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HomeMy WebLinkAbout0108 ' ~ ~ ~ ~ ' . ~ . i .i the deficiency. Such payi~~ent sl~all be msde within thirty (30) d~ye aiter written notice from "the Mortgagee stating the ~~nount oi the deficiency~ which notice may be given by mail. If at any time the ~io~tgagor sha~l tender to the Mort~xgee in accordance witi? the provisions oi the note secured hereby, full psyment ~ of the entire indebtedness repre,sented thereby, the Mortgagee as truatee shsll~ in coinputing the amount of ' such indebt~lness, credit to the account~ oI the Mort~agor sny credit balance remaining undec the pmvisions of (a) oi saidpara~raph 2. If there ahaU be a default under any ot the pmvisions ot this mortgage reeultin in a public sale of the pren?ises co~ered hereby~ or if the Mortga.~;ee scqu~res the property otherwiee afte defsult~ the 41ort~agee as trustce sl~all apply~ st the time ot the commencement oi such proceedinge or at the time the praperty is otherwise scquired~ the smount t-hen remaining to credit ot ~iortgagor under (a) of par~reph 2 preceding aa a credit on the intere8t accured and unpaid and the balance to the principat then ieM61A1Dg llApBtd 0I1 Sbi~ nA~. 4. He will PRY 4~, ~t+0. wstee ntes. and ot~~o v~einmeaW ar municipal ehar6~, or impoeitione, for whid? provisioa baa not been macle hereinbefore, snd ia defsult Wereot the Mort~ee m~i? PRY ~ s~me; ~nd l6st 6s wilt promptl,y deHver the o~cial reoeipts therefor to the Mort$,agee. 6. He wiU peranit~ ooaa~mit, or suRe~ na waate, impairmea or deteriontion of e~e~id property oe~ny part thereof ea~oept rearom?bls weu and tear• and in the eventi of the f~ure of t6e Mortsagor to keep the buildingA on aai~ premises e~nd tlwse to bs erectec~ oa said pe+emise~ ~ improvemente t,h~reon, in good npair the Mortgagee m~Y at a?eh and e~ aa in i4 disoretion it ma,y deefln neoeeesry? for t6e proPe~' Pr~een?stioa thereo#~ and the iull unouat_ t~hs liea of tbis~mor ~t sbaU-bs dus and p~yable t6iilY C30) d~ys atter deanaad, aad s6a11 be secured by 4. He wilt p~y "~il and sin~uiaz tLs oosts? ~e, and e:penses, iaci~din~ e~eaeonable 4wyer'~ fees, and oosts at+~betraets a~ tille, iao~ured qr piid st any time by Mortgagee becsu~e of the failure on the psrt of the Mortg,agor h P~'omPy1? aad i to pertorm the ag,reem~is ~nd oovenante of eaid promiee~ry note aad thie mortgsge, and aa~d ~?~8~, ea~penees ahsll be immediate~ji due and psy~ble and dull be secured by the lien of t!?is mort~s. 7. He wiIl oontinuoue~ maintain hasard iffiuranoe~ of such type or t~pee and amounts aa Mortgagee au~ irom time to time~ require, oa the improvementa now or hereaiter on eaed p and e~cept when payment ~ ior all auch preminws Las tbe~t~dio~re ~eep made under ~(a) of psngn~h 2 hereot e rvill pey Pt~mptdy wrLen due any pnmiums therefor. All ' shall be carried ia oompanies spprove~ by l~~o aad the pol~ cies and rene~vab thereof a~ll be b~Mortgag~ee and bsve attached tLereto loes payable uses in favor ot and in form aooeptable to tha Mo In event oi loes he will give immediste not~oe by mail to Mortgagee, aad Mortgagee may malce proof~ if not made promptlp by Mortgagor, and each insuranoe oompany oonoerned ia hereby :uthoriaed and directed to mske payment for auch loea directly to Mor~ ee inatesd oi ; to Mortgsgor snd Mvrtgageo 'oin , and the inavnaoe Pmc~ecl8. o~' a4Y P~ ~eneof, maY be ap~p7ied by 111ost- os - gagee at ite option eit6er to ~e uctioa oi We indebtednees Lereby eecured or to the restors4on or repair of the property dems~ed In event of foreclosure of this mortgage or other traosfer of title to tLe anortgsged property m extinguia6ment of the indebtednees eecured hereby, afl right, titte, snd int,erest of the Mortgag~s ~n aad to any inauranoe polic~es Lhen in torce a~all pa~s to the pw~aeer or grsntee. ~ 8. He will not cRzecute or file of record any inetrument which imposes a restrictioa upon the ssle or oocu- ~ pwcy of the pmperty described herein on the baais of rac~, oolor~ or creed. t ~ 9. If the premises, or any part thereof, be condemned under the power of eminent domaia, or ac~quired r for a public use, the damages awarded~ the proceeds for the taking of, or tho consideration for such ac~quiai- tion, to the extent of the fuU amount of the remaiaing unpaid indebtedne8s secttred by Lhis mort~e~e he.reb~• assigned to the Mortgagee, and his heirs or ass~gns, and shall be paid forthwith to said Mortg'a~ee i ; or his assig nce to bc applied on account of the last msturing installmenta of auch indebtness; provided~ how- ~ ever, the Mortgagee or his assigaee, mey at his discretion pay direct to the Mortgagor, his heira or assigns ~ any part or stl of such awsrd; provided, LhaL i~ Lhe loan ie guaranteed or insured, the consent of ~he guaran- ~or or insurer is obtained in advance of eaidpsyment. ; ~ 10. The Mortgagee may, at any time ~en 'dmg a suit upon ttus mortgage , apply to the oourt havir?~ jurisdic- - tion thereof for the sppointment of a receiver, and such court ahall fort,iiwith appoiat a receiver o[ the premises covered hereby all snd surgular, incladin~ all and aingular the incowe, pmfita, isaues,. end revenues fmm ~hat- ~ ever source denved, each and every ot vrluch it being expressly underatood, is hereby mortgaged as it specificaAy , set forth and described in the granting an~ hsbendum clt~uses hereof. Such nppointment ahal! be made by ~ such court as an admitted equity and a matter of sbsolute right to ssid Mortgagee~ and without reference to - the adequacy or inadequacy of the value of the pmpgrty mortgaged or to the solvency or insolrency of said Mortgagor or the defendants. Such rents, pro&ts~ mcome, issuea, and revenues ahsll be applied by such receiver ~ according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the biortgagor hereunder, the ~fortgagor a~rees to pay to the A~iortgagec on dcmand a8 a rEaso~able monthlv rental for the prEmises an amount st least eqwvalent to one-twelft,h of theaggregate of the twelve monthlp ~ installments payable in the then current year plua the actual amouat of the annusl ts.tes, sssesaments~ water ~ rates, and insursnce premiums for such year not c~overed by the aforessid montbly psynaents. I1. In the event of any breach of this mortgage ar default on Lhe part of tbe Mortgagor, or in the event ~ tbat any of said surns of money herein referred to be aot pmmptly and fully paid according to the tenor hereof, or in the event thst each and every the atipulstions, egreements conditiuns, snd covenanta of said note end t6is mortgage, are not duly, promptly, end fully performed or i~ the Mortgsgor be adjudicsted bankrupt ar mede defendant in s bankre~ptcy or receiverahi~ proceedings; Lben in eitber or any such event. the ssid aggre- gate sum mentioned in snid note then rem ' unpatd, vrnth intereat accrued to that time, and ell money ~ eecured hereby s6a11 become due and payab~orthwith, or thereafter, st the option of said 111ortgagee, sa ~ fully and oomp~etely as if aU the said sume of money were originally stipulate~i to be peid on auch day, anr- # thing in said note or in this mort~ege to the contrar~* notwithstanding; and thereupon or thereafter, at the option of asid 111ortgsgee, without notice or demand~ suit st lsw or in equity, msv be prosecuted as if all monevs ~ secured hereby hud mstured prior to its inatitution. The Mortgagee may ~oreclose this mortgsge~ as to tf?e ~ amount so declsred due aad payable, aad the said premiees ahall be aold to astisfy and psp the seme together ; with costs expenses, and allowances. In csse of partial foreclosure of thia mortgage,-the mortgaged prnm~ses s shaU be so~d subject to the continuing lien of this mortga~e for the amount of the debt not then due nnd unpaid. ~ _ Mor ctgagee. ~'e proviaiona of this paragraph msy agun be svaited of thereaiter from time to time by the ~ 12. No wsiver of any coveasnt herein or of the obligstion eecured hereby shnll at any time thereatter be ' held to be s waiver of the ~erms hereof or of the note secured hereby. 13. The lien of thia inatrument shall remain in full force snd eBect during eny poatponement or extension : oi the tune of psyment of the indebtedness o}~ ~wy, part thereaf secured hereby. ± 14. Thia mort~age is given to secure the purchase money, or a part thereof, of the lends herein described ~ aad is eaecuted and delivered contemporaneously with t6e deed therefor. } 15. If the Mortgagor def~ult in any of the covenants or sgreemente contained herein, or in said note, then ~ the Mortga~ee may.perform the asme~ and sU expenditures (fncluding reasonable uttorney's fees) mscie by the MortRa~ee ut ao dou?g shall draw utterest at the rste provided for in the prencipal inde~tedness, and sl~all be . repays~b7e thirty (30) dsya stter demand, and, together with interest and costs accrued thereon, ahall be secured by t.his mortgsge. 16. Upon the request of the Mortgagee the Mortgagor shall execute and deliver s supplemental note or not~es for We sum or suma advaaced by the Mortgag~ee for the alteration, modernization, iraprovement, main- t~eaance, or repau~ of said premieea, !or taxes or seeesements against tbe ssme and tor any other purpose suthor- ised hereunder. Ssid note or notea ahsll be secured hereby on s parity v?ith and aa fuUy ss if tl?e sclvence evidenoed thereby were iacluded ia the note first de~c~ ve. Ss~,~ lemental aote or notes ahall besr BUL~K ~ PACE 1~ ~ ~°~~°~s~?~~~-~.~t~3 ~ - - = .