HomeMy WebLinkAbout1950 the deficiency. 5uch pa~~ue~~t aliyll be made within~thirty (30) days after wr:Lten notice ftom the ~iortgagee `
stating the amount oi t~e deficiency, which notice msy be g~iven bp meii. If at anq time the Mortgagor '
shail tender to the Mortgagee in sccordaace with Lhe provie~one of the r.nte aecuted hereby, [uU pa~ment
oi the entire indebtedness repreaented thereby, the \-lortgagee as truatee shsll, in computing the amouat of ~
such indebtednees, credit to the account of the tilortgagor any credit balnnce remaining under the provisiona
of (a) of said para~raph 2. If there shall be e default under any of the pmvisione of this mortgage reeulting ~
in a public sale of the preruises covered hereby, or if the :1~Iortgagee acquiraa the property otherwise after ~
defeult, the lriortgagee ss truatee ahall apply, at the time of the comraenceme*~t oi such proceedinga or at }
the time the property ie otherwise acquired, the amount then remeining Lo credit of :1iortgsgor under (a) of ;
para~raph 2 preceding aa a credit on the interest nccured and unpaid and the balaace to the principal thea -
remsining unpaid on eaid note, i
4. He wIll pay ~Il taxee, ~aseee~nente. w~?t~ rst~, and ot~her~o
vernmental or municipal ehaBes. Sne~ or ~
impoeiUona, for which pmvieion has not beea anade hereinbefore, aad in defsult thereof the Mortg,agee m~Y WU? t6s
same; ead tha~ he wtll prompW,y deliver t6e o~cial reoeipts thetefor to the Mort~eagee,
b. He will permdt, oommit, or euHer ao waat~e~ impairment, or deterloration of auid property or any
eocoept reaeonsble ~vear and tear; sad in the eveat of the faiture of the Mo ~~~f
premieos and thoee to be erected on aaid ~°t tO k~P ~ba buildings oa sst~
a premi~ea, or improvements thereon, in good repair the Mo
malce such repairs aa in ite di~cretion it msy deem neceaeaty for the pmpet preeervation thereo~, ~nd the
f~
ount
ot each snd every euch psymen! shall be due aad payable thirty (30) dsya dter de.mand, aad shall be eecured by
tbe lien of tLis mortgage.
6. He will p~y a11 and eingular the ooets, chae~ee, and e:peneea including reaeonsble Lwyer's feea, sad ooets
of abBtracta of title, incurred or paid st any time by the Mortgagee becauee of the failure oa the part of the Mortgegor
pcompWy snd fully to perform the agreements aad oovenanta of eaid promiesory note and this mo , and said
oosta, chat'ges, and e~peneee ehaQ be immedie?te~y due and psyable snd ahall be eecured by the lien of t' mortg;~e.
7. He will oontiuuoue~y maintaiII hasst+d insuranoe~ o# euoh type ol' types snd emounts as Mortgsgee inaq '
from time to time requira, on the improvemente now or hereatter on said premises aad e.rcept when psyment
tor all euch premiums Laa tLeretoiora been made under (s oi paragrs~pL 2 hereof ~e a?ill pay gromptly when
due my premiums tharetor. All ineuraaoe ahall be carri~ in oompanies spprove~ by 11io es wd the poli-
a es
cxes and renewals thereof ehali be held by Mortgagee end hsve attached thereto loas payable usee in fsvor ot s
~tad in form aa;eptable to tLe Mo In event of loeB he will give immediate notice by mail to Mortgagee, ~
and Mortgagee msy make proof~ if not made promptly by Mortgagor, and each inawanoe oompaqy :
ooncerned ia hereb authorir.ed and directed to mahe payment for euch loes directiy to Mort~~ instead oi '
to Mortgegor end ~ortgagee ointly, and the insurance proc~eeds, or aqy part thereof~ may be ap.p7ied by l~iort-
~gee at ite option either to ~e reduction of the indebtedneea hereby eecured or to the restora4on or repair oi
the property dama~ed. In event of forecloeure of t,his mortgage or other tranafer oi title to the mortgaged
~~d tingu~hmsn ~
O~the~'mde~bf ured hereby~ s~l right, title~ and interest oE the Mortge~g~or
Y~ Po pasa to the purchaeer or grantee.
8. He K ill not eaecute or file of record say instrument ~hich impoaes a restriction upon the aale or occu-
psncy of tbe prnperty described herein on Lhe basis of raee~ color~ or creed.
9. It the premises, or ,~ny part thereof, be condemned under the power of eminent domain, or acquired i
for a public use, ttye das~ages awarded, t.he proceeds for the tsking of, or the consideration for such aoquisi-
tion, to the extept of the full amount of Lhe remaining unpaid indebtedness secured by this mortqage, are
hereb~• assigned to the ;~iortgagee, and his heirs or ass~gns, and shsll be paid forthwith to said Mortgagee
or his assignoe to be applied on account of the last maturing installraenta of euc~ indebtnese; provided, bow-
e~ er~ the 11~Iortgagee or his assigaee, ma~ at his discretion pay d'uect to the Mortgagor, his heirs or assigns ~
any part or all of such award; provided, that if Lhe loan is gusrBUteed or insnred, the consent of the guaran-
Lor or wsurer is obtained in advance of said payment.
10. The 4iortgagee mey, at any time ~end~ing a suit upon thia mort a~e apply to the court hnvin~ jurisdi~~-
e
tion thereof for the appointment ot e receiver, and such court sball fortfiwit~ a~potnt s receiver of the premises
w
covered hereby all and singular, includin~ sll and singular the income~ profite~ issuee, and revenues trom ~rhat-
ever eource denved, each and every of wtuch it bein expresalp understood, is Lereby mortgaged sa if apecifically
set forth and descnbed in the granting an~ haben~um clsuaes hereof. Such appointment shall be made by
euch oourt as an admitted equity and s mstter of abeolute right to said Mortgag~ee~ and without reference to
the adequacy or inadequacy of the valae of the property mortgaged or to the solvency or inaolrency of said
Mortgagor or the defendante. Such rents, profits, income~ ~ssues, and revenues shsll be spplied by such receiver
according to the lien of this mortgage and tLe practice of such court. In the event of sny default on the part
of the l~iortgagor hereunder, the tiortgagor a~rees to pay to the :1+iortgagee on demand as s reasoaable monthlv
rental for the premisea an amount at leaat equivalent to one-twelftL (Sfz) of the aggregate of the twelve monthly
inatallments psyable in the then current year plus the actnsl amount of the snnual tsxes, ssseesmenta~ wster
ratee, and inaurance premiume for euch year not covered by t6e sforesud monthly psyments.
11. In the event of sny breach of thia mortgage or default on the part of the ~iortgag~or, or in the event
thst any of said sums ot money herein referred to be not promptly and fully psid according to the tenor hereof,
or in the event that each and every the stip ulatione, sgreements conditiona, aad covenants of asid note and
thia mortgage, ere not dulp, pmmptly~ and fully performed or it~ the :~iortgsgor be adjudicated benkrupt or
mede defendant in s bsnkruptcy or receivershi~ proceedinga; then in either or any such evenL~ the said aggre-
gste sum mentioned in said note then remeinu~g unpa~d, w?th interest accrued to thst time, and all money
eecured hereby ahall become due and payable forthwith, or thereafter, st the option of said 11iortgagee, ea
fully and compf
etely as ii all the said sums of money were originally stiputeted to be paid on such day, an~
-
thing in said note or in this mort~age to the contrar~ notwithstanding; and Lhereupon or thereafter~ At the option
of said ATortgagee, without notice or demsnd, suit at law or in equity, msv be prosecuted ss if all mone~s
secured hereby hsd matured prior to ita institution. The Ziort agee may foreclose this mortgage~ as to tbe
amount so declered due and payable~ and the said premises ahall~ sotd to satisfy and pey the sarne together
with costa expenses, and allowances. In csae of partial foreclosure of this mortgage, the mortgeged pmmises
shall be so~d aubject to the continuing lien of this mortge~e fur the emount of the debt not then due end ~~npaid.
In such case the proviaiona of this paragraph may agaui be aveiled of thereafter from time to time by t6e
Mortgagee.
IZ. No weiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note sec~ued hereby,
13. The lien of this instrument ahall remain in full force and eSect during any postponement or extension
of the time of payment of the indebtednesa or any part thereof secured hereby. ~
14. This mortgage is given to aecure the purchese money, or a part thect.;!, ot the landa herein described ~
and ia eaecuted and delivered contemporaneously w•ith Lhe deed therefor. ~
15. If the l~iorigagor default in any of the covenants or agreements contained herein, or in said note, then t..~
the Mortga~ee may perform the same, and all expenditures (including reasonable attorney's fees) made by the ~
Mortgagee in so doing ahall drav~ interest at the rate provided for in the principal indebtedness, and sl~all Ge ~
repay a~ble thirty (30) dsps after demand~ and~ together with intereet and costs accrued thereon, ahell be secured
by thie mortgege. ~
16. U n the r uest of the Mor
po eq tgegee the Mortgagor ahall execute snd deliver s aupplemental note or
aotee for the aum or sums advanced by the Mortgagee tor the alteration, modernization, improvement, maia- ~
tenance, or repair of said premises, for taxes or aseessment8 against the same and for any other purpose autlior• ~o
ized hereunder. Said note or notes ahnll be 8ecured hereby on s parity with and as tuUy ss if the edvence c.a
evidenced thereby were included in the note firet deacribed above. Ssid supplemental note or notes ahall besr
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