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HomeMy WebLinkAbout2590 Mortgagor aliwll psy to the Mortgagee any sraoun~ neceseary t~ ~take up ~he deficiency. Such paymenl shall be msde withia thirty (30) dRys aitcr written notice Irom the Mortgagee stating ~I~e amount oI tl?e dc&ciency, which notice msy be ~ven by msil. If eL sny time the Mortgagor shall tender to the Mortgagee in uccord- ance with f,he~ proviuons of the note eecured hereby, full payment oi the entire indebtedness repres~nted , thereby~ the Mort~sgee ahell, in ooanputing the amount ot such indebtednesa~ ctedit to the account oi tho ' Mortgagor sny creait balance remsining under the pmvisiona ot (a) o! said p ph 2. It there ahall be a 1 defauIt under any of the ~rovisione of thia mortga~e resulting in s public sale of e prnmisea covered hereby or if the Mortgagee acqwrea the proper6y otherwise atter defRUlt, the Mortgu~ee ahall spply~ at the time ot the commencement of such proceed~c~s or at the time the property is otherw~se ucquirc~, ~~P amount then remaining to credit of Mortgagor under (a) of paragrapL 2 preceding ss u credit on the interrst accrued and ut~paid and the balance to tfie pnncipal theu remainwg unpaid on said note. 4. He will p~y all taxee, aeeeeements, wstee rstes. a~ other ~overnmental or municipsl chsr6es, fines. or ' impositione~ for which provieion hea not been made hereinbefore, and in default thereof the Mortgagee mqy pe4Y tb,e same; and t6At he ~vill prompt~y deliver the official reoetpts therefor to the Mortgagee. S. He will permit, oommit, or e~8er no waste~ impairmeit, or deterioration of said property or enq part thereof ~oept reaeunable wear and t~ear; and in the event of the failure of the Mortgagor to keep the buildinga on ssi~ pt+emiees and thoee to be erected on eaid premieee, or imp~ovements then~on, in good repair, the Mortgagee muy mske euch repsies ae ia ite diearetion it msy deem nece~sary for the proper preeervation thereof, and the full amount ° of each and every such payment ehsll be due snd Pe?Yabl~ thirtY (30) daye after dewand, and ehall be eecured by ' the lien of thia mortgage. ; 6. He ~eill pe?y all and eingular the ooste, clhsrgee, and e~peneea, including reaeonable lawyer's feee, aad oosts of sbstracts of title, incun+ed or paid at sqy~time by the Mortgagee bec~uee of the failure on the part of the Mortgagor p~omptly and iu1t~? to perform the. agreements snd oovensnt~ of eaid promiae~ry note and thia mortgage, and eaid ooets, charBes, and eapenaee s6a11 be immedistely dne and p'syable and shall be eecured by the lien of thia mortgage. 7. Iie will oontinuous~y maintaia hazard inauranoe, of euch type or typee aad amounte aa Mortgagee may irom time to time require, on the impmvementa now or Lereatter on asid premises and e~cept when payment for all sucL premiuma has tberetofore been made under ni paragraph 2 hereof ~e will pay promptly whea due any premiuma therefor. All inaunaoe shall be csr~in oompamea spprove~ by I11ort~a~~ an~d Lhe poli- cies and renewals thereof sLall be held by Mortgsgee snd bave ettached thereto loes payable cTsuses in favor of and in form ac~ceptsble to the Mortga~ . In event oi loes he will give immediate notioe by mail to Mortgagee, and Mortgagee. mey make proof o~ Toes if not made promptly by Mortgagor, and esch insurance oompany m ooncerned is hereb autborized and directed to make payment for such loas directly to Mortgagee instead of to Mortgagor and ortgagee jointly~ and tLe insurancs proceeds, or an,y part t6ereof may be appLed by 111ort- gagee at ite option either to the reduction of the indebtednees hereby eecured or to t~e restoration or repair of the property dsma~ed In event of toreclosnre of thia mortgage or other tranafer of title to the mortgaged am~d ~in eatinguishment of the indebtednees secw~ed Lereby, afl right, title, and iatereat oi the Mortgagor any insurance policiee the~ in force ahall pass to the purchaaer or grantee. 8. He will not execute or file of record any inatrutnent which imposes a restriction upon the sale or occu- pancy of the pmperty described herein on the basia of race, 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, the proceeds for the taking of, or the consideratioi~ for such acquisi- tion, to thc extent~ of the full amounl of the remaining unpaid indebtedness secured by this mor~tgage, are hereb~• assigned to the D~ortgagee, and his heirs or assigns, and shall be paid forthwith to said Mortgagee or his assignee to be applied on account of the last maturing installments of such indebtnesa; provided, how- e~ er, the Mortgagee or his assignee, ma~ at his discretion pay direct to the Mortgagor, his heirs or assigns an~ part. or all of such award; provided, that ii the loan is guarant,eed or insured, the consent of the guaran- tor or insurer is obtained in sdvance of said payment. ~ 10. The ~1lortgagee may, at any time ~ending a suit upon this mortgage, apply to the court hs~ in~ j~~risciic- ' tion thereof for the appointment of a receiver, and such courL ahall fortfiwith appoint a receiver of the premises covered hereby all and singular, includin~ all and singular the income, profits, issues, and revenues from ~rhat- ~ ever source denved, each and every of w hich~ it being expressly understood, is hereby mortgaged as if specifically ~ eet forth and descnbed in the granting and hsbendum clausea hereof. Such appointment ahall be made by [ such court as an admitted equity and e matter of abaolute right to said :~iortgagee, and without reference to ~ the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of seid ~ Mortgagor or the defendants. Such rents, profita, income, issues, and revenues shall be applied by such recei~ er ~ accorduig to the lien of this mortgage and the practice of such court. In the event of any default on the part ~ of the Mortgagor hereunder, the 111ortgagor agrees to pay to the tilortgagee on demand as a reasonable monthlv ~ rental for the premises en amount at least equivalent to one-twelfth (~4:) of the aggregate of the twelve monthlv ~ inatallments paya~le in the then current year plus the actual amount of the annual taxes, assesaments, water ~ rates, and inaurance prc~ i~.ims for such year not covered by the aforesaid monthly payments. ~ 11. L? the event of any breach of thia mortgage or default on the part of the Mortgagor, or in the event ~ that any ot said sums of money herein referred to be not promptly and fuily paid according to the tenor hereof, ~ or in the event that each and every the stipulstions, agreements, conditiuna, and covenents of said note and ~ this mortgage, are not duly, promptly~ and fully performed or if the ~4iortgagor be adjudicated bankrupt or made defendant in a bankruptcy or receiverahi~ proceedings; then in either or any such event, the said aggre- ~ gate sum mentioned in saud ~ote then r~m unpaid, wnth intereat accrued to that time, and all money ~ secured hereby, shall ~becon?e due and payab~orthwith, or thereafter, at the option of said 1liortgagee, as ~ fully and completely as if all the said aums of money were originally stipulated to be paid on such da~~, an~ - thing in said note or in this mort~age to the conttar~?? notwithstanding; and thereupon or thereafter, at the option of sa~d 1liortgagee, without notice or demand~ suit at Isw or in equity, mav be prosecuted as if all monevs ~ aecured hereby had matured prior to ite instatution. The l~iortgagee may foreclose this mortgage, as to the x amount so declared due and payeble, and the said premises shall be aold to satisfy snd pay the same together z with coats, expenses, and allowances. In case of partial foreclosure of thia mortgage, the mortgeged premises - ahall be sold subject to the continuing lien of this raortgape for the amount of the debt not then due and unpaid. ~ In such case the pmviaions of this paragraph may agaui be svailed of thereafter from time to time by the _ Mortgagee. 12. No waiver oi any oovenant herein or of the obligation secured hereby shall at any time thercafter be held to be a waiver of the terma hereof or ot the note secured hereby. 13. The lien of this instrument shall remain in full force and effect during any postponement or c~tension ~ of tLe tune of payment of the indebtedness or any psrt thereof secured hereby. ~ 14. Thia mort~age ia given to aecure the purchase money, or s part thereof, of the lands herein described and is executed and delivered contemporaneousiy with the deed therefor. 15. If the Mortgagor default in any of the covenants or agreements contained herein, or in said nc+te, then the Mortga~ee msy perform the same~ and sll expenditures (including reasonable attorney's fees) made by the ~ Mortgagee m eo dom ahall draw interest at the rate provided for in the principal indebtcdncss, and shal! be repayable thirty (30) ~aps sfter demand, and, together with interest sad costs accrued thereon, shall be secured ~ by this mortgage. ~ 16. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes for Lhe sum or sums advanced by the Mortgagee for the slteration, modernization, improvement, main- tenance, or repair of said premisea, for taxes or aseessments againat the same and for any other purpose autl~or- = ized hereunder. Ssid note or notes ahall be secured hereby on s parity with and as fully as if tl~e advance evidenced thereby were included in the note first d~i ve. S' u plemental note or notes shall bear ~ 800K~1 PACE2~~~ : . - tR. - ~~y ~ . ~ - .