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HomeMy WebLinkAbout0424 the deficie~c . Such payment shall b~ rit+a~~e~w~thS~''~hir~?~ d~ atter written nowoe trom tt.e Mor ee ataii~g the ~mount o[ tha deficiencyl~ r?hiEh~MMtice msy ~e gnvea~b~ msil. It at any time the Mortg~gor ah~ 1 tender to the Mort.ga~ee in accordsnce with che proviarons oi the aote eecured hereby~ fuU p~yment ot the entir~e indebt~ecit~e~a represented thcreby~ the 1liortgagee as tauat~e ahsll. in oomputing the ~mouAt of such indebtsdneas, credit to the account of the Mort~a~or e?ny credit balance reraeining under the provisioas of (a) of eaid~p~ragraph 3. If there ah411 be a deiault under any of the pmvisions of this mortgage_reeulting in s public ~l of the premieea covered hereby, or if the Mortgsgee acquires tha pmperty otherwise titer default, the Morigagee aa t~rustee shaU spply~ ~t the time oi the oommencement oI such proceedings or at the time the pmperty ia otherwise acquired~ the amount then remuning to credit of Mortgsgor-under of para~reph ~ preoeding as a credit oa Lhe interest accured and uapaid end the bali?nce to the prin~ipal then remutuiag unpaid on ssid nete. 4. He wiD py aD ta~e~y, aseeimenb, wstee r~Le~. aod otLee~ore~,omenW ae m~miaPd ch~i'~. Sna~ os ~P~~, fae w~ieh pe~ovieioa La~ not be~ m~de Lee~einbeiore, aad in d~aul! tdereot ths Ma~~ee mqY P4r ~ •me; ~ad ~at Ls wi11 p~o~anpt~p deliver ths o~al reoeipts t~efor to tDs Mot~ee~. b~ He will permit, oommii, ve su~e~ n~ waN~e, impaiem~ ce de`eciorat3on ot ~aW pe~opedjr ae thereot a ~tt eaoeept re~ooabls weas and t~ear• aod in t~6s svent ct t6s ot t~Le Mo~~,~or to keep ths on and tbo~e to bs erect~e~ ~aid ~ peeaniees oa pe+e~nbe~, or improve~ah t6ereon, ~n sood repair the Mork~ee my? maioe w~ch npaie~ a~ ia its diseretion it m~y deem neoee~ar~ for ths pee preservat~on tLee+eo~ and ths fWl ~mount of e~ aad ev~esy w~ p~,ymeat ~1 b~ d~s aad p~yabis t6ir~ dyr~ aftee demand, aa~ ~haU bs ~ec»e~ed b7 t6s liea of tbis a~o~~e. d~. He wiU p~y all and in~uLr t6s aoats, e~es ~nd eiPeose0. inaludin~ nasonable 1~w~res'~ fees, aad oosts at abst~aala aE at]s, ineurred ar p~id at any time ba~y !hb ~1[or~~ee because of t6e f Wure on the part of t6e Mort~or P~ P~ Y aad to p e r form t6e ts of aaid p e~ o m i e s u ry aote a~ this mort~a~e,~ad sa.d e~p~ees ahall be a~d p,yabis and ~11 be a~eeured by the lien of t l u s mort~e. T. He w~ oontinuo~ maintain hasard inau~an~oe, oi wch type or t~pee aad ao4ouats as Mortga~es ma~ ir~m time to time reqtm+e, on tbs improvemenb now or bereatter oa said ~r~m~ses~ and eucap~ wLea pyment tor all such premiums Las fberetofore been made uader (a of paragraFh Z~ereoi he will pU promp~,~y ~rLen a due aqT premiums t6eretor. All i~uranoe shall be ~ in comPanree aPPro~e~ b' I1i and tbe poli- eies and renewals thereoi aLaD bs Leld b~ Mortg:gee and ba~e sttached thereto bss payable usee ia ia~or of aad in foran sooeptabb to t6s Marl~ In e~ent oi loas Ls wiU give immediate notios by m~W t~o Mortgagee, and Mo~rtga~e m~a~ ma~e prooi o it not msds p~mpt~ b~ Mortgs~or? aad e~ insuranos a~mpa~o~ o~noeraed is berab wthori~d and directed to make pa~menL for suc4 bes du+ec to M~~ mstesd ot tio Mortgcg~or and ~ortgag~ee 'ointly, and the imsuru?oe proceeda, or aq~ part there~~may be ap+ptied by 111orw ~ages at it~ option either to ~a reduction oi tbe indebtedness hereb~ secured or to t~e reston4on or rs ths properij dama~ed. In event of forectiosnre of this mortg~g~, or o~ trsnsfer oi title to the mortg ~ag d propert~ in ezdngu~ahment oi the indebtednees secured henb~; all right~ t~~e, and iaterest oi the Mortgag~or in aad to an,~ insuraaos policied tben ia foroe shall pass to the purcbseer or grant~ee. ~Sor 8. He will not eaecute or Sle of record sny instrnment which impoees a restriction upon the sale or occu- ' pancy oi t6e property described herein oa the baais of r~ce, oular, or creed. 9. If the premises, or eny part thereof~ be condemned under the power of eminent domain, or aoquired ; for a public use~ the dameges awarded, the prnceeds for the tskiag of, or the consideration for such soquisi- tion, to t6e extent of the full amount of the remaining unpaid indebtednesa secured by tLia mortgage, are hereby assigned to the Mortgagee, and hia heira or ass~gna, and shstl~ be paid forthwith to said Mortgagee or his aeB~gnee to be applied on account of the last msturing installmenta of such indebtnese; provided,'~?o~- ever, the Mortgag~e or his assignee. msy at his discretion pay direct to the Mortgagor, his Leire or asaigns any part or all of such award; provided, that if the losn ia guaraateed or insured, the c~onsent of the guaran- tor or wsun~t is obtsined in advance of saidps ymeat. 10. 1~e Mortgagee m~y, st mp time ~end~'ng a suit upon t~tus mortga~e~spply.to the oourt hsvin~ jurisciic- ~ tion thereof for the sppointment ot s receiver, and such oourt shall forthwi s~point a receiver o[ the premises ' ~uvered hereby aU aad sing~lar, includin~ all aad singiilar the inoome, profits, ~ues, and revenues irom vrhat- j ever eource denved, eac6 u?d every of rrhich it being ezpreeely undentood~ ~s her8by mortgaged aa ii apeci&cally ~ set fort6 and d~scribed in the granting an~ habendum cla~es Lereof. Suc6 appoiatment shall be made bp ~ euch court as m admitted equity aad a matter of absolute right to said Mortgagee, and without reference co t tLe adequacy or inuiequacy of the value of the property mortgaged or to the aolvency or insol~eacy of said ~ Mo tgag or the defendants. 3uch rents~ profits, inoome, ~ssues~ aad revenues ahall be applied by such n?ceiver ~ acoo~rding to t6e lien of this mortgage and the pnctice of auch couct. In the event of any default on the part d the l~iortgagor hereunder, t6e riortgagor s~rees to psy to the :1~to agee on demand ~a a reesonable monthlv rental for the premises an amount at least eqwvalent to one-twelfth of the~rega te of the twelve monthlv inatallments paysble in the then current yeu plus LLe actual amoun~ of t6e annusl ta~es, aseesementa, ~rater ntea, aad insuranoe premiums for such year not oovered by the aforesaid montLly psymente. 11. In the event of my breach of this mortgage or defaul6 on the part oi tha Mortgag~or~ or in the event tbat any of said aum~s ot money herein refemed to be not pmmptly and fully paid acc.ording to the tenor hereof~ or in the event that each and every the stip ulations, agree~neata oonditions, aad oovenante of s~id note end this mortgag~, y+e not duly, pmmptly, and fully performed or ~ the Mortgagor be adjudicated bankrupt or msde defendant in a baakruptcy oc nceavership proceedin~t; theu in either or any such event~ the said aggre- gate snm mentioned in aaid~ not~e' then nm ' unpud, ~nth interest aocrued to thst time. and all monev e h secured hereby shall become due and p~yab~orthwitL, or t,heere~tter~ at the option o! said 1liortgagee, as fuUy aad oomp~etely as if all the said aums of money were originsUy atipulated to be paid on such day. anr- thing in said note or in this mort{~~ge to the oontrar~r aotwithstanding; and theceupon or thereafter~ et the option oi ssid Mort,ga~e~. nvithout not~ce or demmd, sutt ~t la~r or ia equity~ mav be proeecuted as if alt monevs ' secure~i henby 7?sd matured prior to its institution. The Mortgage~ may lorecloee t~his mortgage, aa to the ~ amount so declared due and payable, and the said premises shall-be aold to aatisfy and pay tlu sune together ~ vrith costa eacpenses~ and aUowances. In caee ot p~rtial foreclasure of thia mortgage, tLe mortg+~ged prrm~ses r ah~ll be so~d sub~ect to the continuiag lien oE thia mortga~e fur the amount ot the debt not t6en due and ~wp~?id. ~ In such caee t~e provisions of this paragraph may ~gsin be ~vailed ot thenatter irom time to time by t6e ~ Mo lrtgag~ee. ~~er of my oovenant henin or of the obligation eecured hereby ahsll st any time therrafter be ~ beM t,o be a w~iver of the t,~rms hereoi or of tbe not~e secured benby. ~ 13. 'The liea of this iastrument stull remaia ia tull iotYx and etiect during ~u?p poatponement or extensioa ~ of the tinu oi payment oi the indebt~ness or aay put thereoi secured hereby. ~ ~ 14. TLis mo~tgage is givea to secure fhe purchsse money, or a part tLereoi, oi t6e lands herein deecribed ? ~ aad is esecuted aad delivered contemporaaeoual,y witb t6e deed therefor. 15. Ii the Mortgagor defanlt in aay ot tha oovenanta or agnemeats contained herein, or in uid note. then tbe Mortgagr.e may perform the sune~ and aU ezpenditures (including reasonaWe attorney's fees) made by the ~ M in so dou'?g sball draw interest at the nte pmvided for tn the principal indebtedness, wd sh~ll be npa~tbirty (30) d~ys aft~er dewand, and, t~og~ether wrich iaterest and coats accrued tbereon, shaU be secured b~ mortgage. 18. Upon tha request oi tbe M agre tbs Mortgag~or ahaU execute ~ad deliva a supplemental note oc ` note~ for t6e aum or wms advanoed b~the Mortgagee for tbe alt~ention, moderniz~tion, impcovement, maia- ~ t~eaanae, or np~ir oi asid pnmises, for taxes or aseessments ~gainst t~?e same and tor an~ other purpoee autlar- f iud lu~+eunder. 3aid note or notea ahaU be secwbd hertiby on a puity with and as fuUy as ~f the advance e~ideaosd tLee+eb~ wers iaduded in tbe note fiest~ ~ ribed ~bo~e. Said supplemental note or aotes shall bear CC';:X~~ r,li;~ 4z~ - ~ ~-~^w . ~ _ - ~~~~~i~~~~~F ~ ~ ~ . ~ ~ ` ~ ~ .