HomeMy WebLinkAbout2556 the def?ciency. tiuchpa~ ~uent ahall 6e ~uuJe wi hit~ tlurLy (S~ ~:sys after writt.~n n~tice fm+n U~e ~to~tgu~ee
strliu~ 1be a~nount o( tlie deficienc~~ whicli no~ire m~~r be ~ve~ by mail. It at any time thR ~tartg,~o~
st~u~l tender to the ~lortKN~;ee in scconiHnce N itie tl~e pcovi~ous ot tl?e note secured hereby. full paymenl~
oi the entire indebtc~dnesa repmsenteci th~•~cby, ti~e ~toct~e~eR as truateo shell, in computin~ the euaount o[
such indebtedness, cr~edit, to tlie an~ount ot tl~e \fortguKor nny credit belance remaining unde~ tlie pmvisiona
ot ot snid Furu ph 2. I( ttiere sl~ull be a defuult unde~ any ot the pro~isions oi this mort~nge ~sult~ng
in s public sale o tl~e premises coveted 1?e~eby~ or it the ~tortga~;ee ~cqui~es the property othe~w?•ise *tte~
default~ the ~tortgsKee as truste~e shell epply. at tl~e ti~ne ot the conuuence~uent ot such proceedin~ts or st
tl?e time the property ~s otherNise acquited~ the smount tl~e~t temeining to cnxlit o~ ~1ort{CsRor under (a) o[
paraRruph 2 prececiu~g xa n credit on the interest accured und unpaid and the bnla~ce ta the prineipal then
remau?ing unp~id on said n~W. ' '
4. He wi!! pay aD t~ces. amee~eata, wsta' ='ate~. ~nd other~overnonental ee municiPv ~~~'6~, ~
impaitione, for which prori~ion has not been aw~de heeeinbefore. and in defaulL thereot ths Mo~taaaee m~,~r PRY ~
rme; and t~lut bs will promp~,y cklive~ the o~ciai reaipts tberetor to the Moctg~ee.
b. He will permit~ oommit, or sufter no w~sts, impairment~ or de~eriorstion ot aatd property or anr part thereoi
esap! re~eonabb ~+eae snd t~ear; aad ia t6s ev~ea! oi the lWure ot We Mort~or to keep tbe buildinap oa s~i~
premises aod those to be erccted oa e~id premise~, or improvemeata thueon, ia ~ood npair tl~e Mortg~ee may
malce such npairs as in ita diecrett~ iL msy aeem neoeeeary for t6e proper preeervation t6ereo~, and the tull amount
ot ach ~nd every suc~ p~yment aball bs due and paysbb t6iitY (30) d~U?e atter demand, and ~6af1 be secured by
t,he liea of thi~ mort~~e. .
6. He will pay all and a~n~uLr the eoets, eLar~ee, and e~cpenses. includin6 reasonsble Lwyec"s fees, ~ad ooets
of abstracts of title, incurred or p~id at any time by tbe Mortge?~ee becauee ot the fsilure on tbe part ot the Mort6aaor
P~'~P~Y and fully ~o perform tbs a~eements and oovenante of eaid pmmiaeory notc and this mo~age, and aa:d
oosts, charges, and e:penses a6all be immedistebr due snd p~,ysb1e and sbalt be secured by the lien of t is mortg~s.
7. He will oontinuoua~jr maintaia b~sard insuranoe, of euc6 type or types and amounte as Mo~tgagee ma~
from time to time require, on the improvemente now or Lereatter on eaid premisee aad e.rcep6 when payment
for all sucb premiums Laa t6eretufore been made under (t oi pa~agraph 2 hereoi ~e will pay promptly when
due any premiums therefor. All iasuranoe ah~ll be c~r~ ia c~ompanies approve~ by I11o~ee and the po1H
ciee and nnewals thereoi ahaU be beld by Mortgagee and Lave attsched thereto loas psyable c suses in favor oi
and in form aceeptsble to tha Mo ~sgee. In event oi losa he will give immediste notice by mW to Mortgagee~
and Mortgagee may make .prooi~~ [ laes it not made promptiy by Mortgagor, and each insurance oompan~
ooncerned is hereby~authon~d and directed to make payment for such loea directty t~o Mor~a~ee inatead oi
t,o Mortgsgor snd Mortgagee jointly, snd tLe inaur~ace prooeeds, or sny part there~i~ may be applied by riortr
gagee st ita option either to the reduction oi the indebtednees hereby eecured or to the res~on4on or repair oi
tLe pmperty dama~ed. In event oi foreclosure oi Lhis mortgage or other transfer of title to the mortgaged
properiy in eztingu~shment of the indebtedneee secured hereby, a~l right, tide, and interest oi the Mortgagor
in and ~o any inaw~?nce policies-then in force shall pasa to the purcbaser or grsntee.
8. He vvill not ezecute or file of record any inatrument ~vhich imposes a restrict':oa upon Lhe sale or oocu-
psncy oi the pmperty described herein on the bssis of race. oolor~ or creed.
9. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the dameges awarded~ the proceeds for the teking of, or thc consideration for such acquisi-
tion, to the extent of lhc full amount of the remaining unpaid indebtedness secured by this mortgage, are
hereb~ assigned to tl~e Mortgagee, a~~d his heirs or ass~gns, and shall be paid torthwith to said Mortgagee
or his ass~g nee to be applied on account of t6e last msturing installments oi such indebtnc~a; provided~ hoc: -
ever, the I~iortgegl~e ar 6is assignce, msy at 1?is discretion pay direct to the Dsartgagor~ his heirs or assigns
any pact or all of such award; provided~ that if Lhe loan is gusranteed or insured~ the consent of the guatan-
tor or insurer is obtained in advence oI saidpa
yment.
10. The `fortgagee msy~ at anp time ~?ending a suit upon tma mortgage~ spply to the court h~~ in~ j~irisciic-
tion thereof for the appointment of a receiver~ and such conrt sbsll fortbvnth sppoint a receiver ot the premises
covered hereby all and singular, includin~ all and singulsr the income, pmfits~ ~.ssues. and revenues frnm Nhat-
ever source denved, each and every ot w~ch it being e~cpresaly understood~ is hereby mortgagec! as if specifically
aet forth and descnbed in the granting an~ hsbendum clsuses hereof. Such appointment shall be made by
such court as an admitted equity and s matter of abeolutE right to said ~iortgagee. and wichout reference to
the adequacy or inadequacy oi the vslue of the property mortgaged or to the solvency or insol~ ency ot said
Mort agor or the defendsnts. Such rents. profits, income, issues, snd revenues ahsll be applied by such recei~
er
acco~ing to the lien ot this mortgage and the practice of such court. In the event ot sny default on the part
ot the ~iortgagor hereunder~ the :~lortgagor s~rees to psy to the ~+iortgagee on demand ss a ressonable monthlv
rental for the premises an amount at least equ~valent to one-twelttL (K:) oi theaggregate of the twelve monthly
installments psyable in the then current year plus the acl,ual amount of the annusl tsxes, sssessments~ water
rates, and insurance premiums for such year not oovered by the aforesaid ~onthly payments.
11. In the event of any breach of this mortgage or defsult on the part of the Mortgagor, or in the event
that any of s~?id sums ot money herein referred to be not prompUy and fully paid according to the tenor hereof~
or in the event that each and every the atipulstions. agreementa, conditiuns, and covenents of seid note snd
this mortgage, sre not dulp, promptly. and fully pertormed or if the ~iartgsgor be adjudicsted bankrupt or
made defendant in s bankruptcy or receiveishi~ proceeciings; then in either or any such event~ the said aggre-
gate sum mentioned in asid note then remainwg unpaid, with interr_s~, sccrued to that time, and all monev
secured hereby, shaU become due and payable iort6with, or thereatter, at the option of said 1lfortgagee~ as
tully and completely as if all the said sums of money were originslly stipulated to be paid on such da~, an~-
thing in said note or m this mort~age to the oontrscx notwithstand'uig; and thereupon or theceatter, et the option
oi said 111ortgsgee. writhout not~ce or demand, swt at lsw or in equity~ msv be prosecuted sa if all monevs
aecured hemby hi?d mstured prior to its institution. 1'he ~iort~agee may ~oreclose this mortge~ge, es to tf?e
smount so declared due and paysble~ snd the said premises ahall be sold to sstisfy and psy the same together
with costa, expenses, and sllowances. In csse of partisl foreclo~ure oi this mortgage, the mortgaged prnm~ses
shall be sold subject to the continuing lien oE this mortga~e fur the amount of the debt not then due and unpnid.
In such cage the provisions of tLis paragraph may again be availed of thereatter frnm time to time by tLe
Mortgagee.
12. No wsiver of any covenant herein or oi the obligation secured hereby shall at any time tliercetter be
held to be s waiver oi tbe terms hereof or oi tbe note aecured hereby.
13. The lien of this instrument ahall remsin in full force snd etiect during any postponement or cctensiozr
of the time of psyment of the indebtedneas or sny part thereoi aecured hereby.
14. This mortgage ia given to secure the purch~e money~ or s part thereof, of the lands herein described C"~
and ia esecuted and delivered contemporaneously with the deed therefor. ~
1 S. If che Mortgagor defsult in any of the covenants or agreements contained herein, or in said note, then ~
tLe ~iortga~ee m^y_perform the same, and sll eapenditures (including reasonable ettorney's fees) made by the ~
Mortgagee m so do~ng ahall drsw interest at the rste pror-ided for in the priacipal indebteclness, wnd sl~all be y- •
rep~y s~ble thirty (30) dsys a[ter demand~ and, together with interest and costs accrued thereon, shell be secured a,
by this mortgage. r.0
16. Upon the request ot the Mortgagee the Mortgsgar shall execute and deliver s supplemeatal note or ar•~•~ .
aotes for the sum or sums sdvanced by the 1liortgagee for the slteration, modernization, impmvement; main- ~ Y •
tenance, or repair ot s~id premises, for taxes or aseessments against the same snd for any other purpose sutl?or- ~
ized hereunder. Said note or notes shall be secured hereby on a paritq with snd ss fully sa ~t tl~e advance
evideaced thereby wen iacluded ia the aote first described above. Said supplemental note or notes shall bear