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HomeMy WebLinkAbout0666 : the deficiency. Such pa~~ue»t stiall be made ivithin thirty (30) dnys after written notice Irom the ~iortgagee ` stating the smount ot t~e deficiency, which notice msy be give~ by mail. II at any time the :~fortgsgor ± sha11 tender to the ~sortgagee in accordance with the provieions oi the note aecuted hereby. tuU payment of the entire indebtednesa repr~ented therebv, the 4iortgagee ss trustee shall~ in oomputing the amount ot such indebtednese~ credit to the account of tlie ~iortgagor aay credit balance remeining undet the pravieions of (s) of saidperagraph 2. If there ahall be a default under sny of the proviaions of tbis mortgsge resulting in a public sale of the premisee covered hereby, or if the 1liottgagee acquire~s the property othetwiee ~iter defsult, the Vlortgagee ea trustee ahall spply, at the time of the commencement of such proceedings or at the time the property ia otherwise acquired~ Lhe smount then remaining to credit of Mortgegor under of pars~rsph 2 preceding as a credit on the intereet sccured and uapaid and the balance to the principal then 1'emsming uupsid on said nnte. ' 4. He will P~Y a11 taua, aeeeeea~ent0. watee rat~es, and otber~ov~ernaaental o~ municip~l oharR'~, ot impoitions, for which p~ovieioa has not beea made hereinbetors~ and ia default thereot the Mort~~ee ayY PRY ~ ~ame; and t~hst bs will pro~npt~y deliver the o~cul reoeipt~ f~heretor to the Mortg,*~ee. b. 8e will permit, aommit, os at~ec ao w~ste~ impairmeat, os deteiioratioa af eaid p~+opert~y oeaqp patt thereot p~n~ aad~ ~b~ ~ a~d a t~ eveat of the fsilurs oi tbs Mort~or to lc~ep t6e buildinp oa al~ ms~s wol~ repatrs ~ in iv di~etlon it or impe~oveaneat~ f,hereon, sood rep~i.r t6s Mo:t~es mRY ot eaoh and every ~uoh p~y~t ~6a11 bs~d ~ pa~ f~hi~ ~j ~~tlon t~eo~ amd t6s full amouat tbs tkn cf thb mo~t~s. ~R~''~ d. Hs will p~y a11 aad dnauLc t6s oosb, d~i~nd eacP~, ~ndudin~ raso~aabk Lwyear'~ feer, and oo~ o[ abtlta~ob ot titb, iaoun~ed ot p~id ~t aay tiaoe bq ort~ee beo+?use of tbe failure on the paet of the Mort~oe Pe~oa?Pt~y an~1 tio peefo:m tbs ~ent~ and oovenant~ ot eaid p~o~ry aote and thia mort~a~ and oost~ ohar~, ea~penre~ a6a11 be iavmediateb? dns and pyrabk ~nd eba1~ be ~eoured b3? the lien ot t~ mortp~a 7. He w~t o~ntinuous~ maintain L~aed imuranos, oi wch type orLyp~ aad amounts as Mortgy~es ma7 from time to time requii+e, on the impruvemenb now or he~+eatter on eaid -r»miees and eaoe t when lor all such p ~m°II! ~ s premiums L~s theretofore been made under of par~gra~h ~ Lereoi ~e ~vill p~Ry prompt1y w?~ ~ due ~qy premiums thereior. All inauranoe shall be c~r ' ia oompawes approvec~ by M r~a~~ and the pol~ cies wd reaewals thereo!' shall be beld by Mortgagae aad h~ve attached thereto loes payaba le cGuees in is~or oi and in form aoceptsble to the Mo In event of loee he will giva namediate notice by mW Lo Mortg~ges~ aad Mortgagee may maks proof~~ ii not made prompt~y by Mortgagor, aad each inauranoe oompaq~ ooncerned is hereby~ ~uthoriaeci and directed to mske p~yment for such loae direct]y to Mo ~s~e~ m~st~ead oi to Mortgagor aad Mortgagee jointly, and tha insuranoe pmoe~eds, or s aRY P+~ there~i moy be ~p~ -,p7ied by 111or~. ~agee st its option either to tbe reductioa of the indebtedaees hereby ~ecured or to the restor~twa or repsir ot the property dama~ed. In event oi foreclosure of tLis mort~age. or othar tranaier oi titie to the mortgaged p~+operty ia extingwahment of the indebtedaess secured hereby,-all rigLt~ title, wd intenet oi t6e Mortgag~or in ~nd to aqy inaurance policies then in foroe ahall p~ss tio the pum,~u~sar or grant~ee. 8. He will not ezecute or file of record any instrument which impoaea a restriction upon the sale or occu• ~ pancy oi the property described herein on the baeis of race~ color, or creed. - 9. If the premises, or anv part thereof, be condemaed under the power of eminent domain, or acquired ~ for a public use, the damages awerded, the proceeda for the taking of, ar the consideration for such aoqaisi- ' tion, to the extent of the full amount of the remaining unpaid indebtednesa secured by this mort~a~e, are hereb~ assigned to the Mortgagee, and 6ia heirs or assigns, and shall be paid forthwith to said Mor-tg egee or his assignee to be applied on account of the last maturing instalimenta of auch indebtnese; provided~7iow- e~ er, the Mortgagee or his assignee~ may at his discretion pay direct to the MorLgagor~ hie heire or a~igna any part or $ll of such sward; provided, that if the loan is guaranteed or inaured, the consent of the guaran- tor or insurer ia obtained in advance of saidpe yment. 10. The Niortgagee msy~ at any time ~ending a suit upon thia mortga~s spply.to the court hnvin~ jurisciic- tion thereof for the sppointment oi s receiver, and such oourL shall fortfiRnt~ a~point s receiver of the premises covered hereby all snd singuler, includit?~ all and singular the income, profits, ~ssues, and reveaues trom what- ever source denved, each and every of v~hich it being expressly understood, ia hereby mortgaged ss if apecifically eet forth and descnbed in the granting an~ hsbendwm clausea bereof. 3uch appointcneat ahall be made by euch court as an admitted equ~Ly and s matter of sbsolute right to said biortgagee, and without reference to the adequacy or inadequacy of the value of the pmpeMy mortgaged or to the solvencq or iasolvency of said Mort.gagor or the defendants. Such rents~ profits, income, issuee, and revenues ahsll be apptied by such receiver according to the tien of this mortgag~e and the practice of euch court. In the event oi any default on the part of the Mortgagorhereunder; the 111ortgagor ayreea to pay to the Mortgagee on deansnd aa e reasonable monthlv rental for the premisea sn amount st least equivalent to one-tweUth (yf,) of theaggregate of the twelve monthlv installments psyable in the then current year plua the actual amount of the annual ta.ses, asseasments, water rstes, and insurance premiums for euch year not oovered by t6e sfor~asid montWy payment8. 11, In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event thst any of said aums of money herein referred to be not pmmptly and tully psid according to the tenor hereof ~ or in the event thst each and every the stipulstiona~ agreementa conditions, sad covenants of asid note and t6ia mortgage ~ are not duly, promptly. and fally performed or i~ the Mortgagor be adjudicated bsul~upt or made defendant in s bsnlu~uptcy or receiverahip proceeditigs; tLen ia either or any auc6 event, the said sggre- w gate sum mentioned in said note then rem ' unpaid, with interest sccrued to that time, e?nd all money secured hereby ahsll become due and psyabte orthwith, or thereafter~ at the option ot ssid 11iortgagee fully and comp~etely se it all the seid suma of money were originslly atipulsted to be paid on such day~ an~ thiug in said note or in this mort~sge to the contrsr~ notwtthstiand'wg; aad thereupon or theresf ter, at the option oi said Mortgsgee~ without notice or demsnd, suit at lsw or in equity~ msv be prosecuted as if stl monevs secured hereby hud mstured prior to its'inatitution. The Mortgaaee may foreclose t~i.s mortgage, as to tf~e amount so declared due and psysble, and the said premises ahall~e sold to satisfy and psy the same together with costa e,xpenaes, sad allowsncee, In caee of psrtisl forecloeure of this mortgege, the mortgaged pmmisea ehall be so~d eubject to the continuing lien of thi mortgsge for the amount of the debt not then due and rmpaid. In auch caee the provisions of this paragraph may aga~n be availed o! therealter fmm time to time by the Mortgagee. - 12. No waiver oi any covenaut herein or of the obligatioa secured hereby shell at any time thereafter be held to be s waiver of the terma Lereof or of t6e note secared hereby. 13. The lien of this instrument ahall remain in full force and effect during sny postponement or extension oi the time ot psyment of the indebtedaess or any part thereof secured hereby. 14. This mortgage ia given to secure the purchase money, or s part thereof~ of the lands herein deecribed aad is ezecuted end delivered contemporaneously with the deed therefor. 15. If the Mortgag~or default in any of the oovenants or agreemente contained herein, or in said note, then ~ the Mortga~ee msy perform the same, and all eapenditures ~including reasonable attorney's fees) made by the ~ Mortgagee m ao dou~g shall draw intereet at the rate pmvi ed for in the principal indebtedness, snd ahall be p b psysble =hirty (30) days sfter demand, and, together witL interest and costs accrued tbereon, ahsU be aecured y thi~s tgege. 18. Upoa t~he requeat oi tLe Mortgagea the Mortgag~nr shall eaecute and deliver a supplementsl note or notee for the eum or sums advaaced by the Mortgegee for the alteration, modernizatioa, improvement, msin- tenmce, or repsir of ssid premisee, for taxes or ~ents agsinat the same snd for any other purpose autuor- evidenoed therebySwere mc1 ded tbe note firet aeecn'bed aybo es pSaid s pplemental note~o notea ahall bear ~ j g~~~~~,-~~':.--~~',~~~~~"~ s. ~ - , - ~ a_ .