HomeMy WebLinkAbout0275 th~~ ~irticirni•~'. ~ui•ii 4~n~'int~n~ ~}inll ~e u~n~ir ~~itiiiu-tliirt~' (3U) iin~'~ nilrr ~rittrn ~iv[irr frviu tlir \Surtrnr~~c~
; stntiii~ ttie aiuount of t~~e deticienc~~, whii~h nofi~~e n?~~~be gi~en by ,nail. !f at x~iv time the \lortga~or
~ sl~a~l tet~der to t!?e \fortra~ee i~i accordwnpe x'hh ttie prowe~dns of the note se.•ureci hereby, full paymetit
~ of ihe entire indebtedne:~ represei~ted ther~b~~, the ~1ort~Kgee r~s trustee shall, in f0l11pLLL1I1~„ LfiH amount of
. su~~t? indebtecluess, credit tu tlie xccowit of the \tort Yn~or Kn~ rreciit be~lnnce reuixinin ~ under the provieiona
of (a) of said para rap}i lf there s}isll be a defau~t under anti• ot the pro~•isions oi t~is mortgt~gR resultin~
~ in a public s,~IP o~the preiiiiaes co~•ered t?ereby, or if the ~iortgagee acyuirNS ttie pmperty otherwise sfter
default, the ~IortgageN Ns trustee ahall apply, at the time of the com~uencement of such proceedinga or at
tkie tinie the propert~ is otherH~ise xcyuired, the sriiount then remaining to credit of ~iort~a~or under (a) of
para~raph 2 preceding aa K crec~it on the intereat accured snd unpaid and the balance to the principal then
, remsining unpaid an saic~ note.
4. Ae vrill p?y all taxee, a~+eeee~nents, w~ster rates, and other governmental or municipal chsrgee, finer, or
impoeitione, for which provieion hae not been made hereinbefore, and in defa~ilt Lhereaf the Mortgagee may p~?y the
ssme; and thet he will promptly deliver the officisl reaeipte therefor to the Mortgagee.
b. He will permit, oommit, or suffer no waBLe, impairmeat, or deterioration of eaid property or sny part thereof~
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildinga on said
premieea snd thoee to tre erected on asid premieea, or improvementa thereon, in goai repair, the l~iortgagee may
malce such re~sira a8 in ita diecretion it may deem necee~ary for the praper preservation thereof, and the full amaunt
of each aad every euch payment sbell be due and payable thirty (30) daye after demand, and nhsll be eecured by
#,he lien of this mortgsge.
6. I3e will pay all and singulsa the coete, charge~, and expeneee, including rexeonable lawyer'a feea, and coste
of abetracte of title, incurred or paid at any time by the Mortgagee: becauee af the failure on the part of the tiiortgagor
~ proffiptly and fully to perform the agreemente and covenanta of said pcnmiseory note snd this mortgage, and said
ooate, charges, and expen3es ehall be imu~ediately due and psyable and ghall be eecured by the lien of tt,is mort.gage.
7. He will oontinuous~y maintain hazard insurance, of auch type or tvpee and amount,~ as ~lortgagee may
fronn tune to time require, on the impmvemente now or hereafter on said preniises, and except when payment
for ell auch premiums hae theretofore been made under (a) of pa~ragraph 2 hereoi, he w•ill pay promptlv when
due an,y premiums therefor. All inaurance shall be carried in compatuee appmved by I~iartgagee and t~e poli-
eies anci renewala thereof ~Lall be held by Mortgages and bave attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of losa he will give immediate natice bq mail to ?~1ort,gagee,
and Mortgages may mske proof of losa if not made promptly by Mortgegor, and each insiirance company
ooncerned ia hereby authorized and directed to make payment for auch los~ directly to Mortgagee instead of
to Mortgagor and :~Tortgagee jointly, and the inaurance proceeda, or any part thereof, may be applied b9111ort-
gsgee at ite aption either to the reduction of the indebtedness hereby secured ar to the restoration or repair of
the property dama,~ed. In event of forecloaure of thia mortgage or other tranafer of title to the mortgaged
praperty m e~tinguiahment of the indobtedness secured hereby, a~l right~ title, and intereet of the ~lortgsgor
m and to any inaurance polic,iee than in force ahall pa~ss to the purche~aer or ~rantee.
8. He witl not execute or file of record any instrument v~hich imposes a restriction upou the sale or occu-
pancy of the property deacribed herein on the basis of race, color, or creed.
9. If the premises, or an~ part thereof, be cond~mned under the power of eminent domain, or acquired
for a public use, the dam~qes aw~arded, ttie proceeds for the t~king of, or the consideratioc~ for such acquisi-
tion, to the extent of the full amount of the remaiuing unpaid indebtedneas secured bv this mortgage, are
hereb~• assigr~ed to the ~iortgagee, and his heirs or ass~gns, and ahall be gaid forthwith to said Mort agee
or tiis assignee to be app!ied on account of the last maturing installments of auch indebtnesa; provided,~ow-
e~-er, the ~lortgegee or his assignee, ma~• at t~is discretion pay direct to the :~lortgsgor, his heirs or assigns
sn~' part or all of such aw-ard; prorided, that if the loan is guaranteed or insured, tt?e consent of the guaran-
tor or insurer is obtained in advance of said pay~ient.
10. The ~Iorigagee may, at an}• time ~end'uig a suit upon this mortgage, apply to the court hR~•in~ juris~tic-
tion thereof for the appointment of a rece~ver, and such courC ahall forthw•ith appoint a recei~~er of the premises
cvvered herebv all and singular, includin~ all and singular the income, profits, issues, and revenues from ~~•hat-
e~ er source derived, each and ever,y of w•hich, it b~ing expresslv understood, is hereby mortgaged as if specificall~~
set forth and described iti the granting and habendum clauses bereof. Such appointment shall be mads b~~
such courL as an admitted equity and a matter of absolute right to said ~iortgegee, and without reference to
the adequac~• or insdequecy of the ~•alue of the property mortgage~ or to the solvency or insol~•encv of said
~lortgagor or the defenciants. ~»ch r?nts, profits, income, issues, and revenues ahall be applied b}• such receiver
according io the lien of this mortgage arid the practice of auch co~irt. In the e~~ent of an~ default on the part
of the :tlortgagur hereuncier, the ~fortg~agor a{~rees to pay to the ~lortgagee on demand es a reasonable monthlv
rental for the premises an amount at le~st equi~•alent to one-twelfth of the aggregate of the twelve monthlj-
installments pa~•able in the ihen c~:rrent ~•eer plus the actual amount of the annual taxes, assesaments, waGer
rates, and insurance premiuma for such year not covered t~y t.he afore~aid monthly payments.
11. In the erent of snv breach of thia mortgage or default on the part of the ~fortgagur, or in the event
that any of said suma of monev herein referred to be not promptly and full~ paid accordin~ to the tenor hereof,
vi iZ u~'iQ Qtic':,t t~i8~. CB~I~ ~.7~Q~,o~ ti:o atin~ilofinna~ ~eementQ, COII~1tiqP_9, 9.R~. rntPllAI~tg nf aBi~ P_nfQ RII~
thie mortgage, are not duly, promptl~, an~fullyvperformed or if the 1lortgagor be sdjudicated bankrupt or
made defendant in a benkruptcy or receitiershi~ proceedings; then in either or any auch event, the said aggre-
gate eum mentioned in said n~tQ then remainuig unpaid, with interesi eccrued to that time, and all mone~~
secured hereby, shall become due And payable forthwith, or thereafter, at the option of said ~iortgagee, es
ful:y and completel3: as if a11 the said sums of money were originRlty stipulated to be paid an auch da~~, an~--
thing in said note or m this mortgage to the contrar~ not~ ithstanding; and the*eupon or thereRfter, at the ~ption
of said ~fortgagee, u~ithout not~ce or demand, suit at l~w or in equity, mav be prosecuted ss if all mone~•a
secured here'by had matured priur to ita inatitution. The :0~lortgagee may ~oreclose thie mortgage, as to the
amo~ar?t ao declared due and pa~~able, and the said premiaee ahall be sold to satiafy and pa~ tt~e ~eme together
with costa Pxpenaes, and allow~ancea. Tn ca.ge of partial forecloaure of this rnortgage, the mort,~aged premises
eh~ll be aof d aubject to the continuing lien af this mortga~e fur the smount of the debt not then due nnd unpAid.
In 3uch case the provisions of thie paragraph may ag~in be availed of thereafter from time to time by the
:1Sortgagee.
t2. \'o wai~~er of any covenant herein ar ~f the obligation aecered herebi• shRl1 at pni• time therewfter be
held to be. a waiver of the terms hereof or of the no±P secured hereb~.
13. The lien of this instrument shall remain in full forcP and effect during an~• postponement or ~ stension ~
of the time of payment of the indebtednes9 or any part thereof secured hereby.
14. This morigage is given to secure the purchase monev, or a parL thereof, of the iands h~rein ~~iescribed ~
and ie ex~cuted and deli~~ered contemporaneously w~ith the deed therefor.
15. If the ~lortgagor default in any of the covenants or agreementa contained herein, ~r in said ttote, then
the'~fortga~ee may perform the same, and alI espenditures (includirig rea~nable attorne~'s fees) made by the
'~iortgagee in so doin shall draw• interest at the raie pro~•ided for in the principal indebtedness, and sl~all be ~
repavable thiri~- (30) ~a~•s after demand, and, together H•ith interest and c~sts accrued ther~on, shalf be secured ~
bp tf~is mortgage. ~
16. L'pon the request of the ~fortga~;ee the ~tortgagor shall execute and deli~er a supplement~l note or
notes for the aum or sums ad~•anceci by the liortgagee for the alteration, modernization, impro~•ement, main- ~Q
tenance, or repair of soid premises, for tRxes ar as.9Assments against the sarriE anu for any othcr pvrpo5e author-
ized hereunder. Said note or notc9 shell be secured herPbv on a parity w•ith and as fully as if tlie ad~•Anre
evidenced thereby w•ere inclu~ied in the note 6rst described abo~e. Said suppleniental note or note3 shall bear