HomeMy WebLinkAbout0313the deficiency. Such pa lllellt sha~ he p~ade'with}ti;tlprty (30) days after written notice troca the ~iortgegee
stating the amount of the deficiertby;~vvhich notieer nay be given by mail. If at any time the tiiortgagor
aha~l tender to the Mortgagee in acconlance with the provisions of the note secured hereby, full payment
of the entire indebtedness represented thereby, the Mortgagee as trustee shall, in computing the amount of
such indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions
of (e) o[ said paragraph 2. 1I there shall be a default under any o[ the provisions of this mortgage resulting
in a ublie sale o the premises covered hereby, or if the Mortgagee acquires the property otherwise attar
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 as a credit on the interest acqured and unpaid and the balance to the principal then
cemaning unpaid on said note.
4. He wID pq aD taxxs, aseeermeats, watse rata, and other ~vernmental Qe muniapal charges„ tines, or
impositions, fo~r.whioh provision Las not bees made bereiabstoae, sad in default thereof the Mort~ee may py the
alms; sad West hs will promptly deliver tLe official noeipts therefor b the Mortgagee.
' b~ He will permit, commit, or salter m wade, impairaaeat, oz deterioration of said property ae aqy thereof
exxept ra~sonable wear and tear and in the avast of tbs failure of the Mort~gor to keep tbs MW' dim on aai~
premises and those to bs sreete~ as said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs as is its discretion it >~ deem necessary far the pe+~per preservation thereo~ sad the full amount
of each and every such payment stall bs due and payable thirty (30) dyrs attar deonaad, an~ stall bs aecw~ed by
the ~ of this matisgs.
6. He will pay all sad sin~lar the costs„ elharges, .and ea~peases, inoludins reasonable Lwyer's fees, and costs
of abstracts of title, incurred oz paid st any tifise by Le Mortgagee because of the failure on the part of the Mortgagoc
prompt~{yi and f to perform• t6q ajtreeauents and oovenaats of said promissory note and this mo ,sad said
costa, charges, egad expenses sL:U be imm~ediatel3r due and p~yabis and stall be secured by the lien of this mort~a
T. He will oonttntwns~ maintain hasard icpuranoe, of such type or types and amounts as Mortgagee may
from time to time regnit+e, on the improve~-ents now or hereafter on said p and except when payment
for all such premiums has theretofore been made under (s of paragraph Z hereof he will pay promptly when
due any premiums therefor. All insurance shall be carried is oompama approve by M and the poll-
cies sad renewals thereof shall be held by Mortgagee and have attached thereto loss payabo 1e cTauses in favor of
and inform acceptable to the M In e~eat of loss he will give immediate notice by mail to Mortgagee,
and Mo~rtg~agee mq make proofo~~ if not made promptlay by Mortgagor, sad each insurance company
concerned rs hereb authorial and directed to make payment for such loss directly to Mortgageeed b toad ~
to Mortgagor and Mortgagee jointly, end the insurance proceeds, or aqy part theres maybe app ' y I-iortr
Magee at its option either to the reduction of the indebtedness hereby secured or to t~e restontwn or repair of
the property dammed. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged
property m extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor
m and to any insurance policies thsa in force shall pass to the purclaaeer or grantee.
l
8. He will not 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, Dolor, 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 talong of, or the consideration for such soquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secwed, by this mortgage, are
hereby assigned to the Mortgagee, and his heirs or assigns, and shall, be paid forthwith to said Mortgagee
or his assignee to be applied on account of the last maturing instsUmeata of-such indebtness; provided, hoc: -
ever, the Mortgsg~e or his assignee, may at his discretion pay duect to the Mortgagor, his heirs or assigns
any part or all of such awat~; provided, that if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obtained in advance of said ppasyment.
10. The 141ortgagee may, at any time peadmg a suit upon tms mortgage, apply to the court having jurisdic-
tion thereof for the appointment of a'receiver, and such court shall for v~nth appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from vrhat-
ever sourne derived, each and every of which it being expressly understood, is hereby mortgaged as it specifically
set forth and described in the granting an~ hsbeadum clauses hereof. Such appointment shall be made by
such court as an admitted equity sad a matter of absolute right to said Aortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said
Mortgag r or the defendants. Such rents, profits, mcome, ~asues, and revenues shell be applied by such receiver
accordu' go to the lien of this mortgage and the practice of such nowt. In the event of say default on the pert
of the Mortgagor hereunder, the Mortgagor agrees to pay to the lbiortg~gee on demand as a reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth (Us) of the a~r~ato of the twelve monthly
installments payable in the then current year plus the actual amount of the annual taxes, assessments, water
rates, and inswance premiums for such year not covered by the aforesaid monthly payments.
11. In the event of any breach of tbis mortgage or default on the part of the Mortgagor, or in the event
that aiy 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 and every the stipulations, agreements, conditions, and covenants of said note and
this mortgage, are not duly, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or recervershiP proceedings; then in either or any such event, the said aggre-
gate sum mentioned in said note than remainmg unpaid, with interest accrued to that time, .and all money
secured hereby shall become due and' payable forthwith, or thereafter, at the option of said Mortgagee, as
fully and completely as if all the said sums of money were originally stipulated to be paid on such day, an~-
thing msaid note or m this mortgage to the contrar~- notwithstanding; and thereupon or thereafter,.at the option
of sad Mortgagee, without notice or demand, suit st law or in equity, rosy be prosecuted as rf all raoneva
secured hereby 7~ad matured prior to its institution. 1'he Mortgagee rosy foreclose this mortgage, as to the
amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together
with costs expenses, and allowances. In case of partial foreclosure of this mortgage, the wortgaged premises
shall be sod subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid.
In such case the provisions of this puagraph may sgaua be availed of thereafter from time to time by the
Mortgagee.
12. No waiver of any oovenmt herein or of the obligation secured hereby shall at any time thereafter be
held to be s waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effect
of the tune of payment of the indebtedness or any part thereof secured
14. This mortgage is given to secure the purchase
and is executed and delivered contemporaneously vrith
during any postponement or extension
hereby.
money, or a part thereof, of the lands herein described
the deed therefor.
15. If the Mortgagor default in any of the oovenanta or agreements contained herein, or in acid note, then
the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the
Mortgagee m so doing shall draw interest at the rate provided for in the principal indebtedness, end shall be
repsyi-b1e thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secwed
by this mortgage. -
16. Upon the request of the Mortgage the It~ortgagar shall execute and deliver a supplemental acts or
notes for the sum or sums advanced by the Mortgagee for the alteration, modernisation, improvement, msin-
teaanoe, or repair of acid 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 vrith and as fully as ~f the advance
evidenced thereby were included in the note first described above. Said supplerr~r~al note or notes shall beu
a~x179 P,-~ ~,~~