HomeMy WebLinkAbout1587 the deficiency. Such payment shwil be msde wi ~ ir~y (30) d~?ys Jter written notice irom the Mortgagee
stating the amourtt oi the deficiencb h•tw be ~+ven by mail. It at ~ny tims the Mortgsg~or
ahs~l tender to the Mortgagee in a~~~a~ice wi mviswr?s oi the note secured hereby~ full p~yaaea~
of the entire indebtednees repreeented thcreby~ the Mortgegee as trustee ahsll~ in oomputing tl~e amount of
such indebtedness, credit to the account ot the MortAa~or e?ny credit b~?lance remaining under the provieions
ot (a) ot ssidp~r~graph 2. II there ahall be a detault under i?ny of the provisions ot ttiis ae~rtgage resulting
in a public e~~le oi the premises covered hereby, ar it the Mottgagee acquires the property otherwise ~tter
defsult~ the Martgagee as tcuetee ahsU apply, ~?t the tima ot the oommencemeat of such proceedings or at
the time the propertY ia otherwiae acquired,, the amount then remaining to credit of Mortgag+r uader (s) ot
psra~rsph a preoediag aa credi~ on tha i~ter~t aocured and unpoid snd the bslaace to We principal then
remaiaing nnpaid on seud note. .
4. He wiII pyr all ta~oe~„ awe~enb. wstee tat~es„ a~d otbee~o~mea
tal at munie~p~l ahae'[a, goe~. ot
~P~~4 fa wbioh pe~ovidon La~ not beea mads Lereiabefrne~ and in detsulL thee~eof ~Ls Moc~es m~,Y P~1~ ~
a~uoe; and tbat Ls will pe+ompt~r de~vve~ t~6s oiai~l reoeipfa ~bereEor f~o tbe Morti~pe~.
b~ He wiII pernoi~ eommit, ce a~er no wasts, impatemeat, ae def~ertoistioa at e~id pe+opar~~ oe~ t6a~
amoe~ seasoesb3s we~r and tear• aad is t6s e~reo; af t6s failm~s of !LS Mo~~~ to keep the os
peemi~e~ aad tbo~s tio bs ereete~ m~aid peesi~e~, or impe~o~t~ t6e:~eoo~ ~a-~ood repair tl~e Morta,~`ee may
matie weh rep~ira a~ it ib dleeselion it m~y deem neoerary for tbs_~ope~ pe~e~ervstioo ZDee~eo~, and t6e full aawuaL
at eaeh and ev~eq w~eD p~?ymen! ~ b~ dus a~d Py?sbis thitb (~D) d~n aftee demand~ ~nd ~aII 6s ~eanred b~r
tbs lien aE tbis mal~s.
a. He wifl py a8 snd ~ie~ul~s t6s eosb. and e~Peaees. incluc~ re~usonable 1nwYer'~ Iee~, aad oo~ts
at absteaoi~ of i~e, inourred a~ paid at aoy tisae
b~art~~ee bee~wse of t6e failure on the part ot tbe Mor~o~
P~'~P~ and to pe:torm fLs s~reemeats and oovenants ot eaid promissory note snd thismo~t~e, and atid
e d
~ sLall bs immedistsbr dne and p,yable and ~aU ba.eeured by tbe hen of t-his morrp~s.
T. He w~ oo~tinnon~ maintain L~saYd iarwranos, c~ aich bps os t.ype~ and aaaunt+s as Mortgsges ma~
trom time to time reqnirs, on tLs imp~o~ements now ar Lere~tf~er on aid~m~se~ and euoep0 whea pa~rment
tor all such premiums Las Lhsretofore been made uader (s of epangra~?h 2 hereof he Mrill pay promp wheu
due an~ premiums Ll~aretor. All insnranos ahall bs ~ in oo~mPan~es aPPro~e~ b~ Mart$agee aad ~s poli-
cies and reaew~ th~eot sball be bdd b~ Mortgsgee snd ha~e attacbed there~o loss payabls cuuses ia fa~or oi
and in iorm sooeptabls t~o ths M Ia e~ent of bes he will give immediste aotice by nuil to Mortg~ges,
aad Marlg~es ma~ m~e p~e+ooi~~~ it not mads p~+o~pt~r b~ Mortgag~orj and e~c6 inwrmos eompan~ i
ooncaraed ~ bat+eb autLat~ir~ed and directed to make pymeaL for auch lor direc to M~~~~ ~nstead ot i
t~o Mortgr.gor and ~ortg~gww joiat~j, and the insuraaoe grooeeds, or any patt there~~may be ap.ptied by I~iort- ~
~agee at its option either to the reduction ot the indebLedness Lereb~ secured or to t~e restontaon or re
tbs propsti~ damaged. In event oi foreclosure of tbis mort~~, or otber 4~anafer oi title to the mortg
rag
d
per~j ia e=t3ngu~shment oi the indebtedaess seenred Lerebj, all righ~, title, and int~erest oi the Mortgagor
eres
aad t~o aq~ inwranoe policies~ t~hen ia ioros ehall pass t~o tbs puir.Laser or grantee.
8. He ~vill not ea~ecute or file oi reoord any instrument whicL~ impoeea ~ restriction upoa Lhe s~le or oocu-
P~Y of the gcoper~y deecsibed herein on the basis of r~oe, oolor, or ce~eed.
9. If t6e premiaes, or ~?ny part, thereof ~ be condemned under the power of eminent domain, or soquired
for a public use, the d es awec~ded, the proceeds for the ta~ing of, or the oonaiderstion for such aoquisi-
tion, to the extent oi th~ull amount of the remaining unpsid indebtedn~ss secured by t~his mortgage, are
herebv assigned to the Mortgagee, and hia heire orass~gna, end shill be paid forthwith to said Mor-t~agee ,
or hia ee W be applied on eooount of tbe lsst matunng inatsHments oi suc6 indebtness • provided,~o~-
ever, tL~or ~e or his assignee, msy s~ his discretion pay direct to the ~iortgsgor, hia ~eirs or asaigna
any par~ or all~such awi?rd; pmvided, that if ~he losn ia guaraut~eed ar inaured, the oonsent of the guaran- .
tor or mauret ia obtained in advance of saicipsymeu~.
10. T6e Mortgagee m~y, st anp t3ma ~en
'd~ng a suit upon Wis morrtga~e~apply.to the oouct hsvin~ jurisdic- ~
tion tbereoi for the sp u?tmeat oi a receiver, aad suah oourt ahall fo t,fiw~ a~pount ~ reixiver of the premises
po re x
oovered henby all and singulu, includtn~ all and aing~ilar tha inoorae. profits, ~esues, and revenues irom v~hat- ~
aver wuroe derived, each and everp ot v~-Wch it bein~ espresely understood, n~ hereby mortgaged ss if specifically
set forth and d~scribed in t6e g~aat~in6 and habendum cl~uses Lereof. Such appointanent shall be raade by
such aouri as an admitted equity and a matter of sbeolute right to said Mortgagee~ md w?ithout r~iereace to
the adequacy or inadequacy of the value oi tLe pmperty mortgsged or to the aolvency or inaol~ency oi said ~
Mrt-gag~ or the defenduata. Such rents pro6ts, income~ ~aues, and revenues shall be applied by such receiver ~
aeoo~
rding
to the lien oi this mortgage snc~ the praeNce oi euch ooutt. In the event ot any defsult on the put ~
, ot the Mortgagor hereunder, the biortgeg~or a~rees to pay to the Mor oa demand as a reasonable monthlv
; rental tor tLa premises aa s~nount at leas6 eqmval~at to one-t~velfth of thea~a
te of t~e twelve monthlv ~
installments payable m the then current year pleia the sctusl amouat of tbe annual tsxes, aseessmenta~ wrater ~
nt~s, aad insun~?ce premiwna for such year not oovered by the ~foresaid montLly payments. ~
~ 11. In tbe event of my bnaeh of this mortgage or default on the part of the Mortgagor, or in the avent ;
~ that aay oi said sums oi anoney herein refern~d to be not pmmpdy sad fullp paid aocording to the tenor hereof. ~ ;
~ or in !he eveat th~t each ~ad every t]~e atip ulations, ~greeiaenta conditiaas, and ooveuaats of s~id note ~nd ~ ~
~ t6ia mortgag~e, an aot dnly, Pmmpdy~ and fully performed or i~ t6e Mortgagor be ~djudicated banl?rupt or =
; made defwdant in s banhrup~cy or receive~shi~ proceedingrs; tben ia eit6er or ~ny wch event, the said aggre-
! g~te sum meationed in said no6e tbea rem anpud. with int~er~st accrued to th~t t,ime~ aad all money ~
I secured h~reby ahall become due aad psyab~orthwith, oc thereafter~ ~?t ths option oi aaid 111ortgagee, as
; lully aad comp~etely ~s it all the said aums of money were origia~lly stipulated to be p~id oa such day, ant -
! thing ia said note or m tbis mort~age Lo the contrarx notwithstanding; and thereupon or therestter, at the option
! oi aud Mortgagee~ witlaut not~oe or demaad, swt ~t law or in eqwty, m~v be pmsecuted ~s if alt monevs ~
i secund hereby ~i?d matured prior to its institutaon. The Mo gee may foreclo~e tbis mortgage, as to tfie =
; O E r
~ amount so d~clared due and p.yable~ aad the said premiae~ elull aold to wt,iafy and pa~ the same togrttur ~
~vith uoab espenses, aad allowmces. In case oi partid foreclosure oi this mortgag~e, the mortg~grd pcemises ~
~haIl be so~d subject to the oontinuing 4en oi this mortga~e for tbe amoua~ oi tlu debt not Lben due and unpsid. ~
In such case the provi~ions oi tbis parsgraph auy a~a~a bs svailed oI thereaicer teom time to time by the ~
Mortgsgee. ;
; 12. No w?sive~ ot an~ oovenant lurein or ot the obligation secured 6ereby sh~ll •t ~ny time therea[ter be ~
s held to be ~ wsiver o! tbe ta~ms 6ereot or oi tbe note ~ecwed henby. ~
' 13. 1'he liea oi this instrumeat ahail remain ia full lorce and ~eltect during wy po~tponement or extension `
~ ot t~he t,ime of ps~nt?ent oI tbe indebtedneas or aay part t.Vereoi secured 6enby.
~ 14. 1Lis taortga~e u given to ~ecun the purrhase money, or ~ part theceol~ oi tbe lands herein described
` and is eucuted aad delivered cantemporaneoutiy w?ith the dced thenfor.
; IS. If tLa Mo~gag+or det~ult in aay oi t~e o~vea:nts or agreements contained herew, or in said note~ then
f the Mortgsge~e u~s~ perform ehe wne~ and aU expenditures ~including reaeonabie ~ttorney's teea) macle b~ the :
: Martgs~es in w d' ~hall ds~w iatetest at th~ rate provi ed for in the principal iadebtedne~. ~nd sh~q be `
•
~ repay~We thirtj (30) a~s atter demand~ aod, to~etha ~nth iater~st aad oosts accsued tbereoa, shiJl be secured
~ b~ tWs mo:t~e.
s
~ 1g. Upo~ tbe request ot tbe Mrt~ages the Mortaa~or shaU esecut~ and ddioer a wpplea~eatal aote or
? aotes for tbe wm or sums ~d~aaoed
bQ
~ tbe Mortgagee: for t~u altentioo, moduaisation~ improvemeat, maia- t
~ t~eaaaos, or npair ot said penmi~ea, for ta:ea or aMewuenta against Ehe s~me u~d tor an~ other purpo~e sutl~-
; ired 6ereuoder. 3sid note or aota ihaU be secwed her+eby on ~ pant~ writh and as tulty as ~i the ad~aace '
~ e~ida~oed t~ereb~ w~e+s iaduded ia tbe note £ust de~uibed abo~e. Said wpplementsl oote or aotes ~hall beu
~~73 ~~5?'S