HomeMy WebLinkAbout2328 ~ tf~t~ iic~ti~ienc~~~. ~uc•li pa~~int~ut sEinlt t>e iii~cie ~~ithiq thirtv (30) daya after K•ritteu uotice ftt?rn the ~lortgsgee
~ atytir~€ t}~e NltiOllflt of i~?e deficienr~', w~hii~h notice mayvbe ~,?iv,~n bti~ m~il. If at any tirt,e thA tilortgagor
~hK~l tender to the ~iort~;a};Ne i?i arcordxnce witti the pro~•isions of ttie note secured hereby, fuU payment
ot th~ eutire indebtPdnes.w rf~presented thrr~~b~•, the ~1ort~nKee ctia truatee sttall, in cotnputin~ the Kmount of
~ue•t? indebtecinc~s, credit to the accouiit of ttie 1lort~ra~or an~• creclit b~,1~ncP re~~iainin uncier the proviaians
of (x) of sai~~ E~Hrrs rraph 2. If there shall t~t~ ri<lefKUTt under an,y of the pro~~isions of t~ii9 tuort~a~e resultin~
in N put~lic• snle thc~ preu?i,es co~•ere~l hert,b~~, or if the ~lort~N~ee acquires the propert~~ 4therwise after
~lef~ult, the \Iort~„ti~;PP t~; trustee shall appt~•, at tiie tl[IlP Of II1P ('OUllllt'Ilceiiient of such proceedi»ga or at
thF tiiut~ thE~ ~~roperty~ is otherw~is.~ Kc~quired, t}ie sniount then ren~airiii~K to rredit of :~iort~a~or under (a) of
paragrxph `L preceding as a creclit on the intt~rest xc•~ured aud unpnid xnd the balai~ce to the principal then
remainin~ unpaid on sai~i note.
4. He will psy all tsxee, aeeeee4nenta, wster rste~s, and ot6~r governmentsl or municipsl ohsr'B~ee~ 8ne0. ar
impoaitiona, fos which pmvision h,a8 not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that he will pmmptly deliver the officisl reoeipte tberefor to the Mortgagee,
b. He vvill permit, oom~it, ar eutTer no wsate, imRairment, or deterioration af eaid property or auny psrt thereof~
eacept re,aeoneble wee?r nnd tear; and in the event of Lhe fsilure of the Mortgagor to keep the builaiings oa eaid
premise8 and thoee to be erected ~n eaid premiee~, or improvemente thereon, i.n good repair, the Mort.gagse msy
malce such repaire ae in ite die~cretion it msy deem neceseary for the proper preservstion thereof, snct the fatt au?ount
of each and every aueh p~yment shi?ll be doe and payable thirty (30) dayv after demand, and ehall be eecured by
the lien of t,hie mortgage.
6. Iie will pay all wd eangulsr the t~ta, chargea, and e~cpermes, including reaeonable lsrvyet'e feea, snd ooeta
of abstract~ of title, incurred or pa:d st a.iy time by the Mortgagee becauee of the failure on the part of the Mortgagvr
promptly and full to perform the agreement~ and covenant$ of said promissory ~ote and this mortgage, and esid
~~'8'~, ~~eapenees ehsll be imu~ediately due and payable and ahall }.~e eecured by the lien of this mortgage,
7. ~ie will oontinuoua~y msintain hazard inaurance, of such type or, types and aunounte ~a Mortga,gee may
from time to time require, on the improvennents now or hereafter on said premisea and except when paymenL
tor all such premiumg hse theretofore been made under (s) of paca~raph 2 hereof, he will pay promptlq when
dae any premiums therefor. All ineurance shall be carri~d in comparuae approved by 141ortgsgee snd the poli-
ciee and renewals thereof shall be held by Mortgagee and have attached thereto lvsa payable clausee in favor of
snd in form ac~eptable to the Mortgagee. In event of losa he will g:ve imm~diaLe notice by mail to Mortgagee~
e?nd Mortgrsgee xn~~ make pmof af lcties if not made p,romptly by Mortgago:, and each insurance company
cancerned is hereby authorized and directed to make payment tor such loae clirectly to Mort~~;ee inatead of
to Mortgagor and Mortgagee jointly, and the inaurance proceeds, or any part thereof, may be applied by bioz~
gagee et its option either to the reduction of the indebtedneas hereby sectu~d or to the rAStorataon or repair of
the property datna~ed. In evenL of foreclasure of this martgage or ather transfer of title to the mortgaged
property in ea~tinguiahment of the indebtedness eecured hereby, a~i right, title, and interest of 4,he Mortgagor
m and ta any inaurance policies then in force shall pase to the purchaser or grantee.
8. He w ill not execute or .~'ile of record nny inatrument which imposes ~ restrictiori upon the sale or occu-
panc,y of the property deseribed herein on the basis of race, cotor, or creed. `
9. If the premises, or an~ part thereof, be condemned under the power of eminent domain, or acquired
for ~ ptiblic use, the damuges awarded, the proceeds for the takin of, or tho consideration for such acquisi-
tion, to tlie extecit of the full acnoi~nt of the remainiug unpaid in~ebtedness secured b- this rrior~~gs?ge, are
hereb~- aasigned to the :~'Iortgagee, and his heirs or aasi gna, and shall be paid forthwit~t to s ai d M o r
tg a
g e e
or t
us assigne~e to be app lied on accaunt of tbe last msturing inatallments af a~ach indebtnese; provided, how-
e~~er, the ~lortgegee or his assignee, mati• at liis discretion pay direct to the :Vlortgagor, his heirs ~r aseigns
sri~• part or all of auch aw•ard; provided, that if the loan is guarantced vr insured, the conseut of the guaran-
tor or insurer ia obtained in advance of said payment.
' 10. The :~lortgagee may, at any time ~end'ing e auit upon thia mortga~e, apply to the court hAVin~ j?~risc~ic-
tion thereof for the appointment of a rece~ver, and such court ahall forthwnth appoint a receiver of the premises
covered hereby all and singular, includin~ all and singular the income, profita, issuee, and revenues from ~shst-
ever source cierived, each and every of w~hich it being expressly understoad, is hereby mortgsged ss if specifically
set forth and described in the grantirig an~ habendum clausee bereof. Such appaintmert ahall be made bv
euch court as an admitted equity and a matter of absolute right to said \iortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the sotvency or i?~soi~•ency of said
~.tort agor or the defendants. Such rents, profits, incorne, issues, and revenuea shall be appliPd by such receiver
a~cor~ing to the lien of this mortgage and the practice of such court. In the event of any default on the part
of the ~lortga~or hereunder, the ~lortgagor agrees to pay to the :Vlortgagee on demand aa a reasonable monthlv
rental for the prernises en amount at least equ~vstent to one-twelfth (3;:} of the aggregate of the twelve monthl;~r
inatailments payable in the then current ~•e~r plue the actual amount of the annual ta.res, assessanents, water
rates, and insurance premiums for such year not covered by the aforesaid monthly paymenta.
11. In the event of any breach of this mortgage ~r default on the part of the ~Tortge~or, or in the event
th~t aiiv of said sums of monev herein referred to be not promptly and futlv paid according to the tenor hereof,
or in the event thet each and every the stipulatione, agreementa, conditions, and covenants of s~id note and
this mort~a e, are not. c~ulti, pramptly, and fully performed or if the ~Zortgagor be adjudicated bankrupt or
made defenc~ant in a bankruptc~ or receiverJhip proceedinga; then in eiLher or anv such event, the said aggre-
gate s~im mentioned in said note then remaining unpaid, with interest accrued tA that time, and all mone~~
secured hereby, shall become due s:~d payabla forthwith, .Qr theresfter, at the option of said :~i~rtgagee, as
lully and completcly as if all the said sums of money were oi~ginally atipulated to be peid un such dav, anr~-
thing in said note or in this mortgage to the contrary notsvithstending; and therQUpon or ~heresfter, Rt the option
af sa~d ~iortga~ee, w•ithout notice or demnnd, suit at law or in equity, mav be prosecuted xs if all mone~-s
s+ecured hereb,y had matured prior to ita inatitution. The Mort~agee may foreclose this mortgage, as to t~e
amount so declared due and pay~ble, end the said premises shall be sold to satisfy and pay the same togethei•
with costs, expenses, and allowances. In csse of partial forecl~sure of this mortgKge, the mortgagecl premises
afiall be sotd subject to ttze continuing lien of this mortga~e f~r t.he amvunt of t~~e debt not then due And ~inp~izi. -
In such case the provisions of this paragraph may agarn be availed of thereafter from time to time bv the
:~~ortgagee. • '
12. No w~iver of any covenant herein or of the obligation secured hereby shall at any time tliece~fter be
held tc~ be ~ waiver af the terma hereof or of the note aecured hereby.
13. The lien of this instrument shall remain in full forc~ and effect during Rny postponement or ~~tension
of the time ~f payment of the indebtedness or any part thereof aecured hereby.
14. This mortgege ia given to secure the purchese mar~ey, ar a part thereof, of the lands herein described
and ia eaecuted and delivered contemporaneousiy with the deed therefor.
15. If the'~fortgagor default in ~ny of the covenents or agreements conteined herein, or in said note, tben
the Mortge~ee may perform the seme, and all expenditures (including reason~ble attorncy's feea) made by th?
~tortgagee in so doing shall draw intereat at the rate pro~ ided for in the principal indebtedness, and sl~al! Ue
repa y•able thirty (30) days after demsnd, and, together w~ith interest and costs accrue~i therean, shall be secured
b~ this mortgage.
16. L'pon t.he request of the '~tortgagee the :~iortgagor shell execute and deliver a supplement$1 note or
notea for the surn or sums advanced by the :~iortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or a.aseasments against the same and for any other purpose autlior-
ized hereunder. Said not~ or notes shnti be aecured herebr• on a parity with snd as fully as if t}~e advence
e~~idence~ the~eby were included in the note firat described $bove. Said supplemental note or notes ahall beer
~ ~~~K 11~. : r: f:1 r~ ~o~~ 134 5~~