HomeMy WebLinkAbout0110 i
. ; . 4 .,,r t
Mortgag+~r ahall p~y? b t~he Mo~rt~ag~es W arnuunt neoerar~ to make up t6e deflci~oj. 3uch pi~yn?ea~ s~a11
; be m~de wi~lua Lbirt7 (30) d~ utter wr~tten aoLioe tr~m the M ~u?~ ths ~?mouat oi tl~e deficienay~ ~
which uo~ice my? bs ~i~ea b~ m~il. It ~aq~ time the Martgagora~ t~ander to the Mortgages in accord- i
i ~nos wi~h Lhe~ pro~ss~ow of t6e aoia ~ecue+ed hereby. full P4yme~a~ oi !Le entirs indebtedness represrtttcd
' thereb~~ the Mo~r~ee a6~11, in ootoputing the amount ot suo6 indeb~edaeea, otedi~ to the uuooua~ oi Lhe
! M~rtea~ar u~y redi~ bv~nce under ths provisions ot of said p6 2. , It there ah~?ll be ~
def~ui~ under u~y oi the ~?rovisio~ naortga~e nauttiag in ~ publie sale of e pre~u~es cove,red hereby
or ii the Mortgagee acquu+es the properiy othere?~se dter det~ult. the Mortga~ee shall sPP~Y, a~ the time o~
the commancemeat of suc6 proceedings or ~ti the tima the property ia otherwise acquind. the amount ~hen
remeining to credit oi Mort~a~ under of p~ragnph 2 pn~ceding aa a credii on the inter~8t ~cccued aad
' uapaid and the bal~nce to tfie priacipat tbea e+emaiuwg unp~id on sud note.
4. He will PsY aII t+?~oes, ameee~eat~. ~n~ee r~te~. and ol~er~overnmenta! ae municip~i ehae'Bae. 8ne4 or
~ imPosittons. ior wLieh pravieioa baa n~t been made ber~inbefors, uad in defwlt thereoE the Mortgpgee an~? Py? tt~s
I ~~me; and t6at he will pro~p~ly deliver the o~cial reoelpta Lherefor to tLe Mort~gee.
6. He will permit, oommit, cs suger no w~ste, impairmea~ or detedorat,ion ot e~id properly ot ~ay thee~eot
e~ooept reasonabb wa?r and t~ear• ~ad in ths event of tLs i ure af t6e Mort~gor to keep t6e build~ oa aat~
premiees a~d tlwse to be ereetec~ on eaid premieee, ar ~mprovements thereon, in good repair t6e Mortg,agee auy
malce eueh repsin aa in ita diseret3oa it m~y deeai neoeesaty for the proPet' Preeen?a~tioa thereo~, and the iull ~mount
oi eae6 aad every such p?yment sball be due ~ad PRY+~ ~~1? daya aft~ demaad, and abaU be secured by
, tbs liea ot thia mort~a .
~ ~11bs
n
teo~f
tiPwY~ an~ aa~p~u, iQiau'~i~u~ i~,"s~'r~ ia~rc~'-o f~, ~w
t10. Paid st any time
~~?~y~ortaaaee bea?uee of the failure on tbe psst ot the Mort~
P`~P~Y ~ f~ to perform t6e a~repnenta and oovenants of s~id promieeory notc and this mort~a~e d~
~~P~es sha11 be immbdisteb? dus and p?yable aad e6all be eecnred by the lien of tbis inotg~ege, -
g~e
7. He w~l oontiauons~ maintain L~sard i~unaos, oi such type or t~pes and amounts as Mortgagee m~
' ~ tt~m tame to time require, on the improvements now or Lereatter on eaid p and except ~rhen psym~t
+e
tor all such premiume h~s tbee+etofore been made under ~(a) of par~grn~h a hereof vviU P+~Y Pmmptly when
I due an ums therefor F.
7 P~ All inauranoe shall bs carried w oompauies sPProve~ by I1i and the poli.
I, ~ cies and renewals thereoi aLall be Leld by Mortgagee and bt~ve attached thereto ~oes payable suses in iavor oi ~~a
, aad in form aooeptsble to the M In evmt of bes he will give immediate notice by maW to Mortgagee, i;.
sad Murtg`agee, may make proof o if not made prompt~y b~ Mortgagorj and each insurance oompan~ ;r;
oonoerned ~a h
e
r
e
by~ a
u t
h
o
r
i~ d an
d d
i
r
e c
t
e d t
o m
a
k
e paymen
t for w
c
h l
o e~ d u+
e c. to Mort~~ ~nstead oi
~ to Mortgagor and Mortgagee j
oin
t
i
y, aad the inauranoe proceeda, or any part theres~map he app7ied hy 1~1ort- ~
~agee at ite o
ption eitber to t
h
e r
e d
u
c t~
n o
i L
h
e i n d e
b
t e d n
e e e h
e
r
e
b~ e e c
u r
e d or t
o t
he res t
ontioa or repair oi ~
• the property dama~ed. ~ eo~ti oi t~„~ ot or other tranater of title to the mo
r
t
g
a g
e d
property in e:ungwaLment oi the indebtedneas secured hereby; all righ~, title. and interesti oi We Mortgagor
ia and to any insurance policies then in ioroe ahall
pass to tbe purchaee~r or gr~atee.
8. He wili noi~ ezecufs or fite of reix;c~ arc~i ~atrument which imposes a restriction upon the ~ssle ar oocw
pency of the pmperty desGribed herein on the baaia of nce~ oolor~ or creed. -
: . 9. If t6e premisee, or any part thereof, be condecnned uader the power of eminent domain, or acquired
ior s public use, the damagea awarded, the proceeds for the taking of, or the consideration tor such aoquiai- ~
tion, to the extent of the full amount of the remeining unpaid indebtedneffi secured by thia mortgage, are
hereby asaigued to the Mortgagee, and hia heire or sesegna~ snd shall be paid forthwith to said Mor-tgegee .
~ or his ee to be applied on aocount of the last matunng inataUmenta of such indebtnese• pmvided, how-
; ever~ th~orcgagee or his aesignee, may at his discretion pay direct to the Mortga~Or, his ~eira or a~igna '
any part or alt of such award; pmvided, t6st if Lhe loan ie gusrsateed or waured, the oonsent of the gusran-
tor or inaurer is obtained in advsnce of saidpa ent.
~ . Ym
= 10. TLe Mortge~gee msy, st an time 'dm -g a sui~ u a this mor a 1 to the oourt hAVin
~ i~ P° PP Y jurisciic-
tion thereof for the ~ppointment o a rec;~ver, and sucL oourL s6s11 fo wi s~point s receiver of the premises
: oovered Lereby alI aad singulsr, includin~ all aad singular the iacame~ pmfits~ ~asues~ aad reveauea irom ~vhat-
. evet source denved, each and every of which it being expresely underatood, ia heteby mortgaged as if speci&caUy
set forth and descnbed in the grsnting aa~ hsbendum cl~uses bereof. 3uc6 sppointment ahall be made by
such aourt aa u? admitted equity and s mstter of sb~olute rigLt to s~id Mortgagee, and without reference to k;. _
' the adequacy or inadequacy of the value of the property mortgaged or to the solvoncy or,insolvency of said "
Mor~or.or the defendanta. Such reata, pmfits, inoome, ~asues, and revenuea shaU be appUed by such receiver ~
acxo g to the Gen of this mortgage aad the practioe oi sucL oourt. Ia tha event of any defsult on the part f=
of t6e Mortgagor hereunder~ the Mortgagor s~rees to pay to the Mo on demand as s reasonable monthlv
; rental for the premisea an amoemt st leas6 eqwvalent to one-LwelftL oi thes~tegs
te of the twelve monthlv
installments payable in the then curren t year p
lua the actusl amount of tLe anaual titea~ asseasmente, watee
, rates, snd insurance premiunus for such year not ouvered by the dorpsaid mont~hly psymenta.
11. In t6e event of say breach oi thia mortgsge or defautt on the part of tLe Mortgag~r, or in the event '3
tbst any of said sum~s of monep herein referrred to be not pmmptly and ful~y pRid sc,cwrding to the teaor hereo! g~-
or in t~a event that each and every the atip ulstione, agreementa, oonditiona, and covenants of said note and ~
. this mortgage~ ese not duly, pmmpt]y, and fuUy performed or if t6e Mortgagc?r be adjudicated banl:rupt or •
raade defendsnt in ~ baakruptcy or receavezship pmceedinga; then in either or anyauch event, the said aggre- Y.
gste sum mentioned in suid note then rem unpad, vmth interest accrued to thet time, oud all money 4° '
, secured hereby ahall beoome due and psy~b~orWwith, or thereaiter~ a~ the option of said 11iortgagee~ as
fully and comp~etely as if all the said sums of money were originally atipulated to be paid on such dey~ enr ~
thing in said note or in t,~us mor to the con notwithsten and thereu
t~a8e trat~ dwg . pon or thereafter, At the option
of srud Mortgagee, w?ithout aotsce or dem~nd, smt at la~v or in eqwty, may be proeecuted ~a if ull irionevs -
; secured hereby hud matured prior to it8 inatitudon. The Mortgagee msy foreclose t~hia tnortgage~ as to tbe
, amount so declared due and psysble, and the said premisee shalll~e eold to satisfy and psy the same tog~ether ~
~ with costs e~xpeneea, and allowancea. In caee oi parLial forecla~ure of this mortgsge, the mortgeged prnmises
; shall be so~d aubject to the contanuiag lien oi thia mortga~e for fLe smount of the debt not thea due and unpaid.
; In such case tbe pmvi~sions ot thia paragrsph msy aga~n be svailed oi thereafter from time to time by the fi~
Mortgegee.
~ 12. No wniver of aay oovenant haein or of the obligation seeured benbp ahull at any time them~iter be F'
beld to be a rvaiver oi the Lerms henof or ot the note secured bereby.
' 13. The lien of this inatrument ehall remain in inll force and effect during any poatponement or extension
~ ~ of tLe time .of payment of the indebtednese or wy part U?ereof eecured hereby. ~ Y
' 14, This mortgag~ is given to secure "the pw~chaee money, or s part thereoi~ oi the lands herein described . •
and is e=ecuted and de4~ered oontemporaueously ~vith the deed th~refor.
1 5. I
i t
ha Mo
r t
g
a
g
or de
ls
u
lt in ~ny o
f t
h
e oooeaanta or a~raementa oontained herein, or in ssid note, then }
~ tLe Mortgs~ee may pertorm tLe sanne, and all eacpenditurea (w'cluding reason~ble attorney's fees) made by the -
; Mortgagee m so do~'ng sh~ll draw iat~reat at the r~te provided for ia the principal indebtedness, sad s~~a11 be =
- b
pay~ble tbirty (30) day~s atter demaad~ aad, togetLu w?ith intereat aad oosts aocrued thereon, ahsll be secured
y tL~s mostgsg~e. '
16, Upoa the request oi the Mortgs~ee the Mortgagor shrll ezecute md de.liver • aupplementai note or
aotes tor tbe sum or sams adv~noed by tbe Mortgagee tor the dtention, modernization~ impmvement, main_
: tenanoe, or repair of said pnmise~, tor tases or aesessmenta agauut the same aad for aay other purpose ~utLor- ~
ized Lenunder. 3aid note or noteo shaU be secured hereby on ~ p~rity ~vith aad ~s fully as it the advance i;
~ eirideaoed thenby rvere included in the note fust deocribed above. Said supplemental note or n t,ee ahail beu ~
e
~ a~~~ K
Q.~, ~i7 F~'GE~~O
~ - ~ ~
_ , :