HomeMy WebLinkAbout0142the deficiency. Such payyment ~~ be made within•thirty (30) days after written notice from the Mortgagee
stating the amount of tl~e deficiency; which fiotice~igi-y be given by mail, if at any time the Mortgagor
shad tender to the Mortgagee in accordance with the provisroua of the note secured hereby, lull payment
of the entire indebtedness represented thereby, the Mortgagee as trustee ahaA, in computing the amount of
such indebtediiesa, credit to tl~e account of the titor r any credit balance remainin~t under the provisions
of (s) of said paragraph 2. If there shaA be a default under any of the provisions of this mortgage resulting
in a public sale of the premises covered Hereby, or it the Mortgagee acquires the property otherwise after 1
default, the Mortgagee as trustee shall apply, at the time of the commencement of such proceedings or at
the time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of
paragraph 2 preceding ea a credit on the interest secured and unpaid and the balance to the principal then f
remsuung unpaid on said note.
4. Hs wiD pay aD ta~oes„ aeeeesments, wales rates, and other ~overnmeatal or muaicipl ehargee„ fines, or
impositions, for which provision has not been made heninbsion, and in default thereof the Mortgagee may pay the
same; sad that he will promptly deliver the o8idai reoeip4 therefor to the Mortgages.
b, He will permit, commit, or suffer ao waste, impairment, or deterioration of acid property orany part thereof
eo~cept naeonable wear and tear sad in the event of the f un of the Mortgagor to keep the buildingf on said
premises and those to be encte~ oa said premises, or improvements thereon, in good repair the Mortgagee may
make such npain as is its discretion it may decen neoeeeary for the proper preservation thereo~, and the full amount s
of each and every each payment shall bs dos and payable thirty (30) da3rs after demand, sad shall bs.secund by {
the lies of this mortggs. ~ ~
d. He will pay all and slnsular the costs, and expenses, including reasonable Lwyer'a fees, and costs
of abstracts of title, incurred or paid at say time 1~ortgagee because of the failure on the part of the Mo
promptly sad f to perform the agreements and covenants of said promissory note and this mort,~a~e, and~:d
costs, charges, and expenses shall be imm~ediatebr due and p~yaWe sad shall be secured by the lien of this mortgage. 1
7. lie will oontinuoueb maintain Lasard ia~sunaoe, of such type or types and amounts as Mortgagee ma
from time to time require, on the improvements now or hereafter on said p and except when paymenC }
for all such premiums has theretofore been made under (a of paragraph 2 he will pay promptly when
due any premiums therefor, All insurance shall be carried in companies approve by Illortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loan payable a sores in favor of
sad inform acceptable to the M gages. In event of lose he will give immedute notice by mail to Mortgagee,
and Mortgagee may make proofo of 1oas it not made promptly by Mortgagor, and each insurance oompagT
concerned is hereb suthori:ed and directed to make payment for such loss directly to Mort~agee~ b lead oaf
to Mortgagor sad Mortgagee jointly, and the insurance proceeds, or any part thereof, may be a__pplli~ y 111or4.
gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed In event of foreclosure of this mortgage or otter transfer of title to the mortgaged
~+operty m extinguishment of the indebtedness secured hereby, ail rightti title, and interest of the Mortgagor ~
m and to say insurance policies then is force shall pass to the purchaser or grantee.
8. He will sot execute or file of record any instrument which imposes a restriction upon the sale or occu-
pancy of the property described herein on the basis of race, 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 takingg of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid indebt~ mesa secured byy~ thin morttggage, are
hereby assigned to the Mortgagee, and his heirs or assigns, and shall a paid forthwith to said Mortgages
or his assignee to be applied on account of the last maturing installments of such indebtnesa; provided,~ocr-
ever, the Mortgagee or his assignee, may a6 his discretion pay duect to the Mortgagor, his heirs or assigns
any part or all of such award; provided, that if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obtained in advance of said payment.
10. The Mortgagee may, at an time pending s suit upon flue mortt~gaa~gee, apply to the court having jurisdic-
tion thereof for the appointment of a receiver, and such court shall forthMnth appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from ~~hat-
eversource derived, each and every of w hick it being expressly understood, sa hereby mortgaged ss it specifically
set forth and described in tl-e granting an~ habendum clauses hereof. Such appointment shall be made by
such court as sa admitted equity and a matter of absolute right to said Mortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said
Mortgagor or the defendants. Such rents, profile, income, issues, and revenues shall be applied by such receiver
accordug W the lien of this mortgage and the practice of such court. In the event of any default on the part
of the I1lortgagor hereunder, the :Mortgagor agrees to pay to the Mort ages on demand as a reasonable monthly
rental for the premises an amount at least egwvalent to one-twelfth (3Si) of the aggregate of the twelve monthly
installments payable is the then current year plus the actual amount of the annual taxes, assemments, water
rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event
that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof,
or in the event that each sad every the stipulations, agreements condi!ioas, and covenants of said note and
this mortgage, an not duly, promptly, and fully performed or i~ the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receivership proceedings; then is either or say such event, the said aggre-
gate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all money
secured hereby slisll become due and payable forthwith, or thereafter, at the option of said Mortggages, as
fully and completely as if all the said sums of money wen originally stipulated to be paid on such day, any-
thing inlaid note or m this mortgage to the contrar~r notwithstaadu-g;end thereupon or thereafter, at the option
of said Mortgagee, without nonce or demand, swt at law or in equity, rosy be prosecuted as if all moneys
secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to tfie
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together
with coats expenses, and allowances. In case of partial foreclosure of this mortgaaggee, the mortgaged premises
shall be sod subject to the continuing lien of this mortgage fur the amount of the Aebt not then due and unpaid.
In such case the provisions of this paragraph may again be availed of thereafter !rom time to time by the
Mortgagee.
12. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument-shau_remain in full force and effect during any postponement or cstension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or a part thereof, of the lands herein described
and is executed and delivered contemporaneously with the deed therefor.
15. If tLe Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the Mortgagee may per[orm the same, and all expenditures (including reasonable attorney's fees) made by the
Mortgagee is so dou-g shall draw interest at the rate provided for in the principal indebtedness, and shall be
repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured
by this mortgage.
16. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as ~f tl-e advance i
evidenced thereby were included in the note first described above. Said supplemental note or notesgshall bear
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