HomeMy WebLinkAbout2844 ~ the deficiency. Such payn~ent sha11~ be ine~cie within thirtq (30) days n[ter written notice tm~n 'the Mortgagee
atating the s~nount oT the deficiency; which notice may be given by mail. If at any time the 141artgagor
sha~l tender to the Mortga~ee in accordunce wit~h the pmvis~ona ot the note secureci hereby, fuU payment
ot the ent,ire indebtednesa representsd thcreby~ tlie htortgaKee us truatee ahali. in computing the amouat of
such indebtedness~ credit to tl~e account~ of the Mortgugor any credit balance remainmg under the provieioas
of (a) of said paragraph 2. 1f there shsll be a dei,~ult under any of the provisiona of this mortgage resultin
in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise afte
default~ the Mort~agee as trustee shall apply~ at the time of the cammencement of such proeee~iinga or st
the time the pmperty ia otherw ise acquired, the amount then remnining to credit oi ;4lortgagor under (a) of
para~raph 2 preced~ng as a credit on the intereat accured and unpaid and the balance to the priACipal then
remaining unpaid on said note, 1
4. He will P~Y all t~?ues, ameeements. w~?tee ntes, and other~overnmentsl or municip?l chs:'gc~s, Ra~e~. or
impoeitione, for wLiah pmvietoa h~e not beea msde her8inbefore, and in default there~f t6e Mortgmgee me?y p~y ths
same; and t~ Le will W'omPt1Y deliver the o~qal reoeipta therefor t~o the Mortg,agee~.
b. He wlll permit, oommit~ or euBer no waate, impairmeat, or deteriorstton of aa~d property orany part thereot
esoept reaeonabk wear and tear• aad in tbe event of the fi?il~ue of the Mortgsgor to keep the building~ on aai~
p~reaniees and those to be erecte~ oa e~id pnmie~s, or improvements t6ereon, in good repsir the Mo
make such repaiis as in its diseretioa it m~~q deem neoeeesty for the proper preeervstion t6ereo#~ and the
full~amou~iut
of eaeh aad every suoh p~,yment e~all bs due and P~4Y+~1e ~Y ~ after damand, snd ehall be seeund by
~he liea ot fLi+e mostg~e. .
6. Ha wIll psY i?ll +md einaular t6e oosts, ~r~es, and eipenees, induding reseor.able Lwyer's fees, and costs
of sbst~ats ot tit1e, incun~ed or paid st any time
ba
y th
Me
ortgsgee because of the failure on the part of the Mortgagor
prompt~y and fut~? to perform the a~eements end oovenanta of eaid pramieeory note and thi~ mo~~
, and eaid
eosta, charg~ea, and expensee ehall be immediute~j? due and paysble and shall be aecured by the lien of t~ia mortg~e,
7. He will oontinuoue~ maintain hasard insurance, oi ancL type ortyp~ and smounts as Mortgagee m~ 1
from time to tima require, on the impmvaments now or herea{ter on esid pnmises and except when paymenti ~
ior all such premiume haa theretoiord been made under ;e of paragn~h 2 hereof ~e will psy promptly when
due any premiuma theretor. All inauraaoe ahall be car~ in oomPan~es sPPmvec~ by I~io~~ and the poli-
cies and renewals thereof shall be Leld by Mortgegee and hsva sttached t~ereto loes psyable-crauses in fsvor of
sad in form aoceptable to the Mort~agee. In event of loaB he will give immediste notice by mail to Mortgagee,
and Mortgages may maice prcwi to loes if not made promptly by Mortgagor, and each inaunnoe company
o~nc~eraed ia Lereb~r_ authorised and dii+ected to mahe paymsnt for such loes directly to Mortqs~ee ;,natead of
to Mortgsgor and Mortgageo joint,ly, and t6e inaur~nce proceeda, or sqy part thereof~ may be appled by 111ortr
~agee at its option eit6er Lo tbe re,duction of the indebtednees hereby aecured or to the restorat~on or repair of
tbe pmperty dama~ed. In event of foreclosure of thia mortgag~e or other transfer of title to the mortgaged
m
aa
~d
tyo an '~ns~uranc~s
eII licies thea in foroe a6all wed harebY, a~l right, title, and intereat of the Mortgagor
Y~ Po Fasa to the purcbaeer or grantee.
8. He will not ezecute or file of record any instrument whieh imposes a restriction upon the sala or occu-
~?ncy of t6e property described herein on the basis of raee, c~olor, or creed.
9. If the premises, or any part thereof~ be condemned under the power of eminent domain, or acquired
for a pubiic use, the dsmages awarded~ the proceeds for the taking of, or the consideraLion for auch soquisi-
tion, to the eatent of Lhe full amount of the remaining unpaid indebtedne~s secured by thia mortgage, are
herebv assigned to the Mortgagee, and hia heiis or assigns, and shsll be paid forthwith to suid Mortgagee
or his assignee to be applied on account of the last maturing instaliments of such indebtaesa; provided, how-
e~•er, the 14iortgagee or his assignee, may at his discretion pay direct f,o the Mortgagor, bis heirs or assigns ~
eny part or aA of such award; provided, that if the loan is guaranteed or insured, the consent of the guaran- ;
Lor or inaurer is obtained in sdvance of said payment. -
10. 1'he Mortgagee may, at any time ~ending a suit upon th~s mortgs&e, epply to the oourt havin~ j~~risdic-
tion thereof for the ap intment of a receiver, and euch court sball forthwith a~point a receiver of the premises
~
covered hereby all an singular, includit?~ all and singular the income, profif~ ~ssues, snd revenues from ~~hat-
ever source denved, each and every of vcluch it being expresaly understood, is fiereby mortgaged ss if specifically
set forth and descnbed in the granting an~ hebendum clauses hereof. Such appointwent shall be made by
such court as an admitted equity and a matter of sbsolute rigLt to said Mortgagee, and without reference to
tLe adequacy or inadequacy of the value of the pmperty mortgagecl or to the solvency or insolrency of said
Mortgagor or the defendants. Such rents, profits, income, issues, and revenues ahall be applied by such receiver
sccorduig to the lien of thia mortgage and the practice of such court. In the event of any default on the part ~
af the 1~1oMgagor hereunder~ the 1liortgagor sg~reea to pay to the Mortgagee on demand as a reasonable monthlv ~
reutal for the premisea sn amount at leeat equivalent to one-tweUth (3f:) of theaggregate of the twelve monthlv '
installmenta payable in the then current year plua the actual amount of the annual tsxes~ assessments, water ;
rates, snd insuranoe prenniums for such year not covered by the aforPSeid monthly psyments. 4
11. In the event of any breach of thia mostgage or default on the part of the Mortgsgor, or in the event '
that any of said sums of money herein referred to be not pmmptly and fully paid according to the tenor hereof~ ~
or in the event that each and every the atipulstions, sgreements~ conditiona, and covenants of said notc and `
this mortgage, are not dulp, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt or p
msde defendanL in a benkruptcy or receiverahi~ proceedings; then in eit6er or any such event, the said eggre-
i gate sum mentioned in said note then rem unpaid, antL interest accrued to that time, and all money
secured hereby, ahall become due and psysb~orthwith, or thereafter~ st the option of said ~liortgagee, as
fulty and completely as if all the 8aid sume of moneq were originally stipulated to be paid on such dsy, an~-
thing m said note or in this mortpage to the oontrer,~ notwtthstanding; and thereupon or thereaf~er, at the option
of said 1liortgagee, without not~ce or demand, swt at lsw or in eqwty, mav be prosecuted sa if sIi monevs ~
secured hereby h~?d matured prior to ite institution. The Mortgagee msy foreclose lhis mortgage, as to the ~
amount sa declsred due and psyable, and the said premiaee ahaU be sold to astisfy and pay the same together ~
with costs eacpenses, and'allowancea. In case of partial foreclosure of this mortgage, the mortgaged prnmises
shall be sof d subject to the continuing lien of thia mortga~e for the smount of the debt not then due and unpaid.
In anch case tbe pmvisions of this paragraph msy agaut be availed of thereafter irom time to time by the
Mortgagee.
12. No waiver of any covenant Lerein or of the obligation secured hereby shall at any time thereefter be
held to be a waiver of the terma hereof or of the note secured hereby. -
13. The lien of this instrument shall remain in full force and etfect during any postponemeat or extension :
of the tame of payment of the indebtedneas or any part Lhereof secwed hereby. a
14. This mortgage ie given to se.cwe the pwchsse money, or s part thes~pf, of the lands herein described ~
and is executed and delivered contemporaneously with the deed therefor. ~
15. If the Mortgagor defsult in auy of the oovenants or agreements oontained herein, or in said note, then r
tLe Mortga~eee msy perform the same, and all expenditures (including reaeonable attorney's fees) made by the ~j
Mortgsg~e ut eo dou'?g shall dcsw intereet at the rate provided for in Zhe principal indebtedness, and sl~all be }
rep,ya~ble thirty (30) days after demand, and, togetLer with interest and costs accrued the~eon, sh~gll be secured ~
by this mortgage. U
R ~Q
16. Upon the request oi the Mo
r t
gagee the Mor t g s
g
or ahall execute snd deliver s~~~~P~~
6• d
d~~ `
~
notes for t h
e sum or sums advauced by the Mortgagee for the slterstion, modemizstion, impmvement, maia-
teuance, or repair of asid premisea, for taxes or aseessment8 againat t~he si?me snd for anp other purpose author- ~
ized hereunder. Said note or notes shall be secured hereby on s parity with and as fully as if t6e sdvsnce ~
evid~?c~ed thereby ~vere inctuded in the note firet described sbove. Said supplementa2 note or notes ahal! bear '
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