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HomeMy WebLinkAbout0306 Mortg&gOr shall pay to the Mortgagee any amount neccsu.ry to make up the de6ciency. Such payment Ilhall be made within thirty (30) d!\Yd after written :lotice from the Mor\g&ge6stating the amount of the d.!ficienoy, which notice may be given by mliil. If at any time tbe MortgtogOr -shall ~nder to the Mortgagee ill accord- ance with the provisions of t~e note ~ured hereby, full payme;nt of tM entire i~debtednMl8 repres('ntro thereby, tha Mol1t.agee shall, In computmg the amount of such mdebtedness, credit to the account of the Ml)rlgagor any credit balance remaining und('r the provisio:ls of (a) of said paragraph 2. If t.here shnll be n <<('fault und{'r any of the J;>rovisions of this ntort.g8$'e resuJting in a public saJe of the premises covered h~reby, or if the Mort.gag('o acqUIres the property Otherwl83 after defa'Jlt, the Mortg~ee shall apply, at the time of the c:)[~menc('ml'~t of such proceedings "r at the time the proper~y is otherw~1e acquir~, the nmount then rt'ma~mng to (,l"l..dlt. of Mortgagor under (a) of paragraph 2 prec('dmg as II. credit on the mterl.'st accru~d and unpaid and the balance to thl' principal then remaining unpaid on said Mte. 4. He will p6y all taxt'l8, ~':!Dts, water ratee, and other KOvemmental or municipal ehe.rgea, finea, or impo6itiOnB, for which provision hl.8 not been made hoMnbefore, and in def"ult thereof the Mortgagoo may pay the same; and that he will promptly deliver the .)fficial reoeipta tberefor_~ the Morts-aaee. 5. He will permit, commit, or suffer no "lUIte, imp6irment or deterioration of laid properly or any 9&rt thereof, except reasonable wetr.r and tear; hUd in the event -of tho failure of the Mortgagor to keep tbe buildings on sa.id premi..ae8 and t},oee to be erected on laid premiaee, or improvementa thereoD, in good repair, the Mortgagee may ma.ke such repa!!'B lUI in its discretion it may deem oOOEllll8tU'y for tho proper preservation thereof, and the full amount of each and every suob payment shall be due Nld payN>le thirty (30) da)"& alter :lemand, and shall be secured by the lien of this mortgage. . _ _ 6. He will pay all and singular the costs, cha.rKee, aDd expenaee, inclu~ re&8Ontl.ble awyer's fees, and cil8ta of abstracts of title, incurred or paid at any time by die Mortgagee ~aW16 of the failure on t~e ~:...-t of the Mortgagor promptly and full)' to perform the &greemetlta and covenants or laid promiallory note and ~his mortgage, and said 008ts, ch~, and expenses 8hall 00 immediately due aDd payable and ah~ be 8eC\H'OO by tbe lien of tnis mortgage. 7, He will oontinuou&y maintain hazard inauranoo, of such type or typea ...nd amounts &8 Mortgage.e may from time to time require, on the improvementa now or herNlter on Mid premises and 6.'tcept when payment. lor all such premiums hll8 theretofore been made under (a) 01 paragraph 2 hereoft he will pay pro,.,r::stly when due any premiums therefor. All insurance shall be carried in oompaniee approved by Mortgagee the poll- ciee and renewals thereof sball bE. held by Mortgagee and have attached then to 1088 payable- cfau.aee in favor of and in form llcceptable to the Mortgagee. In event of 1088 he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof 01 1088 if not made promptly by Mo~r, and eacll insurance companY' concerned is hereby authorized and directed to make payment for such _ directly to Mortgagee instead of to Mortg~r ~d M.ortgagee jointly, apd the ina~ proceeds, or any part thtll'eOf, may be ap'p1ied by Mort- gagee at Ita optlon either to the reduction of the mdebt.edneas hareby llecured or to the reetoration or repair of the property dam~ed. It} event of foreclosure of this mortgage or other t.r'&I1s[er of title to the mortgaged property in extingUlshment of the indebte.dnem secured hereby, ;.u right, title, and intereet of the Mortgagor 111 and to any insumnce pollciee then in force shall p&ll8 to the purchaaer or grantee. 8. He will not execute or file of record any instrument whieh imposes a restriction upon the salt) or occu- pancy of the property described herein on the blUlis of race, color, or creed.. 9_ If the premiges, or any part thereof, be condemned under the power of eminent domain, or acquired for 11 public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisi- tion, to t he extent of the full amount of the remaining unpaid indebtedn088 secured by this mortgage, are hef{'by lk..signcd to the Mortgagee, and his heinJ or assigns, a.nd shall be paid forthwith t.o !laid Mortgagee or his assignee to be npplied on account of the last maturing installments ohuch indebtness; provided ,how- cv('r, the MortgRgl'C or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the loan is guaranteed or insured, the consent of the guaran- tor or insurer is obta.ined in advance of said payment. 10. The Mortgagel'l may, at any time pending a suit upon this mortg'Wl apply to the court ha\"in~ jurisdic- tion thereof for the appointment of a receIver, and such court shall fortnWIth aJ;>point a receiver of the premises co'/l'red hereby all and singular, includin~all and singular the income, profi18, 188\108, and revenues (rom what- {,ver source der:ved, each and every of whIch, it being expre&Jly understood, is hereby mortgaged 8.8 if specific.ally set forth and described in the granting and habendum clau8e8 hereof. Such I!.ppointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without !"eference to the adequacy or inadequacy of the value of the property mort.g~ or to the 80lvency or inaoh'ency of said Mortgagor o'r the defendants. Such rents, profits, income, iaauee, 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 ~fortgRgor hereunder, the Mortgagor 8gTl'08 to pay tAl the Mortgagee on demand as a reasonable monthly rental for the premi8C3 an amount at lea.at equivalent to one-twelfth (XI) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual ta:t08, &asessmenta, water rat.es, and insurance premiums for such year not covered by the aforesaid monthly paymenlAJ. 11. In the event of anv breach of this mortgage or defll.u~t on the part of the Mortgagor, Ot in the event that any of said sums of muney herein refer;ed to, be not promptly and l~l.ly paid ~rding to the t~nor hereof, or h the event that each and every the stlpulatlOns, agreement~, condltlons, ana cove~an~ of saId notl'! and this meortgage are no~ duly, promptly, and fully performed or If the Mortgagor be adJudicat~d bankrupt or made defenda~t. in a bankruptcy or receivership proceeding;; then in either or any such event, the! said aggre- gate sum mentioned in said note then remainmg unpaid, with interest accrued to that time, and all money secured hereby! shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, !\8 fully and <;amp etelJ: as i~ aU the said 8UOl!J of rr.oney 'we~ origin~y stipu!ated to be paid on such day, e.~y- thing in Said note or m. thIS mor~&g\l to the contraq notWltha~dmg; ~d thereupon or therebfter,.:\t the optlOJl of said Mortgagp.e, Without notIce or demand, SUIt at law or m eqUlty, may be prosecuted as If all monevs secured hereby hl\.d matured prior to ilAJ institution. The Mortgagee may loreclose thi.A mortgage, as to the amount 80 declared due and payable, and the said premises shall be BOld to satil!fy and pay the same together with costs ex')enses, and allowances. In case of p~tial forecl08Uft\ of thi! mortgage, the mortgaged premises shall be said s~bject to the continuing lien of this mortg~ for the amount Of the debt not then due Imd Ilnpl\id. Iil such CI\8e the provisions of thiR paragrapn may agam ~ availed of thereafter from time to time by the Mortgagee. 12. No waiver of any cov~nant herein or of the (J:"ligation secured hereby shl\llat any time thereafter be held to be a waiver of the terms hereof or of the note secured her",by. 13. The lien of this instrument "hall remaln in full force and effect during any postponement or extension of the time of payment of the indebte<lne38 or any p&l't thereof f.."cured hereby. 14. This mortgage is given to secure the purchase mor.ey, or a part thereof, of tbe 1a.!ld.a herein described and is e.xecuted and delivered contemporaneously with the deed therefor. -- 15. If the Mortgagor default in any of the covenan18 or e.greementa contained heroin, or in sai~ not.e, then thtJ Mortgagee may perform the same, and all expendittU08 (including reasonable t\ttomey's fecs) made by 'he ~-fort.gagee m 80 doing Ilhall draw interE'8t at the rat... ,rovided for in the principal indebtedness, !',nd shl\ll b!' repayable thirty (30) days aft{lr demand, and, together with interest and 003ta accrued thereon, shall be secured by this mortgsge. 16. Upon the requ08t of the Mortgagee the Mortgagor shAll execute and deliver a supplement.al note or notes for the sum or sums advanced by the Mortgagee for the alter~tion, modernization, improvement, main- tenance, or repair of si\id premi.se8, for t.axes or assesamenlAJ against the !lame.and for any other p~rpose author- ized hereunder. Said note or noWs ahlill be 8ecU!.ed hereby on aJ>anty WIth arid all fully as If the advance evidenced thereby were included in the note first de&<:ribed ..bove," J8a\d 14Pplemental note or noteft slll~ll bear ~_ .1" . - --.....