HomeMy WebLinkAbout2810 t,he defieiency. Such payment shall be made wi~hin thii'ty (30) daya after written notica from the Mortgagee
stati~g the emount oi the defiuiency. ~which noRic~ o~ay be ~iven by mail. It at any time the Mortgagor
sha~l tender to the Mortgugee in acoordance ~ri~6 Lho provisiona of the note'secured hereby, [uU payment
oi the entire indebtedness represented thcreby, the Mortgeg~e ss truatee ahall~ in coruputing the emount of
such indebtednesa~ credit to tl~e account ot the hiort~agor nny credit balance rern~ining under the provieioas
of (a) o! said parap,raph 2. If there shall be a deiault under any of the pmvisiona of this mortRage resulting
in a public si?le of the preniises covered I~ereby~ or it the Mortgagee acquires the propertp otherwiae sfter
default, the Mortgagee as truat,ce ahall apply, at the ti~ne of the commencement o~ such proceedings or st
the time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of
pars~raph 2 preceding as e credit on the interest accured and unpaid and the balance to the principal then
remaining unpaid on said nnte.
4. He wtll p~y aD tsses, ~eseeeanents, watee rutes„ and otimr~o
v~errrmentsl or muaiciP~ ~
itonpoaitions„ for whioh provieioa haa not been made hereinb~ore, and in defsult thereof the Mortgaaee m~y pyr tbs
same; and t~hat Ls will promPt~Y deliver t6e o~cial reoeipb t6erefor to the Mortgpgee.
b. He will permit, commit, or s~ffer no waste, impi?irmea or detsrloration of said ~operly c~ sny part thereot
except reasonsble wear and t~ear• and in the eveat of the f~nre oi the Mortg~gor to keep the building,s oa asi~
premises a~i thoee to be erectec~ on eaid premises, ar impruveanents thereon, in good repair the Mortgagee m~y ~
make such repaiis aa in its disaretion it may de~n neoess~ry for the pmper greeervatioa t6ereb~, aad the f~ill amouat ~
of each aad every such p?yment sh:ll be due end p~ysbb thirtY (30) d~U?s stt~ deansnd, and s6~U 6e eeoured by
i6e liea ot t6is mort6a6e. `
8. He wlll pe?y all and etnsWar the ooeta, and eocpe~es, ineluding reaeonable Lwy~er's fees, and oosts
of abetracts of title, iaeurred or paid st any time
by~t
e Mortgaaee becsuee of the failure on the part of the Mortg~sgor
p+umptly snd~y to perform the a~reementa and oovenants of aaid pmmiseory note and tti8 mo~~ge , and esid
ooats, charg~ snd ezpen~+es a6a11 be imarediately due snd psysble and etull be aecured by the lien of thia mortg~a.
T. Iia wiIl oontinuous~j msintain hasard insuranae, of such type or types and smounts sa Mortgag~ee ma~
from time to time require, on the improvemente~now or herestter on ssid prsmisee snd except whea payment
tor all such premiums Lae theretofore been made under (s of psragrsph 2 hereof ~e will pay promptly when
due any premiuma therefor. All insuranoe ahaU be ear~ in oomPwies aPProve~ by 1?iortgagea and the polr
cies and renewsla thereof ehall be Leld by Mortgagee and bava sttsched tLereto loes payable ctauses in isvor oi
- snd in form acceptable to the Mort~ag Ia event a loae he will give immediate notice by msil to Mortgagee,
•nd Mortgsgee msy make.prooi oi Io
s if not msde prompWy by Mortgagor~ and each insursnoe oompany
ooncerned ia hereby~ sutbonzed and directed to make psyment for auch loes directly to Mortgagee b tead of ~
to Mortgeg~or snd Mortgagee jointly, and the insuranoe pmc~eedR, or aa,y parti there~f may be sppLed y I?iorfr ~
~agee at its option either to the reduction of the indebtedneea hereby eecured or to the restorstion or repsir of
the property dsmaged. In event of foreclosure of this mortgage or other tranafer of title to tLe mortgaged
property in e=tingwahment oi t6e indebtedneee eecured hereby, a~l rigLt, title, and interest ot the Mortgag~or
m aad to any insurance policiea then in force ehal! pass to the purchsser or grantee.
8. He witl not ea~ecute or file of record any instrument which impoaea s restriction upon the sele or occu-
pancy of the property described herein on the basis of race, color, or creed.
9. If the premises, or any part thereof, be condemned under the po~er of eminent domain, or acquired
for a public use~ t.he damages awarded, 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 mort~age, are
hereb~ assigned to t.he ~Iortgagee, snd his heirs or assigns, and ahall be paid forthwith to said Mortgagee '
or his assignce to be applied on account of the last maturing installments of such indebtnesa; provided~ how-
ever, the Mortgagee or 6is assignee, may at his discretion pay direct to the Mortgag~or, hia heirs or assigns
any part or all of such award; ptovided, that if the loan is guarantee~ or insured, the consent of the guaran-
tor or insurer is obtained in advance of said gayment. `
10. The Mortgagee may, at any time peuding a auit upon this mortga~e apply to the court hwvin~t jurisdic- ~
tion thereof for the appointment of a receiver, and such c~ourt shall forthwit~ a~pomt s receiver ot the premises ~
I cwvered hereby all and singular, includin~ all and singulat the income, profits, issues, and revenues from «hat- {
I ever source denved, each and every of w
hich it being expresaly understood, is hereby mortgagecl as if specificaUy ~
i set forth and described in the granting an~ hebendum clauses hereof. Such appointment ahall be made by
~ such court aa an edmitted equity and s matter of absolute right to said Mortgagee~ and without refereace 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, pro&ts~ mcome~ issues, and revenues ahall be applied by such receiver ?
accot~dmg to the lien of this mortgage and the practice of such court. In the event ot any defsult on the part ~
of the 111ortgagor hereunder, the hiortgngor a~rees to pay to the Mortgagee on demand ea a reasonable monthl,v ~
~ rental for the premisea an amount at least equivslent to one-twelfth (Y,:) of theaggregate of the twelve raonthlv `
installmenta payable in the then current year plus the actual amount of the annusl taaes, a~ssments, water _
rstes, and insuranoe premiuma for auch year not oovered by the sforeaaid montLly psyments.
11. In the event of sny breach of this mortgage or default on t6e part of the Mortgagor, or in t6e event
tLat any of said suma of money herein referred to be not promptly and fully paid according to the tenor hereof~
or in the event thst each and every the atipulstiona~ agreemente. concLtiuna, and covenants of said note and
t6is mortgage, are not duly, pmmptly, and fully performed or if the Mortgagor be adjudicated banl:rupt or -
made defendant in a bankruptcq or receivershiF proceedinga; then in either or any such event, the said sggre-
gate sum mentioned in said note tLen remainuig unpaid, with interest accrued to thst time, and all money ~
secured hereby~ shall become due and psyable forthwith, or thereafter, at the flption of said 1liortgagee, as ;
fully and completely sa if sll t~e said aums of money were -0riginally stipulated to be paid on such dsy, an~- x
thing m ssid note or m this mort{~age to the oontrsr~ notwithatanding; and thereupon or thereafter, at the option
of said Mortgagee, without notice or demand, suit at lew or in equity, mav be prosecuted as if all moneva
eecured hereby had matured prior to its institution. T6e Mortgagee may foreclose thia mortgage, as to the
~ amount so declared due and paysble, and the asid premisea ahall be sold to satiafy and pay the same together
~ with costs expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged pmm~ses
~ ahall be so'ld sub~ect to the continuing lien of this mortga~e for the amount of the debt not then due end unpaid.
~ In auch case the proviaiona of this paragrsph msy again be svailed of thereafter from time to time by the
Mortgagee.
~ 12. No waiver of any cwvenant Lerein or of the obligation secured hereby shall st any time theresfter be
~ held to be a waiver of the terma hereof or of t6e note secured herebq.
~ 13. The lien of thia instrument shall remein in fuU force and eHect during eny postponement or extension
of the time of payment of the indebtednesa or any part thereoi eecured hereby.
~ 14. This mortgage ia given to secure the purchaee money, or s part thereof, of the landa herein described
and ia eaecuted and delivered contemporaneously with the deed therefor.
15. If the Mortgagor defsult in any of the covenanta or agreemente contained herein, or in said note, then
~ the Mortga~ee msy pertorm the asme, and all eupenditures ('includu?g reasonable attorney's lees) msde by t6e
e3 Mortgagee m ao domg shell drsw interest at the rate provided for in the principsl indebtedneas~ and sliall be
repa able thirty (30) days etter demand, and, together with interest and oo~ta accrued t6ereo ~a ured` ~
b ~
~ y mor ~ ~~~~'794
~ 16. Upon tLe request of tLe Mortgsgee the Mortgagor ahsll execute snd deGver a~supp omen o #
notes tor the swn or aums advanced by the Mortgagee for the alteration, modernuation, improvement, msin- ~
~ teuance, or repair of ssid premises, for taaes or aeeeesmente against the same and for aay ot6er purpose author- '
~ ized hereunder. Said note or notes aLall be secured hereby on s parity with aad as fully as if tl?e advance t
evidenced thereby were induded in the note fust deecribed above. Said supplemental note or notes sl~all bear
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