HomeMy WebLinkAbout2118 the deficienc Such paym ent shalt be msde within thirt (30) days after written notice irom the Mortgsgee
atating the aymount of the deficiency, ~vhich notice msyybe ~iven by mad. If st sny tuns the Mortgagor
sha11 tender to the Mortgugee in ewcord~nce with the provis~ons oi the note aecured hereby, full paymen~
of the enLire indebtedneee repreeented thsreby~ the Mortgagee as trustee ahall~ in oomputing the unount of
such indebtednese, credit to the account of the Mortgsgor sny credit balance remaining under the provisions
of (s) oi ssidparagtaph 2. It there ahall be a default nnder aay of the provieione of this mort~gage reeultiag
in a public sale oi the premises oovered hereby, or it the Mor e~cquires the pmperty oth-itwiee atter
default, the Mort~gagee aa tauatee ahs11 sppl , at the time of e oommencement oi euch pmcec3ings or st
a
the time the prope
,
y ia otherwise acquired~ e smoun~ thea remsining to credit oi Mortgagor under of
pare~rsph 2 preceding as a credit on the interest accured snd unpsid aud the bAle?nce to the principal t6en
remaining unpaid on said note.
4, He wlU pqr ~II ta~oe~, a~enb, w~tee rate~. aad ol6ee ~al cc municiPal obae~a~, 8tia. or
fmPaitiom. for wLiah provleton ~s not been m~de hereinbefoee, and~thereot tbs Mort~es my? P~Y ~
~ams; and t~hut bs will pe~omplUr ddivee t6s o~oial reoeipts t6eretor tio t~he Martg~ee.
b. He will perrmit, oommit, oe wQec no wasts, imp~irm~t, or deteriorution ot eaid properl~ ceaa~ ~aet t6ereot
eoooepR reaeonable we~r ~ad t~ear• and in t6s evea0 of tbs failure ot Lhe Mort~or to keep ths buildic~ oa nid
pe~emiees and thoss to bs e~ecte~ oa ~aid p~e~, o~ impe+oveo~eats tbereoa, in good repair tbe Murt6~i'ee my?
malce eueh repaies ~ in its disoration it m~q deean neoeee~ry for tbe~pmper presesvstion thee+eo~. ~ad tbs full amoua~
of esoh aad every a~eh p~yme~nt ~ball bs dus aad p~yab~e tWrf,~? (~o) d~ys sft~e~ demand, ~ad ~hall bs recured by
the }iea of thi~ most~e.
d. He will p~y sll ~nd dn~lar tbs oosta~ ~r~s and eacpenee~, iaaluding reaeonsbls bwyee's fee~, rad oo~
af ~bakr~ata of title, ino~u~e~ed a~ p~id at aay time
kry tLe ~Iort~ee beoause of the fail~re on tbe p~rt ~ ths ~r~oe
P~~P~Y and i to perform tLs a~esm~nta and ooveaanb of s~?id pmnniesory ~te snd this ano~t~~e~~ad a3d
~6a11 bs immed~?tebr dus and p~yab3e and e6a11 be seaured by the lien of tbii moztp~e.
T. He will oontian~on~ awnfain ba=srd 'msuranos, oi snch type ort~pes and amounts ss MortBagee ma7
from tims to time requirs, on tbe impan~emsnts now or Lei+eaiter on said -rramises snd e~coep` wLen p~ymeat
tor all euch pi;emiums ha~ tLeretQtars been made nnder (s ot paragrs~h Z hereof ~te ' P~Y P~mp when
~emi ha
dus an~ premiums thersfor. AIl insuranos aLall bs ~ ia oomP~ ~PP~~e~ and '
caes wd rene~vaL thereoi ~6~11 be beld b~ Mortgagee and havs att~?cLed tbereto las yable uses ia favor~ai
~ad in form aooept~ble to tLe M ~a~ee. In event a~ bes hs wiU gi~e immediate notioe by mail to Mortg~ges,
• aad Mort~agee mw malce pmoia~~f low if not mads promPt~ bl Mortgag~orJ and each insursaue oompan~
ooncerned ~s hereb sutLori:ed and directed to maice p~yment for auch loes duec. to M mstead oi
to Mortgagor aad ~ortgagee 'oin~y, and ths insuranoe prooeedo, or any parC there~ ma,y be
a~• by 111ort•
~ges at its option either to ~ reduct~on oi tbe indsbtednas Lereby eeciu+ed or to t~e reatontion or repair os
the prope~j dam~ged. In even~ oi forecloau+s of this mprtgage or othe~ trsnater oi title to tbe mortgag~ed
p~+operty m est~ngmshment oi tLe iadebtedn~e~ ~ewred hereb~~ a~l rigL~, tit1s, i?nd iateresti oi t~e Mortg~~or
3n and to a~ insurancs policie~ thsn in foros aLall pw to tLs purcL~ar or graatee.
8. He will aot e~secute or Sla oi reoord sny instrnment which imposes s restriction upon the eale or oocu-
panuy oi the property dee~xibed Lereia on the basis oi nce. oolor, or creed.
9. If the premises, or any psrt the~eoE, be oondemned under the po~ver oi emineut domain, or aoquired
for a public use, the dsmages awsrded~ the pmceeda for the ~ of, or the oonsiderat,io~ tor suoh soqnisi-
tion, to the extent of the full amavnt of the remaining unpaid in ebtednees eecured by this mortg~ge, are
i
hereby assigned to the Mortgsgee, and hia heira or ssaigna~ and ahall be paid forthwith to eaid Mo- agee
or his assignee to be applied on account of the last matunng installmenta of such indebLnee~• provided, ow-
ever, LLe Mortgagee or his assi~gnee, msy at hia discretion pay direct to the Mortgagor, hia ~eirs or sesigaa
any part or all of suc6 award; prnvided, that if the loan ia guusnteed or insured, the oonaent of the guarsn-
tor or insurer is obtained in advance of seidpa
yment.
10. The Mortgagee mey~ st sny Lime ~en
'dmg a auit upon this mortgage spply.to the court hsvinEt juriedic-
tion thereof ior the appointment oi s receiver, and such oourt?ahall fort6v~nt~ a~point a receiver of the premises
oovered Lereby all aad singulsr, includin~ all and singular the inooma, pmfits, ~sues, and revenues from vPhat-
~,I
ever eource denved, each and every of whic6 it beu'~ e=pressly understood, is hereby mortgaged aa if specifically
aet forth and described in the grantin8 anc~ liabesdun? clauses bereoi. 3uch appou?tmen6 ahall be made by .
said Mo and without refereuce to
such oourt as sa admitted equity nnd a mstter of sbeolute righ~ ~o rtgagee,
tbe adequacy or inadequacy of the value oi the pmperty mortgaged or to the solvency or insolvency of said
Mortgagor or the defendante. 3uch rents, pmfite, inoome, ~seues, and revenues shsll be spplied by such receiver
accordfng to the lien of this mortgage and the practicx ot such oourt. In the event of any default on the part
of the Mortgagor hereunder, the biortgagor s~es to psy to the Mo agee on demand es a reaeoneble monthlv
j rental for tLe premises an amount at least equivalent to one-twelftb of thea~r~s ts of the twelve mont6lv
inatallments paysble in the then current year plus the uctud amount of t~he snnual ts.~es, aseesaments, water
~ ntes, and insuranoe premiums tor such year not aovered by the aforeasid monthly paymenta.
~ 11. In the event of any breach of thia mortgsg~e or default on the part of the Mortgagor, or in the event
~ tLat any of said aums oi money herein referred to be not promptly and fully paid socording to the tenor hereof
or in the event that each and every t6e stip ulatione, agreements conditiana, and oovensnts of asid note sn~
t6ie mortgage, are not duly~ promptly, ead in11y perfornned or i~ the Mortgsgor be adjudicated baakrupt or
~ msde detendant in s banlQUptcy or receivership proceedinpR then ia either or say auch event, the aaid aggre-
gste sum mentioned in suid note then sin~ng unpaid, vinth int~erest accrued to thi~t Lime, and sU money
secured hereby 86a11 become due and pay~able iorthwith, or theresiter, st Lhe option of said 11iortgagee, as
~ fuUy and oomp~etely aa if a11 the ssid sums oi money were origiaally stipulated to be psid on such dsy~ an~-
~ thing in ssid note or m this mor~age to the oontra~r notwithstaad~ng; aad thereupon or thenatter, sc the option
~ of said 11ior~qagee, without notice or demaad, suit at Isw or ia equi~y~ msy be proeecuted as it all monevs
secured herebq ~i?d matured prior to ita institution. The Mo may foreclose this mortgsge, as to tf~e
amount so declared due and payable, and the s~id premiees shall~ld to satiafy and psy the eame together
~ with coate ezpenses~ and allowances. In csee oi partial ioreclosure oi Lhis mortgage, the mortgaged pmraises
~ sLall be sofd aubject to the continuing lien of tLie mortgs~e for fLe amount of the debt not then due and unpsid.
~ Mor ch caee the pmvisions oi this paragraph may again bs svailed of thereaiter from time to time by the
t6agee•
12. No wuver of any oovenaat herein or of the obligation secured hereby ahsU st any t~rae thereatter be
held to be s~vaiver oi the terms hereof or oi the note secund hereby.
13. The Uen of this inatrument shall remain in full force and e8ect during any postponement or e~tension
~ of the time oi payment oi tLe indebtedne~s or ~ny put thereoi ~ecured hereby. p
14. This mort~sgs is given to ~ecure the purchare anoney, or s part thereoi, of the lands herein de~cribed r1 ~
and is e:ecuted snd delivered oontemponaeou~ly ~vith tLe deed thereior. L~2
15. Ii the Mortgagor default ia any ot the coven~ats or agreemeats oontained herein, or in esid note, then v
tbe Mortgsgee msy pertorm the sarae, sad a11 espenditurea ~including re~wnable sttorney'~ fees) made bp the ~
Mo~ ~a so do~'ng aball dr~~v int~rest at the nte provi ed for in the principd indebtedness, snd shell be ~
~ rep~y s~b e thirty (30) d~ps dter demand, aad, together with int.ere~t and costs accrued thereon, shall be eecured
by this mortgag~e. ~
16. Upon t6e requesti of the Mortgag~e the Mortgag~or ahall ezecute and deliver a supplementsl note or ~
notes for the anm or sums advanced by the Mortgsgee for tbe alteration, modernization, impmvement, main-
tea~aoe, or repair of asid premises, for t~?xes or aeseesmenta against tLe aune aad for aay otl~er purpoee suthor-
iaed hereunder. 3aid nots or notes aLell be secured hereby on a psrity M?ith and as fully as if tue sdvsnce
evidenoed thereby were included in the aote first deecribed above. S~ud supplemental note or notes shall beu