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HomeMy WebLinkAbout0926 ~ • Mortg:eor s1•~11 pa~~ to the Mort.gagee any araoun~ necessar~ to make up the deficicnay. Such payment shall be made with~n thirt~ (30) d~ys attcr writtea notic:e from the Most statitag ~l~e amount of tl~e dc6cien~ ~ i ~vhich notice may be ~iven by mail. It atsay tune the Mortgagor all tender to the Mortge~gee in ecxo - ance with 6he~ proviswns of the note secured hereby, full payment ot the antire indebtedaesa represrntcd thereby, the Mo~a~ sh411, in oomputing the amount ot such indebtedness, ctedit to the sooount of the M~rtgsgor sny aredi~ balance remsir~ing uader the provisions oi (s) oi suid p ph 2.. It there shall be • def~ult under ~ay oi the ~mviaiona oi this moriga~e t+eaulting in a public sale oi e preauses oovered hercby or ii the Mortgsgee ~cqwres the properiy othetw~ae attei~ det~uli~ the Mortga~ee ahaU~ app ly~ at t~t?e ~ime o~ tha commencemen6 oi such proceedings or st the time the property is otherwieeacquired~ the uaount then remsining t,o credit oi Mort~e~or under (s) of paragrsph 2 precFdicyX sa a credi~ oa Lhe intereet aocrued snd unpaid anc~ the balsnce to tfie priacipal t6en remaizung unpaid on said nots. 4. He will pRy all t~~ee, ~eeeesnents, wutee rstes. and olber~o vernmente~l or munieiPV ~0. ~ ~nnpositions, for wLioh pa~oviaioa bas not been ms~tle h~eiabefors, aad in detiwlt t,hereof t~he Mortg,aaee m~Y W1Y ~ m~me; and thst bs wiU prompt~y deliver t6e offia~al reoeipTa there(or to the Mortg~ee. i b. Ha will parmit~ oommit, or suHer no w~e, impnirmea~ ae deteeioistion af ea~d property aesoy psrt thereot ~ emoepL reseonabls wear and t~ear• and in fhe event af ths i ure of the Mort~agor to keep the buildingp on eat~ ~ premises aad thoee to be erecte~ on eaid pnmisee, or impmvements thereon, m good repsir t6e Mortgagee aa~y ~ make such rep~3:s as i~q ita diseretion it m~y deem neoeeeary for the Pi'oP~ Pi'~~ation thereo~, snd the full amouat ~ ot each and every e~ah p~rment ehall be due and p?Y~bb t6irtY (30) d~ys dt~ demand, and ehall be secured by the liea ot this mortaaae. 8~ He will p~y a11 and e~ngular the oosta, dh~arsee~and ea~peaees, including re~+sonabk bwy~'s fees, and oosts ot abat~raota of title, incurred or paid st sqy time by the ortg,~ee becauee of the failure on the part of the Mortgagor Pt'omPL1Y andfu~? t~o pertorm the agreementa and oovenaate of eaid promieeory note and thia mo~ ~ snd ssid i ooats, charges, snd ea~penees a6sU be immediate~y due snd payable and eLall be eecured by the lien of thie mortgage. ~ 7. Ha will o~ntinuouebr maintain huard insunaoe, of such type or typee and amounte se Mortgagee may ~ from time to time require, on t~e impmvements now or hereatter on esid pnmises snd e.~cept when payment ~ for a11 snch premiume has theretofore been made under (a oi paragra~h 2 hereof ~e will pay prompt1y when due any premiume there~for. All inauraaoe ahall be in oompaniee sppmve~ by I?i and the poli ciee and renews~,ts thereof eLall be beld by Mortgagee and Lave attached thereto loes psyable usee in isvor of aud in form ecceptsble to the Mo In event oi loee he will give immediate notioe by mnil to Mortgagee, •ad Mortgsagee_msy make pruoi~ if not made pn~mptly by Mortgagor, snd each insurunoe aompeny concarned ~a hereb sutLorir,ed and direated to make psyment for auch loea directly to Mortga~g~ ~natead ot tt~ Mortgag~or and ~ortgagee joint~y, aad t~he i~uranoe Prooeeda, aRY P~ thereof may be ap- plied by 111ort- ~agee at ita option either to the reduction of the indebtedneee Lereby aecured or to t'he restoration or repair of the pmperty dama$ed. In event of foreclosure of thia mortgage or other tranafer of tiWe to the mortgaged property in eztingu~ahment of the indebtednees secured hereby, a~l tight, title, and intereat of the Mortgagor ~ m and to auy inaursnc~e policies tben in force shall pase to the purchaeer or grantee. ~ 8. He wilt not execute or Sle of record any inatrument which impoaes a restriction upon the sale or occu- j psncy of the property described herein on the basis of race. color, or creed. ~ 9. If the premise~, or any part thereof, be condemned under the power of eminent domain, or acquired ~ for a public use, the damages awardecl~ the procceds for the taking of, or the considerstion for such aoquisi- ~ tion, to the extent of the full amount of the remaining unpaid indebtedne8s socured~ by this mortgage, are ~ hereby assigned to the Mortgagee, and hia heira or assigns~ aqd shsU be paid forthwith Lo said Mort~agee ; or his assignee to be applied on account of Lhe last maturing installme~ta of such indebtneee• provided,- how- ~ ever, the Mortgagee or his assignee, mey at his discretion pay direct to the Mortgagor, hia ~eirs or assigns ~ an~ part or all of such award; provided, that if Lhe loan is guaranteed or insured, the consent of the guaran- ~ tor or wsurer is obtained in advance of saidpa yment. ~ 10. The Mortgag~ee may, at any tima pendi'ng a suit upon this mort~gage apply to the oourt having jurisclic- ~ tion thereof for the appointment oi a receiver, and such oourt a6a11 forifiwit~ appoint s receiver of the premisea t covered hereby all and aing~lar~ includin~ all and singular the inoome, pmfits~ issues, and revenues from ~vhat- i ' ever eource denved, each and every of v~hich it being ezpressly understood~ is hereby mortgaged as if apecifically ~ i eet forth and descnbed in the granting an~ Labendum clauses bereof. Such eppointment shall be made by ; such court as an admitted equity and e matter of sbeoluts right to said tifortgagee~ and without reference to ? the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of said ~ ~ Mortgagor or the defendanta. Such rents, profits, income, issuea, and revenues shaU be applied by such receiver ~ ~ eccording to the lien of this mortgage and the practice of such court. In tLe event of any default on the part ~ of the hlortgagor hereunder, the ~iortgagor aptrees to pay to the'.41or agee on demsnd as a reasonable monthlv ~ rentel for the premises an amount at lea9t equivalent to one-tweltth of theaggregate of the twelve monthlv I ~ installments payable in the then current qear plus the actual amount of the annuat tates, asseasments~ water ~ rates, and insurance premiums for auch year nut covered by the eforesaid monthly payments. . i 11. In the event of any breach of this mortgage or default on the part of t~?e Mortgagor, or in the eveat ; ~ that any of said sums of money herein refen~ed to be not prompdy and fully paid according to the tenor hereof, ~ or in the event that each and eve the stipuletiona, agreements conditiuns and covenants of said note and - t6is mortgage, are not duly, promptly, and fully pertormed or i~ the Mortgsgor be adjudicated banl~upt or ~ msde defendant in a bankruptcy or receivershi~ proceedings; then in either or any euch event, the said aggre- gate sum mentioned in said note then rem ' unpaid, vrnth interest acarued to that time, and all money : secured hereby ahall become dus and payab~ortLwith, or thereefter~ st the option of said iliortgagee, as ; fully and comp~etely as if all tLe said suma of money'were originslly atipulated to be paid on such day, an~- _ thing m aaid note or m this mort~sge to the contrar~ notwithstanding; and thereupon or thereafter, at the option ~ ot said 1liortgagee, withouti notice or demand~ suit at lew or in e(~mty, mav be prosecuted as if all mone~s ~ ~ eecured hereby had matured prior to ita inatitution. The Mortgagee may foreclose this mortgxge, as to tf?e ; amount eo declared due and payable, and the said premises ahalll~e aold to satisty end psy the same together i ~ with costs expenses, and allowances. In case of partisl foreclosure of this mortgage, the mortgaged pmmises ahall be sof d sub~ect to the continuing lien of this mortgape for the emount of the debt not then due and unpaid. In such caee the pmviaions of this paragraph may agaui be svailed of thereafter from time to time by the ~ Mo~~. ' 12. No wsiver of any covenant herein or of the obligstion secured hereby ahail at any time thercaiter be ~ held to be a wsiver of the terma hereof or of the note ae.cured hereby. . ~ 13.-The lien of this inatrument shall remain in full force and eHect during any postponement or extension ' ~t ~ of the time of psyment of the indebtednesa or any part thereof secwed hereby. ~ 14. This mort~age is given to secure the purchese money, or s part thereof~ of the lands herein described ~ Q aad is executed snd delivered contemporaneously with the deed therefor. r= ~ 15. If the Mortgagor default in any of the covenanta or sgreements contained herein, or in said note, thea the Mortga~ee may_perform the same, and all eapenditures (includmg reasonable attorney's fees) made by the • ~ y.,.. Morigagee ~n eo domg ahall draw intereat at the rate provided for in the principel indebtedness, and shaU be ~ repsy e~ble thirty (30) ds}re sfter demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. ~ " 3 16. Upon the request oi the Mortgagee the Mortgagor shall ea~ecute and deliver s supplemental note or ~ ~ aO notes for the sum or sums advanced by tLe Mortgagee for Lhe alteration, modernization, improvement, maia- _ ~ tenance, or repair of said premiaes, for taxes or aseesamente againat the same and for any other purpose sutlior- ! ~ ized hereunder. Said note or notes ahall be secured hereby on a parity with and as fully as if tl~e advance ` ~ evidenced thereby were included in the note Srst deecribed sbove. Said auppleraental note or notes ahall besr ~ ; _ ~ ~x: - _ _ - - _ ..x ~o - f ~ ~:~~s°~'~~ ~~,s~` ~ ~ T~"TMh - 7;. " a` ' ' ~ .