HomeMy WebLinkAbout0926 Mortgsgor alisil~ W the Mortgagee sny artwun~ aecc,~ry to make up the de&cicncy. Such payment shall ;
be made withia thirt~ (30) days ~itor ~.-~ricl~eu notice imm tha Mor statit~g tl~e amouni ot tl~e deftciency~
eu tgag~e
which uotice may bs givea by m~il. If ~taqy time the Mortgagai afivil tender to the Mortgagee ia ac~w,d-
anoe with ihe~ proviaions oi the note secured hereby, full payment ot the entire indebtedaesa reprea~nted
thereby~ the Mo ahaU~ ia ooiuputing the ~m~unt ot such iadebtednesa, credit to the aca~unt ot t~hc
rtgsgee m
Mortgagor any credi~ bal~nce remaini~g under the pwvisions ot (a) o! ssid p,~r~graph 2.. I~ tbere ahall be a :
dei~ lt uAder any o! the provisions of this mortga~e+ resultiag in a public sale ot the prean~ses oovered hereby ~
or ii the Mortgagee acquires the property ~therv~ue atter default~ tha Mortgs~ee ahap apply. at the time o~ ~
the comanencemeat of such proceedic~s or at tLe time tlie property is otherw~se acquired~ ~he acnount then ;
remaining to credit oi Mortgagor u~ede~ o! puagn?ph 2 preced~nR sa a credit on the interrst sccrued and ~
unpsid anc~ the balance w ~6e principsl then remaiiung unp~ud on seud note. `
4. He will p~y ~il tases, aeeeeeouents„ wat~ee rate~. ~d othee aovernaneatal or municipa! ehe?rgier. f.~.~, os
impoeitions„ tos ~hich provieion h~s noL bcen made hereinbefore, aad in delsult t6ereof Lhe Mort6a8~ ~Y P4Y ~
wo~e; and thst Le will promptly de4ver the official reoeipts there:or to the Mortg~gee.
b. He will permit, oommiL, or so6er no wasLe. impairment, os deterioratton d eaid property or any p~rt thereof
e:oep! reaeoasbb wear and tear; and in the avent ot tbe failure of the Mort6sgor to keep the buildin~p ~n eaia
premisea and those to be erected on said pnmises, or improvements thereon~ in good repsir, the MortB~ ~1Y
make such repairs as in its diecretion it may deem neoeeesry for the proper Preeervstion thereof, and the fuU amount
of ea~ch and every s~aeh payment ebaD be due e~cd p~yable thi~tY (30) d4Ye dt~er demand, u.d e~1?~Jl be secured by
t6e :~ea of Lbis mort~e.
• 6. He will pay dl and aingular t~ oosts, and espenses, includina reasonable 4wyar's fees~ and oosts
of abatracte ot title, incurred or paid st any time
b~
y~ortgagee becsuee of the fail~ue on the part of t6e Mortasaor
promptly and ful~y to perform the a6r~eements and oovenanta of asid promieeory note and thia morigage~ and aaid
ooste~ c6argee, and e=penses ehaU be imuiediat.eb? due and psyabk snd shall be aecured by the lien of this mortg~a
7. He will o~ntinuo~ maintain Laaard insurance, of such type or types and smouuts as Mortgagee m~~
fronl time to tima require, on the improvemente now or hereatter on said pnmisea snd e.tcept when paymen6
ior all euch premiuma Laa tLeretofore been made under~(~ oi paragca,~h 2 hereot ~e vvill psy promptly wrhen
due sny prEminms theretor. All inauranoe ahall be carried in oompanies ~ppmve~ by I?iortgagee and the goli-
cies and renewala thereof ahsll be beld by Mortgagee and have attached thereto loes payable ctausea in isvor oi
and in form aooeptsble to the M t~a~e, In event of loes he will give immediste notioe by mail to Mortgagee,
and Mortgagee msy make.prooi~ro~ Ioes it not made promptly by Mortgagor, and esch insursnoe aompany
o~ncerned ia hereb suthonsed and directed to make p~?yment for such lo~ directly to Mort~.a~ uistcad of
to Mortgagor and ~ortgagee jointly, snd the insuranoe prooeeda, or any part thereof, may be app7ied by I?iortr
~ag~ at its opWon either to We reduction of tLe indebtedness her8by eecured or to We reetora4on or repsir of
the pmperty dsma&ed In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
propertp in e~cvnguiahment oi the indebtednees eecured hereby, atl right, title, snd intereat of the Mortgagor
in and to any inaurance policies then in foroe s6all psss to the purchaeer or grantee.
8. He will not execute or file of record any inatrument which imposes a restriction upon the sale or occu-
p~ncy of the property described herein on the basie of race, oolor~ or creed.
9. If the premisc?s, or anp part thereoE, be condemned under the power of eminent dom~in, or acquired
for a piiblic use, the dama~es ewardecl, t.he proceeds for the taking of, or the consideration for suct? acquisi-
tion~ to the extent of thc full amount of the remaining unpaid indebtedness secured b this mortgage, are
hcrebr a~igned to the :1~ortgagec, and I~is heirs or assigns, and shall be paid forthwit~ to said Mortgagee
or his assignee to be applied on account of the last maturing inatallments oi such indebtness; provided~ how-
e~er~ the `Iortgagee or his assignee, ma~ at l~is discretion pay direct to the Mortga~,`ror, his heirs or assigns
an~ part or all of such av~ard; provided, that if the loan is guaranteed or insure~, the consent of the guaran-
~ tor or insurer ia obt8ined in advance of said yment.
10. The ~lortgagee msy, at anp time peeu ing a sui~ upon this mortgag~e, apply w the court hAVin~ jurisdic-
tion thereof for the appointment of s receiver, and such oourt ahall fortbvrnth appoint s receiver of the premeses
oovered hereby all and singular, includin~ all and singular the inoome~ profita, issues~ ~d revenues from ~ti
hat-
ever source denved~ each and every of vvhich it being eapresgly understood, is hereby mortgaged as if specifically
j aet forth and descnbed in the granting nn~ habendum clnuses hereof. Such sppointment shall be made by
! sush court as an admitted equity and a matter of absolute right to ssid ?liortgagee~ and without reference to
the adequacy or inadequacy of the ~ alue ot the pmperty mortgaged or to ihe aolv~ncy or insolrency of said
Mortga~gor or the defendents. Such rents, profits, income, issuee~ and revenues shall be applied by such receiver
according to the lien of tLis mortgage snd the practice of such court. In the event of any default on the psrt
of the l~fortgagor hereunder. the ~fortgxgor a~rees to pay to the ~iortgsgee on demand as a reasonable monthlv
~ rental for the premisea sn amount at least equivatent to one-tweltth (3;s) of the aggregate of the twelve monthly
inatallments psyable in the then current year plus the actual amount of the annusl taaes, asse.ssmeats~ water
rat,ez+, and inauranoe prcmiums for such year not oovered by the atoresaid monthly psyments.
11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event
that any of said sums ot money herein referred to be not promptly and fully paid according to the tenor henwf,
or in the event that each and every the stipulstiona~ egreements, conditiuns, and covenants oi said note and
this mortgage , are not dulp, gmmptly, and fully perforined or if the :1lortgagor be adfudicated bankrupt or
made defendsnt in s bankruptcy.or receivershi~ proceedings{ then in eitLer or any such event, the said aggre-
gste sum mentioned in said note then remammg unpaid, vnth interest accrued to thet time~ and all money
aecured hereby, ahall become due and payable forthK-ith, or thereafter, st the option of said :11ortgagee, as
fuliy and completely as if all the said sums of money'were originally stipulated to be paid on such ds~, an~-
thing ~n said note or vn this mort{t~age to the contrary notwithstanding; and thereupon or thereafter, at the option
of said \•iortgagee, w-ithout not~ce or demnnd~ suit at law or in equity, msv be prosecuted as if alt mone~s
secured hemb~ hxd matured prior to its institution. The ~'Iortgagee may foreclose this mortge?ge, as to the
amount so declared due and pa~ able, and the asid premises shall be sold to satisfp and pap the same together
with co3ts expenses, and allov~ances. In case of pnrtisl toreclosure of this mortgage , the m~rtgageci pmm~ses
ahall be so~d subject to the continuing lien of this mortga~e fur the smount of the debt not then due and unpaid.
In such case the provisions of this paragraph may again be availed of therea[ter fmm time to time by t6e
Mortgagee.
12. No wsiver of any oovensut herein or of the obligation secun~d hereby shell at eny, time thereAfter be
1l~ held to be s waiver of the terms hereof or of the note secured hereby.
~ 13. The lien of thia instrument shall remain in tiill force and effect during any postponcment ar estension
~ of the time of pevment of the indebtedness or any part thereof secured hereby.
,J 14. 'This mortgage is given to secure the purchase money~ or s part thereof~ of the lands herein described
Q and is eaecuted and delivered contemporaneously vrith t6e deed therefor.
y 15. If tl~e I~lortgagor defsult in any of the co~enants c~r agreement8 oontained herein, or in said note, then
:T tLe Mortga~ee may_periorm the same, and all expenditures (includ~ng masonable attorney's fees) mnde b~ the
GQ :ltortgagee in eo domg shsll draw intereat at the rate pro~ ided tor in the principal inciebtedncss, and sl?eli be
repa~ sble thirty (30) days after demand~ and, together with interest and costs accrued thereon, shell be secured
s ~ by tfiis mortgage.
cd 16. Upon the requeat of tLe 111ortgagee the ~tortgagor shali execute and delirer s supplementgl note or
aotee for t6e sum or sums advanced by the ~iortgsgee for the alteration~ modernization, improvement, main-
t~aance, or repair of said premises~ for taxes or aeeessments againat the same snd (or any other purpose sutlior-
ized hereunder. Said note or notes shsll be secured hereby on s parity vrith and as fully ns ~t tl~e ad~ ance
evidenced thereby v~ere included in the note first dc~cribed above. Ssid supplemental note or not~•s shail bear