HomeMy WebLinkAbout2942 the de6ciency. tiuch pc?viuei?t shall bc ina~ie w'itliiu ttiirtv ~3U) da~•:~ c?fter w~rittrii ~iotirt• froui tt~e ~1ortKaKee
ytatinK ttie amount of tE~e defirie~ic~~, +ti•tuch nolice itiay be g~ven by iiiKil. !f e~t anp ti~ne the ~lortgagor
aha?1 tender to the `1ort~e~ee in accordHnce w~ith the pro~•is~ons uf the note ~ecured tiereby, [ull payment
of the entire indebtednesa repreaented therc~b~~, the ~tort~a};He xa trustNe shall, in cornputing the a~nount of
such indebtedi~ees, creciit tu tt~e account ot the ~iorte~~r any crc~iit balau~~~~ remainin y under the provisions
of a) of said pars~ra h 2. If there shall be c? defc~ult ~under anv ot the pro~•iyions of i~ia mort~age resultin~
in a public sale of the pre~iiises co~~ered tiereb~•, or if the ~iortga~ee acqiiires the pmperty otherwise a.fter
default, the :~Iort~agee as trustEe shall appl~•, at the time of the commenceinent of tiuch proceedings or st
the time the pmperty i~ otherw-i~e xcquired, the amount_ ther. remainin~ to credit of ~1ort{~agor under (a) of
paragraph 2 preceding aR a credit on the interest accured and unpaid xnd the balance to the principal then
remaining u~paid on sa~~ note.
4. He will p~y aIl t~?xes, a+~eeesmente, wster rstes, snd otLer ~overnmentat or municipal chsrgee, 5nee, or
tnnpoeiti~one, for which pmviaion hae not been made hereirobefare, and is~ default there~f tho Mortgagee may pay the
s~me; and t6at Le will promptly deliver Lhe o~cial r~:ceipta therefor to the Mortgagee.
b. He wiil persnit, oommit, or suSer no waste, impairment, or deterioration of eaid property or any part thereof
except rcaeonable wesr and tear; snd in the event of the failure of ttie Martgagar to keep the buildinge on Baic~
prEmieea snd thoee to be erected oa eaid premises, or improvements there.•on, in good repair, the hiortgagee may
make suoh rep?irs se in ita diecretioa it muy deem neceaqary for the proper pr~eservation thereof, end the full amount
of each ~und every sueh p?yment ehe11 be due snd paysble thirty (30) days af i~r demaud, und e~hall be eecured by
the lien of thia mortgage.
6. He will psy all and einguLr tha ooata, chargee, and expenees, incluciing reasonable lewyer'e feee, i?nd coete
ot ~?betrscta of tiWe, inaun~d or psid st sny time by the Mortgagee becau~e of the failure on the part of the Mortgagor
promptly snd f~ ta perform the agreemente a?nd oovenanta of eaid promiseory nois and thie mortgage, aud eaid
poeta, eharge~, an e~penses shall be immediately due aad psynble and ehsll be eecured by the lien of thie mortgsge.
7. He Will oontinuow~j? msint~aia hazsrd ineuranoe, ot euch t~pe or typee an~i amou~te as Mortgagee msy
from time ta tinue require, on tbe itnpmvemente now or heresiter on said premisee and e~cept when payment
ior all ~uch premiums h~a theretofore been msde under (a) of paragra~h 2 hereof ~e wiA ps~ prompLly when
due any premiume therefor. All insure~noe ahsll be c,arcied in companiee approve~ by 11io~ee aad the poli-
c,i8s snd reaewals thereof ehe?ll be held by Mortgagee and he?ve attsched thereta loes psy~ble c auses in favor of
aud in form acc.~ptable to the Mort~agee. In event af lose he will give immediate notice by mail to Mortgagee,
ond I1~iortgagee msy make .proof a~ loes it ~ot msde promgtly by Mortgagor, and each ineurance company
oancerned is hereby ~authonzed and direcLed to meke peyment for auch loss directly to Mortgagee instead of
tc> Mortgagar and Mortgsgee 7ointly , and the insurance proceede, or any parb thereof, may b~ apphed by I~for6-
~agee at ita option either to the reduction of the indebtedne$e hereby eecured or ~o the restorataon or repair oi
t,t~e property dame~ed. In eYent of forecloeure of this mortgage or other tranafer of title to the mortgaged
groperty in eatingwshment of the indebtedneee eecured hereby, ~1 right, title, end interest of the Mortge~gor
sn aud Lo sny u~eursnce policieg then in force aha11 pase ta the purchaeer or grantee.
8. He will not execute or file of record any instrument which impose3 a restriction upon the sale or occu-
pancp of the property descrihed herein on tha b8ais of race, colar, or creed.
If the premises, or an~ part thereof, be condemne~i under the power of eminent domain, ~r acquired
for a public u~e, ,he damage5 aw-arcled, the proceeds for the takin~ of, or the consicieration for soch acquisi-
tion, to the estecit of the full sitiount of ttic reniainiuK unpaid iti~iebteduess secured by~ tl~i~ ~n~rtgage, are
tiereb~~ assigned to tlie ~iortgagee, and liis tieirs or assigns, and shall be paid forthH~itti to s~~d Mc?rtgagee
or his assignee to be applied on account of the last maturing installments of such inc~ebtn~~a; provided, hovs-
e~~er, ttie ~iortgagee or his assignee, ma~• at liis discretion pey direct to the :~iortgagor, his heirs or assigns
an~~ p~rt or all of such award; provided, thet if the loan is guaranteed or insured, the consen! of the guaran-
tor or i,nsurer is obtained in advance of said payment.
10. The `lortgagee may, at any time ~ending a suit upon thia mortgage, apply to the court ha~•in~ jurisciic-
tion thereof for the appointment of a receiver, and such court ~hall forthw~ith sppoint a receiver of the premises
covered hereby all and singular, inciudin~ sll and singular the income, profita, issues, and revenues from «hsi-
ever aource derived, each and every of which, it being expresaly underst,ctod, is hereby mortgaged as if specificallv
set forth and deacribed in the granting and habendum clauses hereo#. ~uuch apgointment shall be rnade by
such court ea an e.dmitted equitv and a matter of abaolute right to said ~iortgagee, and without reterence to
the adequacy or inadequacy of the value of the property mortgaged or to the solvencv or insoicency of said
- ;~iortgagor or the defende,nts. Such rents, profits, income, issuea, and revenuea ahall be applied b~ such receirer
acc~rding to the lien of this mortgage and the practice ~f auch court. In the event of any default on the part
of the ~iortgagor hereunder, the tifortg~sgor agrees to pay to the ~Zortgagee. on demand as s reasonable monthlv
rental for the gremis~~ an amount at least equiealent Lo one-tweifth of the aggregate c~f the twelve monthlv
installments pay ahle in the then current ~~ear plus the actual emount af the ~nnua~ ta,~ces, essesacnents, water
rates, and insurance premiums for such ye~r not c+~vered by the aforesaid monthly payments.
11. In the event of any breach of this mortgage or default on the part of the Llortgagor, or in the event
that any of said sums of manev herein referred to be not promptly and fully paid according to the tenor hereof,
or in the event, that each and~e~ery the stipulations, agreements, conditiuns, and covenants of said note And
this mortgage, are not duly, pmmptly, and fully performed or if the ~lortgagor be adjudicated bankru~t or
made defendant in a b~nkruptcy or receirershi~ proceedings: then in either or an~ such event, the said aggre-
gate sum mentioned in said riote then r~mainuig unpaid, with interest ar.crued to thet time, and all rnane~~
aecured hereby, shall become due and payable forthwith, or t.hP~PRfter, at the option of said lfortgagee, as
fully and cotnpletely as if all the said sums of money were originwlly atipulated to be paid on such day, an~°-
thing in said note or in this mort~ege to the cantrary notwithstanding; and thereupon or thereafter, et the optian
of s~id ~iortgagee, without not~ce or demand, suit at law or in eqwt~~, mav be prosecated as if all mone~•s
secured hereb~• had matured prior to its institution. The ~lorigagee ma~ {oreclose this mortgage, aa to tf~e
amaunt so declared due and payeble, and the said premises ahall be sold to sacisfy and pey lhe same togeth.er
w-ith costs, expenses, and allowancPS. In case of partial foreclosure of this mort~age, the mort~aged prer+~ises
shall be sold subject to the continuing lien of this mvrtga~e for the amounl, of the ciet~t not then due and unpaid.
In such case the provisions of thia para~raph may agaul be a~ailed of thereafter from time to tinne by the
:4fortgagee.
{ 12. ir'o waiver of eny ~o~enant herein or of the obligation secuced hereb~' S~IR~I 9l an~~ time tl?ereafter be
held to be a w•aiver of the terms hereof or of the note secured he*eby.
13. The lien of this instrument shall reRiain in full force and eftect during an~• posiponem~~nt nr ~xter?sion L~3
of the time of pAymPnt of the indebtednese or any part thereof secured herebg~. ~
14. This mortga e ia given to secure the ~ur:.hase money, or a part thereof, of the lands herei?i described
~nd is executed end ~elivered contemporaneousl~ with the deed therefor.
15. If the iiortg~;or default in any of the covenants or agreements contained herein, or in ~aid note, then
the ;~lortga~ee ma~ perform the sarrie, and all expenditures (incl~ding reasonable xtlorne~'s fees) mac~e bv the
~iortgegee in so doing sh~ll drew interest sG the rate pro~•icied for in the principal indebtedness, t?nd sIiRII be ~,j
rQpay eble thirt~ (30) days after demand, and, together w-ith interest end costs accrued thereon, shall be secured L"~ji
bp tliis mortgage. ~
16. Upon the request of the ~iortga~;ee the ~1ort~agor shall execute and deliver a supplementat nate or ~o
note~ far the sum or sums adranced by the ~iortgsgee for th~ alteration, modernixation, improvement, main-
tenance, or repair of eeid premises, for tnxes or assc~ssments against the same and for any other purpc?se autlior-
ized hereunder. ~sid note or nntes ahall he secured herpby on a pa:ity with and as fully as if the acivancF
evidenced thereby were inciuded in the note firat deacribed above. Said supplemente~l note or notes sl?all bear