HomeMy WebLinkAbout2133 tlie ~leficieu~•y. tiuch ps•iuent shalt be n?NCte within thirty (30) daya after Hritt~~n notice [min tho ~lortgagee .
stating the amount of t~ie deficiency, w•hieh notice may be given by mail. If at any time the tiiortgagor '
aha~l tender to the ~iortgagee in accord~nce with the pro~ isions ~t the note se.,ured hereby~ full payme~t
of the entire indebtednesa represented thereby, the \•lortgagee as truatee shall, in co~nputing the amount of
such indebtedness, credit to tl~e account of the `iortgagor any credit balance reinaining under the pmvisioae
of (a) ot eaid pnragraph 2. If there shall be s default~under any of the prorisiona of thia rnortgage resulting
in a public snle of the premises covered hereby~ or it the viortgngee acquires the property otherwise sfter
default, the ~iortgagee as truatee ahall apply~ st the time of the commencenient of such proceedinga or st
the time the property ts otherwise acquired~ the amount then remaining to credit of ~iortgagor under (s) of
para~raph 2 preceding ss a credit on the intereat accured and unpaid and the balance to the principal then
remammg unpaid on eaid nate. -
4. He will pay all taxee, ueseesnnents, wutee rute~, and other~overnmental or municlpsi ch~?rges, Sae~ or ~
~anpoeitlons~ for which provisioa has not beea msde hereinbetore~ snd in defsult thereof t6e biort~gee m,y p~y fbs
ame; aad t6st he wlll promptly delives t6e official reoeipb t6et~etor to the Mortgagee.
b. He will permit, oommit, or su8es no w~ste, impsirmeat, or deteeioration of eaid pmperty or~ny thereof
eacoept reasonuble wear and tear• aad ia the eveat of the faiture of the Mortgagor to keep the buildi~ on eaid
premieee sad those to be encte~ on eaid premiees, or improvementa thereon, in good repair t6e Mortgagee m~y
mske such repairs as in its dieeretion it mqy deem neoeeesry for the proper preeervation thereo~, ~ad tha full amouat
of each and every suoh p?yaneat shall be due and payable thirtY (30) dsys after demsnd. and ehsll be secured by
the lien of this m•~rtgage.
8. He will psy all aad einguL?r the eoets, ~l~end eacpenees~ inctuding reaaonabla L?wyer's feee, and oost~
af sbetracts of titla, ineun~etl or paid at any time by ortgagee becauee of the failure on the psrt of the Mortg~gor
pt+omptly and fully to perform the a~reements and oovenanta of esid promieeory note and thia mortgage, snd asid
ooete, chsrgee, and ezpeneea ehall be immediate~jr due t~nd psysble and eball be eecured by the lien of t~ue mortg~ge.
7. He will oontinuous~y msintain haaard insursnce, oi euch type or types snd amounts as Mortgagee msy
from time to time require, on tLe improvemente no~v or hereafter on said premisee and e~cept when payment
for sll such premiume has tLeretofore been made under (s of paragragh 2 hereof ~e will pay pmmptly when
due snp premiuma therefor. All insuranoe shall be carri~ ia companies spprove~ by 111ort~a~ee and the 1~
ciee and renewala thereof ahall be held by Mortgagee and have attsched thereto losa payable crauses in favor oi
and in form acceptable to t6e Mortgagee. In event oi loea he will give immediate notice by mail to 11Sortgagee,
and Mortgagee msy make proof o3 Ioes if not made promptly by Mortgagor, and each insursnce compuny
ooncerned is hereby~ authorized and directed to make payment for auch l~a directly to Mort~a~ee instead of
to Mortgagor and Mortgagee 'ointly, and the inauranoe pmcceds, or an,y part thereof, mny be appZied by I11ort-
gsgee at ita option either to ~e reduction of the indebtednesa Lereby eecured or to the restorataon or repair of
the property dsma~ed In event of foreclosure of t~is mortgage or other tra~fer of title to the mortgsged
pmperty in extanguishment of the indebtednees eecured hereby, a~l right, title, and int,erest of the Mortgagor
m and to any ineurance pohcies then ia force ehall pasa to the purchaaer or grantee.
8. He K ill not eaecute or file of record any instrument which imposes a rescriction upon the sale or occu-
pancy of the property described herein on the basis of rece~ color, 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 damages awarded, t.he proceeds for the taking of, or the considerat.ioii for such acquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are
hereb~- assigned to the blortgagee, and his heirs or assigns, and shall be paid torthwith to said Mortgagee
or his assignee to be applied on account of the last maturing installments of such indebtnesa; provided, how-
e~~er, the 1lortgagee or h~s sssignee, ma~ at his discretion pay d'uect to the Mortgagor, his heira or assigns
an~- part or all oi such award; provided, t6at if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obtained in advence of said payment.
10. The ~tortgagee mny, at any time ~ending a suit upon this mortgage, apply to the court ha~ in~ jurisciic-
tion thereof for the appointment ot a receiver, and such court a6all forthwith appo~nt a recei~er of the premises
covered hereby all and singular, includin~ all and singular the income, profits, isaues, and revenues (rom ~~hat-
ever aource derived, each and every ot w
hieh it being expresaly understood, is hereby raartgaged a9 if specifically
aet forth and descnbed in the granting an~ habendum clauses hereof. Such appointment ahall be made by
such court as an admit~ted equity and a matter oi absolute rigLt to seid ~lortgagee, and without reference to
the adequscy or inadequacy of the ~ alue of the property mortgaged or to the solvency or insol~ ency ot said
' Mortgagor or the defendants. Such rents~ profits, income, ~asues, and revenues ahall be applied by such receiver
according to the lien of this mortgage and the p~actice of auch court. In the evenL of eny default on the part
ot the ~lortgagor hereunder~ the ~fortgagor a~rees to pay to the ~sortgagee on demand as a reasonable monthlv
~ rental for the premises an amount at least equivalent to one-twelfth (K:) of the aggregate of the twelve monthlv
installments payable in the then current year plua the actual amount of the ennual ta.~es, assesaments, water
rates, and insurance premiums for such year not covered by tl~e efotesaid montWy payments.
11. In the event of any breach of this mortgage or default on the part of the ~iortgagor, 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 stipulatione~ agreeraents, conditiuns; and covenants of said note and
this mortgage, are not duly~ promptly~ and fully performed or if the :~iortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receiverahi~ proceedinga; then in either or any auch event, the said aggre-
gate sum mentioned in said note then remainu~g unpaid, with intereat accrued to that time, and sU money
secured hereby, ahall become due and payable iorthwith, or thereafter, at the option of said ;~iortgagee, as
fully and completely as if all the said sums of money were originally stipulated to be paid on such day, an~-
thing in said note or m this mort~age to the contrar~? notwithstanding; and thereupon or thereaf ter, nt the option
of said ~iortgagee, without notice or demsnd, auit at law or in equity~ mav be prosecuted es if all moneva
eecured hereby hnd matured prior to its institution. The ;41ort&aaee may foreclose this mortgsge~ as to the
amount eo declsred due end paysble, and the said premises shall be sold to satisfy snd pay the same together
with costa expensea, and allowancea. In csae of partisl forecloaure of this mortgage, the mortgeged prnmisea
ehsll be so~d subject to the continuing lien of thia mortga~e for the smount ot the debt not then due and ~inpaid.
In such case the proviaions of this parsgrsph may agaui be svailed of thereaiter fcom time to time by the
Mortgagee.
12. No wsiver of any covenant herein or of the obligetion secured hereby shall at any time thereafter be
held to be a araiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument ahall remain in full force and et~ect during any postponement or extension ~
of the time of payment of the indebtedness or any part thereof secured hereby. r~
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14. This mortgage ie given to secure the purchase money, or a part thereof, of the lands herein described ~
and ia executed end delivered contemporaneously with the deed therefor. ~
15. If the Mortgagor defeult in any of the covenants or agreement8 contained herein, or in said note, then ~
the Mortga~ee may perform the same, and sll e~enditurea (including reasonable attorney'e fees) made by the ~
;1lortgage e in so doing ahell draw intereet at the rate pmvided for in the principal indebtedness, wnd ahell be ~
repayable thirty (30) dsys aiter demand, and, together with interest snd coate accrued thereon, ahall be secured
by this mortgage.
16. Upon the reque8t of the Mortgagee the Mortgagor ahall execute and deliver s aupplemental note or ~
notee for the sum or sums advanced by the Mortgagee for the alteration~ modernizetion, improvement, main- °`OO ~
tenance~ or repair of said premisea, for tsxee or assesementa against the sarae and for any other purpose autlior- °aD
ized hereunder. Said note or notes ahall be secured hereby on a parity with and as fully as ~f tlie adrance
evidenced thereby were included in the note first described sbove. Said supplemental note or notee al~all bear
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