HomeMy WebLinkAbout1258 the defiaiency. Suchpaym ent a6aU be made within thirty (30) daye after written notioe icocn ths ~'Iortg~gee~•
etating the amount oi the deficiency~ which aotice msy be ~iven by mail. It at any tima the Mortgagor
e
h s~ l t e n d e
r t
o t
h e M o r t g a g e e i
n e c c
o r
d a n c e w i t h t he provis~oas o f t he no t e eec u r
e d here by, f
u
l l p~yment
of the entire indebtednees repreeented thereby, the 1~tortgagee aa truatee ahall, in oomputing the ~mount of
auch indebtedneee, credit to the account of the ~ior agor sny credit bslance reraair~in uader tha provi~ione
g vi i
oi (a) of ee~idp ph 2. It there shall be s deisu t under any oi the pm~ isions of thie mortgeiga resul '
in s public eale o the premises covered hereby~ or it the Mortgegee acquires the property otherwise aft~,et
default, the Mortgagee ae truetse ahall app)y, at the time ot the commenceraent ot such proceediags or st
the time the property is otherwise acquired, the smount thea remaining to credit oi Mortgsgor under (a) of ;
Pars~rnph 2 preceding aa n credit on Lhe intereet accured and uapaid and the bsl~ance to the principal then
remranmg unpsid on said ~ote. ~
4. He witl Pq~? sH ta~. ~ese~eeznente, vntee r?te4 aad otber~o
vernmeatW er municiPv ehae~e4 6ae~. os ~
impoeitions, fat wLtoh proviaion bas no~ been m~e ~tereinbe#ore, and in detault thereof tba Mortg~agee miU? Pq? tbe
~une; aad ~ Ls will prompt~y ddiver the o8'icial reoeipts tberefor to the Mortgagee.
b. He wIll permiR oommi~, or su8er no waete, impairmeit, or deteriore~tion of eaid property or~qy thereof
eaooePt re~?soaa+?bb weu and tear• and in the event of t~Le failure of the Mortgngor to keep the buildwgs on sai~
grr.~i~ea sac~ th~ Lo cn~cte~ on aaid ~misas, or impmvements thereon, in ~ood repair the Mortgagee map
of e~aL a~nd a~~ as ia ita discref3o~a it m~y deea? neoeeeary tor the P~'oP~ P~n?stion thereo~, aad t6a full amount
tbe liea of t6i~m t~s~t ehall be due and p~ysble tbiitY (30) dsYe dter demaad, and eluU be secured by
6. He ~will p?y atl and sin~u4r ~~fis ooets, snd e~pemea, inctuding reaeonabM l~wyer's feee„ and ooeh
p~ +~t any time
b~ortgsgee becauee of the failure oa t6e part of the M
pezf ~
P~'og?P~Y aad f ~o peiform tbe a~eaments asd oovenante of eaid p
r
o
m i e e o ry note and t
h i s ra
o~~~
a~penses eh~ll be immedistelY due snd pqysble and sball be eecured by the lien of t~
i s mort~e.
7. He wiU oontinuous~ maintaia basard insunaoe~ of auch type or types snd amounte as Mortgagee ma~
trom time to time reqnire, on the improvemeats now or ~ereatter oa eaid premises and exoept when payment
lor all euch premiums bas tLee+etotore'been nisde under (a of paragrsFh 2 hereof ~e wilt Pay Promptly when
due any pramiums theretor. All insuranoe-shall be carri~ ia oompa~ues appmve~ by 1~1o and tha poli-
cies u?d rene~?als thereoi nhall be beld by Mortgsgee aad hsve sttached thereto loes payabl~uses in favor oi
an~ in lorm sooeptable to tho Mor~tgagee. , In event of loae he will give immediate notioe by mail to Mortgagee,
sad MortgLages m~y maks prooi oi loes ~f not made promptly by Mortgagor, and e~ch insuraaoe oompan~
concarned ss hereby~ authorit~ed and direated to maice p~yment for such loes directly to Motg~ee ~inateod of
to Mortg~g~or and Mortgagee 'oin~y ~ und the inauranoe proc~eeds, or aqy part thereof may be
ap~
,plied by I~ior~
~agee at ite option either to ~e reduction of the indabtednees hereby secured or to t~6e restorataon or repsir oi
the property dama~ed. In event of foreclosure oi thia mortgage or other tranafer of tiWe to tha mortgaged
p~+operty m eztingu~ahment of tLe indebtednees eecured hereby, a~l right, tit~e, snd interest of the Mortgag~Or
in and to aq~ insunaoe policies thea in foroe ahall pass b tLe purr~seer or grantee.
8. He ,vill not e~cecute or file of record any instrument which imposes a restriction upon the asle or occu-
pancy of the pmperty described herein on the bsaie 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 pnblic use~ t.he damages awarded, the proceeds for the t~king of, o* t~he~ cnn~idernt.ion for such acc~uisi-
tion, to the extent of the full amount of Lhe remaining unpaid ittdebtedaess secured by this mortgage are
herebv assigned to the Mortgagee, and hie heira or ass~gns, and shall be paid forthwith to seid Mort
gegee
or his ass~g n~ee to be applied on account of the last maturing installments of such indebtnesa; provided,~ow-
ever, the Mortgegee or h~s assignee, may at hia discretion psy direct to the Mortgagor, Lia Leira or sasigna ~
any part or ell of such award; provided, that if the loan is guaranteed or insured~ the consent of the guaran- ;
Lor or insure~r is obti?ined in advance of saidpa
yment. ~
10. The biortgagee msy, st any time peu
'ding a suit upon this mortgs~e~spply to tihe court hevin{t jurisdic- ~
t.ion thereof for the apo intment of s receiver and such oourt s6sll fortfiwi a~point s receiver of the premises ~
covered hereby all snd singulsr, includin~ all and singular t6e income, profita~ ~s~sues, aad revenues from whst- ~
ever source denved, each and every oi wtuc6 it beu'~g expreesly understAOd, is hereby mortgsged as if speci&caUy
~et forth and described in the gtanting an~ hsbenduan clsuses hereoi. Such appointment shsll be made by
such oourt u an admitted equity and s mstter of absolute right to uid :~iortgagee~ and without refereaoe to
the adequacy or inadequacy of the value ot the property mortgsged or to the solvency or insolrency oi ssid
Mo t~ga~g r or the defendants. 3uch renta pm6te~ income, issues, and revenue~ shsll be applied by such reeeiver
acco~r~
-'ng~ to the lien of this mortgage an~ the prsctice of such oourt. Ia tha eveat of say default on the part ~
oi the Mortgagor hereundet, the Mortgagor a~rees to pay to the Mo sgee on demaad se a reasonable monthlv '
rental for the grerniees aa unount st leaat equivalent to one-tarelith (~3 of theaggregate of the twelve monthly
installments paysble ia the thea cunrnt year plus the actual amouat oi the anau~l tdtes, seseesmente, wster
ntes, snd iaauranoe premiuma for auch year not oovered by the ~foresaid monthly psymenb.
11. Ia the event of sny breach oi this mortgag~a or defsult on the part of the Mortgagor, or in the event
thst any of said stime of money herein refen+ed to be not promptly and fully psid according to the tenor here~f
or in the event thst each and every the stipulstions~ agteements conditione~ snd covensnte of ssid note en~
thia mortgage, are not duly~ promptly, and fully per[ormed or i~ the Mortgsgor be adjudicated bankrupt or
mede defendant in s bsnkruptcy or reoeiverahip proceedings; then in either or any such avent, the said aggre-
gate euin mentioned in said note then rem ' unpsid, with interest accrued to that time, and all money ;
. secured hereby shaU become due snd payab~orthwith, or thereafter, at the option of said 11fortgagee~ as
fully and comp~etely sa if ell the eaid sums of money were originaily, atipulsted to be paid on such dsy, anr-
thing in said note or in this mort~age to the contrar~? notwithstanding, and t6ereupon or therenfter, ~t the option
of sa~d Mortgsgee, without not~ce or demand~ awt at law or in equity, mav be proeecuted as it all raoneva
eecured hereby had matured prior to its institution. The Mort~agee may ~orectose thie mortgage~ as to t~?e
amount so declsred due and payable, end the said premises shail be sold to eatisfy and pay the same together #
with ooste expenBes, and allowances. In ceae ot partial forecloaure of thia mortgage , the mortgaged prnm~ses
ehall be so~d subject to the continuing lien of thia mortga~e ior the amount of the debt not then due and iu?paid.
Mo uch caae the pmvisiona of this parsgraph msy again be svsiled of thereafter fmm time to time by the ;
12. No waiver of any covenant herein or of the obligation secured hereby ahall at eny time thereafter be
hel~ to be s waiver of the terms hereof or of the note secured hereby.
13. The lien of thie inatrumeat ehall remain in full force and eftect during any postponement or extension G~ t°
of the time of payment of the indebtedness or any part thereof eecured hereby. - u7 • i
14. Thie mortgage ie given to secw~e the purchase money~ or a part thereof, of the landa herein described
snd ie ezecuted and delivered contemporsneously with the deed therefor. •
15. If the Mortgsgor default in any of the covenanta or agreementa oonteined herein, or in said note~ then
the Mortge~ee msy.perform the same, and aU expenditures (including reasonable attorney's fees) made by the
Mortgagee in so dou~ ahall draw intereat at the rate provided for in the principal indebtedness, and sl~all be ~ ;
repsya~ble thirty (30) da}?s after demand, and, tAgether with interest and costs acerued thereon, shall be secured
by tbia mortgage. ~ i
16. Upon the request af the Mortgagee the Mortgagor ahall execute and deliver a suppiemental note or
notes for the aum or sums edvanced by the Mortgngee for the alteration, modernization, improveinent, maia-
teuanoe, or repair of eaid premiaee, for taxes or aeeessments agsinst t~e same and for any other purpose sutl~or-
ized hereunder. Said note or notes ahall be secured hereby on a parity with and sa fully as if the advaace
evidenced thereby were included in the note Srst deecribed above. 3aid supplemental note or notes ahal! besr i
~e,~ ka..-,:
o ~ ~,--~a~o ~,~n"'-~=4,- - "
,i ~
4s_~