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HomeMy WebLinkAbout0975~-,R~ 5J i~~r'3U~ Murtt;sl;ur s,,r+ll pay to the Mortgagee any :unuuut nece;,3ry to make up the deticicncy, tiuch p>iyuu•nt skull -ce mndc within thirty (~i0) days after written notice from the \lortkaKce statictl; flee amount ut flee delicirncy, , ~~•hic•li notice nuti~~ be gfv(=n by mail If ut ary lime the ~lortl;t~gor sliall tend(•r to the Zior~gal;r~~ in accord- ance week the pm~•isious of the note s~~(~ure(1 hereby, full paycn(•nt u{ the entir~• inde•bt~•dn~•ss r~•pr(•s~•nt~•(1 thereby, the ~lortguKe.• Shull, in colnpllting the amount of such indebtedness, credit to the aceouut o[ thc• \lnrt ~al;or any credit balanr~ mmaiuing under the provisions ui (a) of said purul;raph '?. If tliarc• shall he u dc•flu~t under any of the-provisions of tl-is mortga~r n•sultinK in a public sale of the premises c•uvrred hereby, or it the Mortf;a{;ec acquires the property otherwise after default, the Aiortf;afine shall uppl'/, at the t.inu~ ut the couuiTc•nceinent of such pmeeeducgs or at the time the property is othrt~cise cccyuired, the ununint then rrnu-ininf; to credit of lfort~~,,uPor under (8) of parulmiph 2 prec•edinl; us a credit on the interest accrued and unpaid and the balance to tt,c principal then remninuit; unpaid on scud note. 4, He will pay all taxes, ac~essinents, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the \iortgagee may pay the same; and that he will promptly deliver the of&cial receipts therefor to the \iortgagee. 5. He will permit, commit, or af'[er no waste, impairment, or deterioration of said property or any part thereof, except. reasonable wear and tear; and in the event of the failure of the liortgagor to keep the buildings on said premise's and those to be erected-on said premises, or improv~menta thereon, in gcwd repair, the ~iortgagce may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and even' such payment shs'.1 be due and payable thirty (30) days after demand, and shall be secured by the lien of thin mortgage. ` 6. He will pay all and singular the costs, charges, and expenses, including reasonable lanyer's fees, and costa of abstracts of title, incurred or paid at any time by the biortgago'e because of the failure on the Fart of the liortgagor promptly and fully to perform the agreements and covenants of said promissor}• note and this mortgage, and said costs, charges, and expenses shall ~ immediately due and payable and shall be secured by the lien of this mortgage. i. fie Rill ~ontinuoiislq maintain hazard insurance, of such type or types and amounts ag \fortgaf;ce may fmm limo to time require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has th7reiofore been made under (a of paragraph 2 hereof he wilt pay promptly when duo any premiums therefor. t~H insurance shall be carried in companies approved by Mortgagee anti life poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in fasor of and in form acceptable to the Mortgagee. In event of loss he will give immediate nonce by mail to \iortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereb • authorized and directed to make paymeut for such loss directly to Aortgagee instead of to \lortgagor andiortgagee jointly, and th© insurance proceeds, or any part thereof, may be applied by ~lorG- gagee at its option either tot a 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 extinguishment of the indebtedness secured hereby, aft right, title, and interest of the Mortgagor to and to any insurance policies then in force shall pass to the purchaser or grantee. R. He will nut execute or file of record any instrument which imposes a n•strictiun upon the sale or occu- pancy of the property described herein on tlic basis of race, color, or creed. t). If the pn•misrs, or any part thereof, be cundetnned under the power of eminent domain, ur acquired fur a liuhhr use, tl-(• damages awarded, the proceeds for the taking of, or the consideration for such acquisctum, to the c xtent of the full amount of the remaincng unpaid indebtedness secured by this mortgage, ore hereby assil;nec to the Mort gager, and shall be paid fortliwUh to said Mortgagee, to be applied on account of the lust nuiturinl; installments of such inclebtedncss. l0. The. Mortgagee may, at any time Pending a suit upon this inert~age, apply to the court havinf; juri~dic•- tion thereof for the apJwintr.~ent of a receiver, and such court shall forts-with appoint a receiver of the premises covered hereby all and singular, includini; all and singular the income, profits, issues, and revenues from what- eversource derived, each and every of whu•h, it being; expressly understciod, is hereby mortgaged as if specifically set forth and described in the f;eanting and 1-abendum clauses hereof. Such appointment sliall be made b.• such court as an admitted equity xncl a matter of absolute right to said Murtl;at;ee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~tortgaKor 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 part of the >lortgagor hereunder, the Murtl;af;or agrees to pay to the ~fortKagee on demand as a reasonable monthl}• rental for the premises an amount at least equivalent to one-t«•elfth ('~:) of the aFgreKate of fire twelve monthl;: instalments payable in the then currant year plus the actual amount. o[ the annual taxes, assessnu•nts, water rates, and insurance premiums for sorb year not covered by the eforesaia monthly payments. 11. In the event of any breach of this mortgage or default on the part of the \lortgagor, or in the o~•ent that any of said sums of money herein referred to be not promptly and fully paid according to the tenor liereot, or in the event thai each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, arc not dal}•, promptly, and fully pertormeci or if the Mortgagor be adjudicated b:;nkrupt or made defendant in a bankruptcy or receivership proceedings; then in either or any such event, the said aggm- l;ate sum mentioned in said note thin ren~amtng unpaid, with interest accrued to that time, and all mono}• secured hcrebi", shall liecomc due and payable forthwith, or thereafter, at the option of said \lortgafire, as fully and cuinpletely as it all the said sums of money were originally stipulated to he paid on such clay, any- thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said ~lortga~ee, without nonce or demi:nd, suit et law or in equity, ma~• be prosecuted as if all moneys secured hereby fad matured prior to its institution. The Mortgagee may foreclose this mortgage, as to tfu> amount so clerlared due and payable, and the said premises shall be sold to satisfy and pay the same tofether with costs,"expenses, and allowances. in case of partial farc,closure of this mortga ~c, the tnortgagcd prrmi;es shalt be sold subject. to the continuing lien of this mortgage for the amount of the cte~it not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to tinic : , the ;1lortgagee. 12. i\'o waiver of any covenant herein or of the obligation secured hereb}• shall at any time tiu•reci[ter be held to be •a waiver of the terms hereof or of the note secured hereby. i3. Tlie lien of this instrument shall remair, in full force and effect during a-~y postponement or extension of the time of payment of the indebtedness or any part thereof seci;ied hereby. 14. This morega a is given to secure the purchase 'money, or a part thereof, of the lands herein desrribeci and is executed and delivered contemporaneously with the deed therefor. 1 b. If rho iliortgagor default in any of the covenants or agreements contained herein, or in said note, then the \lortga~ee may perform the same, anc! all expenditures (including reasonable attorney's fors) made by the \iortgagee iri so doing shall draw interest at the rate provided for in the. princilial indebtedness, and shall be repayable thirty (30) days serer demand, and, together ~Sah interest and costs accrued thereon, .;hall be Seca: ed by this mortgage. lei. Upon the request of the ;liortgagce the Mortgagor shall execute and deliver a supplemental Holt or notes for the sum or sump advanced Ly the Mortgagee for the alteration, modernization, in;provement, main- tenance, or repair of said premises, for taxes or assessments against the eaine and for any other piirpoac author- ized hereunder. Seid note or notes shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in tl;e note first described above. Said supplement_~l note or not,a sliall bear ~~,