HomeMy WebLinkAbout1846 the deficiency. Such ayment ehall be msde i~th~n t.hir6J (30~ cZsys after ~critten notice lrarn ~tl?e 1~Iortgagee
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stating the amount o the de&ciency, which notice may~be given by mail. It at any time the Mortgsgor
at~a~l tender to the Mort~~ee in acconlance wit,l~ the proviaions of the note secured hereby~ fuU paytnent
of the entire indebtedneas reptesented thcreby~ the Mortgagee ue truetee ahall~ in oomputing the ernount of
such indebteclness, crecliL to tl~e accounL of the I~iortga~or any credit balance remaining under the provieions
of (s) of aaidpar~ra ph 2. If tt~ere ahall be a deiuult under any o[ the provisiona of thia mortgsge resultin
in a public sale oi the premises covered hereby~ or if the Mort~g~ee acquires the pmperty otherwiae stte
defeult, the Mortgagee as trustce ahall app13•, at the time of tFie-c~ommencement of such proceedinge or st
the time the property is otherwise acquired, the emount then rem~?ining to credit ot Mortgagor under (a) of
Pac'e~rsph 2 preceding aa s credit on the intereat accured snd uApaid and the balance to the principal thea
rema?ning unpaid on eaid n~te. ~
4. He wiD P~Y all t+?~oes, ameeemenb. wi?tee rr?tes, and M~hee~o
vernmentat or municip~t c6~r~e~, Sne~, or ~
~onpoe~~ione, for which providon Las not beea made hereinbeta+e~ snd ia default, thereot t~Le M rtgagee mui' P4Y ~ °
eame; and t~hat bs will prompt~y deliver t6s o~icial reoeipts therefor to tbe Mort~gee. ;
b. He will permit, oommit, or su~er no waste, impairmeat, or deterlorstton of a~id propetty oeaqy part thereof ~
a:oept reasonable we~?r and teu• and in t,he event of ths failure of the Mort~gor to keep the buildingp oa ae~i~
prenniees and these tio bs erecte~ on e~id pr~ises, or impravemenb tbereon, m good repair the Mortgx~ee au?y ~
of~each ae ia its disaretioa 3t may deeai neoeseary fos the Pr'aPei' P~eeervation tbereo~, and the full ~mouat ~
tbe liea of th
~mo ~
ent shall be dus and p~ysbis thittY (30) d~ya att~ de~aand~ and ahall be secured by ~
6. Ha will p~q ~11 aud eit~ul~r ihe oosts, ~r~es, and expenses, induding reaeor.sbk bwyer's fces, and oosb '
ot ~bstnats ot tit~, inaurred or p~aid at sny time
b~
y the Mort6agee because of the feilure on the ~
P~P~Y and i to perform the a~reeanents and oovenaats of mid P~ of the Mort~egos
~~6~. ~eiP~s shall be immedist~elyy due and p?ysble and sha~aryec nured by the lien of~6iaennortg~~s. ~
7. He will eontinuou~ msiatain hasard i~uranos~ oi such t~pe or and amounts sa Mortgagee ma~
e
fi+om time to time requirs, on tha improvementa now or 1un~?tter on eai prsm~e, und e.~cept when payment
tor all such premiuma has theretofore been made under (a of psrsgcaph 2 hereof he will pay Promp when
due any premiuma therefor. All i~uranoe sdall be carri~ in oompuues spProvec~ by I?ior~g~~ snd ~e poli
ciee and renewale tLereof ahall be held by Mortgagee and bsve attached thereto loes psyable ci"~uses in isvor oi
and in form sa:eptsble to fLe Mo I~n event of loas he will give immediate notioe by m~il to Mortgag~~ ~
aad Mort~agee may m~e proof~ ii not msde promptly by Mortgagor, and esch insurance oompany g
o~naerned ~a hereby~ suthorir.ed snd direated to make paqment for auch 1~ directly to Mur~a~~ instead of ~
to Mortg.agor and Mortgagee 'oin~,~y, and the insuraaoe prooeeda, or wy part thereoi m4y be applied by 111or~.
gag~ee st rte optioa either Lo ~e redaction oi the indebtedaees bereby eecw~ed or to t~e restorataon or repsir of t
t6e pmperty dama~ed In event of foreclosure oi tbia mortg~ge or other tranafer of title to t6e mortgaged
p~ropetty in eztiugwabment of the indebtedneea eecured hereby, af
1 righ~, tiUe, snd iaterest of the Mortgagor
m and to aqy inaursnce policies then in forcae ahalt pass to the purcbaeer or grsatee.
- 8. He wilt not eaecute or file of record any instrument which imposes $ re8ttiction upon t6e sale or oocu-
psncy of Lhe pmperty deacribed herein on the bssis of race, eolw, or creed,
9. If the premises, or any psrt thereof, be condemned under the power of eminent domain, or ac~quired
for a public use, t.6e damages awarded~ the proceeds for the taking of, or Lhe consideretion for such acquisi-
tion, to the extent of the full amount of~ the remaining uapaid indebtedneea secured by this mortgage, ere
herebv assigacxi to the Mortgagee, and his heirs or assigns, and ehall be paid forthwith to said Mortgagee ~
or his assignee to be applied on account of the last matunng inatall~nenta oi su~h indebtnees; provided,~ow- i
e~•er, the Mortgagee or his sssignee, may at l~is discretion pay direct to the Mortgagor, hia heira or assigna
any part or al! of auch award; provided, Ehat if the loan is guaranteed or insured, the consent of the gu8ran-
t,or or insurer is ohtained in advance of e~?idpa
yment. -
10. The Mortgagee msy, at sny time ~'dwg s sui6 upon Wia mortg~ spply to the court hRVing jurisdic- '
Lion tLereof for the appointment oi a receiver, and auch oourt shall fortLNnt~ sppoint s receiver of the premises 4
oovered hereby alt and suigular, inctu alt and ar the inoome
din~ eingul . prohts, issues, and revenues from ~rhat-
ever eonrce denved, eac.h and every of wL~ch it being ~pressly understood, i~ hereby mortgdged sa ii apecifically
eet forth and descnbed 'u? the granting an~ habendum clauses hereof. 3uch sppointment ahall be made by
such oourt as an admitted equity and a mstter of ab~oiute righ6 to said Mortgagee~ utd without reference to
the adequacy or inadequacy of the value of the p~operLy mortgsged or to the aolvency or ~nsolvency of said
Mortgagor or the defendanta. Such rents, pmfits, mcome, issues, and revenues ahsll be spplied by such receiver ~
accord'mg to the lien of thia mortgage and t6e practice of such c~outt. In the event of snp defsult on the part '
o# the Mortgagor h~ereunder~ the biortgagor s~rees to pay to the R~tor on demand ea a reasonable monthlv
rental for the pt+emises an amount at least equ~valent to onc-twelith of theaggregste of the twelve monthlv
installmenta payable in the then current yeu plus the actual amount of the annual taxes, sssesaments, water -
rates, and insurance premiums for such year not oovered by. the sforessid mont6ly paymente.
11. In the event of any breuch of this mortgage or dete?ult on the part of the Mortgag~nr, or in t~e eveat
that any of said sums of money herein referr+ed to be not pmmpUy snd fully paid a,ccording to the tenor hereof,
or in tLe event tLat esch and every the atip ulstiona, agreements, conditiuns, and covenants of said note and
thia mortgage, are not duly, pmmptly~ and fully performed or ii the Mortgagor be adjudicated bankrupt or
made defendant in s bankruptcy or receiverahip proceedinga; then in either or any such event, the said aggre-
gate eum mentioned in said note then rem ' unpsid, xnt6 iaterest accrued to thst time~ snd all money
secured hereby ahall become due and payable orthwith, or thereafter, at tbe option of said Iliortgagee, as
fully and compfetely as if all the ssid sums of money were originslly stipulated to be paid on such day~ an,r-
thing in said note or in th~ mort~ages ta the contrar~ notwitbstanding; and thereupon or theresfter, at the option '
of said 11Sortga~e, without not~ce or demnnd, suit at lew or in eqwty, raav be prosecuted as if all monevs
secured hereby had mstured grior to ita iastitution. The Mortgagee may foreclose t~hia mortgage, sa to the
amount so declered due and psysble, aad the ssid premises shal~ be eoZd to satisfy and pay the saate together
with costs ea~penses, and allowances, In case of purtiel foreclosure of this mortgage, the mortgaged prem~ses
shall be soid subject to the continuing lien of t~is mortga~e for the smount of the ciebt not then due-end ~mpaid.
In such case tbe proviaions of this parsgtsph may again be avuiled of thereait~er from time to time by the
Mortgsgee.
12. No wsiver of auy covenant herein or of tLe obligstion secured hereby shall at eny time thereefter be
held to be s waiver of the terma hereof or oi tbe note eecured hereby.
13. The lien of this instrument shaU remain in full force and eHect during any postponement or extension
of the time of psyment of the indebtednees or any part thereof secured hereby.
14. This mort~age ia given to eecure the purchase money, or a part theraof, of the lends herein described
and ie esecuted and delivered contemporaneously with tbe deed therefor.
15. If the Mortgagor default in any of the oovensnts or agreementa aontained h~rein, or in said note~ then
the Mortga~ee msy perform the same, and all expenditures ('including reasonable attorney's fees) made by the
Mortqa~ee in so dou'~g shall draw interest at the rate pmvided for in the principal indebtedness, and sl~all be
repa
ya~ble thirty (30) days after demsnd, and, together with intereat ~nd coats aecrued thereon, shall be secured
~ by thia mortgsge. _
16. Upon the request of the Mortgagee the Mortgagor ahall e~cecute and deliver a supplemental note or ~
~ notes for the sum or sums advanced by the Mortgsgee for the alteration, modernization, impmveezeat,-~ain-
tenanoe, or repair of asid premises, for taaes or aeeeasmente against the asme aad for any other purpose sutl~or-
ized hereunder. $aid note or notcs shatl be secured hereby on a parity with and as fully sa if tlie advence
e~idenced ther~by were iacluded in tLe note Srst deeAri~e~ ~e. ~d supplemeatsl note or ~otes shaU bear
800~" 1 Y,~1GF
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