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HomeMy WebLinkAbout0729R`~M ~~~ r,-.~,E DSO Mortgagor shall pay [o the Mortgagee any amount t~eccssary' to make up the dcti:u•ne.}~. tiuch pav-t~cnt ah<tll be made within thirty (30) days after written notice from the \lortl;agc•e statinb the emouttt of the deficien~•y, ~~hich notice may he gn•en by mail ~f at any time the Mortgagor shall tend:•r to the \lortgagee in acconl- wtce with the plOVlalOn9 of tl:e note secured hereby, full payment of the entire indebtedness n~presentcd thereby, the \iortgagee shall, in competing the amount o[ such indebtedness, credit to the amount of the \iortgagor any credo balance remaining under the provisions of (al of said p~-ra ~ruph "?. If tht•r~~ shall bi• ,t default under any of the provisions of this mortgage insulting in a public sale ~~f t~te premises covered hereby, or ii i':r ;\iortgagc•e acquires the property otl-erw-se after default, the Alortl;cs;ee shill apply, at the time of the commrncrment of such proceedings or at the time the proprr~y is otherwise ncquir~•d, the amount then remaining to credit of illort~agor under (a) of paragraph 2 preceding us a credit on t to interest accrued and unpaid and the balance to the principal then remnituttg unpaui on sa-d note. 4. fie Rill pay all razes, amente, water rates, and other governmental or municipal charges, tines, or impositions, for which provision has not beau made hereinbefore, and in default thereof the I1lortgagee may goy the same; and that ho Rill promptly deliver the official receipts theretor to the liortgagce. 5. He Rill permit, commit, or auHer no waste, impairment, or deterioration of said propcrt~ or any part thereof, except reasonable Rear and tear; and ie the event of the failure of the ;1ortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, m 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 each payment altall bo due and payable thirty (30) days after demand, and shall be secured by the lien o[ this mortgage. 6. Ire will pay ail and singular the casts, charges, and expenses, including reasonable lawyer's fees, and costa of ab=Bracts 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 agreements and covenants of said promissory note and thin mortgage, and said costs, charges, and ezpenae.4 shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. l;ie will continuo+isly maintain hazard irtaurance, of such type or types and amounts as ~1orCgagce 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 andor (a of paragraph 2 hereof, he will pay promptly when due any prenuums theretor. All insurance shall b© carried in companies approved by Aortgagee and tfte poli- cies and renewals thereof shall bo held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the i~fortgagee. In event of loss he wiL give immediate notice by mail to Mortgagee, and ;Mortgagee may make proof of loos if not made promptly by Mortgagor, and each insurance company concerned is h©rebyy authorized and directed to make payment for such loss directly to Dicers ee instead of to Mortgagor and 1ortgagee ointlyy, and ttie insurance proceeds, or any part thereof, may be applied by 11ort- gagee at its option either to the redo ~tion 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 eztitiguishment of the indebtedness secured hereby, ail right, title, and interest of th6 Mortgagor in and to any insurance policies then in force shall pass to the purchaser or greatee. 8. He will not execute or file of record any instrument which imposes a restriction upon the. sale or ocot- pancy of the property described herein on the basis of race, wlor, or creed. !). If the premises, or any part. thereof, be condemned under the poR•er of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acqutsttion, [o the extent of the tall amount of the rcmauung unpaid indebtedness secured by this mortgage, are hereby a53laned to the Dtortgagee, and shall be paid forthwith to said Mortgagee, to be applied on account of the last maturing installments of such indebtedness. 1t1. The Mortgagee may, at any time Pending a suit upon Chia mortgage, apply to the court i-aving jurisdic- tion thereof for the appointment o~ a recover, and such tour! shall fortnR•tth appoint a receiver ~.~ the premises coyerecl hereby all and singular, including all and singular the income, profits, issues, and revenues from what- ever source derived, each and every of which, it bc'sng expressly uncicrstood, i3 hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall he made by such court as an admitted equity and a matter of absolute right to said ~iort.gagee, and without reference to the adequacy or inadequa.~~y of the value of the property mortgaged or to th,, solvency or insolvency of said Mortgagor or the defendants. Such rents, profits, 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 pert of the Mortgagor hereunder, the Mortgagor agrees to pay to the `lortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (;:) of the aggregate of the hvelve monthli- installments payable in the then current year plus the actual amount of the annual taxes, tsessments, Rater 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 t1:e 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 and this mortgage, are not duly, promptly, and fully performed or if the \lortgagor be adjudicated bankrupt or made defendant in a bankruptcy or receiyershiP proceedings; then in either or any such event, the said aggrc- gaie sum mentioned in said note then remainingg unpaid, with interest accrued to that time, and al! money secured hereby, shall become due and payable forthR•ith, or thereafter, ,~t the option of said ~lortpagee, as fully and completely as if al_1 the said sutras of money •were originally stipulated to be paid on such day, any- thing in said note or m this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said \iorigagee, R-ithout notice or demand, surf at law or in egm~y, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The 'Mortgagee may {oi•eclose this mortgage, as to tfte amount so declared due and payable, and the said premises shall be sold to satisfy and psy the same together u-ith costs, expenses, and allowances. Ir. case of partial foreclosure of this mortva e, the mortgaged premiss shall be sold subject to the continuing lien of this mortgage 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 Dortgagee. 12. I`'o waiver of any covenant herein or of the obligation secured hereby shall at env time thereafter be held to be. a Raiver of the terms hereof or of the note secured hereby. 13. The lien of this instrument shall remsin in full force and efTect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. 14. This mortgage is given to secure the p-~rchase money, or a pert thereof, of the lands herein described and is executed anc~ delivered contemporaneously with the deed theretor. 15. If the :Mortgagor default in any of the covenants or agreernenta contained herein, or in said note, thin the Dlortga~ee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgagee in so doteg shalt draw interest at the rate provided for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, t.~gether Rith interest end costs accrued thereon, shall be secured by tfita mcrtgage. 1G. Upon the request of the Mortgagee th©: fortg:.gor shall execute and deliver a supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first desei7bed abpve. Said supplemental ztoto or notes shall bear