaaoe, arepair of said foe tapes oe asseasarenta against the same std fee say other purpose author-
ised heeenadee. $aid rw ce no shaIl be aeaared hereb on a p_ar~r~ with sad a~ finny as if the advance
evidenced thereby were included ill the nots,:71~1d laid supplemental awte ~ notes shall bear
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