HomeMy WebLinkAbout1646 tt~e deficiency. Such peyment ahall be made wit6in thicty (30),daya after wril,tc~n not,ice tro~n the `iortgagee
stating the smount ot the deficiency~ which notice mey be`given by mail. It at any time the :~iortgag~or
al~a~l tender to the ~lortgngee in accordance w~ith the provisione of the note secured hereby~ full psyment
of the entire indebtedness represented thereby, the :liortgagee as truatee ahall, in computing the amount of
such indebtedness, credit to the account of the ~lortga~or any credit balance re~naining under the pmvieiona
ot (a) of said para~raph 2. If there ahall be a detault under any of the provisione of this mortgage reaulting
in a public sale of the pren~ises co~~ered hereby, or it the 4fortga~ee ncquires the property otherwise sftet
ciefault, the ~1ortRagee as truatee shall apply~ at the Lime oi the commenceinent of such proceedings or st
the time the property ~a otlierv~iae acquired, the amount then remsining to credit of ~iortgagor uader (s) of
paragraph 2 preced~ng aa s credit on ~he interest accured and unpaid and the bnlence to the priacipal then
remaining unpaid on said note.
4. He will pU? all tares, aaeeea~nents. wstee rstes, and otber~overamental or municiPal chsr~ea Gne~. or
impodtions, for whiah provision has not been mi?de hereinbetore, aad in delault thereot the Mortgagee myr p~y the
pme; ~nd thsL bs will promptky deliver tbe a&dal reoeipts ~herefor to t6e Mortgagee.
a. He will permit, oommit, or su~er no wasta, imp~irmeat~ os deterioration ot ssid property oranypa thereof
e:oept nasonable wear and te~r• aad ia the even~ af the f~ilure ~f the Mort~gor to keep the buildin~e oa aatd
p~remises and those to be ezecte~ oa eaid pe+emises. or improvementa thereon~ in good npair the MortR~ m4Y
make weh rep~irs as ia its dlsaretioa it may deem neoeeeasy fos the P~'olP~ P~~atioa thereo#~ and the full amount
of e~ch ~nd every suoL p~yment at.aU be dus and P~Y+~ ~Y ~ dter deanand, and ahaU be ~ecured by
the liea of thia mortg~is.
4. He will p~y all and dn~uLe We oostr, r~es, and e:penses, iaduding reaaoaabk lawyer'~ fees~ wd oosb
of abstraab ot titb~ iaeurred or paid ~t any tinne ~ry~t6e Mort~ee becau~e of the fsilure on the p~rt of the Mort~gor
p~ompt~y and i to pestorm t6e ~re~nta i?nd oovenaats of aaid pro~miseory note and this mortg~e, aod aid
sh~ll be immadintaUr dus and p?ysble and a6sll be secured by the L'en ot t~is mort~e.
T. He will ooatinuoue~y maintain L~sard insurmoe, ot such type or t~pee and amounts as Mortgages ma~
from time to time require~ on the impro~ements now or hereafter on said p aad escept ~rhea p~ymenL
tor all such premiums has theretoiors beeu made uader oi paragrs~h 2 h~e rvill pay promptly ~rhen
due any premiums therefor. All insuraa~e sb~ll be car~ ia oompanies appmvea by 111o and the polr
ci~s and rene~veL thereof aLall be beld by Mortgagee sad have attached thereto loes payab~uses ia favor oi
and in form acxept~ble to tLe Mo In aven~ oi loes he will give immedi~te notice by mail to Mortgsgee,
and Mortgagee may maice.prooi~~ if not made promptty by Mortgag~or, and each inauraaoe oompany
ooncerned is hereb autbon~sd aad directed to maice p~syaneat for such loes direc~,~y to Mo~~ mst~ead oi
to Mortgagor ~nd ~ortgagee jointly, and the insuranoe proc~eeda, or aqy part there~f may be app7ied by I?iort~
gagee at its optioa either to the reduction of the iadebtednees Lereby eecured or to t~e restontion or repair of
the property damaged. In eveat of foreclosure of tbie mortgage or other tranater of title to the mortgaged
pmperty in estanguishment oi the indebtedness aecwbd hereby, a~l right, titie, snd intereet oi the Mortgagor
m and to ~qy insuranas policies then ia foroe ahall paes to the purcbaear or grantee.
8. He will not e=ecute or file of record any instrument which imposea a restriction upon the sale or occu-
pancy of the property described herein on the basie of race. oolor~ or creed.
9. If the premises, or any part thereof, be condemned under the power of eminent. domain~ or scquired
for a public use, the damages aRarded, t.he proceeds for the taking of, or the consideration 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 Mortgagee~ and his heira or ass~gns, and shall be paid fotthwith to said Mo~agee
or his assignee to be applied on account of the last maturing inatallments of such indebtnese; provided, ow-
e~ er, the tilortgagee or his assignee~ ma~ at his discretion pay direct to the Mortgagor, his heirs or assigns
an~ part or all of such eward; prnvided, that if the loan is guaranteed or insured, the consent of the guaran-
tor or inaurer is obtained in advance of said psyment.
!0. The ~fortgagee msy~ et enp time ~enduig a auit upon tLis mortga~e~ apply to the court havin~ jur'ssdic-
Won thereof for the appointment of s recetver~ and such court ahall fortbvvith appoint d receiver of the premises
covered hereby all and singular, includin~ ell and singular the income, profita, issues, and revenues from hat-
ever source derived, each and every of v?hich~ it being expresaly understood, is hereby mortgaged as it specifically
eet forth and descnbed in the granting and hsbendum clauses hereof. Such eppointment ahall be made by
such court aa sn admitted equity and a matter of absolute right to said ;~iortgagee, and without reference to
the adequacy or inadequacy of the value of the pmperty mortgag~ or to the solvency or insolrrncy of ssid
~ tiiortgagor or the defendents. Such rencs, profits, income, issuea~ and revenues ahall be epplied by such receiver .
( ~ccording to the lien of this mortgage and the practice of auch court. In the event of any default on the part t
I of the ~lortgegor hereunder~ the ~fortgagor s~reea to psy to the ~ior agee on demand sa a reasonable monthlv :
i rental for the premises an amount at leest equivalent to one-twelfth of theaggregate of the twelve monthlv ;
~ inatallmenta ps} able in the then current year plua the actual smount of the annaal ta~es, assessments, water ~
` mtes, and insurance premiums for auch year not oovet~ed by the sforesaid monthly payments. `
~ 11. In the event of any breach of thie mortgage or defsult on the part of the Mortgagor, or in the event {
~ that any oi said sums oi money herein referred to be not promptly and tuUy paid according to the tenor hereof
x or in the event that each and every the stipulstiona, agreemente conditiuna, and oovensnts of said note an~
this mortgage , are not duly, promptly, snd fully performed or i~ the 1liortgagor be adjudicated bsnkrupt or
~ made defendant in s bankruptcy or receiverah~~ proceedings; then in either or any such event, the said sggre-
gate sum mentioned in said note then remainu?g. unpaid~ with incerest accrued to thwt time, and sll taoney
~ secured hereby, ahall become due snd psyable forthwith~ or thereaiter~ at the option of ssid ~fortgsgee, aa
tully and completely as if all the said suma of money were origu:elly atipulated to be paid on such dav, anr-
~ thing in eaid note or m this mort~age to the contrar~ notwithstanduig; and thereupon or theresiter, et the option
of said ~tortga~ee, w~thout not~ce or demsnd, su~t at law or in equity, mav be prosecuted ss it sll mone~a
~ eecured hereby hud matured prior to its institution. 'fhe ~fortga6ee may {oreclose this mortgage, as to tf?e
~ amount so declared due and payable~ and the asid premisea shall be sold to satiaty snd pay t~e same together
w-ith coeta ezpensea, and allow sncea. In caee of psrtial foreclosure oi thia mortgage , the mortgeged prcm~ses
~ ehsll be so~d eubject to the continuing lien of this mortga~e fur the amount ot the Aebt not then due snd unp~?id.
In such caee the prov~ona oi this puagraph may ~gun be ~vailed of therealter tmm tirne to time by tbe
~ htortgagee.
~ 12. ~'o w~,iver of ~ny covenunt herein or oi the obligation secund hereby sh~ll at any time there~fter be
s held to be a~raiver of the terms hereof or ot t6e note secund henby.
13. The liea ot this uutrumeat shall remain in full tocce and eRect during any postponement or extension ~
~ oi the time of paymeat ot the indebtedneN or any part thereot ~ecwed hereby. ~
~ 14. 'Thia morcga~e u giren to ~ecure the purchass money~ or s put thereoi~ oi the l~nds herein described -
~ aad is e:ecuted ~ad delivered contemporsaeously ~nth the deed thenior. ~ ;
` 15. It the Ziortgagor default in aus of the co~enaats or agreements oontained herein, or in uid note, then
~ the ~lortga8ee maJ perform the same, ~nd all eacpeAditures (u~cluding rcawnable sttorney's fees) madc by the ~
~ ~tortgage~ in so do~ng sh~ll dra~r interest at the rate provided tor in the principal indebtedness, ~?nd diall be
r
~ repa3-able thirty (30) dsys atttr demand, and, together w ith intereat and costa accrued thereon, shell be secured ~
~ b~ th~s martg~ge.
~ io. Cpon the request of tbe ~lottg:gee the ~tortg~gor shall execute and deliver i supplemental note or ~
~ notea for t6e aum or sums adv~nced by the tiottg~gre for the alteration, modernizatioa, impro~ement, m~in- ao ~
~ teuanoe, or np~ir oi uid prcmisea, for tuea or ~e~cnents againat the same and for anp other purpose sutUor- o.o
~ iud hereunder. S~id aote or notes ah~ll b~ secured hereby on a parity with ~nd u fuilv as ~t the adr~nce
~ eTidenced thereby were iacluded in the note fint dcacr~bed above. Said suppiemental note or aotes slull bear ~
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