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HomeMy WebLinkAbout1624 the deficiency. Such peyment ahall be mede thin t'rty (30) daye after writtea notioe fc+om the Moctgagee statiag the amount of the deficiency, ~vhit~i ~tice m~?f b~.~iven by msil. If st any time the Mortgsgor sha~l tender to the Mortg~ee in sccQrdnnce with the provis~oas of the note eecured hereby, full psyment of the entire indebtsdpees represented thcreby~ the Mortgagee as truatee ahaU~ in oomputing the a~nount of such indebtednees, credit to the sccount of the Mort,g~g~or s~y credit balance remaining under the provisioaa oi (s) of seidp aragraph 2. If there shall be s detault under eny of the provisiona of thia mortgage resulting in s public sule of the premisee rnvered hereby, or if the Mortgsgee scquirea the praperty otherwiee atter det~ult, the Mortgagee ae trustce ahsll apply~ st the time ot the commencement ot such proceedinga or at ~ the time the property ia otherwiee acquired~ the amoun~ then remaining to credit of Mortgsgor uader (a) of para~rsph 2 preceding ag a oredit on the interest accured end unpaid and the balance to the priacipal then remunu~g unpud oa ssid note. . 4. 8e wiD py aII ta~oe~. ~ee~n~ah, wutee tate~. and o~~~o vernaoeatal oe munidPv ~ or imPodt~ions, for wbieh providon h~ not been m~ds Lere~abeiore, and in delaulti thereot tbs Mort~,a~es m~1Y PW~ ~ rme; ~nd L6st Ls wiD pe+ompt~jr ddivee the o~aal reoe~pts tberefor to the Mo~t~ee. 8~. He will permit, oomaiit, or s~ffee no waste, impairmeent~ a deterloration ot sdd properl~ oe p~rt thereot ooma eoooep~ i+e~wnabls we~t and te~r• ~nd ia the eveat o[ tbe failure of tbe Mort~or to keep t6e on e~ pc~ise~ and tbae to bs erecte~ oa ~sid pr~nises, or imprc?vemeate thereoa~ ia ~ood npair the Mort~ee ayy af a?ch and e~ as ia its di~oreHon it may deem aeoeeeary for t6s per preservatio~n t~reo~, and the full ~nount tbs liea ot ~ mo~t ~t ~baIl be due and P~1Y~ ~~1? (~j d~y~ att~er deaoand, ~nd ehall be secured by d. He wID p~y all and dn~1~r the oosta, o1h~~aad ea~Peases, inct~din~ reasonabk Lwy~r's fees, and cosb af abetracb af title, iaauun~ed os paid at any t,ime by art;ngee beeause ot the f~ilure oa the patt ot the Mo aa P~'~PWY ~d iu11y to perform tbe a~eements and oovenanta d said pe+o~mieeory note snd this anort~a~e, and eaud eoet+, chai'ges, and ezpenees ehall be imme~ dus aad p~yable and aball be eecnred by the lien of tbis mortgai~s. 7. He w~l oontinuous~? maintain Lasard irisunaos. ~ such t~pe or type~ and amounta as Mortga~gee ma~ from time to time require, on tLe impro~ementa now or beresfter oa asid p and except wLen p~ment tor aII such premiums haa tberetofore been made undes ,(a of paragraFh 2 hereoi ~vill p4y promp~y w?heo due aqy premiums thereior. All insuranoe sLall bs car~ ia comPan~es aPPrave~ by I~iart$agee aad tbe pol~ cies and renewals tLereof ahall be held by Mortgagee aad bave attacLed tLereto loes psyable cLuses in fsvor ot • and ia form sooeptable to the Mo ;a~ee. In event of loes he will give immediste notu~e by mail to Mortgagee, sad Mortgagee ma~ make p~rooi~u~f loas ii noti made promptly by Mortgagur, snd each insuraaoe oompaql ooncerned is Lereby~ authori~d aad directed to make psyment for auch loee directly to Mor~ mstesd oi to Mortgagor and Mortgagei jointly, sad tbe insuru~os pmoeeds, or aqy part tLereoi may be ap- Jplied by I?ior~ . ~gee at its optioa either to the reduction of the indebt~ednees hereby secured or to t~e nstontwn or repsir oi ~s the propertiy dsma~ed. In eventi of forecloeurs oi tbis mo or other trander oi title to tha mortgsged p~+operty in extingu~shment oi the indabtednees eecured Lereby, right, title, and iateresti oi the Mortgagor in aad to aqy insursnoe policies then ia foroe aLall paes tio the parcbaser or grantee. 8. He will not ~ecute or file of reoord any instrument ~vhich impoees s restriction upon the sale or occu- pancy of the property deecribed herein on the basia of race. oolor~ or creed. 9. If the premise~, or any part thereof. be condemned nnder 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 soquisi- tion, to the extent of the full amount of the remaining unpaid indebtednesa seCUred by this mortgage, are hereby assigned to the Mortgagee, and hia heirs or assigns, and ahsll be paid forthwith to said Mo -rtgagee or his ass~'gnee to be applied on account of the last maturing inetallments of auch indebtnesa; provided, how- erer, the ,iortgagee or his assignee; may at his discretion pay direct to the Mortgagor, his Leira or assigns any part or all of such swerd; provided, that ii the loan ia guaranteed or inaured, the oonsebt of the guaran- tar or inaurer is obtained in advance of eaidpe yment. 10. The Mortgagee may, at anp time peu id ng a suit upon this mortqa~e~apply,to the oourt hsvin~ jurisciic- tion theteoi for the appointment of a receiver, and such oourt at~all fortFiv~n a~?pomt a receiver of the premises covered hereby all and singular, includin~ all and singulsr the inoome, profite, ~asuea, and revenues from Khat- 'i ever source denved, each aad 'everq ot vrhich it being expressly understood, ia hereby morlgaged aa if apecificaUy set forth and described in the granting an~ hsbendum clsuses be.reof. $uch sppointment ahsll be made by ; such oourt ae an admitted equity sad a mstter of absolute right to asid Mortgagee~ and without reference to the adequacy or inadequacy of the vslue of t~e pmperty mortgaged or to the solvency or insol~ ency of said Mort~agor or t6e defendanta. Such rents, pmfita, inoome, ~ues, and revenues shsll be applied by such rec:eiver acxo,rding to the Gen of this mortgage and the practice of auch court. In the event ot any defaalt on the part of the MortgagorLereundu, the l~iortgagor a~rces to psy to the Mor on demand as a reasonable monthlv rental for the premisea an amount st leaat equivalent to one-twelfth oi thea~ga te of tLe twelve monthly inatallments payable in the then cwrent yesr plue the actual amoun~ of the annual t~~ea, sasesamenta, water ratea, and inauranoe premiums for auch year not oovered by the atoressid montLly gsymeata. 11. In the event of any breach of this mortgag~e or default on the part of the Mortgag~or, or in the event that any of said aums of money herein referred to be~not pmmptly pnd fully paid acxording to the teaor hereoi, or in the event that eac}l and every the stipulstions, agreements oonditions, and covenants of said note and this mortg , ar8 not duly, promptly, and fully performed or i~ the Mortgagor be adjudicated bankrupt or ar made defen ant in s bankruptcy or reoeiverahi~ pmceeding~s; then in either or any auch evenL, the said aggre- gate aum mentioned in said nete then rem ' unpaid, anth interest accrued to that time, and all money eecured hereby shall be~wme due snd payab~orthwith, or thereafter, at the option of said hiort~agee, ss fully and comp~etely as if aU the eaid auma of money were originally atipulated to be paid oa such dsy, anr- thing in said note or m this mort~age to the oontrsr~? notwithatanding; and theeeupon or theresfter~ ~t the option ot said Mort~agee, without notioe or demand~ awt at Isw or in equity, mav be prosecuted as if all moneva eecured hereby7iad matured prior to ita institution. Tbe Mortgagee may toreclose thia mortgag~e~ as to tf~e amount eo declared due and paysble, sad the said premisea shall-be aold to satiafy and psy the asme together with oo~ta ezpenaes, and allowances. In case of psrtial foreclosure of thia mortgage, the mortgaged prnm~ses ~ aLsll be ao~d subjec~ to t6e continuing lien of thia mortga~e for the amount of the debt not then due end unpeid. In such caee the provisione of this puagrsph msy sga~a be availed of thereafter from time to time by the ~ Mortgagee. , 12. No waiver of any oovenant herein or of the obligation eecured hereby ah~ll at ~ny time therestter be held to be a waiver of the terms Lereof or of tbe note secure~ hereby. 13. The lien of this inatrument shall remain in full force aad effect during sny postponement or estension of the time of psyment oi the indebtedaees or any part thereof secured hereby. j 14. This mort~age ia given to secure tLe purehaee money, or ~ part t6eceof, of the lsnda herein described and is eiecuted aad delivered contemporaneously Nnt6 the deed therefor. 15. If the Mortgsgor default in any oi Lhe oovenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, and sll espenditurea ('including ressonable ~ttomey's fees) made bp the ~ Mortgag~e in eo dou'~ eh~ll draw intereat at the rate pmvided for in the principal indebtedness~ end slislt be ghll repay a~ble thirty (30) days after demand, and, together with interest and oosts sccrued tLereon, ahsU be secured by tbis mortgsge. 18. Upon tLe requeat oi tbe Mortgagee the Mortgagor shall euecute aad deliver a eupplecnental note or ~ aotes for tbe eum or sums advanced by the Mortgagee for the alteration, modernizstion~ improvement, msin- } t~amce, or repair of said premises, for ts~ces or aeeeesments against the same and for any other purpose sutLor- ised henunder. Said note or notes sh~ll be secured hereby on s puity ~vith and as fully ss it tlie advance ` evidenoed thereby were included in tLe note first deecribed abgv~. suppl . ote or notea shall bear i B(iUK~~ ?JtGf~~ ~:~,~,:5 -~s~' a." - - - - ~,r~: ~ - ~ . t : . e .