HomeMy WebLinkAbout1097
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Mortgagor shall pay to the Mortg~w any ",mount nec~ to make up the dl'fiei('noy,' ( SUc;h,P"-YIU~lJ.Wl\,.,
he !'Jude ,!ithin thirty ,(30) dAYS a!t.cr wriU,en no~ce from t!I., Mort~~;;e stating the amo\\n\ ~JUI~ ~ne,,' ~ p..
wlllch notice may be f{lven by mILl!. If at any trme the Mortgagor thal\ te..der to the 'MortgageI'm accorCJ-
ance with the provisIons of the note secured hereby, full paymf'nt of the entire indl'btedness represl'ntro
tht~reby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the acc.ount of th!'
M'lrtgagor any credit balance remaining under the provisions of (a) of said paro.graph 2. If thl'rt' 8hall b!' 0.
default under any of the provisions of this mortg&ft~ re.ulting in a public sale of thl' premi&t'8 covered hl'reby,
or if the Mortgage-e &('quirf'a the property otbennee aftt'r defAult, the Mortg~ee .hall apply. at tlu> time of
the commencement of such procoodillK8 or at the time the proJX'rty i8 othf'fWl8e acquired, thl' amount then
remaining to cl't'dit of Mortgagor under (a) of paragraph 2 prt'CedinF; as a cr..-dit on the intere!!t accrued and
unpaid and the b&lance to the principal then remainiq unpaid on eaid note.
4. He wi1I pay all tAxee, .-..menta, water rat., md other IOYerm.nental or municipal charges, finea, or
impotlitiolUl, for which proviBion baa not. been made hereinbefore, and in default the roof the Mortgagoo may pay the
lIADle; and that. he will prompUy deliver the official reoelpt,a therefor to the Mo~.
5. He will r-erm!t, commit. or mfter 00 WaeUl, lmpairment or deterioration of said property or any pa.rt thereof
except rea.&Onable wear and t8rj and in tat! event of tbe failure of the Mortpgor to keep the buildings on said
prer0.i.8c8 and ~oee t? ~ e~ted, on laid premiaN, or lmprovementa thereon, ir. good repair the Mortgagee may
m~\t> 8uch repaU'l1 MID Ita d18Cretlon it. may drem ~ for the proper preservation theroof, !!oDd t.he full amount
of each a.nd evftry INch payment. aha1l be due and payable thirty (30) days after demand, and ahall be eecured by
the lien of th.ia mortga<<e.
6, He will pay all and lIingul&.r the ooet.s. ch&raea, and expeMM, including reMOnable lawyer's fees, and ooeta
of abetracUl of tiUe, incUJ'l'ed or paid at any time by t.he Mo~ beeaW18 of the failure on the part of the Mortgagor
promptly and fully to perform the agreemeDta and oovenanta of Mid promi1leory Dote aDd this mortgage and 1I&id
ooeUl, chargee, and P.xpeoaee ehall be i.mIoediately due and payable and ehall be 1leC'Jred by the lieD of this ~ortgage,
7. He will eontinuoWlly maintain hazard ina\ll't.OOe, of IUch type or t.ypes and amountB as Mortgag~ may
from time to time require, on the improvement.. now or hereafter on Mid premis.es and except when payment
'?r all 8uch p~miUID8 hu theret.o!ore been made under ,(a) ,of p.t.rsgr&'ph 2 hereoft he will pay promptly when
G.ue any preInlums therefor. AlllD8ur&1lC6 8hall be c&l'noo m oompam68 approved by Mortgagee and the poli-
CU18 and renewals thereof shall be held by Mo~ and Lave attached theret.o 1088 payable clauses in favor of
and in form acceptable to the Mortgl'lg6e. In event of 1088 he will give immediate notice by mail to Mortgagee
and Mortgagee IUY make proof olIo. if not. made promptly by Mortgagor, and each inaurance company
concerned is hereby authoriZed and directed to make payment for such 1088 directly to Mortgagee instead of
to Mortg~r ~d M.ortgagee joinUy, ~d the ina~oe pfoceeda, or any part thereof, II'1.,i be ap.plied by Mort,.
gagee at lUl option either t.o the reduction of the mdebtednll88 hereby eecured or to the restoration or repair of
the property dam~ed. In event of foreclOllUl'e of this mortgage or other t.ra.rWer of title to the mortgaged
property in extingUIshment of the indebtedneee secured hereby, ~l right, title, and interest. or the Mortgagor
Ul and to any insurance policies then in force shall p&88 to the purehaaer or gran~.
8. He will not l'xecute or file of record any inatrument which impo;lCs a l"e~tricti(ll1 upon the sale or occu-
pancy of the property described herein on the b8.8is of race, color, or creed,
\), If ,the prpmiscs, or any part thereof, be condemned under the power of eminent domain, or nrqllired
f~)r II Pllbhc liSP, t lH~ dal1la~es l\wlnded, the procoods for the taking 01, or the consideration for such Iwq lIisi-
tlOn, to I h~. I'xtt'nt of tl\l' filII amount of ~he r~maining. unpaid indrbt(\(ln~ secured .by this 1."0rtgage, arc
lwrcby n;;'''I~ple(1 to the :MOl!gager, and hl8 ht'11'S or l\8."lgn8, and shall be paid lorthwlth to Bald Mortgager
or his ussignee to he applied on account of the last maturing in8tsllmrnts of 8uch indrbtllt'S8; pro\'ith'd, how-
t'vt'r, till' ~Iortgagre or his sssigl1l'e, may at hi!! diBcretion pay direct to the 1-Iortgagor, hi8 hpirs or assigns
any part or ull of such award; provided, that if the lORn is guaranteed or insured, tilt' consent of tht' guaran-
tor or insurer is obtained in advance of said payment,
10. The ~tortgagee may, at any time pending a suit upon this mortg~e, apply t() the court 11I\\"in~ jurisllir-
tion thereof for the appointment of a receIver, and such court shall fortnWlth appoint a reCE-iver of the premises
covered hereby all and 8ingular, includin~ all and 8ingular the inC()me, profits, i88ues, and revenues from what-
ever source derived, each and every of whIChl it being expressly underst..ood, i8 hereby mortge.ged 8.8 if specifically
set forth and described in the granting and habendum clau8e8 hereof, Such appointment 8hall bl' made by
such court as an admitt~d equity and a matter of absolute right to said Mortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendants. Such renta, profits, income, issues, and revenues 8hall be applied by such receiver
according t() the lien of this mortgage &nd the practice of 8uch C()urt. In the event of a...ly default on the part
of the ~tortgagcr hereur.der, the Mortgagor ~e('8 to pay to the ~{ortgagt'e on demand 8.8 a reasonable monthly
rental for the premi8e!! an amount at least eqUIvalent to one-twelfth O~I) of the aggn'gate of the twelve monthly
instaHments payable in the then current year plus the actul\1 amount. o~ the annual ta..-<es, 888e88ment8, water
rat~, and insurance premiums for s"ch Yf"ar not covered by the aforesaid monthly paymentB,
11, In the evt>nt of any breach of thi8 mortgage or default on the part of the ~{or~gagor, or in the Hent
thll:t any of said sums of money herein refer:ed w. be not promptly and f~l.ly paId I.ccordmg to the t~nor hereof,
or, m the event that each and every the stlpulatlon9, a.greemen~, condll1ona, and cove~an~ of saId note I\nd
thiS mortgage, are not duly, promptly, !illd f~ly ptrfo~ed or If t,he ~ort.gagor be adJudlcat.ed ban,krupt or
made ddendant in a bankrupky or reCeivership proceedmgs; then m either or any 8uch event, the sal<\ aggre-
gate SUIn mentioned in 8aid note then remainlOg unpaid, with interest accrued to that time, and 811 money
!lec\lred hrreby, 8hall become due and payable fort~with, o~ ~hereafte~, at the option o,f 8aid Mortgf.l{ee, as
fully and compleklv as if all the said 8Ums of money were ongInally 8tlpulated t() be paid on 8uch day, any-
thing in said not~ or'in thi8 mort~age t() the C()ntrarr notwithsta~ding; ~d thereupon or thereaftN,. at the option
of said MortKagee without notIce or demand, SUlt at law or In eq\1lty, may be prosecuted as If all monevs
secured hereby had matured prior to itB in8titution, The Mortgagee mey foreclose this mortgage, as to the
amount so decli\red due and pay"ble, and the said pr~mises shall be sold. to 8atisfy and pay the same toget~er
with cost8 expenses and allowances, In C&Be of partial foreclosure of thIS mortgage, the mortgllged prf'IllISeS
8hall be sold 8ubject'to the continuing lien of this mortg~e for the ~mo"r.t of the c1ebt not t~~n due lI,n(1 nnpaid,
In filch ca.se the provisions of this paragr..ph may &gain be "vatled of therellf~er from lime to time by the
Mortgagee.
12, No wai'lt>r of any C()venant herein or of the obligation secured hereby shl\1l et any time thNt'lIfter be
held to be 1\ waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effect during t.ny postponement Ol' I'xlt'nsion
of the time of payment, of the indebtedne88 or any put thereof secu,red hereby. ,
14. Thi8 m, ortgage is given w secure the purchue money, or a part thereof, of the lands hrrcin dfscribed
and is executw ana delivered contemporaneously "nth the deed therefor.
15, If thfl Mortgagor default in any of the oovenaDtB or agreements contained hl'rein, or in said note, then
the Mortgasee may perform the same, and all expenditures, (includi!lg re&80~ab!e at!()rney's fees) mllde by the
Murtgagee m 80 doing shall draw int.ereat. at the rate proVided for 11\ the pnnclpal mdebtedn('ss, and shl\lI be
repayable thirty (30) d"Y8 after de.nand, and, wgether with interest and costa accrued thereon, ahllll be secured
by this mortgage,
It\, Upon the requ~t of the Mortgagee the Mortgagor shall ex~ute I.nd de~ive~ a s?pplemental note ,or
not.es for thE'! 8um or SUIIUI adva.nced by the MortgAgee for the alterahon, modemlzahon, Improvement, mall\-
tenllnce, or repair of l18id premises, for taxes or &88('88rnenta against the .Sl.me ,and for any other p~rpose author-
ized hereunder, Said note or notes shall be lleCured hereby on a panty With and as fully as If the adv8nco
evidenced thereby were included in the note first deacribed above, Said supplemental not~ or notes shall bear
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