Loading...
HomeMy WebLinkAbout2426 the deficiency. Such payment ahaU be ~~1sde tl?ir6~~~ ~d~ys after written notice tt~om the Mortgagee atating the a~nount of the deficiency, which notice msy be givea by m~?il. If at any tirae ~he Mortgsgar aha11 tender to the Mort{~agee in e~ccordance with the provisions of the note secured hereby~ full pqyment of the entire indebtedneea represented thereby~ the Mortga~ee as truatee ahsll, in oomputing the amouat of such indebtednese, credit to the account of the Mor~s~or any credit balance temaining under the pmvisions of (a) of ae?idpara~rsph Z. If there ahall be a default under any of the provisiona of this mortgsge reeultiag in a public sale of the pren~ises covered hereby~ or ii the Mortgagee acquires the property other~vise stter default~ the Mortgagee as trustee ahaU spply, at !he time of t~e commencement of auch proceedinga or st the time the pmper~y is otherwise acquired, the amount then remaining to credit ot Mortgagor under of para~raph 2 preceding aa a credit on the interest accured snd unpaid and the bslsnce to the principal then temauung unpaid on eaid note, 4. Hs wiII p~ all ta~oes, ~ee~eab. wst~er nta. aad otLes~ove:umeatal oe municiP~1 alu?i'sa, Bna. ae lcnpoeitions, for wLicb provie[on bas not be~ made hereinbe~tore, and ia detault thereof t6e Mort~ee m~Y P~V ~ rame; and t6at Ls will pe+omptb? delivee tbs o~eL1 reoeipt~ tbee~ar to the Mast~~ea. b. He w~ll parnvit, ooanmit, or wHe: no wa~is, impairmeak or deterloastion of ~eaid propecty aea~ Qart Lhereof e~ooep0 re~eonabb wear aad t~ear• and ia t~hs evea0 ct t~he failure of tbe Mort~dr to keep the build~s on s~ peeaniees and thaee to be erecte~ on add pebanises, ae improvements thereon. in ~ood npair tbe MortBaaee my? malce suob repaies a~ in ite dL~eretioa i! m~y deem aeoeeeary for t~e P~'oP~ Pz'~++?tioa theceo~, and the full aa~oun! of eaoh and every wob p~ymeatr ~l~b~ dne~ snd EMY~ ~l'R7 C~) ~ after demand, and ~hall bs ~eaured by ~ ~II 0~ ~ IDOi~. ' 6. He wlU p~y vl ~ad dnsu4r tLs oosta, aad eo~penses. includin~ raisuaable Lwyer's fees, and oods af abst~cacb af tit~le, inaureed or patd at any t3me t~aitg~ee bec~use of the fsilure on the part of the Mort~a~or P~'~P~Y and to pertorm ths ~b a~ ooveoants af snid promieeory nate and thie morc~e, and e~id oosts, ch~rg~es. ~espenses ahall be imm~edi•te~jr due and pq,y.ble and ebaII be eeoured by t,6e lien of tbie mort~e. 7. He will oontinuons~j maintain hasard imuranoe, of such t~ype or t~~pes snd amounta aa Mortgagee m~~ from time to time require, on tLe impr~vemeats now or hereaiter on said pnmiaes aud eacept ~vhen p~yment for sll such premiums Las tLeretofore been made under ~(s) of paragra~h Z Lereoi ~e will p~y promp~y ~rLan due any premiums theretor. All insur:nos aLall bs carried ia comP~~ sPPro~e~ by 11i ~tg~g~ and tfie poli- cies and renewals thereof sh~ll be beld by Mortgagee and Lsve ~tt~ched thereto loes payabQ le cTauees ia favor oi • and in form aoceptable to the Mo In eventi oi loes he ~vill give immed'ute notioe by mail to Mortgagee, •nd Mortg~sgee muy make .proof~~ if noti made promptl,y by Mortgagor, and each iuosuranoe oompaq~ concerned ~s hereby autborued and directed to mal~e puyment for such loes directly to Mortgagee inatead oi t~o Mortgagor aad Mortg~gee joint]y, and LLe i~unaoe prooeeda, ar any part there~i may be ap+phed by 11ior~- ~agee at ita option either to tba reduction of the indabtednees hereby secured or to t~e restoratwn or repair ot the praperty dama4ed. In eveat oi foreclosure of this mo~or otLer tranafar of title to the mortgag~ed property ia extingu~ahment of t6a indebtednees secnred hereby, right, title, and interest ot tLe Mortgagor m aad to aqy iasuranoe policies then ia foroe ahall psse to the putr,baser or grsntee. 8. He will not erecute or file of record any inai~rumeat which imposes a restriction upon the asle or occu- pancy of the pmperty described herein on the baais of race~ oolor, or creed. 9. If the premise~, or any part thereof, be condemned under the power of eminent domain, or acquired for a public uses the damages awarded, the proceeds for the taking of, or the cansideracion for such soquisi- tion, to the extent of the full amount of the remaining unpaid indebtedneas secured by thia mortgage, are hereb~ assigned to the Mortgagee, and his heira or ass~gna, and ahsll be paid forthwith to said Mort~egee or his assignee W.be applied on nccount of the last maturing inatallmenta of such indebtnese;provide~; how- e~er, the Mortgagee or his assignee, may at his discretion pay direct to tLe Mortgagor, his heirs or assigna any part or aU of euch sward; provided, that if the loan is guaranteed or insured, the consent of the guaran- tor or inaurer is obtained in advance of said yment. 10. The Mortgagee may~ s~ sny time pen ing s suit upon this mortgage apply.to the court having jurisclic- tion tLereof for the appointment of a receiver~ and auch court ehall fortfi~nt~ a~point a receiver of the premises ' covered hereby sll snd singular, includin~ all and singular the income, pmfits, issues, and revenues from ~rhat- ~ ever aouroe denved :each and every of vrluch it being eapre~ly understood~ is bereby mortgaged ae if specificauy ~ set forth end dexnbed in the granting an~ hsbendum clauses hereof. Such appointment shall be made by 4 auch oourt aa aa admitted equity and s matter of sbeolute rigLt to asid Mortgagee~ and wit~out referenc~e to ~ the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagor or the defendanta. Such rents, pmfits, inoome, ~ssues, and revenues ahsll be applied by such receiver ~ according to the lien of tLis mortgage and tLe practace of such oourt. In the event of any defsult on the psrt ~ of the ~Mortgagc?r hereunder, the hiortgagor a~rees to pay to the Mortgagee on detnand as s reaeonable monthlv rental for the premises an amount at lesat equivalent to one-tweUth (3{:) of thea~r~a te of the twelve monthlv inatallments payable in the then current year plus the sctual amount of the snnual t~tes~ sseea~sments, water rates, and insuranoe premiums for such year not oovered by the ~foresaid monthly paymente. ~ 11. In tLe event of any breach of thia mortgsge or defsult on the part of the Mortgagor, or .in the eveat f~6st any oi said aums oi money berein referred to be not pmmptly and fully paid according to the tenor Lereof or in the event that esch and every tbe atipuLtiona, agreements oonditions, snd oovenanta of said note sn~ this mortgag~e, are not duly, promptly, and fuUy petformed or i~ the Mortgagor be adjudicated bsnkrupt or made detendant in a benkr~ptcy or recxave~hip pmceedin~s; t~?ea in either or any auch event, the said sggre- iw gats aum mentioned in said note then rem unpaid~ w?tth interest iwcrued to thst time~ and all money secured hereby ahaU become dae and payab~orthwith, or thereafter, st the option oi said I1iortgagee~ as fully and compf etely as ii aU the said suma of money vrere ariginully atipulated to be p~id on such dsy~ an,r- thing in said note or m this mort~ag~e to the contrar~ notwithstanding; and thereupon or thereatter, et the option ~ oi said Mort,gagee, without not~ce or demund, smt at 1~~+ or ia equity~ msv be proeecuted as if all moneva secured hereby-hsd matured prior to ita institution. The Mortgagee msy ~oreclose this mortguge~ as to tf?e ~ aonount so declar8d due snd paysble, and the said premise~ shslll~e sold to satisfy and p~y the same tog~ether ~ ~ with coats e=pec~aee. and allowances. In case of partial foreclosure of t~is mortgage , the mortgaged prem~ses ahall be eo~d sub~ect to the continuing lien ot tLis mortga~e fur ths amount of the debt not then due end ~u?paid. ~ In such case the provisiona of thia puagr~ph may agatn be sva~ed of thereatter irom time to time by t6e Mortgagee. 3 1Z. No w~iver oi any oovenant henin or of tbe oblig~t~ioa secured hereby sh~ll a6 any time there~tter be held to be s w~uver of the tern~s hereof or of the note secured hereby. 13. The lien ot t6is instrumeat sh~ll nmain in full force aad eHect during any postpoaemeat or extensioa oi the time oi p~yment of the indebtedness or any part ttureoi secured hereby. 14. This moctgage is given to secure the purch~se money, or a part, tbeceot~ oi the lands henin described aad is eiecut~d and delivered oontemporaueoualy vrnth the deed therator. I5. If the Mortgagor detault in any of the coven~nts or sgreemeats oontained hereia, or in said note, thea the Mortga~ee msy. perform the same, and all expenditw~es ('wcluding nasonable attorney's teea) made by t6e Mortgagee w ~o do~ng ahall dr~w? intereat at the nce pmvided for in the principal indebtedness~ ~nd sli~ll be b pay~ble thirty (30) dsys after demand, and, tog~ether with intenst and costa ~ccrued thereon, shall be secured ~ thu mortgag~e. 18. Upoa tbe request ot tLe M rtgagee tLe M~rtgag~or ~haU execute and deliver a wpplemental note oc ~ot~e~ for the sum or sums advanced bp y tFe Mortgag~ tor the altuation, moderawtion, improvea~neent, main- teoanoe~ or npait of said premisea, for taaea or ~enta against the s~ae and for an~ other purpwe aut}wr- ~ - i~ed hereundu. 3aid note or notea a6all be secur~d hereby oa a pariiJ ~ri?h and ~s fully as ~E the adv~nce ~ s~idenoed tbereb~ were iacinded in the aote bed abo~e. S~id supplemeatal note or notes shaU beu ~ J. ~ J ra~t ~4V0 - - . . x ~ : _ . - . < _ . _ .