HomeMy WebLinkAbout2297 the deficiency. Sucb pay u~ent she~ll be made withia thirty (30) days a[ter written notice fmm the Mortgagee
stating the ~mount of tl~e deficie~cy~ ~vhith nolice may be Riven by mail. If at any time the :~tortgagor
sh~~l tender to the ~1ort~n?gee in accorciance witt? the provia~ons ot the note socured hereby~ full payment
of the entire indebtedness representcd thereby~ tl?e ~iortgagee us truatee stiaU, in computing the smount of
such indebteciness~ credit to the account o[ tlie ~iort~agor any credit b~lance re~ne~inin under the provisiona
of (a) of said para~ruph 2: If there si?all be a defuult under any of the provisions of t~is mortgage resulting
in a public sale oi the premises coveted heteby, or i[ the 4lortgagee scquires the pi~operty otherwise aiter
default~ the :~lortgagee as trustee shali apply~ at the time of the commenceinent ot such proceedinga or at
the tinie the pmperty ~a otherW ise acquired, the amount then remaining to credit of ~TortRagor under (s) of
para~raph 2 precedmg as a credit on the interest accured and unpaid and the bslance to the principal then
temau~ing unpaid on said note.
4. He wW pRy all ta~es. ~eeeaemeats. wstee ntes, ~nd othez ~overnmentsl or municiPal chsr6ea. 8ae~, ot
fmpoeitions, for wLieh previmon has not beea m~de hereinbdore, snd in defsulti f,hereot tbe Mortgegea m~y p~y ths
~an~e; and tbat be will PromPt~y deliver tbe oH'icul reoeipts t~herefor to tha Mortgageo.
6. Ha will permit, oommiL, or suSer no waste, impnrmeat~ or deterioration ot eaid property oraqy paet theieof
esoepL reasonable weu aad t~ear; and in tbe event ot the failure ot the Mort~gor to keep the buildin~s oa sal~
preaniees and t,hase to be erected on esid premiees, or improvements thereon~ in good repair. the Mortgagee ma~?
mske such rep~ie~s as ia its disaretion it msy deem neoeeeary for the proper preeervation thereof~ ~nd the fuU e?mount
at each iwd every s~eh p~ymeat abaU be dus and payabb thiity (30) d4Ys dter demand, sad ehall be secured by .
the lien of this anort~s. ,
8. He wiII p?y all and sin~uLr the ooats, el~snd eacpenees, iacludin~ reaeonable lswyer's feee, and oosts
ot abstre?cts of title, incurred or psid st sny time by ortgagee becsuee of the fsilure on the part of the Mortgagor
promptly and iull~ to perform the sgreemente and oovemnta of esid promieeory note and thia mortgage, and eaid
oosts, chargea, and e:penees ahall be immedistebr due and psysble and aball be eecured by the lien of ttus mortg~gs.
7. He wiIl oontinuo~ maintain bssard inauranoe, oi auch type or t~pes snd amounts sa Mortgagee ma~
from time to time require, on the improvementa now or Lereatter on said pnmises snd e.~cept when payment
tor all such premiuma haa theretofore beea made under (s) oi psragnph 2 hereof ~e will pay promptly when
due any premiuma Lherefor. All inaurance shsll be carried in oomp~nies approve~ by 111o~ee and the poli
cies and renewsla thereof shall be held by Mortgagee and bsve sttached thereto loea paysble c auses in isvor oi
• snd in form aoceptable to the Mo agee. In event of loss he will give immediate notioe by mail to Mortgagee,
aad Mortgagee may mal~e.prooi~o loee ii not made promptly by Mortgagor, and each inaurance oompany
oonoerned ia hereby suthonud and directed to make psyment for auch loss directly to Mortgagee instead oi
Lo Mortgegor and Mortgagee 'ointly, and the inaurance prooee~a, or any part thereof, may be apphed by 111ort-
~agee at its option either to ~e reductaon oi the indebtednees hereby eecured or to the restorat~on or repair of
the property dama~ed. In event of foreclosure of t~his mortgage or oWer transfer of tiWe to the mortgaged
property in extingwahment of the indebtedness eecured Lereby, a~l right, title, and intereat of the Mortgagor
m and to any ineurance policies then in force ehell p~s to tLa purcbeser or grantee.
8. He will not ezecute or file of recotd any insttumeat whic6 imposea a restriction upon the sale or occu-
pency of the property described herein on the basis of race. oolor, or cree~.
9. If the premises, or any part Lhereof, be condemned under the power of eminent domain, or acquired
for a public use, t.he damages awarded~ the proceeds for the taking of, or the consideration for such aoquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mort~age, are
hereb~ assigned to the Mortgagee, and his heira or assigns, and s6all be paid forthwith to said Mortgagee
or his assignce to be applied on account of the last maturing installmenta of such indebtnesa; provided~ how-
e~•er, the l~iortgagee or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or assigns
any part or all of such sward; provided, that if Lhe loan is guaranteed or insured, the consent of the guaren-
tor or insurer is obtained in advance of saidpa
yment.
10. The 141ortgagee may, at anp time pen 'id ng a suit upon ihis mortgage , spply to the oourt havin~ jurisciic-
tion thereof for the appointment ot s receiver, and auch court aball fortfiv?nth appoint s receiver of the premises
covered hereby all and singular~ includin~ all and singular the income~ profits, issuea, and revenues from ~~hat- ~ ~t
ever source denved, each and every of vrhic6 it being eapresaly understood, is hereby mortgaged as if specificaUy ~
eet forth and descnbed in the granting an~ habendum clauses hereof. Such appointment ahall be made by -
~ such coutt sa-an admitted equity and a matter of sbeolute right to said titortgagee, and without reference to
~ the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of said
~ Mort agor or the defendants. Such rents, profita, income, ~ssuea, and revenues shall be applied by such receiver
~ accor~ing to the lien of this mortgage and Lhe prectice of such court. In the event of any default on the part i
of the biortgagor hereunder, the ;1lortgagor aprees to psy to the Mortgagee on demand sa a re~sonable monthlv
rental for the premisea an amount at least equivalent to one-tweltth (Y,:) of the aggregate of the twelve monthlv i
inatallments payable in the then current year plus the actual amount of the annual ta~es, assesaments, water ;
rstea, and insurance premiums for such year not oovered by the atoresaid monthly paqments.
11. In the event of any breach of thia mortgage or default on the part of the Mortgagor, or in the event
tLat any of said auma of money herein referred to be not promptly and fully paid according to the tenor hereof,
or in the event that each and every the atipulations, agreementa, conditiuns, and covenanfs ~t a d note snd '
this mortgage, are not duly, promptly, and fully performed or if the Mortgagor be adiudicated bankrupt or ~
made defendant in s bankruptcy or receivershi~ proceedin~s; then in either or any such event, the said aggre-
gate sum mentioned in said note then rem unpaid~ with interest accrued to that time, and all money
secured hereby, ahall become due and psyab~orthwith, or thereafter, st the option of said 1liortgagee, as
fully and completelp as if sU the said sums of money were originally atipulated to be paid on such day~ an~ -
thing m said note or m thia mort~age to the oontrar~~ notwithstanduig; and thereupon or thereafter, at the option
of said 111ortgagee, withont nohce or demand, suit at law_or~n equity, mey be prosecuted as if all monevs
secured hereby hnd matured prior to ita inatitution. The Mortgegee may foreclose this mortgxge, as to tf~e
amount so declared due and payable, and the said premisee shall be eold to antisfy and pay the seme together
with costs eapenses~ and allowances. In csse of partial foreclosure of this mortgage, the mortgeged premises
ahall be so~d subject to the continuing lien of this mortga~e for the amount of the debt not then due and iinpaid.
~ In such case the pmvisions of this paragrsph may again be availed of thereafter irom time to time by the
~ Mortgagee.
~ 12. No wsiver of any covenant herein or of the obligatioa secured hereby sh~ll st any time theree[ter be
held to be s waiver of the terma hereof or of ttie note aecured hereby.
13. The lien of tbia inatrument shall remain in full force and effect during any postponement or estension
- of the time of payment of the indebtedaess or any pert thereof eecured hereby.
14. This mortqage ~s given to eecut+e the purchaee- money, or s part therecf, of the lands herein described
aad ia eaecuted aad delivered contemporaneouslq with the deed therefor.
I5. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the Mortgs~ee may perform the same, and all expenditures ('mcluding reasonable attorney's fees) msde by the
Mortgagee in so do~ng shall drew interest at the rate provided for in the principal indebtedness, and sl?sll be
repey able thirty (30) days after demand, and~ together with interest and costs accrued thereon, ahall be secured
by this mortgage.
16. Ugon the request of the Mortgsgee the Mortgagor shall eaecute snd deliver s supplemental note or
notee for the sum or suma advanced by the Mortgagee for the alteretion, modernizstion, improvement, main-
tenance, or repair of ssid premises, for taaea or seee~ments againa6 the same and for any other purpose sucl~or-
ized hereunder. Said note or notes shsll be secured hereby on s parity with an~ as fuUy as ~f tLe advance ;
evidenced thereb were included in the note first ve. d plemeatsl note or notea ahaU bear
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