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HomeMy WebLinkAbout2605 the deficiency. Such pay ment ahe~ll be n~ade within thirty (30) deys after writter. :.:.ti~e from"the ~iortgagee stating the a~nount ot the deficiency, which notice may be given by mail. If at any time the :4lortgaRor sha~l tender to the 1~Iortq;aRee in acconl~nce with the pro~ is~ons of the note secured hereby~ full payment oI the entire indebtednesa represented thercby, the \'Iortgagee ua trustee ahall, irt computing the amount ot such indebtr~lness~ creclit to the account of the Tior agor any credit balance remaining undet the prnviaiona P oi (e) of said paragraph 2. I[ there stiall be s defau t under any of the provisiona of this mortgage resulting i~ a publie snle of the premis~ covered hereby~ or it the Mortgagee ncquir~ the property otherwise etter detsult~ the :blortgagee as trusteo ahsA apply, at the time of the commencement of such proceedinga or at the time the property is otherwise acquired, the amount then remeining to credit of :4fortgagor under (s) of parapraph 2 preceding ss e credit on the interest. sccured a~d unpaid and the balance to the principal then remsuung unpAid on said ~ote. 4. He will p~y all ta~ces. aeeesements, wstee rstee. and other~o v~ernmental or municiPal chs*ges, 8ae~. or ienpoeitions, for wLich provision hss not been made hereinbefore, apd In default thereof the Mort8a8~ ~,Y P~1? ~ same; and lh~t Ls will pe~ompt~j? deHver the o&cial reoeipts thenfor to tbe 141'ortgegee. e o b. He will pernnit, oomanit, or suHer ao waste, impairmei~ or deteriontion ot eaid propert,y o~ par~ theraot esoep0 nasonsbb wear and tear• and in tLe event of the i ure of tLe Morta,agor to keep the bui ding~ on~ aai~ preanises and those to be erecte~ on said preffiises, or improvementa thereon, in good repair the Moriga~ee m~y ; mslce suah rep~ira aa in its discret~ioa it m~y deem neoeeeary for t6e pmper preeervstion thereo~, and the full amount ' of esch and every woh p~yment sh:U bs due aad p~yabk thirtY (30) d~ys aft~er demand, snd ahall be eecured by tbe lien of this mort~e. . 8. He will p~y all snd eingular tLe oosts, and e:peuses, including reaeonable lswyer's fees, and oost~ of ~batracte of title, iaounbd or paid at any time~Mprtgag~ee becauee of the fsilure on the psrt of the Mortgagor promptly aad i to per[orm the a~reements and eoveasnte of esid pmmiaeory note and this mo ~ and said ° ~rB~, ~ezPensea ehall be immediate~y due snd psysble and• s6aU be secured by the lien of~mottg,ugs. ' 7. He will oontinuous~ maint,ain haurd ineursnoe~ oi such type or typee and smounts ss Mortgagee m~~ x ir~m time to time require, on the improvemenLs now o~r heree~tter on esid pnmisea and e.rcept when psyment ior all euch premiums Las theretofore been made under (a oi par~gca~h 2 hereof ~e will pay promptly wrhen due ~sny preminms theretor. All i~uranoe ahall be car~ in oompawes sppmve~ by I?iortgagee and the polr cies and renewals thereof sLall be held by Mortgagee and Lave attached tLereto loas gspsble cfauaee in f~vor of and in form acceptable to tha Mort~agee. In event of loaB he will give immediate notioe by mail to Mortgagee, and Mortgagee msy mske prooi fo loes if not made promptly by Mortgsgor~ snd each u~surance cbmpany eoncerned is hereby~ sut~rized and direated to make psyment for such loes directly to Mort~a~~ b tesd ot f to Mortgagor und Mortgagee jointly, ~?nd the insuranoe prooeeds~ or any part t6ereof may be appli y 111orL~ ~ ~sgee at its optioa either to the reduction of the indebtedneea hereby eecw~ed or to t~e restorat?on or repair oi the property dama~ed. In event of forecloeure oi t~ie mo~or other transier of title to fhe mortgaged pmperty in eztangu~ahment of t.he indebtednees eecured hereby, right, t~tle~ and intere~t of the Mortgag~or m and to any inaursnce policiea then ia force ahall psss to the purch~eer or grantee. 8. He will not e~ecute or file of record any instrument which imposea e restriction upon the sale or occu- psncy of the property described her~in on the basie of race~ oolor, or creed. _ 9. If the premisea, or any part thereof~ be condemned under tLe 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 acquisi- ' tion, to the extent of thc fuU amount of the remaining unpaid indebtedness secured by this mortgage, are i hereb~ assignod to the Mortgagee, and his heirs or ass~gns, and ahall be paid forthwith to said biortgagee ~ or his assignce to be applied on account of the last maturiag installments of such indebtness; provided, how- ~ e~•er~ the Mortgagee or his assignee, may at l~is discretion pay d'uect to the Mortgagor, hia heirs or assigns any part or all of such award; provide~, that if t6e loan is guaranteed or insured, the oonsent of the guaran- ~ tor or insurer ia obtained in advance of said yment. ~ 10. The Mortgagee may, at any time ~en ing s suit upoa twa mortgage apply to fhe court having jurisdic- tion thereof for the appointment of a receiver~ and such court sbsll forthwit~ a~point a receiver of the premises covered bereby all snd singular, includin~ sll and singular the income, profita, issuea~ and revenues from ~rhat- ~ ever source denved~ each and every of w-hich it being expresaly understood, is~hereby mortgaged as if speci&cally ! set forth and descnbed in the granting an~ hsbendum clsusea hereof. Such sppointment ahall be made by ~ snch court as an admitted equity and a matter ot absolute right to said Mortgagee~ and arithout refer~nce to € the adequacy or inadequacy of t6e value of the property mortgaged or to the su~vency or insol~ ency of said ; ~ Mort~agor or the defendants. Such rents, profita~ income, ~asuea, and revenues ahall be epplied by such receiver ~ ? accordmg t~ the lien of thia mortgage and the practice of such court. In the event of any defsult on the part of the 141ortgagor hereunder, the :1lortgagor a~rees to pay to the :1~ior agee on demand as a reasonable monthlv rental for the premises an amount at leas~ equ~valent to one-twelfth of theaggregate of tLe twelve monthly installmenta payable in the then current year plua the actual amount of t6e annual t~~es, assessments, water rates, end insurance-~remiuma for such year not oovered by the afon~sid monthly psyments. 11. In the event of any breach of this mortgage or default on the psrt of the Mortgsgor, or in the event that any of said sums oi money herein refemed to be not promptly and fully paid according to the tenor hereof, or in the event that each snd every the stipulstions, agreementa, conditiuns, and covenants oi said note and t6is mortgage , are not duly, promptly, and fully performed or if the Mortgagor be adjudicated banl:rupt or made defendant in s bankruptcp or receiverahi~ proceeding~a; 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 ell money secured hereby~ ahall become due and payab~orthwith, or theresiter, at the option of said 1liortgagee~ as fully and completely as if all the said suma of money were originallq stipulated to be paid on such dsy~ an~- "thing ~n Said note or m this mort~age to the contre?r~? notwithstanding; and thereupon or thereafter, ~t the option of said 11~or~ee, without notice or demand, swt at lew or in equity, mav be prosecuted as if all monevs secured hereby nd matured prior b its inatitution. The Mortgagee may foreclose this mortgage, as to tbe amount so declsred due snd paysble, and the said premises ahall be sold to eatisfy snd psy d~e same together ~ with costs expenses~ and allowances. In case of partial toreclosure of this mortgage , the mortgaged pmmises w' shall be so~d subject to the continuing lien of this mortga~e for the smount of the debt not then due nnd nnpaid. In such case t~e provisions of this paragraph msy again be svailed of thereafter from time to time by the ~ Mortgagee. ~ 12. No wsiver of any covenant herein or of the obligation secured hereby ahall at any time thereafter be held to be s waiver of the terms hereof or of the note secured hereby. ~ ~ 13. The lien of this instrument shall remain in full force and effect during any postponement or extension ~ a oi the time of payment of the indebtedness or any part thereof secured hereby. ~ CO 14. This mortgage is given to secure the purchase money, or s part thereof~ of the lands herein described C\2 and is eaecuted and delivered contemporaneously Nnth the deed therefor. ~ ~ 15. If the Mortgagor delsult in any of the oovenants or agreemente contained herein~ or in said note~ then ~ y the Mortgsgee may pertorm the same, and all expenditures (?ncludu~g reasonsble attorney's fees) made by the ~ Mo~ in eo dou~g ahall draw interest at the rste pmvided for in the principal indebtedness, and sl~all be ~ ~ repaya~b e thirty (30) dsya after demaad~ and, together enth interest and costs acerued thereon, aheA be secured . ~ by thia mortgsge. i Y 16. Upon the requeat of the Mortgs~e the Mortgegor ahall e~cecute snd deliver s supplemental note or + ~~o° notes for tbe sum or sums advauced by the Mortgagee tor the alteration, modernizstion, improvemeat, main- ~ teaance, or repsir oi said premises, for ta~cea or asseesments agains~ the same and for sny other purpose autlior- ized hereunder. Said note or notes shsll be eecured hereby oa a parity with and aa fully as ~f the advance f evidenced thereby wen included in the note fuet deacribed above. Said aupplemental note or notea ahall bear ' _ ~ . ~ : - ~ w ~ .