HomeMy WebLinkAbout0357 the deficiency. ~uch payiuent ahull be n,ade rt~it~in thirty (3Q} ~da.ya ufter wci6te~ notice tro~u t.he ~iortgagee
stating the amonnt of ttie deficiency, which notice ~nsy be given by mail. If at any time the 41~rtgagor
sha~l tender to the :~iort~agee in accord~nce with the proviaions oi the note aecureci hereby~ !uU payment
of the entire indebtednesa repreaented thereby, the ~lortgageo aa trustee ahall, in ooinputing the amount of
such indebtednesa, credit to the account of the 1lortga~or any credit balence re~nui~in under the proviaioae
of of said paragraph 2. I[ there aieall be a detault under any of the provisions of t~iis ~nortRage reeulting
in a public sale of the premises covered hereby, or if ~he ~iortgagee acquires the property otherwise aftsr
clefault~ the :~iortgagee us trus/ee st?sll apply, at the time of the comme~cement of such proceedinga or st
the time tha property ~s otherw•ise acquired, the emount tlien remsirting to credit of :11ort~sgor u~der (A) of
para~ragle 2 prececiing as a credit on the interest accured nnd unpaid and the balance to the principal then
temeinmg unpaid on sai~i note.
4. He wtll P~1Y v1 t+?~, ~a~, ~t~, ~nd olher~overnmea4l or muaieipal ch~rges. 6nes. os
fenpomtions~ for which proviaioa bas not beea anade hereiabefore, ~ad in detauit thereof the Mortgagee co~Y WRY tbe
~e; aad tdat be will Pz'omPW+ deliver tbe o8'icial reoeipte t6erefor to the Morigagoe.
b. He will permit, oommit, or suQer no waats, impsira~eat, or det~riorslion af eaid pt~pertq or any part thereof
e~ceepZ rEasoasbk wear and teu• and in t6e even~ of tbe fsilure ot the Mortgegor ta keep the bulldin~s on sai~
premises and t6ase to. be erecte~ on s~?td premisea or improvemente thereon, in good repair, the Mortgagee m~Y
m~lce such repairs aa in its diecretion it m~y deem neoeeeary for the proper preservstion t6eceof~ and the fult amount
of each and every suoh p~yment a6a11 be due and psyable LhittY (30) daYa after demaad, and a6all be eecured by
the liea of tlus mort~e.
8. He will p~y a11 aad singular the eost~,.clhuges~ind eacpenees, including reaeon~?ble lt?wyet's fees, a~i oosts
at abstre?cts of title. ineurred or paid ~?t aay tims b~ We orf~,agee becauee of the failure on the p~r! of the Mortgagor
pe~omptiy and i to pertorm the ~reementarond oovensats of esid pramieeory note a,nd thia mortgage~ and aaid
'oo~ts. e~Te'es. ~eacPenees a6a11 be ianmediate~y due aad P4Ye~ble and shall be eecw 9d by tLe lien of t6ia mortg~ge.
7. He wiIl oontinuoue~ maintain hasara insunuoe, oi aucL type or types and smounts as Mortg~gee ms
trom time to Lime reqoite, on the inaprovements now or hereatter on eaid premises and except when psymeat
tor all euch premiums has tLeretofore beea m~?de under ~(a) oi paragraPh 2 hereoi ~e will pey pmmptly when
due any premiums therefor. All insuraaoe shall be carried ia oompanies spprove~ by I?io ee sud the poli
ciea and reae~v~?L thereoi ahall be held by Mortgagee and have attached tLereto loes paysble uaes in f~?vor oi
~and in form aoceptabls to the Mo tga~ In event of loae he will give immediate notice by mail to Mortgagee~
and Mort~agee m~y m~ke proof~u~ roes if not made promptly by Mortgagor, and each insunaae company
conc~aed ~~ie~caby- ~.uth~rtiaad and dir-a:ta~ to maka gs~uent for sur.h lo~ d,ire~ctl~? t4 Mert~e
gea instead oi
to Mortgagor and Mortgagee 'oiatly , snd the inauraaoe prooeeds~ or any part thereo., mey be
applied by l~ior6.
gagee st its option either to ~s reduction of the indabtedneae hereby eecured•or to thc restorst~on or repair of
~he pmperty dama~ed In event of foreclasure oi thie mortgage or other transfer of title to the mortgaged
property m estingmahment oi tLe indebtedneee secnred hereby, ~1 right, title. and intsreet oi the Mortgagor
m and to any insursnce policies tLe~ in force aLall pass to t6e pur~~eet or g~tee.
8. He will not execute or file of record any inatrument which imposes s restriction upon t,he sale or occu-
pancy of the property described herein on the basis of race~ color~ or creed.
9. If the premises, or any part thereof, be condemaed under the power of eminent domain, or aoquirPtl
for a gublic use~ t•he damages awarded, the praceeds for the taking of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedaess secured by this mortgage, ate
hereby sssigned to the Mortgagee~ and hia heirs or assigna, and shall be paid forthwith to said Mortgegee
or his asaig n~ee to be apptied on account of the last maturing instsllments of such indebtnese; provided,-how-
ever, Lhe Mortgagee or hia assignee, may at hia discretion pey direct to the Mortgagor, hia heire or sasigna
any part or all of euch award; prnvided~ that if the loan is guarapt,eed or inaured, the consent of the guaran-
tor or inaurer is obtained in advence of asidpa
yment.
10. The biortgagee msy~ st aay time pea
'id ng s suit upon t~his mortga~e spply.to the court hsving ji~risciic-
tion thereof for the appointment oi s receiver, and euch court shall fortfirv~t~ s~point s receiver of the premises
covered Lereby sll and singular, includin~ all and singulat the income, pm8ts~ iesues~ and revenuea from what-
ever eource denve~l, each and every of a-hich it bein eipreasly uaderatood~ ia hereby morcgag~ed aa if apecifically
set forth and descnbed in the grsnting au~ haben~um clauses bereof. 3uch appoiatment shall be made by
such court as an admi~ted equity and s metter oi sbeolute right to said Mortgsgee~ aad without retereuce to
the adequacy or inadequacy of ihe value ot the pmperty mortgsged or to the solve~Gy or it~solvency of ssid
Mortgagor or the defendsnts. 3uch rente, profits, income, issues, and revenues shall be spplied by such receiver
according to the lien oi Lhis mortgage and the practice oi such oourt. In the event of sny default oa the psrt
of the Mortgsgor hereuader~ the:llortgagor a~rees to psy to the :biortgsgee on demand as ~ reaeonable raonthiv
rental for the premises an amount st lesat equivulent to one-twelith (3fi) of thea~gs te of the twelve monthlv
installmente payable in the then current year plus the actual amount of the annusl tsxea, sasessmente, wster
ratee, and inenrance premiuma for such year not oovered by the atoreasid montbly psyments.
11. In the event o! any breach of this mortgage or default on the part oi the Mortgagor, or in the event
tLat aay oi said euma of money herein reterred to be not promptly and fu1ly paid according to the tenor hereof
or in the event thst each and every the stip ulations, sgreemeate conditions, and covenants of said note an~
tbie mort~a~e, ar8 not duly, promptly~ and fully pertoraned or i~ the Mortgagor be adjudicated banl;rupt or
made detendant in s bankruptcy or rece~verahip proceedingn; then in either or sny such event, the said eggre-
gate sum mentioned in said nots then rem ' unps~d~ ~nth intereat accrued to thst time~ aad all monep
secured hereby shsll become due and paysb~orthwith, or thereafter, st tbe option of said biortga~ , as
fully and comp~etely as if all the ssid sums of money were originslly stipulated to be psid on auch day, anr-
thing in aaid note or m this mort~age to the oontrar~? notwithstanding; and thereupon or theresfter~ nt the option
of said 1liortgagee, without notice or demand, suit at lsw or in equity, mav be proeecuted ae if all moneva
secured hereby hud matured prior to ita institution. The Mortgagee may forecloee thie mortgage, as to the
smount so declsred due and psyable, and the said premises shall~e eold to aetisfy and pay the ssme together
with coata ezpenses, and allowances. In esse of partisl foreclosure of this mortgage~ the mortgaged pmmises
ahall be so~d aubject to the continuing lien oE this mortga~e for the amount of the debt not then due and unpaid. t
In auch case the pmvi8iona of this psragrsph may agaun be svailed of thereatter irom time to time by the
Mortgagee.
12. No waiver of any oovensnt herein or of the obligation eecured hereby ahall at any time tl~ereefter be
held to be s waiver of f,he terms hereof or of tbe note eecured hereby.
13. The lien of this instrument ehall rernain in full force and effect during any postponement or extension
of the tirae of ps}?ment oi the indebtedneas or any patt thereof secured hereby.
14. This mortgage ia given to eecure the purchase money, or s psrt thereoi~ of the lande herein described
and is eaecuted and delivered concemporaneously with the deed therefor.
15. If the biortgagor defsult in any oi the covenants or agreements contained herein, or in said note, then
the Mortga~ee may pertorm the same, and all expenditures (including reasonsble attorney'e fees) made by the
Mortgagee in ao doin ehall draw interest nt the rate provided for in the principal indebtedness~ nnd al~all be
repay a~bla thirty (30) ~sy?e siter demand, snd, together with interest and coats acerued thereon~ ahep be secured '
by this mortgage. ~
16. Upon the requeat of the Mortgagee the Mortgagor ahall execute and deliver a supplemental note or ~
notea for tbe ewn or sums sdvanced by the Mortgsgee for the slteration, modernizetion, impmvement, main- ~
, tenanc;e, or repair of ssid premisee, for texes or aeeesaments againat tbe ssme aad for any other purpose auti~or- ~
ized hereunder. Said note or notes shalt t,e aecured hereby on a parity with and as fully as ~f the advance
evidenced thereby were included in the note Srst deecribe~s~ov~.~~d supp~~,sl note or notea ahall bear
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