HomeMy WebLinkAbout1431 tbe deficieory. 1urG pu~iueut sl~ull !~e msde within thirty (30) dqrs attee vrrittw~ r?otire [eoiu the \tortg,?gt?e ~
staliiig the ai~wunL o[ t~e deficie~cy. ~hirh notece may be ~iven Dy ni~il. If at 8ny time the ~iortgtigor
sl~a~! ten.ler to the ~iortge~gee in secordance with the prov~ons ot the note secured heteby~ tuU pqyment
of tlie entire u:debtedn~a repn~sented tl?ereb~, the ~iortgagee as uuatee ahutl, in computing the amoupt oi #
such indebtedness~ ~redit to the account of the ~Iortga~or any credib balance remai~ir~g unde+r the provisions ~
o[ (s) oi said para~raph 2. If there shall be e detault under any of the pro~•i~iona of thia mortgage reeult?ng
in a public sale ~f the premises co~ ered hereby, or if the ~iortgagee acqu~rc~ lhe proparty otherwise s{ter
detault~ the `lortgxgee as trustee shall epply~ at the time of the com~nencenient oi such procaedings o. at
the time the pmperty is othervvise ecquired~ the snioant then remaining to credit ot tifortgagor under of •
psra&rRph 2 preceding as a cn+dit on the intereet accured and unpaid and the balance to t,he principal thea
remaining uapaid on said nate. =
4. He w!U p?y ull tn~oes, aeseeemants„ wstee re?t~. and othee ~overnment~l or municipul c6u~. 6ne~, or
~apoeiUons, !or which provision tue riot beeu made he~reiabetore. and ia defautt thet+eof tha Mortgagee m~1' WtY ~ ,
s~me; and that he will p~rompuy deliver the o~cial reoeipta tLerefot to the Mortgagee. :
b. He will peemit, oomuaut, or euSer no waate, impai:meat, ar deteriorstion ot eaid PNP~Y or aa,~r ~art thereof '
escept reaeon+?ble wear and t~ear• aad ia tbe avent of the fulwre of the Mortgagor to keep the buildwgs oa sal~ `
premisea and tbose to be erecLe~ on aaid prennieee~ oc improvements thereon, in good repnir the Mortgagee mqi '
mske suc~ repuits as ia ita dieoretioa it may deem neoeseary for the FroP~' P~i'~'ation thereo~, and the full amount
of esah sad evary aucb p~y~ent s6a11 be dus and 1~1Y~ ~Y (30) days atter demand~ and shsll be secured by
the liea ot this mort;~e. i
8. He aill p~y aU and edn~dss t~l?e oost~e~ alh~?r~es, and eupenses, iacluding reaeonable Lwyer's fees, and oosh t
of abstn?cta of title, incurnd or a~id at any time by the Mortg~?gee becsuee oE the failure on tbe part of the Mortgago~ !
p~OmPWY and iu1~r to perform tbe a~+eementa and ooveaauta of eaid pro~niaeory note and t6ia mort~e
, end said '
ooats, charges. and eipenses s6a11 be i~oa~ned~iats~jr due aad paysbk and shall be secured by the lien of t~is mort~e,
7. He will oontinuouaj~ maintain haurd insurance, of such type or t~pes and amounte sa Mortgagee m~~ ~
trom time to time require, on tha improvements now or hereaiter on eaid pr~mises and e~cept when paymenL
ro
tor all such premiume h~s theretofore been m~de under (a ot paragraFh 2 hereof ~e will pay pmmptly wheu
md
due any premiums therefor. All insunace ahall be carri~ ia oompanies ~pprove~ by rio~ and the pol~
ciee and rene~als thereot ahall be Leld by Mortgagee ~nd have sttached thereto loes payable c susee in favor oi ~
and in form aoceptsbl8 to the Mo ~n avent of loee he will give immedists notice by msil t,o Mortgagee, ~
•nd Mortgagee ms~ make,prcwi~~ if no~ msde pramptly by Mortgagor, and each insunaoe oompansy ~
ooncerned ia hereby~ suthon~d and directed to maka psyanent ior euch loes directly to Mor~g~ee instead oi ;
to Mortgagor and Mortg~ge~ joiatly~ and the insurance prooeeds, or any part thereof m~y be apFlied by riort~ ~
~agee st its option either to the reduction of the iadebtednees hereby eecured or to t'he restontwn or rn =
the property damaged. In event oi foreclosure of tbie mortgage or other transfer oi title to the mortg~sg
d 's
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policies then
m fo~r~~,a~s6all pass to~theypurch~~ser~'or~~t
e~~t of t6e Mortgagor
8. He will not ezecute or file of record sny instrumeat which i~poses s restriction upoa the sale or occu- ;
pancy of the property described herein on the bseia of race~ oolor, or creed.
9. If the premisee, or anp part thereof, be condemned under the power of eminent domain, or acqaired
for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisi-
tion, to the estent of the faA amount ot the remainin~ unpaid indebtedness secureti by this mor age, are
liereb~ assigned to the Vlortgagee, and his heirs or assigns, and shall be paid fortha-ith ~o said 11~ortgagee ~
or i~is assignee to be applied on account of the last maturing instal~merts of suah indebtnesa; provided,-how- '
P~ et, the ~lortgagee or his assignee, may at his discretion pay d'uect to the biortgagor~ his heirs or assigns ;
an~ part or all of such award; provided, t6at if the loan ia guaranteed or inaured, the consent of the guaran-
tor or insurer ia abtained in advance of ssidpa
yment. :
10. The ~lortgagee may~ st any time pending e auit upon this mortga~e~ apply lo the court having jurisdic- :
tion thereof for the appoinUnent of s receiver, and such court sball fortfiwtith appoiat a receiver of the premises '
covzred hereby all end singular, includin~ slf and aingular the income~ pro&ta~ iasaea, and r~evenaes~from ~rhat- ~
ever source denved, each and everp of Khech it being expr~esaly understood, ia hereby mortgaged as if specifically
eet forth and described in Che granting an~ hsbendum clauses hereof. Such sppointment shall be made by
such court as an admitted equity and s matter of absolute right to asid ~iortgagee, and without refereace to
the adequscy or inadequacy of the velue of the property mortgsged or to the solvencp or insoltiency of said
Mortgagor or the defendants. Such rents, profits, income, iaeues, and ravenues shsll be applied bv such receiver
according to the lien ot this mortgage and the practice of auch court. In the event of any default on the part
of the ~lortgagor hereunder, the \iortgagor a~rees to pey to the .Liortgagee on demand ss a reseonable monthlv
rental for the premisea an amount st least equ~valent to one-twelfth (y~~) of theaggtegate of the twelve monthly
inatallmenis payable in the then current year plus the actusl amount of the annual t~ces, assesamente, water
rates, end insurance premiuma ior such year not oovered by the aforesaid monthly psymente.
l l. In the event of any breach of thia mortgage or default on the part ot the ~iortgagor~ or in the event
thst any of said sums ot maney herein referred to bc not prnmptly and fully paid according to the tenor heteot
ar in the event thet each and every the atipulstione, agreemente conditiuna, and oovenanta of ssid note sn~- -
t6ia mortgsge, are not duly, pmmptly~ and fullq pertormed or i{ the ~iortgagor be adjudicated bankrupt or
msde defendant in a bsnkruptcy or receiverahip proceeding~; thea in eithar or any such event, the said aggre- :
gate sum mentioned in said note then rem unpaid, witL interest scc~ved to that time, and all money '
secured hereby ehall become due snd_paysb~orthwith, or thereafter~ st the option of said 11iortgagee~ as
fuUy and comp~etely aa it all the said suma of money were originatly atipulated to be paid on such dsy, an~-
ihing in snid note or in this mort~age to tbe coatrar~? notwethstauding; and tbereupon or theresiter, at the option
of said ~iortgsgee, without notice ar demand, ewt at law or in eqwty~ msv be prosecuted ss it all raoneve
eec~red 'nereby hRd matured prior to ita i.astitution. The Mortgssee may foreclose this mortgage, as to tbe
smount so declared due and paysble, and the eaid premisea shallbe eold to satiefy and pay the same to~rther
with costa expenaes, and allowances. In case of pastial foreclosure of this mortgage~ the mortgaged prnmises
~ ehall be sof d aubject to the continuing lien of thie mortga~e for the smount of the debt not then due end unpaid.
In such caae the provisiona oi this paragraph may sgain be svailed of thereafter from time to time by the
Mortgagee.
12. No weiver of any covenant herein or of the obligation eecured herehy ahpll at any time thereafter be
held to be a waiver of the ternns hereof or of Lhe note secured hereby.
13. The lien of Wiie instrument shall remain in full force and etIect during any postponement or extension
of the time of payment of the indebtedneas or any part thereof secured herebq.
14. This mortgage is given to aecure the purchsse money, or s part thereof, of the lands herein described
and ia executed aad delivered contempori?neausly with the deed therefor.
15. If the Mortgagor default in any of the covenanta or agreemente contained herein, or in said note, then
the Mortga~ee may periorm the same~ and sll expenditures ~including reasonable attornep's fees) made by the
Mortgagee ~n so dom shall drsw 'vaterest at the rate provi ed for in the prinripal indebtedness, und ahall be
repay~sble thirty (30) ~aye aiter demand, and, Logether with interest and costs accrued thereon~ shall be aecured
by Lhie mortgage. "
18. Upon tLe requeat of the Mor±gsgee the Mortgagor ehell execute snd deUver s supplemental note or
notes for tbe sum or sums advenced by the Mortgagee for the alterstion, moderniastion, impmvement, msia-
tenmce, or repsir of ssid premisea~ tor t.aaes or asseasmenta sgainat the same and for any other purpose autLor-
ized hereunder. Said note or notes sLsll be secured hereby on s arit with and as tully ~s ~f tl~e advance
evidenced thereby were iacluded in t~e note fint deecribed • u~g~em q~
ots or notea shsll beer
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