HomeMy WebLinkAbout2805 the deficiency. Such payment shall be ~ ade wit,hin }~~($0) days atter writte~ notice from the Viortga~ee '
statin~ tha amount of the deficiency~ ~ich ~otice be given by mail. If at any time the Mortgagor +
sl~a~l tender to tlie Mortge?gee i~ accorclsnce with the provisiona of tl~e note secured hereby, Iull payment
of the entire indebteclness represented thereby, the Mortgagee us truatee ahall, in oompuWng the amount of
such indebtedneas~ credit to tlie nccount ot the :~iortgagor any credit balance remaining under the provisiona
ot (s) of said paragraph 2. If there sl~all be a defxult under any of the pmviaiona ot this mort,~age reaulting
in s public sale oi the premisea covered hereby, or ii the Mortgagee acquires the pmperty otherwiae af ter
default, the Mortgagee as truatee ahall spply, at the time ot the commen~e~nent of such proceedinga or st
the time the property ia otherwise scquired, the amount then remaining to bredit o[ Mort,~agor under (s) of
para~raph 2 preceding as a credit on the interest accured and unpaid and the balance Lo the principsl then
rerasmmg uapaid on eai~ ~ote. .
4. He wW p~yr aII tau~es~ ~?aeeeeonenta, wstee rates, and ot~r~overnmenW a: municiPv ah~r6~, ~0. or i
impoeitione, for wbie6 provision h~s not been made hereinbsiore, aad ia default thereof t~6e Mort~ee m~r p~y the
~e; aad that be will prompt~y deliver !he official reoeipb therefor t~o the Mortgagee. .
b. Hs wiII permi~, oommit, ar suHec no w~ats, imp~irmeat, or deterloration of edd property oc any part thereof '
e~ceept rwwnable wear and t~ear• ~nd in tLe event ot the fail~u~e of the Mortg,agor to keep tbe buildinga oa sai~
pnmieee ~d thoee to be ereetec~ on aid premiscs, or improvements thereon, in good npair the Mortgagee may
mske such repairs ~?s ia ita diset~et~on it may deem neoeseary for tbe ~+oPer Preeervation thereo#. and the full amount
ot e~?ch and every sueh p~yaien0 ~b~U ~.dus and P~Y~ ~~Y ~ atter demand, and ~hall bs aecured by
the lien oi this ~e. .
6. He will p,y all aad ain~ular f~lre oosp~ ehargee, and e~cpeneea. inelnding reesonabk Lwyer's ices, wd oost~
ot abetraets of title, inaurred or psid at any time by the Mortga6ec bece?uee of the failure on the psrt. of the Mortgagor ~
p~omptly and i to perform the a~eements and ooveaaats of eaid promiseory note and this mor~g~e~ aad aaid
oosts, cbarges, sn~eocpeneee a6aU be im.mediately due and p,ysb1s and sh~il be secured by the lien of t~ia morta,sae. ~
7. He will oontiauoue~j msintsin hazard inenrsnoe, oi euch type or t~pee and amounte aa Mortgagee m~~ `
from time to t3me require, on the improvements no~v or Lere~iter on aaid p»mises and e.~cept when payment ;
tor all suc6 premiums Las theretofore been made under (s) ot paragra~h 2 Lereof ~e will pay promptly when
due any premiums t6erefor, All insuranoe ahall be carried ia aompanies appmve~ by Iliortgagee snd the poli
cies and renewals thereof shall be Leld by Mortgagee and have sttached thereto loes p~yable cuusee ia fsvor oi
and in form aooeptable to the M In event of loee he will give immediate notioe by mail to Mortgagee~ ;
and Mortgagee msy mal~e.proof~ ii noti msde promptly bg. Mortga$or, and each insuranc~e oompany ~
ooncerned is hereb authonr,ed and directed to make psyment for eucL loss direc~y to Mo~a~
ee instead of
Lo Mortgsgur and ~ortgag~ee jointly, and the insursnce prooeeds, or any part thet+e~f may be appZied by 111ortr ~
e reatoration or re ~
~agee at its option either to the reduct,ion of tLe indebtedness hereby eecured or to t~ pair of -
tLe pmpe:rty dsma~ed. In eventi of foreclosure of this mortgage or other transfer oi title to tLe mortgaged
p~+operty m eztingmshment oi the indebtednees eecured hereby, s~l righti, tiWe, and interest oi tLe Mortgagor
m and to aa,y insuranoe policies~ tLen in force e6aU pass to tLe purcbaeer or gcantee.
8. He will not execute or file of record any instrument which impoeea a restriction upon the sale or occu-
psncy of the property described herein on the bssie of ra~ee, color~ or creed. ;
9. If the premises~ or any part thereof~ be condemned under the power of eminent domain, or acquired ?
for a public use, the damages awarded; the proceeds for the taking of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are '
hereb~ assigned to the Mortgagee, and his heirs or assigns, and shsll be psid forthwith to said Mortgagee ~
or his assignee to be applied on account of the last msturing installmenta of auc6 indebtnesa; provided~ hor: - '
ever, the MortgagLe or his assignee, may at his discretion pay direct to the Mortgagor, hia heirs or assigns '
any part or all of such award; prnvided~ that if the loan is guaranteed or insured, the oonaent of the guaran- ~
t,or or ~naurer is obtained in advance of said peyment.
10. The Mortgagee may~ at anp time ~ending s suit upon ttus mortgage ~ apply to the court havin~ jurisdic-
tion thereof for the appointment ot a receiver~ and such oourt ahall fortFiv~nth appoint a receiver of the premises ~
oovered Lereby all and singular, includin~ all and singular the inoome~ profits, ~ssues, snd revenues from hat-
; ever source denved, each and every of w~uch it being ezpresaly understood, is hereby mortgaged as if specifically
; set forth and described in the granting an~ hsbendum clausea hereof. Such appomtcnent shsll be made by
such court as sn admitted equity and s matter of sbsolute right to said :~iortgsgee, and without reference to
i the adequscy or insdequacy of the value of the progerty mortgaged or to the solvency or insol~ency of said
E Mo r or the detendante. Such rents, profits, income, issuea~ and revenuea shsll be'spplied by such receiver
~ uxo~~ to the lien of this mortgage end the practice of such court. In the event of any default on the part
E of the r1ortgagor hereunder, the b1ortgagor a~rees to pay to the :41ortgagee on demand as a reasonable raonthlv
rentai for the premises an amount at least equivalent to one-Lwelftb (Y,:) of Lheeggregate of the twelve monthly
~ installments payable in the then current yesr plus the actusl amount of the annusl ta.res~ sssesaments, water
~ rstes, and insurance premiuma for such year not covered by the aforesaid monthly psycnents.
~ 11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event
thst any of st?id suma oi money herein referred to be not promptly and fully paid acc;ording to the tenor hereof,
or in the event that each snd every the atipulstions~ agreements, conditiune, snd covenants of ssid note and
t6ia mortgag~e, sre not duly, promptly, and i~lly performed or if the Mortgsgor be t?djudicated bsnkrupt or
made defendant in a bankruptcy or receivershi~ proceedinga; then in eit6~r or any such event~ the said aggre-
gate sum mentioned in se?id note then rem unpud, with interest accrued to that time~ and all money
secw~ed hereby shall become due and psysb~orthwith, or thereafter, st the option of said 1liortgagee~ as
fully and compf etely as it aU the said sums of money wer-e originally atipulsted to be paid on such day, an~ -
thing m said note or m this mort~sge to the oontrarx notwithstanding; and thereupon or theresfter~ at the option
of ssid Mortgagee, without not~ce or demsnd, swt at law or in equity, mav be pmsccuted sa if all monevs
eecured hereby had matured prior to its institution. The Mortgegee msy ~oreclose thia mortgage, as to tf?e
amount so declared due and paysble, and the said premises shall be sold to satisfy and psy the same together
with co~ts ezpenses, snd sllowances. In csse of pariial foreclosure of this mortgage, the mortgaged prnmises
ahall be sof d subject to the continuing lien of thia mortga~e for the smount ot the debt not then due end unpsid.
~ In such case the provisiona of this paragraph may sgsui be svailed of thereafter from time to time by the
~ Mortgagee.
12. No w~iver of any covenant herein or of the obligstion eecured hereby ahall st any time thereafter be
held to be a waiver of the terma hereoi or of the note secured hereby.
13. The lien of this instrument ahsU remain in full force and ettect during any postponeraent or estension
of the time of paytnent ot the indebtedness or aay part thereof secured hereby. ~
14. This mort,~age is given to eecure the purchase money, or a part thereof~ oi the lands herein described
and ia ea~ecuted and delivered contemporeneously v~nth the deed t6erefor.
15. If the Mortgagor defsult in any of the oovenants or agreements contained herein, or in said note, then
the Mortgagee msy per[orm the same, and all expenditures (including reasonable ettorney's fees) made by the
Mo~ in so do' shall drsw interest at the rate provided for in the principal indebtec~ness, ar?d sl~all be
n
repsy a~b e thirty (30) ays atter demand, and, together vv~th interest and costs eccrued thereon~ shsll be secured
by this mortgage.
16. Upon the requeat of t]~e Mort,~a~ee the Mortgagor shall execute and deliver s supplemcntal note or =
notes for the sum or sums advanced by-t6e Mortge~gee for the slterstioa, modernizstioa, improvement, main- ,
teaance, or repair oi said premises, for taxes or e~ment8 against tbe same and for any other purpose sutLor- ~
ized hereunder. Ssid note or notes ahall be secured hereby on a parity with and as fuUy as it tlie scivance
evidenoed tLereby ~vere included in the note firat deecribed above. Ssid supplemental note or aotes shall bear
6001I~~~ PA6E~7~
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