HomeMy WebLinkAbout1621 the deficiency. 5uch payment shall~be~i~~~c1~ withi~ ~~i~t (30) d~?ys after written notice trora the Moctgsgee ~
ata~ing the amount of the deficiency, which notiee may~ given by mail. II st eny time the Mortgegor ~
aha~l tender to the Mortgagee in accordnnce with the pmviaions oi the note eecured hereby~ [uU psymeut
oi the entire indebtedness representsd thareby~ the Mortgagee ae trustee ahaU~ in oomputing the ~~noun~ of ~
such indebtednese~ credit to the eccount of the Mortgs~or s~y credit balence reraaining under the pmvieions
of (a) of saidpara~s
ph 2. If there ahaU be s default under any of the proviaiona of this mortgage reaulWng `
i~ a publio sa
el oi the premises covered heteby, or if the Mortgagee acquires t~he pmper~y otherwiae atter ~
det~ult, the Mortgagee as truatee ahall apply, at tha time of the oommencement oi such proceedinga or st I
the ~ime the property is otherwiae acquired, the amount then remaining to credit of Mortgsgor uader of
pera~raph 2 preceding sa a credit on the i~tereet aocured and unpaid and the balaace to the priacipal then
renqatrtmg unpaid on ssid nnte. .
' 4. He wlll p~y aD ta~e~„ ~eree~ent~, wste: rata. and olher~ov~nn~eaW ae mvniciPv ~~R'~, ~4. os
impodt~ions. for wbio6 provietoa Las aot beea ma~s hareinbetore, and in d~rwlt thereoi tbe Mort~es m~Y P4l? ~
ra~s; ~ad tbat Ls will promptbr delivee tbs offiaial reodpts lberetor to t6e Motta,~ee. .
b. 8e w~ll permit, oammit, oe a~er no ~ras~e, iqapaiirmeaal, or detectoestloa ot eaid propert~r oe ~part ll~eteot
eaooepi reaeoa~bls we~r and tAar• and fa tLs eveat ot tbs isilure of tbe Mor~r to keep ths buildin~ oa s~i~
pe~nmise~ and those to bs ereete~ on Mid pe~ises. oe ianproveenents ZLereon, ~n
sood np~ir the M
a~ake woh repsin as ia its disoret[on it may deenn neoeeeasy for t~he presecvatio~n t6ereo~, aad the~anw~t ~
of eaoL and every woh p~y~me4~, ~a11 b~ dus and A~U?s~jis thitR~? ~dyr~ att~e: dea~nd, and rLaU bs ~eoured by
tLs li~ ot t~is ma:tp~s. ~
8. He p~y all and dn~ulari ti~s~~~qo~1~, and ezpense~. inoludina reaaonsble Lwy~es~'~ feee, asd oosts
oE abatracts~title, incurred or I~aid `st aq~ trms b3? ort~a6ee because of tLe failure on We p~rt of the Mort~o~ ~
R'~PWY aad i to peutorm the ~pe~n~tp ~trd o~veusnts of a~id p~omiasory note snd t6ia mort~a~e, and s~id ~
o~, ~aTEa, ~~4 ~~~Y dUS and p~,y~bis and eball be seoured by the lien of tbis mort~,s`s.
7. He w~l oontiauons~ maintain basard i~uranoe, of such typs or typee and amounts as 1Vlortg~gee au~ ~
from time to t~me require, on the imgrovements now or here~tter on s~id pr~mises and except when pa~menl ~
tor a11 such premiums Las tberetofore been made under (a oi pangraph 2 hereof ~e will pay pmmp~,~y ~rhen
due any premiuma tberefor. All insuranoe ahall be car~ia compaaies ~?pprove~ by I1i and tbe pol~ :
cies and rena~?sIs t6enoi aLall bs Ldd b~ Mortgagee and ha~e atit~ched thereto loes psyaba~uees ia favor oi ~
and in form aooepta?ble t~o tLs M In e~eat oi bes he will giva immediste notice by mW to Mortgag~ee,
and Mort~ag~ee m~?~ msi~~e,prooi~~~ it not mads promptb by Mortgagor? aad e~ch insuranos,oompanp
ooncerned ~s Lereby~authons~ed and diracted to mske payanent for such lvas du+ecdy to M~~ ~ttead d
t~o Mortgxg~or and Mortg~ge~ jointJy, and the insuraaos prooeeds, or an,y part thereoi may be app7ied by I?iort.
~agee at its opt~ion either to tba reduction oi the indebtednees hereby eecured or to t~e restontion or repsir ot
t~s property damaged. In event of foreclosure of tbis mortgage or otLer tranafer oi titk to tLe mortgaged
p~operty in eztingu~sbmenti oi the indebtedness secured hereby, a~l right, title, and interest oi tbe Mortgagor
ia and to aq~ insunace policias-tben in foroe s6all pasb to t~he purcLaser or graaatee.
8. He will not rzecute or Sle of n~oord any instrnment which imposee a reatriction upon tha eale or oocu-
p~ncy of the pmperty deacribed herein on the ba8is oi racs, eolor, or creed. _
9. If the premises, or anF part thereof. be condemned under the power of eminent domsin, or aoquired
for a public use, t•he damsges awarded, the proceeds for the tak~'ng of, or the consideration for such aoquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are
hereb} assignerl to the Mortgagee, and his heira or assigns, and shall ba paid forthwith to seid Mo
r-tgagee
or hia sesignee to be applied on acxount of the laat matunng installments of such indebtnesa; provided,~o~-
ever, the Mortgag~e or lus assignee, may at his discretion pay direct to tLe Mortgagor, his heirs or asaigns
~tny part or all of such award; provided, that if the loan is guarenteed or insured, tihe oonsent of the guaran-
tor or inaurer is obtained in advance of asidpa
ymeut.
10. The Mortgagee msy, at anp time pen
'id
ng s suit upon tma mortgage~apply.to the oourt havin~ jurisciic-
tion tLereof for tha sppointanent of s receiver, and such court a6a11 foitfivrn s~point a receiver of the premises
oovered hereby all and singular. inaludin~ all and singular t6e inoome, profita. iasuee, and revenues irom «hat-
sver eouroe denved, each and every of vrluch it be'u~ expreaely underatood~ ia hereby mortgag~ed ae if apecifically
! eet forth and described in tbe graating an~ habendum clat~ses hereof. Such sppointment ahall be made by
such court as an admitted equity and s matter oi sbeolute nght to said 1liortgagee~ and ~nthout reference to ~
j the adequacy or inadequacy of the value of the pmperty mortgsged or to the solvency or insol~ ency of ssid
Mo r or the defendants. Such rents, pmfita, income, ~ssuee, and revenues shsil be applied by such receiver ~
acoo~ to the lien of this mortgage and the prsctice oi auch court. In the event ot any detault on the psrt ~
of the Mortgagor hereunder, the l~iortge~gor s~reea to psy to the'•1~tor agee oa demand as a reasonable monthlv
rental for the premises an amount at least eqwvalent to one-tweUth oi thea~c~s te of the twelve monthlv
instalLnenta payable in the then current year plua the actual amoun6 ot the annusl Lsxes, asee~ments, water
rates, and inaurance premiunoa for such year not oovered by tLe aforesaid montLly paymenta.
11. In the event of any breach of this mortgsge or default on LLe pert of the Mortgagor~ or in the eveat
th~t any oi said sums ot money herein refen~ed to be not pmmptly and fully pud according to the tenor hereof.
or ia the event thst esch and every the stipulations, agresraenta. conditions~ and covenanta of said note and ~
this mortgage~ are ~ot duly, pmmptly, and fully performed or ii the Mortgag~or be adjudicated bankrupt or
made defendant in s bankniptcy or reoeiverahi~ pr~ceedin~,~,t~ep in either or aay such event, the sud aggre- ,
Bate.euui mentioned in ~w~id note tLen rem unpaid, Nnth uitereat accrued to that time~ and all money j
eecured herebp, s6a11 become due and psyab~orthwith, or thereafter~ at the option of said 11iortgagee, us
fully and completely ss if sll the said suma of money were originaUy atipulated to be paid on such dey, an~
-
thing m said note or m this mort~ages to the oontrsr~? notwitt?standing; and thereupon or theresfter, at the option
v
of said Mor , ~rithout notx~ or demand; ewt at la~v or in equity, msv be prosecuted as it alt monevs
eecured hereby sd matured prior to its institution. The Mortgagee msy foreclose tbis mortgege, ss to tf?e
sanouat ao declared due and paysble, and the asid premises shall be sold to astisiy and pay the same together ~
with costs ezpenses, and allowances. In case oi putial foreclosure oi this mortgage, the moctgeged pmmises f
ahaU be so~d subject to Lhe continuing lien oi this mortgage for the smount of the debt not then due and unpaid. i
In such case tbe pmvisiona oi this paragraph may ~gaia be svsiled of thereatter from time to time by the ;
Mortgagee. <
l2. ' I'~o wiivet ot ~aay covenant Lerein or of the obligation secured hereby shsll at any time thereafter be
held to be • wuver of tbe terang hereoi or oi the note eecured hereby. - .
13. The lien of t~is instrument shall reirisin ia fuIl force ~?nd eHect during sny postpo~nement or extension
of the time oi payment oi f~e indebtedneas os any part thereof secured hereby.
14. This mortgag is given to eecure the purchase money, or a put thereot, of the lands herein described
and is esecuted and delivend coatemporaneously with the deed t6erefor.
15. If tLe Mortgsgor defsult in any of the oovensnts or agreemente aontained herein~ or in aaid note, tben
the Mortga~ee msy,perform the same, and all expenditures ('mcluding reasonable attorney's fees) made by the
Mortgagee in so dou~ sLall draw intereat at the rate provided for in the principal indebtedness. and shsll be
npaya~ble thirty (30) days atter demmd, aad~ together with interest and costs accrued thereon~ shall be secured ~
by tbis mortg~ge. '
18. Upon tLe request of tLe Mort~a~ee the Mortgagor shall ea~ecute and deliver • aupplemental qote or
ea
notes for tbe sum or sums advanced by tfie Mortgagee for the slteration, modemization, improvement, maia- ~
tenanoe, or npair of said premises, for taxes or ~nents againat tbe asme and for any other purpose sutLor- ~
ised henunder. Said note or notes shaU be secured hereby on a puity w~ith and as fully aa it the advance ~
enidenoed tbenby wen iaduded ia the note~,
t d ~bo~e. Said suppleraentsl note or notea shsll be~r ?
a00K«1 1 ~ PI~tGf~~~~ ~