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HomeMy WebLinkAbout1485 . t the deficiency. Such pey ment s~,~ll'ba ~und0 wi~h y`?tt}~~y (30) de~ys ~iter wril,ten notice from the ~Sortgsgee stating the ainount o[ the deRcie~cy~ -w'hich nolicb'~in1Cy be given by ma?il. Ii at a~y time the ~iort,~agor aha~l trnder to t,he Mortgagee in sccorciance with the pmv~ona of the note secured hereby~ tuU paymea~ oi the entire indebtedness repreeented thereby~ the Mortgagee sa t~rustee ahaU, in oomputing the e?mount ot - such indebtednees, credit to the ~ecount o[ tha Mort~a~or sny credit balsnce renaaining uader the pmvisioas ot (a) ot saidpat~graph 2. It there ahsll be s defuult under a~y of the pmvisioae oi thi~ mortgage reaultiag in a pubtic sale o[ the premises covered hereby, or it the :4iortgsgee acquires the praperty otherwise ~?iter default, the Mortgugee as trustee shsll apply~ at the tima oI the oommencement oi such proceedinga or ~t ' the time the property ia otherwiae scquired~ the smount then remaining to credit o! Mortgagor under (a) of para~raph 2 preoeding ae ccedit on the intereet accured a~d unpaid and the baiance to the principal then remuning unpsid on eaid note, . 4. 8e wtn PU? ~~~eat~ w~tat nte~, and at~6e~ vera~oeaW ae muntcip~l ch~?*aa. Soa, or impodtione, for whic6 prov~on ha~ not been m~rcle bee~einbetore, and~ detwit theeeof ths Mott~ee nyY Pq? the ~m~e; and tbst hs w~ill promptbr delivar the oiwd reoeipts tLerefor t~o the Mort~es. b. Hs wiU permit~ oommit~ or wQee no was~s. imp~irmeak or dsterioration oi esid prope~ty a~qy thereof earoept rae~nsble we~r aad tear• and ia ttrs eveat ot tbs f~ilure of tbe Mort~,~or to keep tbe bwl' di~ on aaid preanise~ aod those to be erecLe~ on ntd p~niees, ar impe+ovea~eaLs t,benon. in aood rep~ir t6e Mort~ee m~,p maks aieh npa~s ~ Ia its ~nt~ion It m~y dean neoeeeary for thepr~psr preserv~tion Lhe~+eo~~ ~ad tbe tull amoun~ ot e~?ch and every a~ah p,ymsati e~11 b~ due ~ad p~ysbis tbtrt~j? (~0) dyrs +tt,er de~a~d, ~nd ~haU be iecured by t6~e liea ot this mozt~,~is. ~ S. 8e wi1l p~y ail and ein~elar ths oo~tti aa~d esAensee. iadudin~ reaeoasble Lwyer's faes, and oost~ ef abetracb af titJe. iaourrad or paid at aay time b~ort~ee beause of the f~ilun on the part of the Mo~~~ P~'omPt1Y aad iu~? t~ perfoim the a~eements and aoveawts of aaid pro~nieeorq note and t6ie mort~e, and s~;d ~~a sod e~cpaneas sbsQ ~qpop~i+?teb? due ,md p,yabas and ~ait be ~eeured by t1~e lien of t~is mort~e. . ; r .r T. He will oontinuom~ main Lisard i~unaos, oi such t~pe or~jp~ ~nd aniouats as Mortga~g~es ma7 ~ L+om time to time requirs, oa t~s i~p~v~v•~w or he~e~after on eaid pr~mieee and exoe 6 whea ~ !or all such premiums lu~ tb~totara beea mnde under (a of h 2 hereof ~ ~vill p ~mea~ , ur P~T~'~F e P~Y Promptly when ' dus any pnmiums ~e~etor. A11 iasuranoe a6sil be car ' in oompaaaes ~pprove~ b~ I?iort~~ and the pol~ ~ cies and renew~ls t6ereoi aLs11 ba beld b~ Mortgagee and ha~e attached thereto Iaes payable cl"suees in isvor oi ~ a~l in facm aooeptabls to t~Ls M In e~ent of bes he will give immediate notioe by mW to Mortgage~, ~ and Mor~gee ma, ma~e pmoi~~~ if no0 m~s m ` Pj'o P~7 b7 ~os~6s8'~ra aad e~cb insunnos oompan7 oonaerned ~s Lereby- suthori~d aad directed to make p~meat for such loes d~rect~j to M ages ~ t~o Mortg~gOr and Mortgagee join~y ~ and t~he insuranas pmoeeds, or aqy psrt there~f mRy be p_pl'ed by I11ort. ~agee at ~ts option either to the reduction of t,6e indebtednees hereby secured or to t~a restorstwa or rep~ir pi tbe propeirtj dama~ed. In event of forecbsu~ee oi t~his mo~or other tranater oi title to tLe mortgaged p~+operty in ~tinguieLment oi the indebtedaees seeured hereby~ right~ titte, and interes~ oi the Mortgagor in and to aqy insunnos policies~ tben ia foroe sLaii paae ~o ths purcbaser or grantee. 8. He wilt no6 e~zecute or Gle of r+ecwrd sny inetrument which impoaes a reatriction upon the ssle or occu- pancy of the gruperty deecribed herein oa the b~sis oi nca, eolar, or creed, 9. If the premise~, ar any part thereof, be condemned under the power oi eminent domain, or acquired 'r for a public use~ t6e damages awarded, the pmceeds for the taking of, or the consideration for euch aoquisi- ; tion, to the exteat, of the fuII amount of the remaining unpsid indebtednesa secured by this mortgage are hereb~~ assigned to the Mortgagee, and his heirs or assigna, and shall be paid forthwith to said Mort gagee ~ or his ee to be applied on socount of the last me~unng installmenta of auch indebtaesa; provided,-hor: - ~ ever, th~ortgag~e or his aasignee, may st his discretion pay direct to the Mortgagor, his heirs or assigns = Any pact or ali of euch award; prnvided, that if the loan is- gwranteed or inaured, the ooasent of the guarsa- ~ tor or inaurer is obtained in advence of said pment. = 10. The liortgagee m~y, st aap tame ~en~F'nag ~ suit upon tnis morrtgs~e~spplp.to the court havin~ jurisciic- ~ tion thereof for the sppointment oi i reoeiver~ and such oourt sLaU fo thvri s~pomt s receiver oi the premises ; oovered herebp all aad singulsr, includin~ all and singular the income~ pmfits~ ~ssuea, and revenaes frorre ~rhst- ever saurce denved, each aad every of vrluch i~ be~' gezpressly underatood, is hereby mortgeg~ed ae if epecificslly set forth md described i.n the.granting an~ hsbeadum cl~?uaes hereof. Such appointmenL ah~ll be made by auch court as an admitted equity snd a mstter of shsolute right to said 11~fortgagee; and without reference to the adequacy or inadequscy of the value of the propertp mortgaged or to the solveacy or insol~ency of ssid M or th~defendsnta. Such rents pmfita, inoome, ~ssues, and revenues ahell be applied by such rec:eiver - acco~~r~c~ to the lien of thia mortgage an~ the practice oi such oourt. In the event of any defsult on the part ot the biortgagor hereunder, the 111ortgsgor s~rees to pay to the :4ior agee on demand as a reasoneble monthlv r8atal for the premisea aa amouat at least equivalent to one-twelith of theaggregste of the twelve monthlv inatallmenta psysble in the thea cunrnt year plus the actuel amount of t6e annual ts.~es, aasesementa, water ntes, and insurence premiuma for such year not covered by the utoresaid monthly psytnenta. I 1. In the event of any breach of this mortgage or default on the psrt of the ~Iortgagor, or in the event that any of said aums of money herein rcien~ed to be not promptly and fully paid secording to the tenor herEOf, or in the event that each and every the stipul~tiona, agreementa cbnditions, and ooveaants of ssid note snd this mortgage, are not duly~ prompdy~ aad lully pecformed or i~ t6e Mortgagor be adjudicated bankrupt or made defendant in a bankruptcy or receive:shi~ proccedings; thea in either or any such event, the said aggeP- gate swn mentioned in 8sid note then remain~ng unpud, with int~erest accrued to that ~ime, and aU moaey secw~d hereby s6all become due and psyabl forthwith, or thereafter, st the option oi said 111ortgagee, aa fuUy and comp~etely as if all the asid sums of money were originally atipulated to be Qaid on such dav. an~- thing in said note or in this mort~age to the oontrux notwithstanding; and thereupon or thereafter, et the option ot seud Mortgagee. w?ithout not~oe or dem~nd, sw~ at law? or in equity~ mav be proeecuted ae if all monevs secured hereby hnd matured prior to its inatitutaoa. 1'he Mort~?gee may ~oreclose thia raortgage~ as to the amount w declared due ~nd payable~ and t6e said preraises shall be sold to satiafy snd pay the same togrther with coats e~cpenses, and ~owaacea. In case of putia! foreclosure of this mortg~ge, the mortgaged pmmeses ahall be so~d aubject to t,he continuing lien oi this mortgaga fur the amount of the debt not then due and unp~id. In such case the provisioas ot this paragraph enay agaw be availed of thereatter irom time to tirae by the Mort$agae. , 12. No ~rsiver of ~n~ oovenant henin or ot the oblig~tioa secured hereby shall at any time therratter be lueld to be a~raiver oi the terma hereof or o! tbe nate secured hereby. 13. The li~n ot this instrument ~hall nmain in tull fotce and eBect dwing any postponement ar extension of tLe time ot p~yment ot the indebtednesa or wy part thereot secured hereby. 14. This mortgage ~s given Lo secun the~purchase money, or a prtt theceoi, of t6e landa herein described ~nd is eucutcd aud delivered coatempormeously with the deecl theretor. 16. Ii tbe Mortgag~or default in aay of the o~ranants or agreamenb contained herein, or in s~id not~e, t~a tbe Mortga~gee m~y perform the s~me, and all espenditures (including reason~ble sttorney's ires) made by th~ M m w dou'~g ahall draw interest ai the r~te provided for in the principal indebtedness~ i?nd sl~ali be rapa a thirty (30) days dter de.~n~nd, i?nd~ togethet with iaterest aad costa acccued thrreoa, sh~ll be aecnred b' y ~r~~ ~n this 16. Upon tbe nque~t of tbe Mortg~g~ee tbe Mortgagor sbal! esecute ~ad deGr~ • wpplemental aote or oote~ tor t6e sum or suais adv~nced by the ~tortgagee to~ the alteratioa. modernisation~ improvem~nt, m~in- tenaaoe, or repur ot ~aid pnm~ses~ foc twxes or a~sessmenta ag~inst the ssme and tor aa~ other purpox autiior- ised benunder. 3aid not~ or notea abdl be ~ecure~ herrby on a puity ~rith and as tully ~s it tl~e aclvance ; eridenoed tbersby were included ia the note fust de~cribed abo~e. Said supplementsl aote or aotes shall besr s Rt.~~ 1 i5 ta~ ~ ~48z ' _ . - , ; ~ .,.~,~4..• .