HomeMy WebLinkAbout2490 tlae deficiency. tiuch pu•inent ahaq be tusde N•ithin thirty (30~ days altot vvritteu iotice trom tha \iortgagee
stating the a~nount ot t~e deficiency, which notice msy be gtvea by ?nail. Ii at nny tiwe the ~iortgagor ~
sha~l tender to the ~lortgagee in accordance with the pmvi:uona of the note aocuted hereby~ fuU psyment
of the entire indebtedness reprnsented thereb~, the ~lortgaE;ee ss truatee ahall~ in cumputing the amount oI
such indebtedi~t~, credit to the account oI the ~fortgag~or sny eredi~ balanee remaic:ing undet the provisioaa
of (A)•of said para~ra ph 2. lt tl~er~ si~all be a defeult under any ot the pro~isions ot this ~aortgage ~ultin
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in a public sale oi tt~e premises co~•ereci hereby~ o: it the :1loctgagee acquic~ the property otherw~e dte
de(ault, the ~Iortge?Kee as trustee sl~all xppl~, at ~he time of the ~~on~menceineat of such proceedinga or s6
tha time the property ~s utlierNise xcquirecl, the amount then remaining to ciedit of ~iortgagor under (a) oi
para~rnph 2 prcxedin~ us a cnrlit un tt?e intereat accured and unpaid and the baleace to the principel thea
remaming uape~d on eai~l not~e.
4. He wfll Ml? d1 t~a. aeseeements. watet rat~e4 and othet ¢overna~ent~l oe muutcip?i char~e4 os
impoeitioae. for wWch proviaon haa aot been made ~ereinbefore, and m defsult thereoi ths Mort~~ee m+~Y P~Y ~e
•me; ~nd that Le will pe+ompt~y delivas t6e o8'icisl reoeipta ther8fos to We Mortg~gee.
6~. He will permit, oommit, or suffer no w~te, i~tpairmeat, or deteriontion of eaid property oeaqy part thee+e~
eoccept rEaeonabJe wear and tear; aad ia We avent of the failure of t6e Mortgpgor to keep the buildin6p on sai~
premiees and thoee to be erected on aaid premieee, or improvenaente t,hereoa~ ia good npsir the Mortgagee my?
make wch repairs ~u in its discretion it may deem ne~oeee~y ior the P~P~' P~ation t6ereo~, and the fuU unaunt
of each and every suele paymeat aball bs due and P~Y~ ~Y ~ dter demaad, snd ahaU be socured by
iLe liea ot t6is mort6,a~e, -
a. He will p~y all aad sinaular the oosta~ oharytas, and expenses, including remonable Lwy~er's feee, sad oosts
ot abstracts of title~ incurred or paid st say time by t6e Mottgagee bea?uae of t6e failure on the psrt of the Man~
P~mP~Y f~ to perforan the e~eemeata and covenaate of e~id promieeory note i?nd thia mo
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~a*8'~, ~~Penses ahall be imn~edist~ely due and p~,yable and shall be secured by the liea of t' mort~e.la.a
7. Iie ~vill oontinuous~ maintain~ b~?aard insurance, oi such type or t~pes and aanounts ae Mortgagee ma~
trom time to time require, on tLe impmvements now or he~reafter oa esid premises and e.~cept Rhen payment
tor sll such premiume Las tberetofore been made under ~(a) of paragraph 2 hereof ~e vvitt pay promptty wheQ
due any premiume thene~tor. All insuraaoe ahall be carried in oomp~mes appmve~ by I?1o and the polr
cies and renewale there~f eh~ll be beld by Mortgsgee and bava attt?ched thareto loee psysble c auses in iavor oi
and i~n form aooeptsble to the Mortgsgee, In event of loas he will give immediste notic~e by msit to Mortgagee~
and Mortgagee msy make proof of loee if not made promptly by Mortgagor, and esch insuraaoe compaa~
ooncerned is hereb sut~orir.ed snd directed to make psyment for sucL loee directly to MortgaRee instead ot
to Mortgsgor and ~ortgageo 'ointly ~ snd the inaurmce proceeda, or any part there~f, msy be appZied by riorb•
~agee at its option eit6et to ~e reduction of the indebtednees hereby aecue+ed or to the restora4on or repair oi
the pmperty dama~~ed. In event oi foreclosure of thie mortgage or other transfer oi title to the mortgaged
property in estinguishmant of the indebtednees eecured hereby~ af
1 righ~, title, and intereet oi the Mortgagor
m and to aay ineuranoe policies then in foroe ehall pasa to the purcbsser or grantee.
8. He will not ezecute or Sle of record any instrument which impoaes s restriction upon the sale or oc:cu-
pancy of the pmpert,y deecribed herein on the baaia of t~ace~ oolor, or creed.
9. If the premises, or aay part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the demeges swarded, the proceeda for the tsking of, or the conaideration for euch soquisi-
tion, to the extent oi the full amount of the remaining unpaid indebtedneas secured by thia mort~age, sre
herebr- asaigned to the ylortgagee, and hie heira or ass~gne, and ahstl be paid forthwith Lo said Mort~
agee
or his essi nee to be applied on account u; the last maturing inetallmenta ot auch indebtness; pmvided~~ow-
e~•er, the ~sortgegee or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or aseigna
any part or all of such award; provided~ thet if the loan ia gueranteed or insured, the cwnsent of the guaran-
tor or ~nsurer is obtained in advance of saidpa
yment.
10. The flortgagee msy. st any Lime Pen id ng a auit upon this mortqs~e, spply to the court hsvin~ jiuisdic-
von tLereof or th sppointment of a receiver, and such aourt ahall fortFiw~zth appoint s receiver of the premises
covered hereby all snd wigular, inclndin& all snd singular tha income, profits, issues~ and revenues from ~rhat-
ever source der:ved, each and every of vrWch it being expreasly understood, ia hereby mortgsged as if specifically
set forth and descnbed in the granting snc~ habendum clauses hereoi. Such sppointment shall be made by
such court ss an admitted equity and a mstter of absolute right to said ~iortgagee~ and without reference ta
the adequscy or inadequacy of the value of the property mortgaged or to the solvency or insolrency of said
Mortgagor or the defendants. Such renta~ profits, income~ ~ues, aad revenues shall be spplied by auch receiver
accord'ing to the lien ot this mortgage and the practice of euch court. In the event ot any default on che part
of the Mortgugor hereunder, the Aiortgagor a~reea to pay to the ~+Ior agee on demand ae a reaeonsble monthlv
rental for the premieee an amount at lesat eqwvalent to one-twelfth of theaggregate of the twelve monthlv
installments payable in the then current year plue the actusl smount of the annusl ta~es~ aeeeesnaents, water
ratea, and inaursnce premiume for auch year not covered by the sforesaid moathly paycnents.
11. In the event of aay breach of thia mortgage or deisult on the psrt of the tiiortgagor, or in the event
that any of said sunus oi money herein refen~ed to be not pmmptly and fully psid acxording to the tenor hereof
or in the event that each and every tbe atip ulstione, sgreementa conditione, and coveaants of ssid note snc~
t6ia mortgage, are not duly~ promptly, and fully performed or ~ the Mortgagor be sdjudicated banl:rupt or
msde defendant in a bsnlQUptcy or receiverahi~ proceedings; then in either or any such event~ the said aggre-
gate eum mentioned in aaid note then rem ' unpaid, with intereat accrued to thst time. and all money
secured hereby sball become due and psyab~orthwith, or thereafter, at the option of said 111ortgagee
tully and comp~etely as if all the said aume of money were originslly ~stipulated to be paid on such dsy~ en~
thing in said note or in this mort~age to the contrar~? notwithstanding; and thereupon or thereaf ter~ et the option
of said :~iortgagee, without notice or demand, swt at lsw or in equity, mav be prosecuted as if all moaeva
secured hereby had matured prior to its institution. The Mortgegee mey ~oreclose thie mortgage, as to the
amount so declared due and payable, and the said premiaea ahall be sold to satiafp and psy the same together
with costa~ expenses, end allovrances. In case of putial foreclosure of this mortgage, the mortgaged prnmises
ahall be sold subject to the c~ntinuing lien of this mortga~e for the smount of the debt not then due end unpaid.
In auch case the proviaions of this parsgraph msy agsw be avsiled of thereafter from time to time by the
Mortgagee.
12. No wsiver of sny covenant herein or of the obligation eecurerl hereby shall at any time therea(tet be
held to be a waiver of the terms hereof or of the note aecured herebq.
13. The lien of thia instrument shaU remain in f~ill force and e~ect during any postponement or ~xtension
of the time ot payment of the indebtednese or any psrt thereof secured hereby. ~
14. 1'his mortgage is given to secure the purchaee money, or a part thereof, of the lands herein described N'
and ie eaecuted and delivered contemporaneou~y with the deed therefor. ~
15. It' the 1~iortgagor default in ~ny of the oovenants or agreements oont$ined herein, or in said note, then
the Mortga~ee may petform the same, and sll expenditures (including reasonable nttomey's fees) mnde by the Q
Mortgagee m eo dou?g shaU draw intereat at the.rate pro~~ided for in the principal indebtedness, end slisll be
repefabie thirty (30) daye sfter demand, and, together with interest and costs accrued tLereon, ahall be secured ~
by this mortgage. ~
16. Upon the request of the Mortgagee the ~iortgagor shall execute and deliver s supplemental note or
notes for the aum or sums advanced by the Mortgsgee for the alteration, modernizstion~ improvement, msin-
teaance, or repair of eaid premises, for taaea or assessments againat Lhe same aud for any other pnrpose ~utl~or- ~
ized henunder. 3aid note or notes shall be aecured hereby on s psrity with and es fully aa if the advRnce
evidenoed thereby were iacluded in the note Snt described above. 3aid supplemental note or notes shali bear