HomeMy WebLinkAbout2186 the clefi~•ieney, tiuch pa•iueut shall be inaclP w•ithi~i thir6y (:ttl) da~'s xtter wr~tt~~u ~~uUc~• tro~n the \tortgagee ~
statin~ the umounl ot t~ie deficiency, H•hicli notice tnsy~ b~ ~iveu by tnriil. If at a~~v time the ~lortgagor `
sLA~I tender to the ~1orl;;akee in aecbr~iunrn ~ritl~ thc? provisions of the note 3ec•ure~t hereby~ full peyment
o[ the entire indebtedne3s reprNSCntcKi tla~r~~h~•, tl~~ \1ort~et~;e~a ns trusit•t~ ~l~nl1. in ~~inputing the a~nount ot '
such indebtc~luess, credit to the a~•~~oui?t of the \lort~~agor ~n~ creJit balnm•~• r~•u~au~ii, • under the pmvisions
of (a) of seiid parH raph 'l. Ii there shNll br b ilefau~t under any of the p~~,~~i~iuus ot tfius niurtK~e resultin~
in a pu61ic sale o~ttic prrcztiscs co~•ere~cl lzereby, ~,r if th~ \ln~t~~c~ n~•~R~~ir~~:~ tt?.+ praperty otl~erwise after
clefault, the \IortgeKee as trustee sl~al1 app1?, xt thc* tim~ ot U~e eomnirn~•~~i~ieut oi sui•h proceedinRa or at
the time the properly is ot1ierN i~e acquirecl, the uinount then remainin~ to rrcdit of ~tortKa~or under (a) of
paragraph 2 precedu?g as a credit on the interest uccured Hn~l unpsid MI1lI ~I10 t1NIN11l~o to U~e principal then
renieining unpaid on said note.
4. He wriU p~y ali tasee~ ~aeesemente. wstee ntea, and other sovernmental or municipal charges, mes, or ~
hnpoaitione, for whic6 provision haa not been made hereinbefore, snd in default thcreof the Mortgagee m~y puy the
~ame; ~nd t,hst ~e will prompWy delivet tha o~cial raoeipta therefor to the hiurtg~ee.
6. He ~rill permit, oommit, or suSer no waete~ imp~irment~ or deteriorauon ot ~d ~„n,perty or say pe~tf, thereof
ea~oept reaeonsble ~rear and tear• and in the event oE the failure of the 1ltortgagur tr~ keep the building~e on sai~
premises t?nd t6oea to be erecte~ on eaid premieee~ or improvementa t~ereoi,~ iu g~~ repair, tl.e 111origagee may
mulce such repairs ae in ita discretion it may deem neoeeeary for the proper pr~:nrrvntiou therctif~ snd the full smount
of eacL and every such p~yanent ehall be due md psyable thirty (30) d~?ye aitkr dem+w.l, e?ud si.aU be eecured by
t~he lien of t6is mortgaga
6. He will psy a1t and eingular the oosta~ c and e~cpenaee, ir,~~lusli,ig ra;~onuble l,iwyer's feea, and ooate
of sbetrscts of title, ineurred or psid at tw~+ qmq ~Mortgagee t,ecaun~, oE tU~ failure un tha part of the Mortgagor
p~ompWy and full~r to perform the agteemente and covenanta uf eaid pruwiasury uotx and thia mortgage, and eaid
~~'6~, ~d e:peneee ahall be innmediately due snd psyable and shall be eecured by the Gea o[ thia mortgsge.
7. He aill oontinuously msintain hszard i~urance, of such type or t,y~ aad amount,e as Mortgagee m~~
from i,iaae to time require~ an the improvements now or hereaiter on said premi~es aad except when paymen6
tor all such premiums has theretotore beea made under (a of paragrapL 2 hareof ~e will pay pmmptly whea `
due any premiums LLerefor. All ineurauoe aheU be carri~ in oompaiues apprave~ by I11ortgs~ee snd the poli '
cies and renewals thereof ~hall be beld by,~ ~Vtqr{gagee and have attached thereto loes payeble cCauses in favor oi ~
and in form acceptsble to the Mort~s~ee. In evenL of lo~s he will give immediste notioe by mail to Martgag~,
aad Morcgagee msy malce proof o oes if not made promptly by Mortgagor, and each inaursnoe aompany ~
ooncerned ia hereby~ suthoriaed and directed to mske psyment for euch losa directly Lu MortqaRee instead ai
t~o Mortgagor and Mortgagee ointly, snd the insuroncs proceeds, or any part thereof, may be app7ied by 111ort~.
~agee at ite option eiLher to ~e reduction of tbe indebtedness hereby eecured or to the restoration or repsir oi
the property dsnaaged. In ev~pt of forecloeure of this mortgage or other tranefer of title to the mortgaged
pmperty in eztinguiahment of the indebtedness eecured hereby, a~l right, title, and int~rast of the Mortgag~or
ia and to any inaurance policies then i.n torce ahall pass to the pumhasar or grantee.
8. He will not execute or file of record any instrument which imposes a restriction uE~on the sale or occu-
pancy of the property described herein on the basis of tace, color, or ereed.
9. If the premises, or any part thereof, be condemned und~~r the power of eminent domain, or acquired
for a pttblic use, the damages awarded, the proceeds for the taking of~ or the consideration for such acquisi-
tion, to the eslent of the full amount of tl~e remaining unpaid indebtecloess secured b~• tlii~ n~ortgage, are
hereb~- assignecl to the 1lortgagec, and his heirs or a~Gigns, xnd sliall be paid Inrt6N~t~, U. said Mort,~agee
or his assigr?ee to be epplied on account of the last maturing inst~llments of auc;h uid4btuesd; provided,~ow-
e~ er, the ~lortgagee or his assignee, ma~ at liis discrelion pay direct to the Mottgagor, his heira or assigns
an~• part or all of such award; provided, that if the loan is guaranteed or insured, Ehe co~~sent of the guaran-
Lor or insurer is obtained in advance of said payment.
10. The :1lortgagee mey~ at any time ~ending a suit upon this mortga&e, apply lo the court hAVin~ jurisdic-
tion thereof for the appointment of a receiver, and such court shaU forthw~th appoint a recei~er of the premises
covered hereby all end singular, includin~ all and singular the income, profits, ~ssue,~, and revenues from ~rhat-
ever eource denved, each atnd ev~ry of v?hich, it being expressl~ understood, is hereby niortgeged as if speci6cally
eet forth and descnbed in the granting and hsbendum clnuses hereof. Such appointment shall be made by
such court ss an admitted equity and a matter of absoiute right to said ~fortgagee, and without reference to
the adequacy or insdequacy of the value of the pro~~erty mortgaged or to the solven~y or insolrency of said
Mortgegor or the defendants. Such rents, profits, income, issues, and revenues ahall be applied by such receiver
according to the lien of thia mortgage and the practice of such court. In the event of any defsult on the part
of the ifortgagor hereunder, the ~iortgagor agrees to pay to the ~iortgagee on demand as a reasonable monthlv
rental for Lhe premises nn amount at least eqw~ alent to one-twelfth O;_) of the aggregate of the twelve monthly
installments pay able in the then current yesr plus the actual amount of the ennuel t~res, assessments, water
rates, and insurance premiums for such yeer not covered bq the eforesaid monthty payments.
11. In the event of any breach of this mortgage or default on the part of the ~fortgagor, or in the event
that any of said sams oi money herein referred to be not promptly and fuUy paid according to the tenor hereof,
or in the event that each and every the stipuletions, agreements, conditiuns, and covenants of said note snd
this mortgage~ are not duly, promptly, and fully performed or if the \iortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receivershi~ proceedings; then in either or any such event, the said aggre-
gate aum mentioned in said note then remainu?g unpsid, v~nth interest accrued to that time, and all money
secured hereby, shall bccome due and payeble forthwzth, or thereafter, at the option of said ~fortgagee, as
fully end completrly as if all the said sums of money were originally stipulated to be paid on such dav, an~-
thing in said note or in this mort~age to the contrarx notwithstanding; and thereupon or thereaiter, et the option
of said :~iortgapee, without not~ce or demsnd, suit at law or in eq~ity, mav be prosecuted es if all mone~s
secured hereby had matured prior to its institution. The :~iortgagee may ~oreclose this mortgage, as to the
amount so declared due end peyable, end the seid premisea shall be sold to setisfy and pep the same together
with costa expenses, and allowances. In case af partial foreclosure of this mortgage, the mortgaged premises
ahall be so~d subject to the continuing lien ot thia mortga~e for the amount of ~he debt not then due and unpaid.
In such caee the pmvisiona of t,his paragraph mey aga~n be availed of t}~ereafter from time to time by the
Mortgagee.
12. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. The lien of this inatrument ahall remain in full force and ef[ect during any poatponement or ~xtension
of the titne of payment of the indebtedness or any part thereof secured hereby. ~
14. This mortgage is given to secure the purchase money, or a pert thereof, oi the lands herein described ~
and is executed and delivered contemporaneously with the deed therefor.
15. If the 1liortgagor default in any of the covenants or agreements contained herein, or in said note, then ~
the biortga~ee mey perform the same, and all expenditures (including reasonable attorney's fees) made by the ~
Mortgagee in so doin shall draw interest at the rate provided for in the principal indebtedne~, and sl~nll be ~
repayable thirty (30) ~ays after demand, and, together with interest and costs accrued thereon, shall be secured
by this mortgage. LC,
16. Upon the request of the Mortga~;ee the 11Zortgagor shall execute end deliver a supplemental note or ~
notea for the sum or sums advenced by the ;~iortgsgee ior the alteretion, modernization, improvement, main- °CO f
tei?ance, or repair of said premises, for laxes or assesgments against the same snd for any other purpose a~tl~or- om ;
ized hereunder. Seid note or notes ahell be secured hereby on a parity w ith nnd es fully as ~f tl~e ad~ ance
evidenced thereby were included in the note firet deacribed above. Said supplemental note or notes shall bear
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