HomeMy WebLinkAbout1563eo`~ ~~ F~~,t~1 ~
Mortgagor shell pay to the Mortgagee any anutu!it ne.•rsary to make up tho deficiency. Such payment shall
be rnadc within thirty (30) days after writtcfitTq~-~~'itrulli~{1{~h~otf~tggee statirt{; the anutunt of the dc•ficienc~ ,
vrluch ttotlCC nlay he t;lv~n by trail. If at any ttmc the Mortgagor siital leader to the \fort{;agee in n,•cm•d-
+uice with the provisions of the note s~~urr~_I hereby, foil paynient of the entire indebtedness reprraent~~d
thereby, the Mortgagee shall, in computing the amount of such :ndebtedneav, cmdit. to the account of the
\fort•gagor any credit balance remainin{; under the provisions of (a) of said para};niph 2. If th+•r+• shall b+• ,r
defau t under any of the provisions of tl-is mortgage insulting in a public sale of the premises covered hereby,
or if the Mortgagee. acgwrea the property otherwise after default, the \fortgugee shall apply, at tl-e time of
the comnu~ncement o[ such proceedings or at the time the property is otherwise ac•quimd, the auunntt then
mrnaining to credit of 1\fortgagor undt•r (a) of para~~r+tph 2 prt•i•t~+lin{: as a cmtlit on th+• intt•rt•st uc•crurd and
unpaid and the ba1RRCe t0 t to principal then remaining unpaid on said note.
4. He will pay aU taxes, asses9menta, water rates, and other governmental or municipal charges, tines, or
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the :Mortgagee.
b. He will permit, commit, or st~'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 Dortgagor to keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair, the ~fortgagec may
make such repairs as in its discretion it may deem neces.Qary for the proper preservation thereof, and the full amount
of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by
the lien of this mortgage. .
6. He will pay all and singular the coats, charges, and expenses, including reasonable laR•~•er's fees, and costs
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part cf the Mortgagor
promptly and fully to perform the agreements and covenants of said promissory note anu this mortgage, and slid
costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
7. IIe will continuously maintain hazard insurance, of such typo or types and amounts as :lortgagee may ~_
from time to time require, on the impro`ements now or hereafter on said premises, and except when payment
for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay prompth' when
due any premmums therefor. All insurance shall be carried in companies approved by :Mortgagee seal file poli-
cies and renewals thereof shall be held by I14ortgagee and have attached thereto loss payable clauses in favor of
and"in form acceptable to the Mortgagee. In event of loss ho will give immediate nonce by mail to ~fortgageo,
and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed to make payment for such loss directly to Aortgagee instead of
to Mortgagor and , To*tgagee jointh, and the insurance proceeds, or any part thereof, may be applied by :~fort-
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 this mortgage, or other transfer of title to the mortgaged
Property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee.
S. He wiU not execute or file of record any instrument. which imposes a restriction upon the sal+• or occu-
pancy of the property described herein on the basis of race, color, or creed.
~. I[ the premises, or any part thereof, be condenuu•d cooler the power of eminent dunwin, or acyuircd
fur a public. use, the damagrs:-w+u-dcd, the proceeds for the taking uf, ur the consideration for such acquisition,
to the ester.t of the full amount of the rentaiuing unpaid indebtedness secured b~• this mortgage, are hereby
assigned to the Mortgagee, and shall be paid torth~silh to said ~Iortgegee, to be applied on account of the
last Illalll+'litg lI1S18I11nPn(;i of such indebtedness.
10. The \lortgagec may, at any time ~cnding a suit upon this mortgage, appl~• to the coact having jurisdic-
tion thereof for the appointment o~ a rree-ver, and such court shall fortht~•ith appoint a re+•+•iv+•r of th+• i+r+•utis~•;
covered hereby all and singular, including all and singular the 1nC(+mt', profits, issues, and revenues from ~~•h+tt-
ever source derived, each Nml evert, of which, it heint~ expressly understood, is here'.t}• nu+rtgaged ns if specifically
set forth and described in the granting and hahendum clauses 1-ercof. Such appointnu•nt shall be made b~-
such court as an admitted equit~• +utei a matter of absolute right to said Mortgagee, and without reference to
the adequacy or inadequacy of the value of the property uu>rtgaged or to the sulveucy or itr.:ulvency of ~+tid
Mortgagor or the defendants. Such mats, profits, tne•ome, issues, and revenues shall be applied i,r such receiver
according to the lien of this nu+rtgagc• and the }>ractice of such court. In t'ic event of an~• default tin the part
of the \lortgagur hereunder, the \lortgagor agrees to pay to the Mortgagee an demand as a reasonable monthly
rental for the premises an tlmoUllt at le++st equi~-alent to ono-t«•elftlt (';:i of tlu• aggro gate of the twelve nuuunl~•
installments payal,le in the then cun•ent year plus the actual amount of the annumtaxes, asscastnents, ~sater
rates, and insurance premiums fur such year not covered b}• the afumsaid monti~l~• pa~•nunts.
11. In the event of an~• breach of this nuirtgage or default on the part of the Mortgagor, or in the event
that any of said sums o[ money herein inferred to be not promptly and fully paid according to the tenor hereof.
or in the event that each and even, the stipulations, agreements, conditions, and covenants of said note end
this mortgag+~, arc not dal}•, promptl~•, and ful!~• pcrformecl or if the Mortgagor be adjudicated bankrupt ur
made defendant in a bankniptc~• or receivership pracecdings; lhcu in either or +ut~• such event, the said aggre-
gate sum mentioned in said note than renlainin}; unpaid, ~sith interest accrued to that tint+•, anti all ruon+•v
secured hereby, shall beconu• dtte and payable orth~yith, or thereafter, at the option of s+iid blurt Magee, as
fully and completely as if all the Salll auI119 Of ItiOney were originally stipulated to he paid on suc•lt c~a~', any-
thing inlaid note or in this mortgage to the contrary notwithstanding; and thereupon or themnfter, at the option
of lard Jlortgagce, without notice or demand, shit at law or in equity, may he prosecuted as if all numeys
secured hereby 1-ad matured prior to its institution. The ~fortgagce may t`oreclose this mortgage, as to t~u•
amount so declared due and pa}-able, and the said premises shall be sold to satisf:• and pay the s+unc t~~gcther
~yith coats, expenses, and allok•ances. In case of p+utial foreclosure of this mortgage, the nun•tgeged premises
shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then doe and unpaid.
In such case the provisions of this paragraph may agaltl be availed of thereafter from time to tint+• b.• for
:1lortgagce.
12. No waiver of any covenant herein or of the obligation secured }-emby shall at an~• limo thereafter he _
held to be a ~yaiyer of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in fall force and e(fec°t during an~• pustpun+•m+•nt or extension
of the time of payment of cite indebtedness or an~• part thereof secured hereb~•.
I4. This m~rtgga+*e is given to secure the. purchase mane}•, ur a part thereof, of the binds herein described
and is executed and c~{elivered contemporaneousl}• ~~•ith the. deed themfor.
f,~. If the`.fortgagor default in any of the covenants or agreements contained herein, or in said note, then
the \fortga(;ee may perform the same, and all espcndihn•e. (including masrntahle atturne~-'s fees) nu+dc by the
\lortgaggec to so loins shall dra«• intcrost at the rate provided for in the principal indebtedness, and s!uill be
rep+iyable thirty (30) days after demand, and, together with interest and costs accrued thereon, ;hall be secured
by tftis mortgage.
tt.. L`p On the request of the ltorigagee the Mortgagor shall execute and deliver a supplemental note or
notes for t}ie sum or sums advanced by the ~lortgagec for the alteration, modernization, impruyenu•nt, ntain-
tenance, or mpair of said premises, far lases or assossments against the same and fur any outer purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity ~yith an<t as foil}• as if the ady~uu•e
evidenced thereby were included in the note first described above. Said supplemental note or note shall hear