HomeMy WebLinkAbout1277 Mortgag~or sl?allp~ to tl~e Mortgagee ~n~ amah~at neeeasar~ t,o ~ke up the deficicncy. Such p~yment ahall ~
be made withia thirt.~ (30) dRys after written aotice tmm the Mdrt~agee stating tl~e amount ot tl?e dcficiency~ ~
wbich twtice mey be ~iven by m~?il. It s~ any time the Mortgagor ahall tender to the Mortgagee in accord- ~
ance with the roviaoas ot the aote arcured hereby~ tuU payment ot the entire ind~btednesa reprnsrntcd
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c6eteby, the ortgagee ahaU~ in computing the smount ot such indebtcdneso, credit to the ~coount ot the
Mor~agot U~y creait balence remwi~ing under t6e pmvisions ot (a) ot said p ph 2.. It there ahsll be •
def~ ~ under any o[ the ~ravieiona o! this mortg~e resultiag in s public s41e ot e prew~ses covered hereby =
or if the Mortgagee ~cqarea t.he property otherw~ee atter det~ult~ ~he Mortg~ee ahall apply, a~ the ~ime o~
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tbe commencement of such proceedings or a~ the time t.he property ia otherwise ac uin3d~ the amount then
remsiaiag to credit oi Mortgegor under (a) oi paragrap6 2 preced~nR ss a credit on e internst ac~crued sad
unpaid sad the balaace to the principal thea remaining unpaid on ssid no~e.
4. He wW p~y aD t~s~oes. aesee~ents. w~t+ee rst~es. and othet ~vernmenW ot municiPal c1?srSes, 5n~es. ot ;
impocitiaas, for which provi~on hss not been made hersiniyetore, snd in defsult Wereot the MortB~ m?Y PaY ~ ?
eame; and ttu?t he will Pz'omF~b? detiver the o6icial reoeipts thentor to the Mortg~gee.
b. He wiU pernut~ oommit, or suHes no waete. impairmeat, or deteriorstion ot •'`-?mperty or any part thereof
ezoept reasonsble wear and tear; snd in the event of t~ failure of the Mory keep the buildin~s on aai~
premieee and thaee to be erected on said p~emises, or i~provementa thereon. d repsir the Mortgagee m~y
make euch repsiis as ia its diecretion it msy deem ncoeaeary for tbe proper pre .~a t6ereo#, and the full amoanL
ot each snd ev~ry sueh psyment ah~ll be due and psyable thirlY (30) dsYn eaoand, snd ehall be secured by
t~a lien oE tbie mort~aga
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6. He will psy all and einaular the oosts, and e~cpensea; including reasonsble Lwyer's Iees, and oosta
ot' sbetrscts of title, inaun+ed or paid st any time by Mortg~gee becauee of the failure on the part of the Mortgegor
promptly and i~r to pertorm the a~e~esmenta and ouvenaate of eeud ~omiaeory note and thia mo~g~ge~ snd ssid
ooats, chatges, and e~cpensea ahall be ~mediat,e~? due and psysble and ehaU be secured by the lien of thia mortgege.
7. He will oontinuoue~y maintain hwrd ineuranoe, oi suc6 tiype or typee sad amounts ae Mortgagee may
from time to time require, on the improvementa now or hereatter on eaid premisea snd e.~cept when psyment
tor all suc6 premiuma has theretofore been made under (s) oi psregraph 2 hareoi ~e will pay promptly when
due sny preminma therefor. All inauraucashall be~carried in oompanies ~ppmve~ by I~iortgagee snd the polr
ciee and renewals thereoi ahall be beld by Mortgag8e and Lsve stt~eched thereto loes paysble ctsuses in favor of
aad in form aoceptable to the Mo In event of loes he will give immediate notioe by mail to Mortgagee,
and Mortgagee msy make.proof~ if not made pmmptly by Mortgagor, and eech insurance oompanp ;
ooncerned ia hereby~ sut~oriaed snd direeted to make payment for such lo~ directly to Mortgage~? instead oi
to Mortgag~or snd Mortgagee jointly, and the inaurance prooeecis, or aq~ parL thereof auy be appZied by I1lorfr
gagee st its ~ption either to the reduction of the indebtedneea Lereby eecured or to t~?e reatoration or repsir of
the pmperty dama~ed In event of foreclosure of this mortgage or other trsasfer of title to the mortgaged '
property in estingwahment of the iadebtedness eecured hereby, a~l right~ title~ snd intereat of the 1liortgagor ,
m and to sny insurance policies then in force shall p~ to the pum,haser or grantee. °
8. He will not eaecute or file of record any instrument which impoees a restriction upon the sale or occu- 1
psncy of t6e property described herein on the basis of race, color. or creed.
9. It the premise~~ or any part thereof, be condemned under the power of eminent domain~ or acquired
for a public use, the dsmages awarcied, the proceeds for the taking of, or the consideration for snch acquisi-
tion, to the extent of the full amouat of the remaining unpaid indebtedness secured bp this mortgage~ are
hereb~ assigned to the l~iort_gagee, and his heirs or ass~gns, and ahall be paid forthwit~h to said Mortgagee
or his assi~gnee to be epplied on account of the last maturing installment~ of such indebtnesa; pro~ ided, how-
e~ er, tLe 1liortgagee or his assignce, ma~ at his discretion pay d'uect to the Mortgagor~ his Leirs or assigns
any part or all of such aaard; provided, that if the loan is guaranteed ~r insured, the consent of the guaraa-
• tor or insurer is obtained in advance oi said psyment.
10. The :~fortgagee mey, at anp time ~ending a suit upon this mortgag~e~ spply to the court ha~ in~ jurisdic-
tion thereof for the appo~ntment of a receiver, and such oourt aball forthvrnth appoint a receiver of the premises
oovered hereby all and su~gular, includin~ all and singular the income, profits, ~ssuea, and revenues tmm ~chat- ~
ever souroe denved, each and every of v~hich, it being expressly underst~ood, is hereby_mortgageai as if specifically
set forth and described in the granting and habendum clsuses hereof. Such appointcnent aLall be raade by
~ such court as an admitted equity and a matter of ahsolute right to said ~iortgagee~ and without reterence to
the adequacy or inadequacy of the ralue of the property mortgaged or to the solvency or insol~ encr of seid
Mortgagor or the defendants. Such rents, profils~ income, issues, and revenues ahall be applied bv such receiver
according to the lien of this mortgage and the practice of sucL oourt. In the event of any defeult on the part
~ of the :~iortgagor hereunder, the 4lortgagor a~rees to pay to the Viortgagee on demand as a reasonable monthlv
rental for the premisea an amount at least equ~valent to one-tweUth (K:) of theaggregate of tLe twelve monthlv
inatallments payable in the then current year plus the actual amount of the annuat tn.~ces. assessments~ water
rates, und insuranoe premiums for such year not covered by the aforesaid montLly psymenta.
11. In the event of any breach of this mortgage or default on the part of the tifortgagor, or in the event
that any of ssid sums 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 stipulations, agreements~ conditiuns, and oovenants of said note and
this mortgage, are not duly, promptly, and fully performed or if the tiiortgsgor be adjudicated baal:rupt or
made defendant in s bankruptcy or receivership proceedinga; then in either or any such e~vent, the said aggre-
gate sum mentioned in said note then rem unpsid, vrith interest accrued to that time, and all money
secured hereby~ ahall become due and psyab~orthwith, or therestter, at the option of said 1liortgagee, as
fully and completely ss if all the said suma of money'were originally stipulated to be peid on sach dsy, an~-
thing in said note or m this mort~age to the contrary notwithstanduig; and thereupon or thereafter, et the option
of said 1liortgagee, without not~ce or demwd~ suit at lsw.or in equit,y~ mav be proeecuted as if all mone~-s
se.cured hereby hnd matured prior to ita insLitution. The Mortgagee may forecl~e this mortgage, as to the
amount so declared due and peyable, and the said premises shall be eold to satiafy and pay the same together
with coats exper.ses, and ellowances. In case of partial toreclosure of this mortgage, the mortgeged pmm~ses
shall be so~d subject to the continuing lien of this mortga~e for the smount of the debt not then due and unpaid.
In such case the proviaiona of this paragraph msy agaut be availed of thereafter from time to time by the
Mortgagee.
S2. No wsiver of any covenant herein or of the obligstion secured hereby shall at eny time thematter be
held to be a waiver of the terma hereof or of tbe note secured herehy.
13. The lien of this inatrument shall remsin in full force and effect during any postponement ar extension
of the time of payment of the indebtedness or any part thereof secured hereby.
~ 14. This mortgage is given to secure the purchase money, or a part thereof, of the lands herein described
aud is executed and delivered contemporaneously wit-h the deed therefor.
15. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then
the Mortga~ee msy perform the same, and all expenditures (including ressonable attorney's fees) made by the
Mortgagee in so doing shall drew interest at the rate provided for in the principal indebtedaess, nc?d sl~sll be
repeyable thirty (30) ds}re siter demand, and, together with interest and costs accrued thereon, ahall be secured
by this mortgage.
_ 16. Upon the request of tLe Mortgagee the Mortgag~or ahsll execute and deliver s supplemental note or
not,es for the anm or sums advanced by tbe Mortgagee for the alteration, modemiastion, improvement, main-
tenance, or repair of ssid premises, for taxea or asseesmenta againat t~he asme and for any other purpose autl?or-
ized hereunder. Said note or notes shall be eecured hereby on a puity with and as fully sa if the adrance
evidenced t.hereby were included in the note firet ribed sbove. Said supplemental note or notes ahall bear
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