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HomeMy WebLinkAbout1072 T _ T _ . . i ;i ti i~ . the deficienc . tiuch p~ymeut ehxll be iuade within thirlv (;i0) d~? s utter writte?i ~~oti~•e trom the ~1ort u~ee • i,;e statin the ~inoun~ of tl?e deficienc~• which notice ma ~ be i?en b ma~l. It nt xn time the ~tortKa r stia~l t~ender to the :41ort~a~ee in ~rcordxnce w~itl~ thN pro~•ieiona ofythe not~ securedyl~ereby, full psymc~t ~I of the entire indebtednese represente~l th~~rNbp, the \tortKaKee as truetee ahall, in romputing the ~mount of ~ such indebtedness, credi~ tu tlie account of the ~lort~x~or any eredit bulance rernNininK under the provisiona oi (a) of sxid parsgraph 2. If there sliall be a defau~t under uny of the pro~~i~ions of this inortgage resulting in n public sale of the premises corered hereby, or if the :1lortg~;ee ucquires the property otherwiae atter ~ default, the llort~agee xs trustee shep appl3•, nt t6e tinre of the comtncncement of such proc~eediu~s or nt I the time the property is otherwise acquireci, the amount then remaining to creciit of lfortga~;or under (s) of ' paragraph 2 preceding ae n credit on tlie interest accurecl snd unpaid and the balance tu tlie principnl tt~en ~ rems~niag unpaid on es~d nnte, ~ ~ 4. He NiII p?y ~ll ta~oee, ~AlEI~{~ 1/ttEf li~A1~ ~ O~E! ~OV'E~DG~CDW qt mIlII1CIP11I CbU1geD~ fiaee, ur ' I impoeitione, for which pe~ovison 6ee not bcen made heniobeton, snd in default thereof the Mortgagea m~y pey the ~tne; ~ad t6at he nilt promptly deliver the offici~l rxeipta therefor to the Mortgagee. I 6. He aill pa~alt, ooanmit, or euBer no w~Ee, imp~irmeat, or det~eriorstton ot eaid property or eoq p~rt, thercof, ; ezoepE rereanablt ~r ~nd tear; wd in t6e event of the f~ilure of the Mort6agor to keep the buildir~+ on eeid j premiser end tEaee to be eiected on eaid pramiaee, or improvementa t6ereon, in good repair, the Mortgagee maY I m~1ce wch np~in N in fte diecretion it m~y deem neaeaeory for the proper preservati~ thereof, and the tull amount I of each ind every aoh p~yment ehali be due and P~Y+~ ~Y i30) daya dter demand, wd ehrll be eecured by i tbe lien of t~6u mortge~e. ~ 8. He aill pay all ~nd eio~Jlu the ooete, chsrgea, sad ~penea~, including reaenr,abb lawyer'e leea, and ooete ~ i of ~betncw of titde, inourred ot peid st my time by tbe Mortgagee bec~uee ni the failure on the p~rt of the Mort$agor ; prompWy wd ful4 ta pedorm the eg~reementa and wvensnta oi esid promiaeory note and thia mortgege, and esid ' ooete, ahauge~, and eapenea ehall be immedistely due snd prysble aad ehall be aecured by t6a lien of thie mortg~ge, a' He ~dll oontinuoue~ meiatain L~erd ineurance, ot euch type or typee and ~anount~ sa Mortgegee ma ~ i 7 irom 4ime to time require, on the improvemente now or hereafter on esid premisee and e~cept when payment for all eueh premiume h~e tharetofore been mede under (e) oi paragraph 2 hereai, ~e will psy promptly when ~ i due wny premiuma therefcr, !W i:~urwce ehall be carri e d in companiee approved by blortgagee a n d t ha poG- ciee and renew~la thereof e6eU be held by Mortgagee and have tttached thereto loee ptyable clausee in favor ot ' snd in form ecceptable to tha Mo . In event of lc?se he raill give immediste notice by mail to Mortgagee, and Mortg4gee msy mdke proof~ if not msde pmmptly by Mortgagor, and each inaurence company ouncerned ie hereby aut,horiaed snd directed to mske psqment for such lose du~ectly to Mort~s~ee inatead oi ~ tA Mortgagor tnd Mortg~gee jointly, and the insunnce proceede, or any part therenf, wsy be applied by Iliort~ " gegee st its optaon either to the raduction of the indebtednees hereby eecw~ed ar to the restnration or npair oi i the propertp dtma~ed In event of forecloeure of thie mortgage or other tsansfer of title to the mortgaged pmperty in ext.inguishment ot the indebtednees eecured hereby, a~l right, t~tle, Bnd interest ot the Mortgegor ~ i, m and to wy;naurance policaee then in force ehall pase to the purch~eer or grentee. 8. He will not eaecute or file of record any instrament which imp~sea a re~lriction upon ihe sele or occu- i~ pancp of the property described herein on the basis ot race, calor, or creed. ' 9. If the premis~, or any part thereof, be condemned under the power of eminent domain, or acquired ~ i for a public uae, the damnges awarded, t.he proceeds for the taking of, or the consideration for auch scquisi- tion, to tfie exten~ of the full amount of the remaining unpaid indebfsdness secured by this mor~tgege, arc hcreb~~ assigned to the Mortgagee, and i?is heirs or assigns, and shull De paid forthw•ith to eaid Mortgagee ' ~ or his assignee to be applied on accaunt of the last maturing installmen4s of such indebtnese; provided, hoa~- ry; ~ver, the :14ortgagee or his assignee. may at his discretion pay direct to the I~tortgagor, his heira or uss~gns : ~ an~' part or all ~f such award; provided, thst if the l~en is guaranteed or insured, the consenG ot the guaran- - tor or inaurer is obtained in $dvance of said payment. # 10. The tiiortgagee mty, at anp time ~ending e suit upon th~a mor~a&e, npply to the court hnF in~ j uris~iic- tion thereof for the appointment of a receiver, and euch court shall fart with sppoint a receiver of the premises covered hereby $11 and aingufar, includin~ all and aingulsr the income, profits, isaues, and revenues from ~rhat- ever source derived, each end e~•ery of w•hich, it being exptessty understood, is hereby mortgaged as if specifically eet torth and described in the granting and habendum dauses hereof. Such appointment shall be mede bs such court es ~n admitied equity and a matter of ebsolute right to said 1lortgagee, and w~thout reference i~ the adequacy or iaadequacy of the value of the property mortgaged or to the solvency or insol~•ency ot said 1~sortgegor or the defendants. Such rents, profits, income, ?s~ues, ~nd revenues ahall be applied by such receiver according to the lien uf thia mort~age and the practice ot such court. In the event o{ any default on the part ot the DSortgagor hereunder, the :1lortgngor agrees to pay to the :~iortgagee on demand es a reasonable monthlv rental for the premises an amount et least equiv~lent to one-twelfth (S;,) of the aggregate of the twelve monthlv installments pa~~able in the then currPnt year plus ih~ actual tmount of the annual tases, a~ssessments, water rates, end insurance premiums for such year not r,overed by the aforesaid monttily peymenta. I 11. In the event ot any breach of this mortgage or default on the part of the Mortgagor, or in tha event ~ that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, ~ i or in the event that each and every the atipulatione, agreementa, condiliuns, and covenants of said note and this mortgage, are not dulp, pmmptlp, and tal~v performed or if the ;1~ortgagor be adjudicated bankrupt or ~ made de{endant in a bankruptcy or rece~verehi~+proceedings; then in either or any such event, the saici eggre- gete sum mentioned in said note then rememu~g unpeid, vv~th interest eccrued to that time, and ~ll money eecured hereby, ahgll become due and payable torthwith, or therea{ter, at the option of ~aid ~1ortgagee, es ! fully and campletely as if nll the said sume of money were originally stipulated to be paid on auch da~•, en~•- thing in said note or u? this m~rt&age to the cantrary notwithstandin6; and there~tpon or therenfirr, At the option ot se~d btortg ee, without notece or demand, suit at law or in equity, mav be prosec~uted as if all monecs secured hereby~ad matured prior to its inatitution. "fbe Mortgagee may ~oreclose this mortgnge, as to t}?e amount so declared due and payeble, end th,e aeid premiaee ahall be sold to satisfy and pay the seme together with costs, expenses, and allowances, In case of partial toreclosure of this mortgage, the mortgeged prcmises ahall be sold subject to the continuing lien of this mortga~e fur the amoant of the debt not then d~ie end unpwid. _ In such case the provisiona of this paragraph maY agam be availed of therealter from time to time b,y the i ~ Mortgagee, 12, No waiver of any covenant herein or af the abligation aecured hereby shall at any time therenfter be ~ held to be a waiver of lhe terms hereof or of the note aecured hereby. ~ , 13. The lien of tius inslrument shall remaip in full force and eFFect during any postponement or estension ; ~f the time e! ~eyment of fhe i~~!ebtedn?a+ nr anc nart t,hPpeO( 6CCUC~ }lC[eby. 14. 'I'his mort~age ia given to secure the purchsae money, or B part thereof, of the lands herein described ~ and is e~tecuted and delivered contemporaneously with tbe deed therefor. 15. If the Mor agor default in any of the covenants or agreementa contained herein, or in seid note, then the 14iort$a~ee may perform the seme, and alf ezpenditures (including reasonable attorney's fees} made by ihe Mortgagee m eo domg shell draw interest at the rate provided tor in the principal indebtedness, and sl~all be ~ repeyable thirty (30) daqs af ~.r demand, and, together with interest and costs accrued thereon, shall be secured ~ by thie mortgage. x IG. Upon the request of the Mortgagee the Mortgagor shall ezecute and deliver a supplemental nnte or °ed ' ' notes tor the aum or sums advenced by the Mortgagee for the alterstion, modernizatioo, improvement, main- tenance, or repau of said premises, for taxes nr aasesaments agsinst the seme and for eny other purpose author- ized hereunder. Said note or notes ahall be secured hereby on a parity with and as fully ss it the advence ` evidence~! tbereby were included in the nate firat deacribed above. 5aid suppl?mental note or notes shali beer !