HomeMy WebLinkAbout1479 tti~ deficiei~c~'. tiuct? px•~?ient shall be nix~le ~a~athin tliirty (30) davs sfter writGeri ~iotice froiu the ~iortg~?gee
stating ttie amount of t~P deficienc~, which notice may be given by mail. If at anv time the :~iortgagor
- eha?1 tender to the `t~rt~a~ee iiy sccarde~nce w•ith the pro~~is~one af tha nots secured hereby, full payment
ot the entire indebtedness repreaented thereb~ , the ~iort~a~;ee as truetee ahall, in co~nputing the amount of
sucli indabtednesa, creciit to the account of the \lort aKor ~ny credit balar~ce remaining under Lhe provisiona
of (a) of said p~ra~ra~h 2. If there she?11 be a defau~t u~ider anq of the provisions ot thia inortgage raaulting
in a public qale o[ the premises covered hereby, or if the `iortga~;ee ncquires the property otherwis~ after
default, the ~lort~n~ee xs tru9tee shall apply, at the tiiiie of the commencenient of such proceedin~!a ar et
the time the property ie ottierwi~e xcquirr.i, the auiount Lhen remaining to credit ot :1lortgagur under (a) of
para~raph 2 preceding as a crPCiit on t.he ii,t~rest accured and unpaid and the balence to the principal then
rcmeintng unpeid on sa~~1 n~te.
4. He will puy a~l ta~oes, aa~e~eab, water rstes, and ot~er ~overncnent~l ar munieiP~?1 ch~?r~ea. 6ae~. or
impodtions, for M?bieh providQn has not been made Lereinbefore, and in default thereof the Mort~agee may p~y Lbe
Mtae; and t!u?L he will pa~ompt.~y deliver the o~eial reoeipta therefor to the Mortg~?gee.
b. He wiU permit~ oommit, ar suffnr no waste, impuixm~ent~ or deterlori??tion of e~id property or wy p~rt thereoE
e:oept reanonable wear and ta?r• and in the event ut tl~e fsilure of the Mort~gegor to keep the buildin~s on sai~
premises ~ad tho~e to be ereete~ on ~aid premisea, ar impzov~mnents thereon~ in good npair the Mortgsgee m~,y
m~1ce sueh repaixs ~s in its diaec~etion it m~y deam ~~oe~eary for tbe p~oper preservstion thereo~ snd the full amounL
d esch s~ad every suoh p~yment r~h~ll be dua and pe?yuble t6irty (30) dayr after deman?d, anc~ sh~ll be eecured by
tbe lien of this mort~e.
6. He ~vili p~y all and ainguLr t6e ooeta, chuges, s~ad eapenees, including reasonsble Lwyer's feae, and c~oev
ot ~bstruata of title~ inaurred ar paid xt any time by tbe Martqagce becauee of the fsilure on the p~srt of the Mortgagor
promptly and tull to pertorm the a~rbementa und oovenante of esid pmmieeory note aad this mortgage, and eaid
oosta, charges, an~e~xpenses shsll be i~mmediatsly due awd paysble and ehsil be eecured by the lien of thie mortga~e.
7, FIe ~vill vontinuou,a~ main'~in haxard inaursaoe, ai such type or typee i?nd smounts as Mortgegee mar
trom time to time require, on tLe improvemente now or hera?tter on eaid pnmiees and except when psymen0
lor all such premiums h~ theretofore been nude under ~(s) oi p~n~gn,ph Z hereof he will ~ay pmmptly ~vhen
due ~?ny premiums therefor. All inaursaos sb?all be curied ia companies wpprove~ by Mortgagee aad the poli-
c,ie~ ~?ad renewals thereof ahall be ~eld by Mortg~gee and L~ve att~ched thereto loas psyable cIsuser in fsvor ot
oad in form acceptsble to Lhe Mo Ia event oi loes he will give immediate notice by mail to Mortgagee~
•nd Mortgagee msy mak~ .proof~ it not msde promptly by Mortgsgor, ~nd each insurance oompaqy
oonc~eraed is hareby~ authar~sed and directed ta make p+~yment for such loss directly to Mo~~ mete~?d a!
to Mortgsgc~r and Mortgagee 'ointly , ond the insur~wce prooeeda, or aqy psrt thereof may be sp,p7ied by ~iort,~
~agee ~t its option either to ~e reduction of the inda~tednees heteby secured or to t~he restorat~oa or repair oi
the property dsma~ed Yn ao~t oi oi r,~ mo~ or other tranafer of title to the martgaged
property in extin~u~ahment of the i~ndebtedneee secured hereby, s~l right~ title, and interest of the Mortgagor
. ia and to any ineursnce polisies then in force ehall pa~ to the purch~er or gi~antee.
8. He will not execute or file of record any instrument which imposea 8 restriction upon the sale or occu-
paneq of the property described herein. ~n the basis of race, oolor, or creed.
9. If the premises, or any psrt thereof, be condemned under the power of eminent domain, or acquired
for a public uae, the damages awarded, t.he proceeds for the taking of, or the consideration for such acqu.~si-
tion, to the extent of the fu11 amount of the remaining unpaid indebtednesa secured by this mortgage, are
hereb~' assigned to ttte Mortgagee, and hia heiis or assigns, and shall be paid forthwith to said Mort ~gee
or his assignee to be applied on account of the last maturing inetallmenta of such indebtnese; provided,~ow-
e~~er, the hiortgagee or iiis assignee, rnay at t~is discret.ion pay direct to the Martgagor, hia heire or assigns
an~' part. or all of such award; provide~d, that if the loan is guaranteed or insured, t6e consent af the guaran-
tor or insurer is obtained in advance of said payment.
10. The tifortgagee may, at anp time ~ending s auit upon thia mortga&e, apply to the court havin~ jurisdic-
tion thereof for the appointment of e receiver, and auch court ~hhs?ll forthwith sppoint a receiver of the premises
corered hereby: all and singular, includinp all and singular the income, profits, isaues, and revenues from ~vhst-
ever source denved, each and every of w hich, it being expresely underatood, is hereby mortgaged as if specifically
set forth and describe~i in the granting and habendum clauses hereof. Such appointment shnll be made by
such court aa an admitted equity and a matter of absolute right to saici ~iortgagee, end without reference to
the adequacy or inadequacy of the value of the propeety mortgaged or to the solvency or insol~ ency of said
hiortgagor or the defendants. Such rents, profits, mcome, issues, and revenues ahell be applied by such receiver
according to the lien of thia mortgage and the practice of auch court. In the event of any default on the part
of the tiiortgagor.hereunder, the ~Sortgegor agrees to pay ta the yiort~agee on demand as a reasonable monthlv
rental for the premises an amount at least equivalent to one-twelfth (3„) of the aggregate of the twelve monthlv
inaGallment,~ payable in the then current year plua the actual amount of the annusl tarea, asaesamente, water
rates, and insurance premiums for such year not covered by the sforeasid monthlp paymenta.
11. In the event of any breach of thie mortgage or default on the part of the ylortgngor, or in tbe event
that eny of seid sums of money herein referred to be not promptly and fully peid eccording to the tenor hereof,
or in the event that each and every the stipulationa, agreemente, conditiana, and covenants of said note snd
thia mortgage, are not duly, promptly, and fully performed or if the R'Iortgngor be adjudicated bankrupt or
madg defendant in a be?nkruptcy or receiverahi~ proceedings; then in either or any auch event, the said aggre-
gate sum mentioned in said note then remeuimg unpeid, with intereat accrued to that time, and all mone~
secured hereby, ahall become due and pnyable forthwith, or thereafter, at the option of said Atortgagee, as
fully and completely as if all the said sums of money were originaily stipulated to be paid on auch day, an~•-
thing in said note or m this mort~age to the contrary notwithsta~nding; and thereupon or thereRfter, xt the option
of said :~4ortg ee, without noi~ce or demand, suit at law or in equity, mav be prosecuted ss if all moned•s
secured hereby~ad matured prior Lo its institution. The ti'iortgagee may foreclose thie rnortgage, as to tf~e
amount so declared due and payable, and ihe aaid premises ahall be sold to aatiafy and pay the same together
vrith costs expenses, snd allowancea. In cese of partial f~recloaure of this mortggge, the mortgaged premisea
shall b~ so~d euhject to the continuing lien of this mortgt?~e for the emount of the debt not then due and iinpaid.
In such case the provisions of this paragraph may again be availed of thereafter from time to time by the
i Mortgagee.
1 12. I~'o waiver af any covenant herein or of the obligation secured hereby shall at eny time tiieresfter be
heid to be a waiver of the terms hereof or of the note aecured hereby.
:3. The lien of thie instrument ahall remain in full force and effect during any postponement or extension ~
of the time of psyment of the indebtedneas or nny part thereof eecured hereby.
14. Thie mortgage ie given to secure the purchase m4ney, or a pert thereof, of Lhe landa hereim deacribed ~
and is executed and delivered contemporaneously with the deed therefor.
15. Tf the Mortgagor default in any oi tha covenanta or agreementa contained herein, or in said note, then
the ~iartga~ee may perform the same, and all expenditures (including reasonable attorney's feea) made by the
:~Sort agee m eo do shall draw interest $L the rate provided for in the principal indebtedneas, and ahall he
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repayable thirty (30) aye after demend, and, together with i~tereat and coata accrued thereon, shall be aecured ~
by thia mortgage.
16. Upr~ n the requeat af the Mor~,gagee the Mortgagor shall execLte and deliver a aupplementsl note or ~""i '
notea for the sum or sums advanced by the :~iortgagee for the alteration, modemization, improvement, main- a~ :
tenance, or repsir of asid premis~s, for taxes or assesements againat the aeme and for any othec purpose autlior-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as ft~lly as i{ tlie edvance
evidenced thereby were included in the note first describeci above. Said supplementel note or notea shall besr