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HomeMy WebLinkAbout1535 the deficie~cy. Such p8yinent she~ be made writhiR tl»rty (30) days after written notice fm~n the ~tortg~gee stating the a~nount oi the deficiency~ v?hich nolice m~y be ~iven by msil. Ii at any time the :~iortgagor = sha~l tender to the Mortrxgee in acconlNnce w ith tl?e pro~ is~ona o[ ti~e note secu~ed hereby~ full psyment of the entire indebtedness represeuted tt~ereby, the ;ltortga~ee as truatee ahall, in compuWng the amount of such indebtedn~s~~ credit to tl~e account of the Ltort~~,agor any credit balance remaining under the proviaiona ot (a) o~ saidp~ra~raph 'l. It there st~e?Il be a deiault under any ot the provisions of Lhia mortgage reeulting in e? public sale of the premisea covered hereby, or if the Mortgagee acqu~res the groperty otherwise aiter de(ault, the Morigagee ss trustee shall apply~ st tt?e time o[ the con~menceuient ot such proceedinga or at the time the property is otherwise acquired~ the amount then remeining to credit ot ;1Zortgagor under (s) of perap~raph 2 preceduig as n credit on the interest accured and unpaid and the balance to the principal then cem~unmg unpaid on sai~1 n~te. _ 4. He will pa~r aD ta~e~, ~ts, wst~ee nta. aad otbe~~overament~l ae municiPd c~?sr~ee. 6aer. or ` fmpoeitione, for wLich proviaion hss not been mada heninbetore, and in default thereoE We Mortaaaee m~y pUr tLs saune; and tba! 6s will ps~ompt~y deliver t~hs o&cial reoeipts therefor to tbe Mort~gee. b. He will permit~ oommit, or suger no was~e, impairmea~ or deterloratlon of eaid propect~ ~ any par~ thenof e~oept reasonsble wear and t~eat; and ia the event d the f' ure of the Mortg~gor to keep the building~ on aai~ premises and LI?ose io be erected oa a~?id premises, oe improvements thereon, in good repsir the Mortgaaee msy t malce such repairs as ia its diece~etion it msy deem aeoeeesry for the pmper preaervation thereo~, and the full ainount i of eaeh snd every a~oh p?yment shall b~ due snd P~1Y+~ ~Y ~ aft~er demaad, and s6a11 be secured by ths liea oI t6i~ mortp~e. 6. He will psy a11 sad a~n6ular !6e ooets~ ~6at~s, e~cpeneea including ~nsbM Lwyer's fces, and oosts of abstracb of title~ inentred ~ paid at ~?ny time by t6e M,o~agee becsuee of Lhe failure on the psrt of the Mortgsgor promptly and fully t~o perform the a~eements and oovemnte oi said promiaeory note and thia mortgage, and aaid ~b~~, ~d ~Penses ehe~ll be immediatebr dne And p~ysbb aad sl~aU be eecured by the lien of thia mortgage. 7. He will oontinuoua~ maintain hwrd imew~anoe, oi such type or t pee and amouata as Mortgagee ma~ from time to time require, on the improven~ents ~ow~or hereaffAr on eti~premiees snd exoep6 when psyment tor all auch premiums haa theretofore been made'wdder' (a) of paragn~h 2 hereof ~e wiU pay pmmptdy when due any pnminms therefor. All inauranoe shsll be carried in oompsnieB spprove~ by 111ortga~ee and the po4- cies and ranewals thereof ahall be Leld by Mortgagee and bave sttached tLereto loas psysble ctsuses in favor of an~ in form aooeptable to the Mo In event oi loes he will give immediste notice by mail to Mortgagee, and Mortgagee m~y msk~e prooi~~ if noL made prompt]y by Mortgagor, aad each insuranoe oompan7 o~nceraed is hereby~ authori:ed and directed to maice psyment for such loea directly to Mort~a~ee~ b tead of to Mortgsgor and Mortgagee 'ointly ~ and the insursnce prooeeda, or any part thereof~ may be appZi y 111ort- gage~ at ite option eit6er to ~e reduction of the iadebtednees hereby secured or to the restors4on or repair of the pmperty dama~ed In event oi foreclosure of this mortgage or other tranafer of title to the mortgaged property in extinguishment of the indebtedneee eecured hereby, a~l right, t~tle, and interest of the Mortgagor m and to any ineurance policies~ t~hen in force eball pass to the pnrchaser or grantee. ~ 8. He will not ezecute or file of record any inatrument which imposea s restriction upon t6e sate or oocu- pancy of the property described herein on the basis of race, oolor~ or creed. 9. If Lhe premises, or any part thereof, be condemned under the power oi eminent dome?in, or ac;quired for e public use, the damages awarded~ the proceeds for the taking of, or the consideration for auch aoquisi- tion~ to the extent of the full amount of the remaiaing unpaid indebtedneas secured by this mort~age, are hereb~ assigned to the Mortgsgee, and his heirs or assigns, and ahall be paid forthwith to seid Mortgagee or his assignee to be applied on account of the last maturing installments of such indebtnesa; pmvided, ho~: - erer, the Mortgagl~e or his ass~gnee, m$y at his discretion pay direct to the Mortgagor, his heirs or assigns any part or all of sucL award; provided~ Lhat if the loan is guaranteed or inaured, the oonaent of the guaran- tor or ~nsurer ia obtained in advance of saidpa yment. ~ 10. The :~lortgagee may, at my tame ~eading s suit upon tnis mort,gage, spply to the court hsving jurisclic- ; tion thereof for the sppointment of s receiver~ and such court sball fortFiv~nth a~point s receiver of the premises oovered Lereby all and ~ng~lar~ includin~ all and singular the incame~ profits~ ~saues, and revenues from ~~hat- ever source denved. each and every of v~hich it being expressly underatood~ ia hereby mortgaged as it speci6cally set forth and descnbed in the grantyng an~ habendum clsuses hereof. Such sppointment shall be made by ; such court as an admitted equity snd s matter of abeolute right to said 1lortgagee, and without reference to ; the adequacy or inadequscy of the value ot the property mortgaged or to the solvency or insolrency of said ~ Mortgagor or the defendanta. Such rents~ profits, income~ ~ssues, and revenues shaU be applied by such receiver `s according W the lien of this mortgage end the practtce of auch oourt. In the event ot sny default on the part k of the ~iortgagor hereunder, the ~iortgagor a~rees to psy to the ~iortgagee on demand as s reasoaable monthlv e rental for the premises an amount et least equivalent to one-twelfth (K:) of theaggregate of the twelve monchlv installments pay able in the then current year plus t6e actual amoun~ of the annual td~es, assessmenta, water ~ rstes, and insurance premiuma for such yeer not covered by the aforesaid montWy psyments. ~ 11. In tbe event of any breach of this mortgsge or default on the part of the Mortgag~or~ or in the event that any ot said aums oi money hetein referred to be not pmmptly and fully paid accordiag to the tenor hereof, or in the event that each and every the stipulstions, agreementa, conditiuns, md covenants ot said note snd thia mortgdge~ are not duly, prompUy, and fu11y pertormed or if the Mortgag~c?r be adjudicat~ed bsnkrupt or ~ msde detendaat in s bankruptey or receivershi~ proceedings; thea ia either or any such event, the said aggce- ~ g~te sum mentioned in said note then remunuig unpaid, vmth interest sccrued to thst time, and ell money secured hereby, shsll be~.wme due and psyable forthw-ith~ or thereafter~ at the option of said 111ortgagee, ss fulty and completely ss it all the asid suma of money were originaUy stipulsted to be paid on such day. an~ - thing in said note or m thia mort{~age !~o the contru2? notwithstanding; and thereupon or thereatter, ~t the option ~ ot said 1liortga~e , without noUce or demand~ awt at law or in eqwty, mav be proeecuted sa if stl monevs ~ aecured hereby had mstured prior to its institution. 1'he ~iort{~agee may foreclose thia mortgege, ss to the ~ amount so declsred due and payable, and the anid premisea ahall be sold to satisEy sad pay the same together v?~ith co~ts~ ezpenses, snd allov? ances. In case of part~al foreclo~ure of this mortgage, the mort~ageci prn P ises shall be so d aubject to the continuing lien ot this mortga~e fur the iunount oi the debt not then due end un aid. ~ In such case tbe provisions of this paragraph may agun be availed of thereafter from time to time by t6e biortgagee. ~ 12. No ~?siver of any coven~nt herein or ot the obligstion eecured hereby shall at eny time thereafter be held to be ~ ar~iver oi the terma hereof or of the note secured hereby. 13. The lien ot thi,s instrumeat ahall rem~?in in tull torce and eBect during any postponement ar extensioa ~ ot tba time ot paycnent of the indebtednees or any part thereoi secured hereby. ~ 14. lbis mortgage ia given to secure the purch~se money, or a put thereoi, oi the lands herein desccibed ~ aad is ezecuted and delivered coatemporaneously with the deed theretor. 15. It the Mortgagor default ia any of the oovenanta or agreemeats contained henia, or ia ssid note, tbea ~ the 1liortgs$ee may, perform the same, and all expenditurea (including reasonable attorney's fees) made by the ' Mortgag~e ~ so dou~g ahall draw intereat at the rate pror•ided for in the principal indebteciness, ~ad sl~~ll Ix ~ eep~ •~ble thirty (30) d~ys atter demaad~ and, tAge~her vr~th interest u~d costs acrrued thereon, sh~ll be secured ~ b~ ~ 18. Upoa the request of the Mortgage~ the Tiortgagor shall ea~ecute sad deGver • supplemental note oc ~ notea for t6e sum or sums advaaced by t6e ~iortgagre for the alteration, modernizatioa. improvementf main- ~ teaanoe~ or cepair oi s~id premises~ tor wcea or usessmenta against the same and tor any other purpo~e autl~or- ~ ised hereunder. Said nott or notes shall be secured hereby on a parity with and ~s tully u J tl~e aJ~~nce ~ e~idenoed tbereby were included in the nqte~fust~,iracr~ibed ~bo:e. Said aupplemental aote or notes sliall be~r 6(t0+( ~ f~;;~ 1~ :~J ,~;r r~, ~ ~ ' _ , ~ ~ . 1 : ~ ti}"~- ~.'f_.