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HomeMy WebLinkAbout2847 r . . ' : • : the deficienc Such pey ment ahaU b~t ~~ac~ wit~i~'th~ (~ds atter written nc,tice trom the ~tor atating the smount of the deficiency.~whicT~ ~dtice msy~ giv ~by mail. II st sny time the tiiortg~or eha~l ~ender ta the Mort~ee in accordance with the pcovisio~s of t,he note secured hereby~ full payment ot the entire indebtedneas represented thereby~ the 14iortgagee as trustee ahaU~ in oomputir?g the ~raoua~ ot such indebtsdness, credit to the sccount ot the ~iort~agor any ctedit balance remaining under the pmvisions of (a) of said ph 2. It there shull be a default under srty oI the pmvisione of this mortgsge, resulting in s public o the preniis~ covered herBby~ or it the Mortg~gee acquirea the property otherwiee stter detault, the Mortga~ee as trustee ahaU spply~ at the time of the commencement~ oI such proceedings or st the time the property is otherwise acquired, the amount then remsining to credit ot Mortgagor under (s) oI para~rsph 2 prooed~ns ea a credit on the interest accured and unpaid and the bslance to the principal then rem~uung unpsid on s~id nots. 4. He wW pyr all ta~er. aree~ent~. wate~ r~t~, a~d ot6ee~overnmen~al ar municip~l oha*~a. Sae~. or i~npoeiUons, iae wWeh prov~eioo ~ not be~ a~~ck Lerei.nbetore~ sad in defauli thereot th~e Mort~,~'es m~,y P~U? tbs a~me; and tbst 6s wiR pe+omptkjr del~ver ths o~H'icial reoeipts theretor to tLs Mort~es. b. He wIII permit, oommit~ oe a~er ~o evia~d ailursdeterbrsttoa ot eaid pe~op~t~r a_any ~!l~r~ eaooept t~easonabls wear and tr~ar• and in~ tbs" t~6s f ot t6e Morta,aaot to keep tbs build oa pc~ises aad tLose to be erecte~ on ~aid ~em~e~, or ianprovement~ t~ereao, in ~ood npair t6e Mort~e m~r make weh repaies as in its di~retioa it may deem neoeaeary for t6e propes preservstion t6~~eo~, and the full amouat ot aah aad ev~y ~eL p~yment ~1 b dus and p~sbie thitt~r (30) d~U?s aft~er demaad. and ~6a11 be ~ecund by t~hs t~ of t~ mort~s. 6. He wjII p~y aD aad dnaular tbe oost~ and eacpensea includin~ rasonable Lwyer'~ feea, and oosh at abstncts o[ title, ineurred or p~d at any time by orf~ee becanee of t6e failure on the part of the Mort~a~~or P~'~P~3? and to perform tLe ~eement,s ~nd oovenants ot said promieeory note aad this mo~,g~e, aad a~:d eiPenses s6aU bs immediat~r due aad p~ysbls and ahail be ~ecured by the lien of tbie mort~e, 7. He w~l oontianous~ maintain hwrd i~uraaoe~ oi sach tiype or t~pes snd wiounte as Mortga~gee ma~ from time to time require, on t~he improvements now or hareafter on esid p and eacep6 ~rhen pa~rnent tor all suc6 premiums has f,heretoiore been made under ~(a) of paragrs,ph 2 hereoi ~vill pay prompt1y ~rLen due any pnmiums tLerefor. All insunaoe shaU be carried in oompan~es approve~ b~ 11io and the polr cies and renawals thereof a~ll bs beld b~ Mortgagee ~d b~~e attached tbe~reto loas payi?ble sused in iavor oi and in form a~oceptable tu tbs M In e~ent oi loes he will giva immediate notti~oe by mail to Mortgagee~ e and Mart~ee m~y ma~s prooi o ii noL made prompt~ b~ Mortgagor, and eM;h imuranos oompaqT oononrneci is bereby~ ~utho~ri:ed aad directed to mslce payment ior such loes direc~,~y to Mor~s~~ uist~ead ot to Mortgsgor and Mo~giige,e joiatly, and tha i~uranoe prooeeds, or an,~ parL tLere~f may be app7ied by 111or6- ~agee at it+s option either to the reduction oi tLe indebtednees hereby eecured or to the reetontion or repair of the pmperty de~ma~ed. In aventi oi foreclos~u+e of thia mortgage or other traosfer of title to the mortgaged in a d t~~o~ ~~uranoe tlicu~ then ia fotedneessLall ured ~~t, =tle, and interest of the Mortgagor ~R1 ~ Po P+~ P 8. He ~vill not e~zecute or file of reoord any inetrument ~v6ich im~oses s restriction upon t6a sale or occu- pancp of t6e property described herein on the baais of ruce, oolor, or creed. 9. If the premises, or any part thereof~ be condemned under the power of eminent domain~ or aoquired for a public use, the damages awarded, the proceeds for the takin of, or the co~sideration for such ac~quisi- tion, to the eatent of tLe full amount of the remaining unpaid in~t~edness se¢ured. by tihis mort~a~e, are hereby assigned to the Mortgagee~ end hia heirs or assigns, and shill be paid fo=thvvith to said Mo r-tgagee or his ass~'gnee to be applied on scxount of the last msturing installments of such indebtnesa; provided~~Lo~- ever, tLe Mortgagle or h~s assignee, may at his discretion pay direct to the Mortgag~or, his heira or assigns any part or ell of auch award; prnvided, that if t6e loan is guars?nteed or insured, the uonsent of tLe gusran- tor or insurar is obtained in advance of saidpa yment. 10. The Mortgagee may, st any time ~en fd ng s sait upon tma mortga~e~spply_to the court heving jurisdic- ~ tion W?ereof for the sppointraent of a n~ceiver, and auch oourt sbsll fort6vin s~poin~ a i~eceiver of the premises ~ i eover~d heraby all ~nd singalar~ includin~ all u?d singular ths income. profits, ~esues, snd revenues from ~rhat- ( i ever eoune denve~. each and every of v?-hich it beu'~ ezpresely nnderstood. is hereby mortgsged ae if epeciScallv ! i set fortL and deecnbed in the grsnting sn~ habeRdum clauses hereof. Such appointment ahall be made by ' ~ such oourt as an admitted equity and s mstter of sbeolute right to sud Mortgsgee~ and w?ithout reierence to the adequacy or int~dequacy of the value of the pcoperty mortgaged or to the solvency or insol~ ency of said Mo r or the delendants. $uch rents pmfits, ~ncome, ~ssuea~ snd revenues ahsll be applied by such receiver n acoo ' to tbe lien of this mortgage an~ the pract~ce of such court. In the event of sny default on the part of the 111ortgagnr hereunder~ the 1lfortgagor aprees to psy to Lhe'.1~1ortgagee on demand as s reasonable moathtv natal for the premises aa unount at least eqwvalent to one-twelith (x:) of thes~ega te of the twelve monthlv installments psyable in the then current year plua the actual amouni of the annual taxes. ssseesmente~ water rates, ~nd inaurance premiums for such yeu not oovered by the aforesaid monthly paymente. ! 11. In the event of any breach of this mortgag~e or default on tLe patt oi the Mortgsgor~ or in t6e event thst aay ot said sums oi money herein referred to be not pmmpdy and fully paid according to the tenor hereof, or in the eventi that each and every the atip ~ ons~agreementa, oonditiuna, aad ooveaanta of said note and ~ thia mortgage,~re not duly, promptly~ aad y pe ormed or it tLe Mortgsgor be adjudicated bankrupt or msde defendant in a bankruptcy or receivership proce~din~s; tLen in-either or ~ny euch event, the said aggre- gate sum mentioned in suid note t,hen.remainu?g unpad, wnth intereat accrued to that time, and all money ; secured hereby •ahall become due- ~nd ~ p~yable forthwitb, oi thereaiter, st tha option oi said 1Ciongagee, es ~ fully and oomp~etely as ii ~11 the said sums of money were originslly atipulated t~a be paid on such day~ anr- ~ thing in aaid note or in this mort~age to the oontrar~? notwithstanding; md thereupon or theresfter, at the option of sa~d Mort~sqee, , w?ithout notx~e or demsnd~ aw~ at la~r or in equity~ mav be proeecuted ~s i[ all moaevs t eecured hereby ~ad matured prior to ite inatitution. The Mortgagee msy foreclose thia mortgsge, as to the ~ amouat eo declared due and paysble. and t6e aaid preraises shallbe auld to satiaty end pay the same together ; ~ritb coats espenaes, and allowances. In ca0e of partial foreclosure oi this raortgage, the mortgsged prcmises aball be ao~d subject to t6e continuing lien oi thia mortga~e for the srinount of the debt not then due ~nd i~npaid. ~ In such case the provisions oi this puagr~ph may agun be svsiled oi thereatter icom time to time by t6e ~ Mortg~gee. ~ 12. No ~raiver of an~ oovenaat herein or oi the obligation eecured hereby sh~ll ~t any timr thercefter be - ~ held to be • wraiver oi the ternis hereof or ot tbe note secund hereby. 4 ~ 13. TLe liea o! this instrumen~ shall nmain in full force and effect during ~ny postponement or ertension t ~ of tLe time of payment oi the indebt~edneas or aAy part thereot secured hereby. _ 14. Thi~ mor is givea to secun the purchase money~ or a put thera~i~ of tbe lands herein described ~ as aad is asecuted elivered contemporaneously with the deed tluntor. 1S. If the Moregagor default in ~ny o[ the covenanta or ~greements oontaiaed h~rein~ oc in asid note, theo the Mortga~ee may perform the aame~ and all eapenditures (including teaeonable sttornev's fees) made by th~ M rtg~ m so dou'~g shall draw iatereat aL the rate pmvided for in tLe principal indebtedaess, ~nd sh~U be rep~~ yable tbirty (30) d~ys Jtu demaad~ aad, t,og~ethec with interest and costs accrued ehereoa, shall be secured ~ by th;. ,nor~,~e. le. Upoa ths reques~ oi tbe Mortg~ges tbe Mortgsgor shall e:ecute and delive~ a snppiemental note oe notes tor the aum or sums ~dvaaad by the Mortgagee (or the altention, modernis~tion~ impmvement, m~in- t~eaanoe, ot np~ir oi said premises, for tauea or ~menta ag~inst the same and !or an,r other purpox autlwr- ~ ised ~reunder. 3aid note or nocea ahall be ~ccured hereby on ~ puity ~ith and as tully ~s it the advRnce ~ e~idenoed tLenbr waro included in the notb ~~~~cnbed abo~e. Said supplemental oote or aotes ihall be~r ° ~l~ 28~ ~ . . ~ . . . _ . _ _ - - _ _ _ _ , ~ ~ ~ 1~. ~~~~-~..~h .