HomeMy WebLinkAbout0340 the deficiency. Suchp~ym ent ahall be me?de within thirty (80~ dsys stter ~vritten notice from Lhe ~Iortgsgee
ste?ting the amount oi the deflaenay~ which notice may be ~ven by mail. It st e?c~ time the ~iort~agor ~
ahsll tender to the Mortgagee i.n aooordsnce with Lhe provisions oi the note secwred hereby, full payraent
of the entire indebtedneea repreeented thereby, tha Mortgagee as 4uatee shall, in oomputing the smount of
such indebtedness~ credit to tha accouut oi tha Mortgsg~r e?qy credit balance remsining uader tha provieions '
of (s) oi saidparsgraph 2. Ii there ahall be e? deisuit under sny of the provisiona of this mortgage reaulting :
in a public sale of the premises covered hereby~ or if the Mortgagee acquires the proper.ty otherw~se aiter
defsult, the Mortgagee as truatee shaU apply~ at the time of the oommencement~ of such proceedings or st •
the time the pmperty is otherwise acquired, the e~mount then remaining to credit of Mortgsgor under (s~af •
para~raph 2 preceding as a credit on the interest accured and unpaid and the balance to tbe principsl en ~
remtunuig unpsid on eaid n~te.
4. Ha will pqy all taxee„ uee~te, wstee rat~es, and otbe~~o
vetnmental ae munidp4l ehsB'~0. 8~0. ~ .
impoeitione, for which provleion hae not been made hereinbefore, and ia detsult thereof the Mo:t~agee m~Y P4Y ~
same; and ths! he will ProanPt~p deliver t~e affic~l reoeipts thentor to the Mort$agee.
b~. He wnll parmil, oommit, ar suSer no waste, ianpairaae~t, or detertorstioa of eaid p~operty oru~y ~arC t,hereoi '
eocoept reaeonable wesr ~?ad tsar• ~?ad ia the ev~ea0 of the faa~ure of the Mo to keep the buildmgs on esic~ ~ :
premisee and theae to be ereetec~ on eaid premiees, or improvements thereoa,~a
rgood repair t6a Mortgagee msy
mske weh rep~s aa ia its diseretioa it msy deem aeceeeary for theproper p~ervatioa thereo~ aad the full amount ,
f~~e ~~th~is~mo
~t
~,~ment alu~il be due sad pe4yable thirty (30) ele4ys aft~ demand, an~ ehall be eeeured by i
Q. He will pqy all and edngular tbs ooets, and eacpeneea, iacluding rese~nabla bwyer's feee, aad oosts - i
ot ~betraats of litle, incutred or pstd st aay time
~r~y~ortgsgee beosuse of the failure oa the part of the Mortg~or ~
G: Pa'o~PW? and fully t~o perform the a~reennents and oovenante ot' said p~omieeory note aad this most~a~e, and eaid ~
~ ooste, ehargee, and ea~penses eba11 be immediste~y due sad psysble ~?d ebsll be eeouz+ed by the liea of t~i-s mortgager
1
7. He v?vill oontinuone~y maintain haasrd ineuranoe, of such typs or snd amouats ae Mortgagee ma~
from time to time requi~+e, on the improvementa now or Lereaites on eai rwuises and excep0 when psymen0
tar all such p:;emivims hss theretofore been mada under (s of psrsgca~h ~hereoi ~e will pe,y promptly wLen '
due ~ premiums therefor. All insuraaoe ehall be ~ ia oompameB approve~ by Motga~ and the poli-
cies and renewals t~hereof ehall be beld by Mortgsgee aad have attsched tLereto loes psyable cTauees in fsvor oi
and in iorm aa;eptable to tLe Mort~a~ee. In event of losa he will give immediate notioe by mail to Mortgagee,
snd Mortg~gee msp make.prooi o oes ii not msde prompt~y by Mortgagor~ and each insuranoe,o~mpany
oonoeraed is Lereby~ authonsed and dueated to maice psyment for such loes du+ec. to Mc~y~ metead af
to Mortgag+or and Mortgagee jointJy~ snd the insurance prooeeds, or aqy part there~~may be
aQ
p,p7ied by 1liort~
gsgee sti ite op~ion either to the reduction of the iadebtednesa hereby eecured or to t~he restorstaon or repair oi
~ p~~
ez~ en of ~t ~ forecloswre of thie mortgage or other traaafer of title to the mortgaged
p~operqr tangu~ahm t, , the . debtedaess secured hereby~ a~i nght~ tatle, and interest ot the Mortgag~o~r
ia aad to aqy insuraace pohcus thea in ioroe ahaU psss to the purcLaser or grantee. .
• 8. He will no6 ~ecute or 81e oi reoord sny inatrument which impoees s reatrictioa upoa the esle or oocu-
pancy oi tha property deecribed hesein on the basie of raae, oolor, or creed.
9. If the premiseg, or sny part thereot, be oondemned under the power of emineat domsin, or soquired
for s public use the damages awarded the proceeda for the of, or the eonaideratioa for euch aoquiei
tion, to the extent of the fall amovnt of the remaining uapaid in ebtedneee eecured by this mort~a~e, sre
hereby asaigned to the Mortgagee, and his heira or as.signa~ and shall be paid forthwith to eaid Mo
r-~ egee
or his asaig nee to be appli~ed on ac;count of the last maturing instsllmente of such indebtnese• pmvided,~?ow-
ever, the Mortgagee or hia ussignee, may at his diacretion pay direct to the Mortgagor~ his ~eira or sesigne
aqy psrL or sll ofauch award; provided, that if the loun is gueranteed or insured, the consent oi the guaran- ~
tor or insurer ia obtsined in advance of said aymen~ ~
10. The Mortgagee msy, at any time pen~'~ng a auit upon.t6is mo spply,to the oourt hsving j~uisdict
Lion thereof for the appointment oi a receiver, and auch oourt aball fo~t~ s~pointi s receiver of the premises ~
covered hereby all snd singalar~ including sll snd aingular tha ineoma, profits~ ~uee, aad revenues from ~vhst• ~ k
ever soun:e denved, eaGh ead every of w~ch it beu' ~e~~presaly uaderstood is hereby martgaged as ii e
set fo
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d descn
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he.graating an
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lauses bereo f. 3u c
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such court as an admitted eqwty and a mstter of absolute righ~ to seid Mortgagee, and without referencs to
tLe adeqnscy or inadequacy of the value of the property mortgaged"or to the solvency or insolvency of said ~
Mo r or the defendanta. Such rents pmfita, inoome~ ~ssuea~ and revenues ehall be spplied by such receiver
acco~ to the Uen of this mortgage an~ the practice of euch oourt. Ia tha event of any default on Lhe part
of the Mortgeger hereunder, t,be biortgagor a~rees to psy to the Mortgagee on demand ss s reasonable monthlv
rcntal for the premises an amnunt-at leas~ equivalent to one-twelf th Qs~) of thea~r~~ te of the twelve monthly
installments paysble in the then current year plus the actusl amount of the annusl t~ces, assessmeate, water
rstes, and insurance premiums for such yee~r not oovered by the aforessid montLly psymenta.
11. In the event of any breach of this mortgsge or defsult on L6e part of tLe Mortgag~or, or in the event
thst any o# said sums of money herein refen~ed to be not promptly and fully psid ecoording to tha tenor Lereof
or in tbe event thst esch and every tbe atipulstions, agreemente conditiona, and ooveneats of said nots an~ '
this mortgage, are not duly~ Promptly, and tullp performed or i~ Lhe Mortgagor be adjudicated bankrupt or .
made defendaat in a bankruptcy or receivership groceedings; tLen ia either or any auch event~ tLe said aggre-
gste sum mention in ssid note then rem ' unpaid~ anth iaterest accrued to that time, and all money
secured hereby ~ become due snd psyab~orthwitL, or thereafter, st the option of ssid ~iortgagee as ~
fullp aad comp~etely as if all the ssid sums of money were originelly atipulated to be paid on auch dsy, an~
tbing in eaid note ar in this mort~ege to the oontrar~ notwithatanding; and thereupon or theresf ter~ st the option
oi said Mortgagee, without noUce or demsnd, suit at law or in equity, may be pmsecuted as if all moaeve
eecured hereby ~?ud matured prior to its institution. The Mor msp foreclose thie a~ortgage~ as to tbe j
amount eo declased due and peysble, and the said premises Shall~ld to astisfy and psy the same together
with costs ezpenses, and sllowances. In case of partial foreclosure of this mortgage, the mortgsged premises ~
shsll be so~d aubject to the oontinuing lien oi this mortga~e for t6e amount of the debt not tbea due and unp~id.
In auch case tbe proviaions of this paragrsph msy agaia be svailed of thereafter from tirae to time by the
Mortgagee.
12. No waiver of any c~venant herein or of the obligation eec~red hereby ehsll st any time thereafter be ~
held to be s waiver of the terms hereoi or of the note secured bereby. ~
~ 13. Tha lien of this instrument ahall remsin in full force aad effect during ~uy postponement or extension
of the time oi psyment of the indebtedaesa or any part thereof secured hereby. 4:
14. 1`his mortgage ie given to secur8 the purchase money, or s part thereof, oi the lsnds herein described ~ i:
an
d is ezecu t
e
d sn
d d e
l iv
e
r
e
d oon t
e
a nporaneo u
s
ly w?i t
h t
he d e
e d t
here
for.
l5. If tbe Mo
r t g
a
g
or defsult in aa
y oi tbe oovenants or a g
r
e
em e
nts ooatained h
e
n
i n~ o
r i
n a s
i
d n
o t
e, t
h
e
n ~
the Mortgagee may perform the ssme, sad all ~penditures ~including reasonsble attorney's fees) made by the ~
Mortgagee ut ~o domg ahall draar interest at the rste pmvi ed for in the principal indebtedness, and ahall be
repsya~ble thirty (30) dsya after dem~nd, and, together with interes~ and oosts accrued tLereon, shell be secured CJ
by this mortgage. C7~
16. Upon the r~quest oi the Mo~ the Mortgag+or sball ex~ecute snd deliver a anpplemental aote or
notes for the aum ar sums advanced by e Mortgagee for the alteration, modernizavoa, improvement, maia- •
teaance, or rapeir of said pnmises, for tsxea or aseessments against the same snd for any other purpose sutlior. '
~ ised hereunder. Said note or notes sha~l be secured henb
y on • pari~ ~+ith and ss full
y as if tl~ e e
dv
a n c
a ~
evidenced thereby were ia~clude,d ia the note first described sbove. Sai~supplemental aots or not.es ghall bear