HomeMy WebLinkAbout1359 Moctgag+or.shaDp~ t~o the Mottg~ges sa~ amount neceesary Lo make up t,he deficieaay. 8uc~ p~,yraeat shaU ~
be made withia thirt~ (30) dUs attec wti~t~a ao~ics tmm the Mortgagee statir?g tl~e amount ot ti~e deficieae : ~
wLic6 aotice ms,~ ba ~ivea by mW. Ii ~taqy time the Mortgagor ehall tsndet to the Mortgsgee in
moe with t6e~ prooisans ot the note secuced hereby. tull p~ym~at ot the entite i~debtedaess represrat~d ~
M
b~~ the Mo e6aU. in o~mputiag the w~ount ot auch indebtedneas, crodit to the uuooun~ ot tho
~agor aay Gre i b4lance rem~iaiag~ under the provisioas o[ oi said pb It there sh~tl be •
def~ i under ~ny ot t6e ~?rovisions ot Wi4 mo:tga~e resulting in a public a~e of e prennisea oovercc! 6ereby
or ii the Mortg~gee acqwres the propertJ otherwue ~iter def~ult~ tiie Mortg~ee ahstl ~pply. a~ the time of
the comu?eacemea~ oi such procoediags or st tLa Lime the proper~y is othetwueacq
uired~ t6e amount thea
remainiag to crcdi~ oi Mortg~or unde~ (s) oi paragrap~ 2 preccdu~ as a credit on We interest aocrued and ~
unpaid ~nc~ the balaace ~o tfie
priacipst Wen remauung unpi?id on sa~d aotie.
b He wID pa~r all ta~oes, aeeea~eab. wstee nte~„ and ot6~e~ ~ov~ernmental ae munidPal eh~r'~a, 6ne~. or
imPodtiom. fot w6ich pe+ovieion bas not beea m~de here~nbdors. and in detault thereot ths Morta,a6~ ~Y P~1Y ~ `
Mme; ~nd thsL hs will procnpt~ deliv~er tLe o~l reosipts t6erefor to tbe Mortdsaee. ~
6r He will penu~t~ oommit, or sut[ee no waste, impai~me~t, or det~oration of eaid prope~jr er ypaet thece~f ~
eaooep~ reaso~n:bls wear and t~?r• and in tbe eveat of the fail~ue ot the Mort6aaor to keep tbe biIIUildin~s oa sai~ ~
pe~emise~ and those to be ee+ecte~ on Mid premises, oe improw~eats t,hereon, in ~ood repair ti~e I~orta~ee m~,y =
ma~e such rep~irs as in ita discretion it mi?,y deem aeoeem~ry for t,he Pe'oP~ preservation lhereo~. and the full aawunt '
of aa6 and every euah p~ymea~ sball be due and PiU?sbie tLirty (30) days dt~ar deasaad, aad s6a11 be see~u+ed by ~
t6e lien ot t6is mort~e. :
d. He wltl p~y all ar.d a3naular t6e oo~is, aad ea~peasea includins reaeonable Lwy~r's fees, and oosb a
d sbstracts af tit1e, inaurred ~ p~id at any time
t~ort~ee ba;anee of the fait~u~e on the part of t6e Mortg~oe i
P~PvY ~d i to perform the ag~eementa and ouven~nte of eaid p~omieeory note and thia mort~a~e~ and aaid
~a~, ~e~P~ shall be imm~edists~ due and p~yable and ahall be eecured by the lien of tLis mortg,sae.
7. He wiIl oontinnoue~ maintsin Lasard i~unaoe, oi sucL t~ps or types snd iunounts as Mortgsgee ms ~
here
from time to time require, on L6e improvementa now or here~iter on said p and eacepti when psymenL
tar all auch premiums Las tberetofore been made under (a oi paragn~h Z hereof will pay pmmptly ~vhen
due sny premiums therefor. All inanranoe sLaU be car~in aomP~ ~PProve~ by Martgaqee and the poli- ,
cies aad rene~vals thereof aLall be beld by Mortgagee sad have atitached tLereto loea paysble cTauses in fsvor oi :
~nd in form aooeptable to tLe Mo In event of loes he ~rill give immediste notioe by msil to Mortgagee, ;
aad Mortgsg~ee _ may make ,prooi~~ if noL made pmmptly by Mortgagor, and e~ch inaunnoe oompany :
conoerned ia Lea+eby~ suthonaed and directed to mske payment for such loes direct~y to Mort~a~~ inatead of
to Mortgag~or and Mortgag~ee jointly, and the i~sunnoe prooeeda, or aqy par! there~f, au?y be app7ied by I?iorf~
gagea at its option eitber to tbe reduction of the indebtednees hereby eecured or to the restontion or repair o~t ~
the propert~ dama~ed. In eveat of ioreclosure of thia mortgag~e, or other tranafer of title to the mortgsged '
p~+Operty in eztingmshment of the indebtednees eecured hereby, all right, title, and interesti oi the Mortgagor ~
m aad to any ins~rance policies then in foroe ahall p~se to the pu~aser or g~antee. ~
8. He will not esecute or Sle of record any inatrument which imposes s restriction upon the asle or oocu- ~
pancy of the property described herein on the bsais of rac;e; oolor, or creed. ;
9. If the premisee~ or any part thereof, be condemned under the power of emiaent domain~ or acquired
for a public use, the damages awarded, the proceEds for tke taking of, or the consideration for auch aoquisi-
tion, to the eatent of the full smount of the remaining unpaid indebt~dnQss~ sec~red by thia mort~e~e, are
6erebv assigned to the Mortgagee, snd 6is heirs or assigns, and shall bb paid forthwith to said Mo
-rtgagee
or his ass~'gc~ee to be applied on account o[ the last matunng iastallnQ~nts of attch indebtnesa; provided~ how- :
~rer, the Mortgagee or 6is assignee, ma~ at hia discretion pay direct to the Mortgag,or, his heira or assigns ;
any part or all of auch award; promded, that if the loan is guaranteed or inaured, the consent of the guaran- ~
' tor or insurer ia obtained in advance of saidpa
yment. •
10. The l~iortgagee mey, st any time ~end~ing s sui6 upon this mortgage . spply.to the court hevin~ jucisdic- ;
tion thereof for the appointment oi a receiver, and such oo~rt shall fortLv~nth s~point a t+eceiver ot the premises
covered Lerebp all and singular, includin~ sll and singular the income, pro&ta, iaeues, aad revenues from what- >
~ ever source denved~ each and every of wWch it being eacpressly undeistood, is hereby mortgsgecl as if apecificslly '
; sct forth and descnbed in the granting an~ habendum clauses Lereof. Such sppointment ahsll be made by
j such court as an admitted equity and a msttsr of abeolute right to said Mortgag+ee~ and witt?out reference to
f the sdequacy or inadequscy of the value of the_pmpert,p mortgaged or to the aolvency or insol~ency oi said
Mo r or the defendanta. Such rents~ profite, income~ ~sues~ and revenues shall be epplied bv such rec;eiver
acco~ to the lien of this mortgage and the pract~ce of such oourt. In the event of any defeult on Lhe part
of the Mortgagor hereunder, the :~iortgagor apreea to pay to the :1~ior on demand as a rea9onable monthiv
rental for the premisea an amount at lesat equivalent to one-twelf th of thee~r~a te of the twelve monthlv
installmenta payable in the then currnnt year plua the actual smount of the annud taxes, assesaments, water
rates, ~nd insurance premiuma for such yeu not oovered by tLe doresaid monthly payments.
1 l. In the event of any breach of this mortgag~e or default on the psrt of the Mortgagor, or in t~e event
thst any of said sums of monep herein refen~ed to be not promptly and fully psid according to the tenor bereof~
or in the event thst esch and every the stip uiations, agreements conditians, and oovenants of said note and
this mortgage , are not duly, promptly, and fully performed or i~ the Mortgsgor be sdjudicated banl:rupt or
made defendant in s bankruptcy or receiverahi~ proceedin$s; then in eitLer or any such event, the asid aggre-
gate sum mentioned in ssid note then renn " unpaid, with interePt wccrued to that time, and sll money
aec~u~ed hereby shall become due snd psyab~ort~with, or thereafter, at tbe opt_ion of said 111ortgagee, as
fully and compfetely as if all the said sums of money'were originslly sfipulated to be paid on such dsy~ an~-
thing in sa~d nots or m this mort~uge to the contrsr~ notwithatandu?g; and thereupan or thereafter, st the option
of sa~d ~iortgagee, without not~ce or demand, suit at lsw or in equity~ mav be prosecuted as if all mone~~s
eecured hereby liud mstured ptior to ~ its institution. The Mortgsgee may forecloae this mortgage, as to the
amount so declared due and payable. and the said premisea shall be sold to satiaty snd pay the same tog~ether
with c.oets eacpenses, and sUowances. In case of partial forecloaure of thia mortgage , the mortgagrd pmm~ses
ahall be so~d sub~ect to the continuing lien of thia mortga~e fur the amount of the debt not then due and i~npaid.
In auch case the provisiona of this patagrspL msy agsin be avsiled of thereaiter !rom time to time by the
Mortgagee.
12. No wsiver of any oovenant herein or of the obligation eecured hereby shall at, any time therealter be
held to be a waiver oi the temas hereof or of the note aecured herehy.
i~,. 13. The lien of this instrumeat shall remain in full force and eHect during any postponement or cxtension
~ of tbe time of payment of the indebtedness or any part thereof eecured hereby.
~ 14. Thia mortgage is given to secure the purchsee money. or s part thereof, oi the lands herein deacribed
~ and is ezecuted and delivered oontemporaneoualy with the deed theretor.
~ 13. If the Mortgag~or default in any of the covensnts or agreements contained herew, or in said note. thea
~ the Mortga~ee may perfortn the same, and all expenditures ('including reasonable attorney'a fees) msde by the
Mortgagee m eo dou~g ahall drsw intecest at the rate pro~-ided for in the pnncipal indebtedness, snd sLall l~
~ repay able thirty (30) dsys sfter demand, and, together with interest and c~sta accrued thereon. shall be secured -
~ by t6is mortgege. .
16. Up~n tLe request ot tLe Mo the Mortgagor shall execute aud deliver s supplementsl note or :
~ notes for the aum or sums advanced b~Mortgagee for the alteration, modernizstion, improvement, main- `
= m tenanue, or repair of ssid premisea, for taxea or aeeeasments agsinst t~he same and for any other purpoee sutlior-
ized hereunder. Said note or notes ahall be eecured hereby on s parity with and as fally as ~f the e?cl~ance
evidenced thereby were iacluded in the note firot deecribed above. Ssid supplemental note or notes shall besr '