HomeMy WebLinkAbout0197 tt,e dehciency. ~ttrh pay•it~ei~t sl?all be n?ade withit? thirtv (30) da3rs ~iter ~~ritte~i riottc'N fC0lll LF1P ~10C~~',R~£P
statiu~; the aiiiount af the aefccienc}•, w•hich noticr s~iay be given b} ~nnil. lf at e~nv time the ~fortge~or
sha~l tender to the :~1ort~agee in accorcience with the provia?ons of the note secureci~ hereb~, full payment
of the entue indebtedne~ea repreaented therebv, the 11ort~agee e.g trustee shall, in computing the a~maunt of
such indebt~ednese, creciit to the account of ttie ~iart~agor any credit balance remaini?i under the pmvieions
of (a) af said paragraph 2. If there shall be a defbult under any of the pm~•ision~ of t~is mort~;age reeulting
in a public sale of the preriiisea covered hereby, or if the :~Sort{~eigee acquiros the pmperty otherwise after
default, the `lortgagee as truetee eheill apply, at the time of the cotnntirncement of such pracaedinge or at
the tinie the propert3 is otherK•ise acquired, the amount then ren~ainin~; to rredit of tilort~aRor under (a) of
paragraph 2 preceding as a credit on the interest accured and unpaid and t}ie balance to the principal then
ren~a~ni~g unpaid on sei~ note.
4. He will psy aIl ta~cee, ase~e~nta, wst~ rates~ ~und other goveramentsl cr muaicipal ahiu'6e~e~ fiaes, or
impodtione, for whioh provision haa not been msde bereinbefore~ ~?ad in ~iefault thereof tha Mvrtgagee may ~y ttye
ame; nnd th~?t be wiU Pro~r?PtJ,~' deliver Lhe a~cial reoeipb tberefor Lo the Mort~agaa.
b. He wiil permit~ oommit, or ~ulier ao w~ste, impsirment~ or dateriontioa of e~id propert,y or any p~rt thereof
a~ept roasoaabb ~a?r and tbar• ~d in th0 event of Lhe failure of the Mnrtgeg~r to keep the buildiage on esi~
pre~u~es ruad tho~e to be ereate~ oa eaid premiseet, or improvemente t6ereon, in gbod repsir the Mortgtigce me?y
m~?ke wah repairs ~r ia ita discr~eetion it muy dee~n n~eoeeenry far the proper preeervstion t6ereo~, and Lh~ full nmounL
ot each and ev~y suah psymea~ e~all be due and WY~ ~Y (30) dsya sftsr demand, and shsll be secured by
t~he lien af t,~is u?ort~;s. "
6. He w3ll p?y aU i?nd t[n~uLr the aosta„ ~und mcpenees, including rea~onsble L?wyer's feee, a?nd ooets
of sbetraots of title~ inourred or patd at sny time b~MortgAg+ee becsuea of tLe failura on the part of the Martgag~or
psompt,ly and f~ t,o perform the a~reamente and oovenanta of esid promiBeory note and thie mortgage, and eaid
~oste, chargee, an ~p~t~+s mhall be immedii?telq ~iue and pnysble and ehall be eecured by the lien of thia mortgs~a.
7. He ~vill Continuou~' msint~in hazai'd iostu~snoe~ of such type or typee snd amounts as Mortgsgee msy
from t,ime to tima requira, on the imprnvements now or here~fter on said premises and except when paqment
for sll euch premiume h~s therett>fore bean made under (s af paragraph 2 here~of 'he will pay pmmptly when
due any premiuma therefor. All ineur~?noe ahvl be car~ in oompsniee spprovec~ by Mo,rt~s~ee snd the poli-
cies and renewsls the~reoi shall be beld b~ Mort$ugee and have attuched t,hereto loes payable crsuseg in fsvor oi
and in form accept,able to the Mo ~ag~e In event of loes he will give immediste notice by mail to Mortgsgee,
and Mortgagee m~?p maEa proof
oi la~e it not mode pmmptly by Mortgagar, and each inauranco company
ooncerned is hareby~ suthoriaed and direated to make psyment for euch lose du~ectly to Mortge?~ee inatead of
to Mortgagor and Mortgsgee jointip, end the insurance groceede, or any part thereof, maq be app7ied by Diort-
~ee st ita optaou either to the reduction of the indebtedneag hereby secured or to tbe testoret~on or repair of
the property dam~ed. In event ot forecloeure of this mortgage or other tranaier of title La the mortgaged
propertp in extangu~hment of Lhe indebtedneea eecuned hereby, s~l right, title, and interest af the Mortgagor
m ~and to any ineursnce policies Lhen in forca ehall paee to the pur~chasar or grantee.
8. He will not execute or file of record any inaCrumeut which impoaea e restriction upon the sale or occu-
pancy o€ the property deacribed herein on the basis of race, cotor, or creed,
9. If the premisea, or any p~rt thereof, be condemned under the power of eminent domain, or acquired
for a public use, the dam~ges awarded, the proceeds for the taking of, or the cansideration for such acquisi-
tion, to the ectent of the full amount of the remeining unpaid indebtedness secured b~ thi4 mor~tgage, ere
hereb;,- assigned to the :Vlortgagee, and his hei~ or ass~gns, and ahall be paid forthwitn t~o said Mortgagce
or his assignee to be applied on account of the last maturing instsllmenta of auch indebtnesa; pra~ided, now-
e~~er, the Rlortgagee or his assi.gnee, mar at hia discretion pay ciirect to the Mortgagor, his heira or se~igu~
an~~ part or all of such award; provided, that if the loan is guaranteeci or insured, the consent of the ~uaran-
tor or insurer is obtaiued in advance of said payment.
10. The Riortgagee may, at any tune ~ending a suit upon thie mortga~e, nppl~ to the court hAVir~~ jiirisdic-
tion ther~eof for the appoinLment of a receiver, and such court aball forthwith appoint a receiver of the premises
covered herPby all and singalar, includin~ all end aingular the income, pmfits, issuea, and revenues from ~rhat-
ever source denved, each and every of which it being expressly understood, is hereby mortgagec~ as if apecificall~
eet forth and described in the gra~ting an~ habendum clausea bereof. Such sppaintment ahall be made by
such court as an admitted equity and a matter of absolut,e right to eaid ~iortgagee, and without reference to
~ the adequacy ar inedequacy of the velue af che property mortgaged or to the soivency or insoi~-ency of said
r ~iort agor or she defendants. Such rents, profits, income, iesuea, and revenues ehall be applied b~ such receiver
~ accor~ing to the iien of this mortgage and Lhe practice of euch court. In the event, of any default on the part
~ of the `lortgagnr hereunder, the ~iortgagor agreea to pap to the tiiortgagee on demand ae a reasonable monthlv
E rental for the premises an amount at leaat equivalent to one-twelfth (S;,) of the aggregate of the twelve monthly
instaliments payable in the then current year plus the actual amounL of the annual ts.tes, assesaments, water
rates, and insurance premiums for euch year not covered by the afor~zsaid monthly paymenta.
: 11. In the event of ~ny breach of thie rnortg~?ge or default on the part of the ~iortgagor, or in the eoent
Lhnt anq oi eaid aums of nlonev herein referrad to ba not promptly and futly paid according to the tenor hereof,
or in the event that each endV every the atip ulations, ngreements, cr,nditiuns, and covenents of seid note and
this mortgage, are not duly, promptly, and fully performed or ii Che Mortgt?gor be adjudicated bankrupt or
msde defendant in a bankruptcy or receivershi~ proceedinge; then in either or any ~uch event, the said aggre-
gste sum mentioned in aaid note then remainu~g unpaid, with interest accrusd to thet time, and aIl money
secured hereby, shall become dae and payable forthwit,h, or thereafter, et ihe option of eaid'~iortgagee, ea
fully and completely as if all the said sums of money were originslly stipulated to be paid on such dav, an~ -
, thing in said note or ue this mort~age to the contrar~ notwithstanding; and thereupon or thereafter, at the option
of said \lortgagee, without noUce or demxnd, suit et law or in equity, mav be prosecuted as if all mone~•s
secured hereby had matured prior to its institution. The :11ort~agee may foreclose this morigage, as to tf~e
amount so declared due and payeble, and the ssid premises shall he sold to satisfy and pay the same together
w-ith costs, expQnses, and a11oK ances. In case of partial foreclosure of this mortgage, the mortgeged premises
shall be sold aubject to the continuing lien of t,his mortga~e for the amount of the debt. not then due end nnpr+id.
~ In such case the provisione of this paragraph may agaan be availed of thereafter from time to time by the
? :~iortgagee.
12. No w~iaer of any covenant herein or of the obligation secured hereby shali at an3~ time tl?ereafter be
held to be a v~aiver of the terms hereof or of the note secured hereby.
13. The lien of this insirument sh~ll remain in full force and e$ect during any postpanement c~r ~stension
of the t:me ~f gayment of the indebtedneas or any part thereof aecured hereby.
14. This mortgsge is given to secure the purchase money, or a part thereof, of the tanda herein described~
and is eaecuted and delivered contemporeneously with the deed. therefor.
15. If the Mortgagor default in eny of the covenants or agre.emPnt~ contained herein, or in said note, then~
the Mc+rtga~ee mey perform the same, snd all expenditures (including reasonable attornev's iees) made by the ,
~iortg ee in so dom shall draw intereet at the rate provided for in the pri;~cipal indebtedness, and s}inll be
ag n
repay able thirty (30) Aya after demand, and, together with interest and coats accrued thereon, shaii be ~ecured t'
bq this mortgsge.
18. Upon t~e request of the Mortgagee the Moctgagor ahall execute and deliver e~ aupplemental note ar ~
notee f4r the aum or aums sdvanced by the :1~Iortgegee for the alteration, modernization, improvement, main-
teannce~ or repair of eaid premises, for tsxea or aeseesmente against the esane and for any other purpose author- ~
ized hereunder. Ssid note or notes ehall be eecured hereby on a parit~* r~-ith and ee fully es if the advance ~ ~
evidenced thereby wera included in the aote finL deecribed above. Said supplemental note or natea ahall bear