HomeMy WebLinkAbout1058 the defiGiency. Suchpay ment ehaU be.m~~ll~in_~r~~j ~~~1~ys stter written notice fram the Mortgsgee
stating the amount o! the deficiency~ ~c t~e ms b~'~vea by muil. If ~t any time:the Mort~agor
aha~l tender to the Mortgx~ee in accotds'nce wtth the provisions ot the not,e secured hereby~ fult p~ymea~
oi the entire indebtednees repreeented thcreby~ the MorLgagee as tntetee ahall, in ooraputing the a~nouot of
auch indebt,ednesa~ credit to the sccoun~ of the tiiort~or sny credit b+?lance remAining under the provieioos
oi ot saidparagraph 2. Ii there ahall be s deinult 4nder aay ot the pmvisiona ot this mortgsge resultin
in a public sa
el o[ the premisea covend hereb~, or it t~e Mortgsgee aoquiree the property othetwiee siterc
def~ult~ the Mortgagoe as trustee shalt apply, at the Wne ot the oarmmencement of such proceedinga or ~t
tha time the property is otherwiae scquired, the amount then remaining to credit of Mortgegor uader (a) of ~
para~raph 2 prececiing se a credit on the interest ~wcured aud unpaid nnd the balsace to the principsl then
rema~ning unpuid on saiti note. ~
r
4. He wtlt p~ aQ t~?~oe~. arerment~. wstiar ='+~te~ ~1~d ollies~vernmen
W ae muaidpd ahui'~, ~R ar ~
imPodtion4 for wbicb pe+uviaion bas not beeam~ be~einbetore. ~nd ia detwlt thereof tbs Mo~t~es ma~Y P~1? tbs
a~e; ~nd i~u?t 1?e wi11 p~o~mpt~jr delivee t6e oBaal reoeipts t6eretor to t6s Mort~es. -
b~ He will PaemiR oommit, or wRe: no wade, impri~~u~ o~ det~edorat~ion of e~d pi+opec~~ oeaq~p thet~eof
ezoept re~sonabb weas and t~ear• ~nd ia t~hs eveat of tbs iailure ot ihs Mortp~or io ]c~eep t6~ buildlnp on sai~
p~niee~ ~nd thOSe to bs e~eef~e~ aa ~aid pe~emires; ae ~lmpe+~vemenh tbereon, to ~ood repair tbe Mort~ee p~?
maioe w~ repa3n a~ ia it~ dLrae~e~iaa it my deem neoeraty fo~ t6e~p~per pe+ese~rvstiao tLereo~ and ths full amount
of eaoh and every w~ p~yment d~l b~ dus and p,yabie thirf,7 (~I d~ att,e~' demaMl,' a~ ~haU bs eecured by
tbs Iiea ot thi~ aROrt~`s.
6. He wlll p~y aD and ~1~4r il?s oo~~, ~ e~+rer. ineludin~ re~eooabk 4wyee's fe~ee, and ao~h
of absfraats ot ~tie, inaun~ed oc patd at ~ time
t~ort~e bec+~uae af the fiilure on tbe paet ot tbe Mort~+oe
~+b ~haU be~n~s ~ og~eeiw~R~ii of said pe~ooniesory note aad this mort~a~e, aad aaid
~mm~ediste~ due :ad p~jrabis a~d sL~D ba ~eeured by the lien ot tl?~' mo=tp~s,
T. He w?~1 auntianoua~ maintain Lasard iqsnrmos, of sucL t~~ps or t?pes ~ad sanounta as Mortga~ee au~
it+om time to time reqnirs, on tbs imp~o~ernes~a w~r ar hee+eaiter on said - and exceptwhen pa~mea~
tor all wch premiwms has thse+etotare beea made under (a oi paragraFh Leraoi w?ill P~Y P~mp~y abeo
due an,~ pnaiinms tLeretor. All insuranoe sha11 be ~in oompan~es aPPro~e~ b7 I~i gee aad tbe poli.
cie~s aad re~wals t~Lereoi ~ha11 bs beld b~ Mortgages saI bs~s atitached thereto 1oe~ Pa7aba
1e ~cisuies in i~~or of
aa
aad in form aa~aptabls to ths M In e~en6 oi loes he will give immediate notice by mail to Mortgsgee~
m+U make pe+ooi if noti ms~ls Pt'oa?P b7 M~rt8~8~, ~ ese6 insur~aes eomp~
oonoeMrued~~`u~hereb~r~ rwthori~ed .aa aie+eated to m,ake psymea~ior auch lq.. du+sc. t~ M ia.teaa d
to Mortgcgor and Mortgage~ jointay, and the i~uraaae prooeeds~ or aq~ part f~hee+e~~may be by I?ior~
~agee •6 its option either to the reductian ai the indebt~ednees Lereby aecured or to L'he reetoratwn or i+epair p=
tbe propezty dsm~ged. Ia event oi foreclosure ot tbis mor~~, or otber tnwatec of Litle to the mortgag~ed
pa~operty m est~ugwshment oi tbe iadebtednees secured herebj; ail righty title, wd interest oi tbe Mortgagor
in aad to a~? i~uranoe policie~ tben in foroe sLall pass to tl?e punLaser or gc4atee. .
8. He will not e~ecute or file oi reoord any instrument whieh impoeea a reetrictioa upon tbe sate ~?r oocu-
pan~y o[ the property described herein on the bseis of race~ oolo~r~ or creed.
9. If t6e premisee, or any part thereof, be condemned under the power of eminent domain, or soquired
for a public use, the dameges awarded, t6e procee~ls for the ~ of. or the considerstion for aueh soquiai-
tion, to the extent of the full amount of the remaining uapatd ' eLfedneaq a~ecured by t,his mortg~ge~ a~.e
herebv asaigned to the Mortgagee, and his heirs or assigna, and s~all be paid forth~rith to ssit~ Mortgsgee
or his ee Lo be applied on aa;onnt of the last ms~wing instaUmenta of auc~? indebtness• pmvided,7io~-
ever, tL~or~l~e or his sasignee, msp st his discretion pay direct to the Mortgagor, Lis ~eira or assigns
any part or all o auch award; prnvided, thati if the losn ia guuaateed or i~nsured, t~he aonaent of the guarsn-
tor or inaurer ia obtair~ed in advance of saidpsymen~
10. The Mortgagee may, st ~ap time ~en id
ng a suit upon tWa mortga~e spply to the oourt hRVinR jurisdic-
tion thereof for !he appointment ot 6 rece~ver, and such ouurt shall fort6rnt~? ~~point ~ t+eceiver oi the premises
oovered hereby aU a:M aingular~ includin~ all aad sing~ilar the income, profita~ iesues, and revenues from vrhst-
ever sounx denved~ each and every ot vrhich it bew' geup~+eesly underatood, is hereby mortgag~ed as if
set fortL and descr~bed in the m~ habeadwn clauses hereof ~ Such
S~~+nB appointa~lent.ahell be~m
de by {
such court as ~n sdmitted equity and a matter of sbeolute right to said Mortgagee, and without retereace to
the adequacy or inadequacy of the vaiue of the property mortgage~ or to the eolvency or insolrencp of said
Mrtg~go or the defendants. Such rents pmfits, inoome, ~ssues~ and revenues shsll be applied by such treceiver
aoco~
rdingrto tbe Uen of this mortgage an~ the practice ot such ooutt. In the event of saq defsult oa the part
of the I4iortgagor hereunder. the l~iortgagor a~ree.s to psy to the Mo agee on deraand aa s reasoaable monthlv
rentsl for the pnmises un amount at least eqwvalent to one-tweltth (~i) of Lhea~ga te of the twelve nanthlv
installments payable in the then current yeu plua the sctual amount oi the annual t~a•cea, affieeementa, w~tec
ntes, and insuranoe premiuans tor such year not aovered by the aforesaid montlily psyments.
11. In the eveat of my breach of this mortgage or def~ult on the put oi the Mortgag~or, or in the event
that wy oi aaid sums of money herein refen~ed to be not promptly and fulty pud ac~oording to the tenor hereof~
or in the e~rent tbat each and every the st~pulaLions, agreemenis oonditions, and coven~nts oi asid note and '
this mo~, ~re not duly, prnmpUy, ~nd iqUy pertornaed or if the Mortgsgor be adjudicated bankrnpt or
made dstcn ant in a bmlm~ptcy or reoei~en~n~ Proixeding~s t,Len in eit,~er or wy such event, tiu said aggre- ~
gate som mentioned in uid note tbearemunu~g unpsid, wnth int~ec+est aoarued to that tirae, aad al! money _
secured l?ereby a6a11 become due and p~yable iorthw~ith, or thereatter, ~t the option ot said 11iortgagee, as
fuUy and compf
etely as it all the ~aid sums oi money wrere originally stipulated to be paid ou auch diy~ an~
-
thing in said note or in this mort~ag~e to the eontrarl notwithstand'wg; and thereupon or thereat'ter, ~t the option
oi s~id M , writlwut notioe or demaad, swt :t law? or ia equ~t~, mar be proeecuted ~a i! all moneva '
secured her~e~ad mitured prior to ita institution. 1'6e Mortgagee m~y loreclox this mortgage~ as to tf~e e
aaaount w declued due +~nd p~?y~ble, aad the said pnxnises elull~bs sold to sat.isfy and p~y the aune togethe~ ;
~rith costs racpenses, aad aiiow~aces. In caee oi pattial foreclosuee of this mortg~ge~ the mortgaged pmmises
ahaU be wf
d subject to the continuing leen of this mortgage for the amoun~ oi the debt not thea due ~ad unp~id.
In such ca~e the provisions of this pu~aph auy agun be availed o! thereaitet tmm time to time by t6e
Mortgag+ee.
iZ. No ~?ai~er oi an~ oovenant hereia or of the obligation secw^ed hereby shsit ~t any time tl~ere~tter be
beld to be a rraiver of tbe t~rnas bereof or oi the note secured h~reby. ~
13. The ~ien ot this instrumeat ahall remain in fuD torix and eQect during aay postponement or extension ~
po i
of tbe time oi paymen~ oi the indebtednesa or aay part thereoi eecured hereby.
14. 'ltis ~tgsge is given to ~ecun the purcLase money, oc a put t6ereoi~ of tbe lands hereia drscribed
and is esecut+edpx~nd ddiverad oont~aponaeoualy rrith th~ deed therefor.
1S. Ii the Mort~ag~or def~utt in aay of the ouveaaats or agneeaneats oantained hereib~ or ia said note. tbea `
tbe Martga~r~e may pertorm t1~e sama, and aU e~penditures (including re~sonable attorney's fees) macie by the '
n
M in w do~'?g shali draw intereat at the nte provided for in the principal indebtedness, iu?d sh~ll be ~
repa thirt~ (30) d~ys attv dean~ad, and, to~ethe.r ~?ith interesti and oosts accrued tLu+eon, shall be secwYd ~
b7~~• }
18. Upo~ tbs t+equat ot tbe M tbe Mortgsgos s6a11 esecute and deliver • wpplemeneal pote oc
note~ tor the sum or wms sd~anc~ed
b~j
~e
Mortgaaee for the aiteration, a4odetniz~tion, improvement, m~in- ~
teaaaoe, ot np~ir o! said premisea~ ior t~ces oc aresstnents against tbe same snd tor an~ other purpo~e autlwr-
ised hereunder. 3aid note or not~es sb~tl be secured lureby oa a parity with and as tally aa tlie advanet
e~idenoed tbenby we~+e inclnded in tbe note fust dacsibed ~bo~e. S~id supplemental note or aotes shall beu
a~
K 173 ~~~.~iQ49