HomeMy WebLinkAbout1639 the deficiency. Such payment shall be made Kithin thiriy (30) daya after written notice from the ~iortgsgee
etating the smount of the deficiency~ which notice~may be given by mail. If at any time the vlortgsgor
sha~l tender to Lhe ~Iortgagee in accordance with the provisiona ot the note aecured hereby~ tull paymeat
of the entire indebteclnas representcd thereby, the ~fortgagee ae trustee ahall, in computing the emount of
such indebtedneas, credit to the account of the iiortgagor any credit batance remaining under the pmvieione
af (a) of said paragraph 2. If there shall be a default under eny of t.he provisione of thia mortgage reaulting
in a public sale ot the premises covered hereby, or if the \iortgagee acquires the property otherwiae efter
default, the ~1ort~;agee as trustee sl~all apply, at the time of the commenccnient of such proceedinga or at
tt~e time the property ia ott~erwise acquired, the amount then remainin~ to credit of ~fort~agor uader (a) of
paregraph 2 preceding as e credit on the intereat accured and unpaid and the balance to the principal then
remaining unpaid on said note.
4. He will psy all taxes~ ~eeeeements, w~t~ rstee, and other governmente?l or municipal chsrges~ Saes, or
impositione, for whicD pmvieion has not been anade hereinbefore~ snd in default thereoi tiie Mortgagee msy psy We
eame; and that he wilt promptly deliver Lhe o~cial rsceipt,s therefor t,o tLe Mortgagee.
6. He will permit~ oommit, or au~er no waste~ Impairmeat, or deteriorstion of eaid propertq or any p~ thereot
esoept r~asonable wear end tear• and in the event of the failure of the Mortgagor to keep the buildings on eai~
premiees and thaee to be erecte~ on esid premiees, or improvements thereon, in good repair~ the Mortgagee may
make such repe?irs aa in ite diacretion it may deem neoeae:?ry for t6e proper preservatioa thereof, and the full emount
af each and every sue~ psyment aball be due aad psyable thirty (30) dsye after demand, and ahsll be eecured by
the lien of tbis mortgsge.
6. He will pay all and eingular the oosts, e?nd ezpeneea~ inctuding reaeonsble lawyer's fees, snd oosts
of abattscts of title, ineurred or paid st any time b~Mortgagee becauee of the failure on the part of the Mortgngor
promptly aad f~ to petform the a~t~eementa and oovenante of aaid promiseory note and this mort~age, and said
oosta, chsr8ea, sn ea~penses ehall be imm~ediatel,y due snd psysble and ahall be eecured by the lien of thie morig,age.
7. He aall oonti.nuo~s~j maintain hazard inauranoe, oi aucL type or types and amounts as Mortgagee m~
trom time to time require, on the improvements now or herestter on said premisee end e.rcept when paymenL
ior sll such premiums has theretofore been made under (s) of psragrsph 2 hereof ~e wili a
due any premiuma theretor. All ineuraaoe shsll be carried in oom pp ~ y P 9 Promptl when
panies a mv b l~iortgsgee snd t6e poli-
ciee~ snd renewale thereoi ehsil be Leld by Mortgagee and bave attached thereto loae psysble cteuses ia fevor of
sad in form acceptable to the Mo ~ga~e~ In event of loee he will give immediate notice by mail to Mortgagee,
aad Mortgagee msy make proof~~~ Ioas if not msde pramptly by Mortgag+or, end each inauranoe oompsny
o~nceraed ie hereby~ authorized and directed to make payment for such loes directly to 1Vlortgagee instead oi
to Mortgagor and Mortgagee 'ointl ~ and the insurance prooeeda, or sqy part thereof msy be spplied by 111ort.
~ y
~agee at ita option either to e uction of the indebtednees hereby aecured or to t~e restorstion or repair of
the property dsma~ed In event of forecloeure oi thie mortgage or otLer tranater of title to the mortgaged
m
e?dttyo an~w~~su
wc~e eII ~es then
m force ahall ass the ~~u~ch~aeet ortle, and interest oi the Mortgagor
Y~ Po ~ P P 6~tee.
8. He w~ill not eaecute or file of record any instrument which imposes a restriction upon the sale or cecu-
pancy of the property described herein on Lhe basie of race, cotor~ or creed.
9. If the premises, or any part thereoi, be condemned under the power of eminent domain, or acqtared
for a pablic use, the damag es awarded, the pmceeds for the taking of, or the consideretion for such aoquiai-
tion, to the eatent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are
hereb~• assigned to the Mortgagee, and hia heira or assigns, and shall be paid forthwith to said Mortgagee
or his assignee to be applied on account of the last maturing installments of auch indebtnese; provided~~ow-
e~ er, the 1~lortgagee or his assignee, me} at his discretion pay direct to the Mortgagor, hia heirs or assigna
an~ part or all of such award; provided, that if the loan is guaranteed or insured, the consent of the guaran-
tor or inaurer is obtained in advance of said payment.
10. The Lfortgagee msy, at anp time ~ending s auit upon this mortga~e apply to the court havinR jurisdic-
tion thereof for the eppointment of a receiver, snd such court ahall forthv?nt~ a~point s receiver ot the premises
covered hereby all and singular~ includin~ all snd singulsr the income, profits~ ~ssues, and revenues from ~rhat-
ever source denved~ each and every of a
luch it being expressly understood~ ia hereby mortgaged ss iI specifically
eet forth and described in the granting an~ habendum clauses bereof. Such sppointment ahall be made by
auch court ss an admitted equity and a matter oi sbsolute right to said ~iortgagee, and without reference to
the adequacy or inadequscy of the value of the property morigaged or to the solvency or insol~ eacy of said
Mortgagor or the defendants. Such rents~ profits, income~ issues, and revenuee shall be applied by such receiver
according to the lien of Lhis mortgage and the practice_ of auch court. In the event of sny default on the part
of the ~lortgagor hereunder~ the :1lortgagor a&rees to pay to the ~'tortgagee on demand sa a resaonable monthlv
rental for the premisea sn amount at least equivalent to one-twetfth (y„) oi the aggregate of the twelve monthlv
inatallments payable in the then current year pleis the actual amount of the snnual ta.tes, sssesaments, water
retes, and insurance premiums for such year not covered by the aforesaid monthly payments.
11. In the e~ent of any breach of thia mortgage or default on the part of the Mortgagor~ or in the event
that any of said sums of money herein referred to be not pmmptty and fully paid according to the tenor hereof,
or in the event that each and every the stipulationa~ agreemente, conditiuns, and covenants of said note and
; thie raortgage, are not duly, promptly, and fully performed or if the ~iortgagor be adjudicated bankrupt or
; made defendant in a bankruptcy or receiverahi~ proceedin~a; then in either or any such event, the said aggre-
gate sum mentioned in said note then remainmg unpaid~ with interest accrued to that time, and all money
j secured hereby~ shall become due and psyable forthwith, or thereafter, at the option of said 111ortgagee, as
fully and completely ea if all the said sums of money were originally stipulated to be paid on such day~ an~-
~ thing in said note or in this mort~age to the contrsr~r notwithstsnding; and thereupon or thereafter, et the option
of said ~'Iortgagee, without not~ce or. demand, sutt at !aw or in equity~ mav be prosecuted as if all moneva
` secured hereby had matured prior to ite inatitution. The Mort agee may foreclose thie mortgage, as to tf?e
~ amount so declsred due and payable, and the seid premieee ahall~ sold to setiafy and pey the same together
with coats expenses, and allowances, In csae of partial foreclosure of this mortgage , the mortgaged pmmises
shall be sofd subject to the continuing lien of this mortga~e fur the amount of the debt not then due end unpnid.
In auch caee the proviaions of this psragrsph may sgeu? be avsiled of thereafter from time to time by the
Mortgagee.
. 12. No waiver of any covenant herein or of the obligetion secured hereby shall at any time tl?eresiter be
held to be s waiver of the terma hereof or of the note eecured hereby.
13. The lien of thie instrument ahall remain in full force and efTect during any postponement ar extension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchaee money, or s part thereof~ of the lands herein described
and is executed atid delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in any of the covenante or sgree~ente ooatained herein~ or in aeid note, then
the Mortgs~ee may,perlorm the aeme, and all expenditures (including reasonable nttomey's feea) msde by the
Mortgagee in eo domg shall drsw intereet at the rate provided for in the principal indebtedness~ wnd slisll be
repsy ~eble thirty (30) dsys siter demand, and, together with interest and costa accrucd thereon~ shall be secured
by this mortgsge.
Z6. Upon Lhe request ot the Mortgagee the Mortgagor shall execute and deliver s aupplemental note or
notee #or t6e sum or eums advanced by tbe Mortgagee for the alteration~ modernizstion, impmvement, main-
tenaace~ or repair of said premises, for taxee or aeeesaments against the same and for any other pur~ose author-
ized hereunder. Said note or notes ahsll be secured herebq on a parity with and as fully as it tl~e adrance
evidenced thereby were included in the note fust deacr'1De~1 a~bc~44 Said s~~ J ental note or notes al?all bear
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