HomeMy WebLinkAbout1791 Mortgagor elull pay to t,he Mortgagee i?ny smount~necc~sary to mske up lhe de&:::c~cy. Such psyment she~ll
be made wi~hia thirty (30j dRya after written notice Imm the Mortgagee atating t!?e amount of tl?e deficiency~
which notice may be ~iven by mail. If ati sny time the Mortgagor shall Lender to ~ho Mortgagee in accord-
ance wit,h the_ provis?ons of the note eecured hereby~ full p~?yment ot the entire indcbtedncss reprea~ntcd
thereby~ the Mortg agee ehall, in computing the amount of such indebtednesa. credit to the account of tho
Mor~,gsgor any credi~ balance remaining under the provisiona of (s) oi said pura~aph 2. If ~here shall be s
default under any oi the ~rovisiona of thie mortga~e resulting in a public sale of thP prnmisea covered hereby~ ;
or if the Mortgegee scquirea the prc~perty otherwiee stter default. the Mortga~ee shall Apply~ at tbe ~ime ot ~
~ the commencemen~ ot such proceedin~s or at the time the properiy ia otherw~se a:Y-;.ired~ t6c amount tben ~
remaining to credit oi Mortgegor under (s) oi paragraph 2 precedin~ as n credi~ on the interest accrued and
unpaid and the balaace to tfie pnncipal then remsining unpaid on said note.
4. Ha will pe?y all tssee, aeec~ements, watee rst~es, snd other ~overnmental or municiPul charge0. Snes.. or
impoeitione~ for wlueh pmvieion haa not been made hereiabefore, snd in default thereof tiM+ Mortgagee may psy the
same; and that he will prompt~y deliver the oS'icisl reoeipte therefor to the Mortgagee.
b. He will permit, oommit, or su6er no waste, impairment~ or deteriorstion of esid pmperty or any psrt thereof
escept reaeonable wear and t~ear; and in the event of the failure ot t6e Mortgagor tu :eep the buildinga on sai~
premieee and thoee to be erected on esid preooieee, or improvements thereon, in good repair, the Mortgagee msy
make such rEpairs ae in its diecretion it may dcem neoeeee?ry for the proper preservation thereof, and the full amount
of each and every suah psyment ahall be due ~?nd pqy~bk thirty (30) dsys sfter demaad, and ahall be eecured by
the liea of thie mortgage.
6. He will pe?y all and mngular the ooets, and e:peneea, including reasonable lswyer's feee, and oosts
of sbetracts of tiWe~ incurred os paid at any time b~Mortgngee becauee of the fsilure on the p~rt of the Mortgagor
psomptly and i~y to perform the agreemente snd oovenante of eaid pmmieeory note and thia mortgage. and said
ooets, eharges, and e:penees ahall be immediat~ely d~ and psyable and ahall be eecured by the lien of this mortgage.
7. He will oontinuoua~y maintain hazard inanranoe, of such type or typee snd amounts as Mortgagee msy
from time to time require, on the improvements now or hereafter on esid premises and e.rcept when peymenL
tor all auch premiums has tLeretofore been made under (a of paregraph 2 hereof ~e will pay pmmptly when
due any premiuma therefor. All insuranc~e ahall be carri~ in oompanies approve~ by bio~ee snd the poli
cies end renewala thereof ahall be held by Mortgagee snd beve attached thereto l~s paqsble c auses in favor of
and in form acxeptsble to the Mo . In event of losa he will give immediate notice by mail to Mortgagee,
and Mortgagee msy make.proof~ if not made promptly by Mortgagor~ and each insurance aompany
ooncerned is hereb authorized snd directed to make payment for such loes directly to Mortgagee instead of
to Mortgagor e,nd ~ortgagee 'ointly, and the inauranoe pmceede, or any part t6ereof~ may be spp7ied by I?iortr
gagee at ita option either to ~e reduction ot the indebtednesa hereby eecured or to the restoration or repair of
the property damab?ed. In event of foreclaeure of this martgage or other transier of tiWe to the mortgaged
property in eatu~gu~shment of the indebtednees eecured hereby, a~l right, title, end interest ot the Mortgagor
m and to any ineurance pohcies then in foroe ahall pass to the purchaser or grantee.
8. He will not execute or file of record any instrument which imposes a restriction upon tl~e sale or cecu-
pancy of the pmperty described herein on the basis of race~ color~ or creed.
9. If t.he premises, or any part thereot, be condemned under the power of eminent domain, or acquired
for a public use, the damages awardeci, t.he proceeds for the taking of~ or the consideretion for such acqwsi-
tion, to the extent of thc ful~ amount of thc remaining unpaid indebtedness secured by this mor~tgage, are
hereb~- assigned to tl~e :~Zortgagee, and his heirs or ass~gns, and ahall be paid forthwith to said Mortgagee
or his assignee to be applied on account ot tl~e last maturing installments of such indebtness; provided, how-
erer, the 11~iortgagee or his assignce, ma~ at liis discretion pay d'uect to the Mortgagor, his heirs or assigns
an~' part or all of such award; provided, t6at if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obt~ined in advance of seid payment.
10. The ~lortgagee mey~ at any time ~ending s suit upon this mortgage, apply to the court hnvinR j~irisciic-
tion thereof for the eppointment oi a receiver, and such oourt ahall forthv~nth eppoint a receiver of the premises
covered hereby s11 and singular, includin~ all and singular the income~ profits, issues, and revenues from hat-
ever source deriveci, each and every oi vrhich, it being e~cpressly understood, is hereby mortgeged as if specificall~
set forth and described in the granting and habendum clauses hereof. Such appointment shsll be made by
such court ag an admitted equity and a matter of absolute right to said :1lortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ encv of said
11iort,~agor or the defendants. Such rents, profits, mcome, ~ssues~ and revenues shall be applied b~ such reeei~ er
according to the lien of thia mortgage and the practice of such court. In the event of any default on the part
of the biortgagor hereunder, the ~fortgagor agrees to pay to the ti'Iortgagee on demand as a reasonable monthlv
rental for the premises an amount at least equivalent to one-twelfth (y:) of the aggregate of the twelve monthl~
inatallments payable in the then cunent year plua the actual amount of the annual ta~es, essessments, water -
rates, and insurance premiums for such year not oovered by the aforeseid monthly psymenta.
11. In tLe event of any breach of this mortgage or default on the part of the Mortgagor, 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 stipuletions, agreeraents, conditiuns, and covenants of said note and
thie mortgege, are not duly, promptly, and fully performed or if the I1'Iortgagor be adjudicated bankrupt or
mede defendant in a bankruptcy or receivershi~ proceedings; then in either or any such event, the said eggre-
gate sum mentioned in said note then remainu?g unpaid, vrnth interest accrued ta that time, and all mone~
secured herehy, ahall become due and payable forthw-ith, or thereaft~r, et the option of said 111ortgagee, as
fully and completely as if all the said suma of money~were originally stipulsted to be paid on such da~, an~-
thing ~n said note or m this mort~age to the contrary notwithstsnding; and thereupon or thereafter, at the option
of said Asortga~ee, without not~ce or demand, suit at law or in equ~ty~ mev be prosecuted as if all mone~ s
secured hereby xd matured ptior to its inatitution. The `iortgagee mey foreclose this mortgage, as to tfie
~ emount so declared due and payable, and the said preraises shell be sold to satisfy and pay the same together
Rzth costs expenses, end allowances. In case of partial foreclosure of this mort~age, the mortgageci pmnuses
~ shall be sold subject to the continuing lien of this mortga~e fur the emount of the debt not then duc and unpnid.
In such case the provisions of this paragraph may agaui be availed of thereafter irom time to time by the
~ Mortgagee.
~ 12. No waiver of any covenant herein or of the obligetion secured hereby shail at sny time tl~ercefter be
~ held to be a waiver of the terms hereof or of the note secured hereby.
~ 13. The lien of thia inatrument shall remain in full force and eHect during any ~ostponement or ~xtension- ~
of the time of payment of the indebtednesa or any pert thereof secured hereby. ~
` 14. This mortg~ge ia given to secure the pumhsse money~ or a part thereof, of the landa herein described
~ and is executed and delivered contemporaneously with the deed therefor.
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~ 15. If the 11Zortgagor default in any of the covenants or agreements contained herein, or in said note, then ~
~ the Mortga~ee may perform the same, and all eapenditures (including masonable sttornev's fees) made by the ~
~ 111ortgagee in so doing shall draw interest at the rate provided for in the principel indebteclness, and sl~all Le -
repeya~ble thirty (30) days after demand, and, together with intereat and costs accrued thereon, shell be secured O
~ by this mortgage.
16. Upon the request of the Mortgagee t6e Mortgagor shall execute and deliver a supplemental note or 't"~
~ notes for the sum or sums advanced by tbe Mortgagee for the alteration, modernization, improvement, main- o~o ~
~ tenance, or repair of said premisea, for tsaes or easessmenta against t~he same and for any other purpose author- om
~~y' ized hereunder. Said note or notes shall be secured hereby on s parity v?i1h and as fully ss if tLe acl~ance
evidenced thereby were included in the note firat described above. Said supplemental note or notes shall bear
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