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HomeMy WebLinkAbout1008JJ~11 Mortgagor st,ali pay to the Murtriager ~tliy~•If-1>.uuu1 ~``tr~sycy to nluk,• up the ~I+•lici~•nc~'. tiuch p,-y'nlrnt shall he made ~riM-i,it thi:cy (:i0) days aftcr'wtiSt~±u•t-.>~ic~7mtn tl4c~~>iortgu ~cer;tatil-g the ununu-t of the dcfi,•irncy, ~+•llich n~Kice nifty be given by mail. If 0.t aid' tln-r the \iortgagor s~iall tender to the ~torit;agee in uci•unl- nnre with the Iruvisions of the note secured hereby, full puyinent of the entirr indebtednes reprrs,v-tcd thrreb_y, tl-e ~1~ortgugee shall, in co:uputing the antouY-t of such-indebtednes, cn•dit to the account cf the ~}~rt ~agor any crt~ciit balance remaining under thi• provisions of (n} of said paragraph 2. If there shrill be :- dcfau~t under any of the provisions of this mortgage resulting in a pubic sale of the premises c.w~~red hereby, ur if the ~fortgftgre acyulres the property otl-e.w•ISC after default, the :Mortgagee shall apply, ut tIu• time of the cunuuruce-ncdt of such proceedings or at the tinu~ the property is othen~•-sr ucctuired, the amount then remaining to credit of-..\fort~;ogor und-•r (a) of parai,~raph 2 f:r,•e~•ding m a credit uu ttu~ int-•r~•st accrued and unpaid caul the hslance to t u• principal then mnuuning Unprild oi+ said note. 4. lie will pay alY taxes, a~c~smente, water rates, and other governmental or municipal charges, fines, cr impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the snore; anti that he will promptly cirliver the official receipts therefor to the ;liortgagce. b. lIe will perniit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof, except masonable wear and tear; and is the event of the failure of the Mortgagor to krep the buildings on said premises and those to be erected on said pmmisea, or improvements thereon, in gocxi repair, the `.iortgagec may make such repairs as in its discretion it may deem necessary for the pro}~er preservation thereof, and the full amount of each and every such payment altlzll be due and payable thirty (30) days after demand, and shall be secured by the lien of th~a mo`Tt~age. 6. IIe will pay all and singular the costs, charges, and-expenses, including reasonable lawyer's fees, and costa of abstracts of title, incurred or paid at itriy time by t e Mortgagee becau_ae of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. Ile will continuously maintain hazard insurance, of such typo or types and amo-uits as Mortgagee map from time to time require, on the improvements now or her3after on said premises, and except when payment for all such prenuums has theretofore been made under (s) of paragraph 2 hereof, h© will pay promptly when duo any premiums therefor. All insurance shall b© carried i>Lcompamea approved by hfortgagee ar.d t~-e poli- cies and renewale thered~shall be held by :Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss h© will give immediate notice by mail to \iortgagee, and `lortgageeZtiay make proof of loss if not made promp'.Iy by ~iartgvgor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Diortga{~eo instead of to \iortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by ;11ort- gagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of t}-is mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. He µ•i11 not execute or file of record ftn_y instrument which imposes a restriction upon the sale or occu- pancy of the property described herein on the basis of race, color, or creed. Q. If the premises, or any part thereof, be condemned under the power of eminent dumaiu, or acquired fur a public- use, the damages awarded, the proceeds for the taking of, or the coneide•ration for such acquisition, to the extent of the full amount of the ren-auung unpaid indebtedness secured by this mortgage, am hereby n.~:signed to the Jiortgrngec, and shall be paid forthwith to said Mortgagee, to he applied on account of the last maturing installments of such indebtedness. 10. The \lot•tgagce may', at. any time pending ft suit upon this mortgage apply to the rourt having Jnris,l'u•- tion thereof fur the appoinUnent of a receiver, and such court shall fort -wit~i appoint a receiver of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from -vl-at- eversource de.+ved, each and every- of µ•h-c•h, it being expressly understood, is hereby mortgaged as if specific2lly set forth and describes} in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and ft matter of absolute right to said Mortgagee, and without reference to the adequacy' or inadec{{uac•y of the value o[ the property mortgaged or to the solvency or insolvency of said ~fortgagur 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 \iurtgagor hereunder, the Mortgagor agrees to pay to the \fortgftgee on demand as'a reasonable monthly' rental for the premises an amount at least equn•alent to one-twelfth (!;t) of the aggregate of the twelve monthly' installments payable in the then current year plus the actual amount of the annual tales, assessments, wftter rates, and insurance prcmiurns for such year not covered by the aforesaid monthly- payments. 11. In the event of any breach ut this mortgage or default on the pert of the Mortgagor; or in the event that any of said sums of money herein referred to bc, not promptly and fully paid according to the tenor hereof, or in file event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are nut duly, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt •or oracle defenclftnt -n a bAI1iCr-lptcy Or rl'cel-'eI'3hlp proceedings; then in either or any such event, the said eggm- gate sum mentioned in said note then retnaintngg unpaid, with interest accrued to that time, and all money secured hereby, shall become due and payable fc,rthwlth, or thereafter, at the option of said Mortgogee, fts fully- and completely as if all the said locos of money were originally stipulated to be pRld on such day, any- thing in said note or in this mortgage to the contrary nohvithstanding; and thereupon or thereafter, ftt the option of sand Mortgagee, µ•ithrnit notue or demand, sort at law ur in egtnty, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The i\4ortgagee may foreclose this mortgage, as to tf-e auunmt so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and alloµ•ances. In case of partial foreclosure of this mortgage, the mortgaged premises shftli be ::old subject to th^ continuing lien of this mortgage for the amount of the debt not then dun 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 say covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 13. TLe lien of this instrument shall remain in full force ft;ic] effect during any postponement cr e~tcnsion of the time of payment. of the indebtedness or any ~iftrt thereof secured hereby. 14. This mortga a is given to secure the purchase money, ur a part thereof, of the lands 1-crein described and is executed and delivered contemporaneously ~:nth the deed therefor. 15. If the ?iortgag~r default in any of the covenants or agreements contained herein, or in said note, then the ;lortgagee may prrk~rm the some, and al- expenc!itures (including reasonable attorney's fees) made by the Jlortga ee m so doin r shall draw interest at the rate provided for in the principal indebtedness, and snail be repay able thirty (30) ~ays after demand, and, together ~r-ith interest and-^osts accrued thereon, shall be sec~ired by tj-is mortgage. lfi. Upon ±he request of the ~fortgagce the Mortgagor shall execute and deliver a supplcmc•ntal note or notes for the sum or sums advances} by the y.lurtgagce for the alters±ion, modernization, improvement, main- tenance, or repair of said preir_ises, for taxc~ or asgcasments against the same and for any other purpose outhor- ized hereunder. gaud note or notes shall be secured hereby on a parity µ•ith and fts fully as if the advance evidenced thereby wire included in the ogle first described a'uove. :Said supplemental note or notes shall bear