HomeMy WebLinkAbout2053 Morigagor stull paY to the Mortgagee say smount necea~e~ry to make up the deficicncy. S~ch puyment shail
be made within tbirt~ (30) dRys atter written no~ice fmiu Lhe Mottgagee slating tl~e acuoeat ot tl~e deBcicney.
which notics may be ~vea by meil. Ii ~t ~qy time t6e I?lortgegor shall tender to the Mortgagee in ~ccoM-
woe witl~ Lhs~ pm~iaaaa Qt ~he aote eecured hereby. tull payment ot tha eatire indcbtedr.~•ss i~epresratcd
thereb the Mortgpgea shall, in oomputing the unount ot such indebtedne98, credit to ~he account o! thhe
11i~xtgagor any credit balwce remaining under t6e provisiona ot (w) oi said p h 2. I[ there sh411 be ~ _
detault under uny ot the ~mvisions of this mortga~e reaulwag in a public s~le ot e ptemiaes covered hereby
or if the Mortgagee acqwres tha properiy otherwiee atier deiault~ the Mortge~ee ehau e?pply~ a~ t~he ~ime of
se q
the co~amencemeat of auch proceedings or aL tha time the pmperty is otherwise ~?c uired. tbP amount then
remaiaing to credit ot Mortgagor under (a) oi paregreph 2 precedinR as a credit on the iatereat ~ccrued ~nd ~
uapsid snd tha balance W t6e principal then rcrosining uapaid on eaid nots.
4. Hs will p~,y aD ta:es, aeeeemneats. watee r~, ~nd otber~ove:nmenta! or muaieiP~l ahar'R~es. 6ne~. or :
impoeitione, for wbich pmvision has not beea made Leninbefoce. and ia defsult thcreoE tLe Most8~8~ ~Y {~Y ~ .
same; and tLst hs will PromPtlY deliver the official reoeipts therefor t~o tbe Mortgeaee.
b. He will permit, o~mmit, or su6er no waete, impaitme~t, or deterioration of eaid property oraay p~tt thereof
eo~oept reae~nable ~r snd t~ear; and in the avent of tbe f~ilore of tLe Moc~tdegor to keep the buildings on a~
pc~nises and tLose to be erected oa eaid premieea. or improvementa thereon, in good repair the Mortgeg~ee my?
make such repairs as in ite discretioa it may deem neoeeesry for the W'oPer Preeervstion thereo~, and the full umouat -
of each snd every snc6 p?yment sball be due aati P4Y+~ ~Y t~) ~ dt~er deme?nd, and ehaU be eecured by
the liea of tb~a mott~~e.
d. He will pay ~11 ~nd eingular the oosta, chst~ee, and ea~peneee. iacluding reae~nable hwy~er's fees, and oosts
af sbstncta of title, incurred or pud ~t any time by the Mott~ee becauee of the failure on the part of the Mortga~or
p~'omPvY and i~y to perforan the a~eeanente and oovenanfa of aaid promieeory note sad this mo~gage, and ai:d
oost0. chargi~s. and espenees ahell be immediatei,jr due aad psysble aad ehall be eecured by the lien of thia mortgage.
7. He will ooatinuous~ msintain haaard insuranoe, of such type or types snd amounta ss Mortgagee may
from time to time require, on the improvemente now or herestter on eaid premisea and exoept when payment
tor all suc6 pramiums hae tLeretofore been made under of psragcs~h 2 hereof ~e will pay promptly wLen
due any premiuma therefor. All inauranoe ahall be carried in companies approve~ hy 1liortga~ee snd the poli
cies and nnewsle thereof ahall be held by Mortgag~ee and bsve attac6ed t6ereto laes psyable clanses in fsvor oi
and in form soceptable to the Mo . In event of loes he will give immediste notioe by mail to Mortgagee,
and Mortgagee msy make.proof~ if not made promptly by Mortgagor, and eac6 insuranoe oompany
o~noerned is hereb authonaed and directed to make payment for such loes directly to Mortgagee inatead of
ta Mortgagor and ~ortgagee jointly, and the insuranc~e prooeeda, or iu~y part thereof msy be app7ied by riort-
~agee at ita optioa eitL=ar to tbe reduction of the iadebtednees hereby eecured or to the reatora4on or repair oi
the pmperty dame~ed In event of foreclosure of this mortgage or other trsnafer of title to the mortgaged
property in e=t~ingu~shment of the indebtednees secured hereby, a~l right, title, and interest ot the Mortgagor
m and to sqy ~urance policies then ia force ahall pass t~o tbe purchaser or grantee.
8. He will not execute or file of record any inatntment which imposes a restriction upon tt~e sale or occu-
pancy ~f the pmperty described herein on the basis of race. oolor, or creed.
9. lf the premises, or any part thereof, be condemned under the power of eminent domain~ or ac;quired
for a public use, the damages awarciecl, t.he proceeds for the taking of, or the consideration for such acquisi-
tion~ to the extent, of the tull amount of thc remaining unpaid indebtedness secured by this mortgage~ are
hereb~• assigneci to tlie 1liortgagce, and 6is heirs or ass~gns, and shall be paid forthwit6 to said Mortgagee
or his assignee to be applied on account of the last maturing installmenta of auch indebtness; pro~ ided, how-
erer, the :~iortgegee or his assignec, ma~ at~ t~is discretion p~y di~:t to the Mortgagor, Lis heira or assigas
an~ part or all of such ev~ard; provided~ that if the loan is gu$tanteed or insured, the consent of tbe guaran-
~ tor or insurer is obt.ained in advance of saidpa
yment.
10. The 111ortgagee msy, st any time pen ~ding a suit upon this mortga~e, epply to the court ha~ in~ jurisciic-
tion thereof for the sppointment of a receiver, and such court s6a11 fort6vinth appoint e receiver of the pcemises
covered hereby sll snd singular, includin~ all and singular the income, profits, issues, end revenues from hat-
'I e~ er source denved, each and eve.y of w
hich, it being expresaly understood, is herebp mortgag~ed as if speci6cally
aet forth and descnbed in the granting snd habendum clauses bereof. Such appointment shsll be made by
such court as an adniitted equity and a mstter of abeolute right to said Mortgagee, and without reference to
the ~dequacy or inadequacy of the ~ alue of the property mortgaged or to the solvency or insol~ ency of said
biartgegor or the defendsnts. Such rents~ profita, income~ issues, and revenues shall be applied by such receiver
according to the Iien of thia mortgage and the practice of such court. In t6e event ot any default on the part
of the 1lortgagor hereunder~ the ~1ort~xgor agrees to pay to the Hortgagee on demand as a reasonable monthlv
rental for the premises an an?ount at least equivalent to one-:~welfth (K:) oi theaggregate of the twelve monthlr
inatallments payable in the then current year plus the actual amoust of tLe annual tsaes, assessments~ water
rates, and insurance premiums for such year not covered by the aforesaid montWy psyments.
11. In the event of any breach of this mortgage or deiault on the part of the 1liortgagor, or in the event
that any of said 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 sU'pulationa~ agreementa~ conditiuns, and covenents of said note and
ihis mortgage, are not duly, promptly, and fully performed or it the liortgagor be adjudicwted bankrupt or
made defendant in a bankruptcy or receivershi~ proceedinga; Lhen in either or any such event, the said aggre-
gate sum mentioned in said n~te then remainmg unpaid, with interest accrued to that time, and all money
secured hereby, ahall become due and psyable forthv~nth~ or therentter, st the aption of said ~lfortgagee, as
fullq and completely as if all the said suma of money'were originally stipulated to be paid on such dsr, an~-
thing in said note or u? this mortgage to the contrary notwithstsading; and thereupon or thereafter, et the option
ot said tfortgagee, w-ithout not~ce or demand~ suit at law or in equ~ty~ mav be prosecuted as if all mone~-s
secured hernby hxd mstured prior to its institution. The 1lortgagee may foreclose this mortgage, as to the
amount eo declare~ due and payable, and the said prem;~s shall be sold to aatisfv and psy the same together
with costs expenses~ and allow ances. In case of part~al foreclosure of this mortgage, the mortgaged premises
ahall be so~d subject to the continuing lien of this mortga~e fur the smount of the ~tebt not then due snd unpnid.
In such case the provisions of this paragraph may aga~n be availed of thereafter fmm time to time by the
Mortgagee.
12. No wsiver of any covenant herein or of the obligation secured hereby shnil at any time tl~erceftec be
he~d to be s waiver of the terms hereof or of the note secured hereby.
13. The lien of thia instrument shall remain in tull fome and eHect during any postponement or ~xtcnsion ~
oi the time ot payment of the indehtedness or any part Lhereof aecured hereby.
14. Thia mortgage is given to secure the purchase mor.ey~ or a part Lheteof, of the lands herein clescribed ~
and ia executed aad delivered contemporaneously with the deed therefor. ~
15. If the 1liortgagor default in any of the covenants or agreements contsined hemin~ or in said note, then
the I~iortga~ee may perfarm the same, and all expenditutes (including reasonable attornev's fees) made b~ the ~
~iortgagee in eo domg sLall drew interest at the rate pro~ided for in the principnl indetiteciness, and shall be
repayable thirty (30) dsys atter demand, and, together x~th interest end costs accrued thereon, shall be secured ~
by thia mortgage.
16. Upon t6e request of the Aiortgagee the l~iortgi?gor s6all execute and deliver s supplemcntal note or
notes for the sum or sums advanced by the Mortgagee tor the alterstion, moderniaetion, improvement~ mein-
tenance, or repsir of said premises, for texes or sssesaments against the ssme snd for snq other purpose autlior- -~ao
ized hereunder. Said note or notes ahsll be secured hereby on s paritq ~rith and as tully as ~t tl~e ad~ ence
evidenced thereby were included in the note firat deacribed above. Said supplemental note or nott~ shall besr