HomeMy WebLinkAbout0446 the deficiency. Surh pxy~neni ehaU be mi?de within t~irty (30) days efter written notice fmm ~the ~iortgsgee
stating the annuunt of the deficieacy,~riich, notice mr?y be g~ve~ by me1. If at any time the Mortga~or
ehs~l tendet tfl the Mort~ee in ~~deortf4neb wiLh the grovis~one of the note eeeured hereby, full psyment
o[ the entire indebt,edneas r8presrnted th~reby, the Mortgugee as trustse shall, in c~oraputing the smount of
such indebtedneae, credit to the account of the l~iort,~s~or any credit balanc:. :emuinin under the provisioas
of of eaidp ra~reph 2. Ii there ahall be ~ detault under any ot the provisions of ~is mortgage re~ulting
in a public sale a( the premieee covered herdby, or if the Mortgi?g~ee acquires the propertq otherwise siter
default, the Mort~?gee as trustee shaU npply, at the time nf the commencement of such pra.eedinga or at
the time the property ?s otherwise acquired, the amount then remaining to credit of :4fortgagor under of
pura~rsph 2 preceding as a credit on the intereet accured and unpaid and the balance to the principal then
reinswmg unpa~d on e~id n~te.
4. Hs wlll p~ a~ t~~ a~e~uenb, wr~tet rs~er, ~?d o~6er~o
Peenmeat~l ec municipwl ch~r~er, 8tie~, nr
imPolt~oa~ for wbioh peoviaton ~ noi been mads bereinbeiore, aad ia d~su1L thereot t6e Mortsa~ee ao,Y P+tY ~
a~me; ~nd thnt M will pra~pi~y deliv~er tbe a~etrl reoeipa t6e~retar ta the lhiort~.
b. He wili permit, oommi~, oe~ w~e~ no wraste, imp~irm~ oe d~beeioay?t3on oE add propert~ oraq~ part thereot
ameept re~so~abis we~r atid te~r• aad ia the e~veat ot t6e i~ ot t~e Mart~ur to ~eep tbe buildinp on a~
p~eeni~er aDd tba~s t~o be arec~te~ aa ~ premi~s, or improvemeats the~reon~ in ~ood rep~ir, ihe Mort;agee mnY
mske woh aap~ir as i~ it~ ~ it m~y aeem neoeaeary tor the p:oper preservstian t6ereot, aad the full amount
at eaeh and every ~uah p~yment abail bs dus amd P,y~bie tbit~y (30) d~y~ dt~ demand, and eh~ll be eecured by
~6e lie~ at t~ mw~rt~ye,
d. He w?j11 pay v! ~a~d 4~oLr Lhe aosh, ~~nd espeneee, iaeludin~ reueoasbk Lwyer's fees, aad costa
af :brtraab vf ttiJe, ineun~ed or paid st aay t~ime by ortgaaee bec~use of the fe~ilure on thc part of the Mortgagor
P~''!~P~Y and i~y ta pe~rta~m tha ~eement~ ~d eovensnte af e~?id paaatinieeary note aud thia mo , st~d eaid
eo~t+. cbar~a, and ezpe~ses shall be ima~ediateky due ~ad p~ysble ~a~d sW?U be eecured by tbe liea of
t~'a mart~e.
7. ~Ie w~l oontinnansb maintain h~ud i~aranoe, oi such type or t~pes ~nd ~mounte as Mortgag~ee ms~
fmm time ta time req~+e, an ~4e i~npsro?~emefats now or hereatter oa said prea.ies and e.rcepti ~vhen psymenti
ior all such premiwns b~ ti~erstafors Deaa made under ~(s) of paragn~ 2 hereoi ~e ~vill P~Y PrompWy when
due any premiums therefor. All ia~suranoe rhall be carried in oomP~ ~PProvec't by biot~t~ee and the poli-
cies und r~newats thereoi shall be held by Mortg~gee sad bave attached t~ereto lose psysble f uees in fsvor ot
•nd in farm aoceptable to the Mo In event oi loee he will gioe immedi~te notice by mail W Mortg~gee,
•nd Mortgag~ee may make proo~f~ if nat made gmmptty by Mortgsgor, aad ench insuranoe oompeny
ooncerned is hereb authoriEed and directed Lo make p~yanent for euch loes directly to Mor~a~ instend of
to Mortgsg~or and ~ortgagee 'oinWy, and tbe insura~x~e ptneeeria, +~RY P+~'t ther+~of, may be ~?g- p7ied by 11ior~
ga~e st ite option eit,her to ~e reductiou of the indebtedneee hereby secured or Lo the resture?tion or rep,~ur of
the property dsma~ed. In event of foreclasure of th~s mortgage or other tranafer of title Lo the mortgsged
property in extinguiahment of the indebtednees eecured hereby, a~l right, title, snd int~erest of the Mortgag~or
3n aud to any inaur~nce policies then in force ahall psas to the p~mhaser or grantee.
8. He will not ezecute or file of record any instrument which imposes s restriction upon the sale or occu-
psncy of the property described herein on the basie of race, color, or creed.
9. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the damages awarded, the proceeds for the taking of, or the conaideration for such acqsusi-
tion, to the extent of the full amount of the remaining unpaid indebtednese secured by t6is mortgage, are
hereby a.Gaigned to the Mortgagee, and his heirs or essigna, and ahall be paid forthwith to said Mortgagee
or his assignce to be applied on account of the lsst maturing installments of such indebtnese; pmvided, how-
ever, the Mortgagee or his assignee, may at his discretion psy direct to the Mortgagor, his heirs or aasigna
any part or all of such award; pravided, that if the loan is guaranteed or iASUred, the consent of the guaran-
tor or unsurer is obt,~?ined in sdvanee of esid yment.
10. The Mortgagee may, at any time ~en~g a euiC upon t3us mor~a~e~apply to the court hwvin~ jurisdic-
tion thet~ai for the appointment of a receiver, s~nd auch court ahall for vv~ appoint e receiver of the premises
covered hereby all and singular, includin~ al! and singular the income, profita, isaues, and revenues from ~tihat-
ever eource derived, ~ach and every of w
hich it being ezpresaly understood, is hereby mortgaged as if specifically
set forth and descnbed in the granting an~ hsbendum clauses hereof. Such appointment ahall be made by
such court se nn admitted equity and s matter ot sbsolute right to said Mortga?gee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of said
Mortq or or the defendants. Such rents, profits, income, ~sauea, snd revenues shall be applied by such receiver
a
6CCOT~ing tu the lien af this mortgage snd the practice of such court. In the event ot any default on the part
d the Mortgagar hereunder, the ~iortgagor a&rees to pay to the :~iortgngee on demand es e reasonable monthlv
rentsl for the premises an amount at least equivslent W one-twelfth (y:) of theaggreg$te of the twelve monthly
installments payable in th~ then current year plus Lhe actual smount of th~ annual ta.tes, assesaments, water
ra?tes, and i~ssurance premiums for euch yesr not aovered by the aforeasid monthly psymente.
11. In the event of any breach of th~a mortgage or default on the psrt af the Mortge~gor, or in the event
that any af said suma of moneq herein referred to be not promptlp end fully paid according to ths tenor hereof,
or in ths event that eech and every the stipulstions, ugreements, conditions, and covenents of said note ~?nd
t6is mortgage, sre not dulp, promptly, a:?d iully performed or if the Mortgsgor be adjudicated banl:rupt or
me~de defendant in a bankruptcy or receivet~st?i~ proceediags; then in either or any such event, the said aggre-
gdte sum mentioned in said note then rerasintng unpaid, with interest accrued to thet time, and nil money
aecured hereby, shall become due and payeble forthwith, or thereafter, st the option ot seid Asortgagee, as
tully aud completelp as if ,all the said euma of maney wece ariginally stipulated to be paid on such dAy, ant•-
thing in said note or in this mort~age ta the coatrar~ notwithstanding; end thereupon or thereafter, at the optinn
of said Mortgagee, without notice or demand, suit st law or in equity, mav be prosecuted sa if sll mone~ s
s~cured hereby h»d mstured prior to ita institution. The Mort,~agee may foreclose t.his mortgage, as to tf?e
smount eo de~clared due and payable, ~nd the said premisee shall-be aold to satiafy and pay the same together
with r,osta expenses, and sllowances. In case af partial fareclosure ot this mortgage , the xnoregaged prem~ses
~ ahall be so~d eub~ect to the continuixx~ lien of this mortga~e fur the smount of the debt not then due end unpaid.
In such case the provisione of this pe~ragrAph may agun l~e avtuled of thereaft,er frorn time to time by the
Mortgagea.
12. No wuv~r of any cavenant herein or of the obligstion secured hereby shall at any time 4hereafter be
held to be a wsiver of the terma hereof or of tbe note secured hereby.
13. The lien of Lhia inetrument ahall remsin in full force snd effect during any poatponemenL or exLensio~
of L1xe tame af psyment of the indebt~ednees or any psrt thereof eecured hereby.
14. This mort~age is given to secure the purchsse money, ar a part thereof, of the landa herein describer~
arid ia executed and delivered contemporaneously rvith the deed therefor.
15. If the Mortgsgor default in auy of Lhe covenants or agreement~ contained herein, or in asid note, then
the Mortga~e m~y, per[orm the same, and ell expendiLures (including ressonable ai.Gorney's fees) made by the
Mortgag~ee u? eo domg sh~?ll draw intereat at the rste provided for in the principal indebtedneas, and shnll be
rep~?yabZe Lhirty (30) days sfter demsnd, i?nd, together with interest snd c:osts accrued thereun, ~hnll be secured~`~
by t,his mortgage. Ct2
18. Upon f,he request oi the Mo the MortgRgor ahall execute snd deliver a supplecnental note ot~"'~
nutea for the sum or suma advanced b~Mortgagee for t,he alterstion, moderaization, impmvement, msin,rxo
tenanoe, or repair of eaid premisee, for tsxes or ~?xeesementa againat the same and for sny other purpose author=,,~
ized hereunder. Said note or notes ah~ll be secured herebq on s paricy ~vith and aa fully s~ if tl~e adva:?ce
evidenoed tLereby ware included in the note fi~st described above. 5aid supplemental not~ or notes shall bear
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