HomeMy WebLinkAbout0546the deficiency. Such pa meat shall be made within thirty (30) days after written notice from the Mortgagee
stating the amount of the deficiency, which notice may be.given by mail. It at any time the Mortgagor
shad tender to the Mortgagee in acconlance with the prov~aiona of the note securid 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 (t) of said paragraph 2. If there shall be a default under any of the pr~viaions of this mortgage resulting
in a public sale of the premises covered hereby, or it the Mortgagee acquires the property otherw~ae after
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 secured and unpaid and the balance to the principal then
remaming unpaid on said note.
4. He will pq aD fazes, asseesmeah, watts rites, a'd ofbee ~ove:nasental oe municipal charges, tines. os
impositions, for which provision has not been made hereinbdora, and in default thereof the biort~ee may pay the
same; sad that 6s will promptbr deliver the o8icial reo~pts therefor to tike hitortasgee.
b~. He will permit. commit, or so![er ao waste, impairanest, oe deterbration of said pcoparty a aannyy part thereof
except reasonable wear and tear and is ihs event of the failure of the Mortgagor to keep the buildings on said
premise4 sad those to bs erected on said peeonises, ae improvements thereon, In good repair the Mortgagee may
mete such repairs as in its discretion it may deem necessary four the peoper preservation thereo~, and the full amount
of each and every such payment shall bs dne sad payabb thisb- (30) da~rs after demand, and al~aU bs secured by
the lien of this nwrt~sge. ,
a. He wiIl pay alt and dagular the_:oosts, clh~aad eo~peases, including ra~sonsble 4wyes'a fees, sad sorts
o[ abstracts of title, incurred or paid at ~py~time by ortgagee because of the failure on the part of the M
p~P~Y and to perform the V and covenants of said pt+omissory note and this mo ,sad skid
costs, charges, a~ expenses shall be imm~ediatelj- dos and payable and shall be secured by the lien of this mort~-ge.
7. He wiIl oontinuous~ maintain hassrd i~4suraaoe, of such type or tepee sad amouata as Mortgages may
from Lime to time require, on the improrrements now or haresfte: on said p»mises and except when payment
for all such remiums has theretofore been made under ~(a of paragn h ~ hereof ~e will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by l-iortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee sad have attached thereto bas payable auses in favor of
sad in corm sooeptable to the M In event of bee he will give immediate notice bymail to Mortgagee,
and Mortgagee may nute.p~mofar~ if not marls pa~omptb by Mortgagor, and each uuurmos company
concerned is hereb suthoa:ed and directed to make payment for such loos du+ec to M instead of
to Mortgagor end ~ortgagee 'ointly, and the insurance proceeds, or aqy part thereof may be applied by 111ort-
~agee at its option either to t~ reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other tnnafer of title to the mortgaged
p~+op~r~ m e:tingusehment of the indebtedness secured herby, a~l right, title, sad interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. He will not ezecute 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 s public use, the damages awarded, the proceeds for the tskin of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid in ebledness secured by this mortg ,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 installments of such indebtnesa; provided, ow. -
ever, the Mortgagee or his ass~guee, may at his discretion pay direct 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 ymeat.
10. The Mortgagee mi-y, aL sJ-y time pens ing s suit upon tins mortgage, apply.to the court having jurisdic-
tion thereof for the appointment of s receiver, and such court shall fo with a~-potnt a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from what-
ever source derived, each and every of which it being ezpreasly understood. is hereby mortgaged ss if specifically
set torch and described in the granting and hsbeadum clauses hereof. Such appointment shall be made by
such court as sn admitted equity and a matter of absolute right to said 1liortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said
Mo ggasggor or the defendants. Such rents, profits, mcome, issues, and revenues shall be applied by such receiver
aaxu+dmg to the lien of this mortgage and the practice of such court. In the event of any default on the part
of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mor ages on demand as a reasonable monthly
rental for the premu~es an amount at least equivalent to onetwelfth (3{s) of the mate of the twelve monthly
installments payable in the then current year plus the actual amount of the annuai taxes, assessments, 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 is the event
that say 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 atipulstions, agreements, conditions. and covenants of said note and
this mortgaaggee, are not duly, promptly, and fully performed or if the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receivership proceedings; then in either or any such. event, the said aggre-
gate sum mentioned in said note then rem unpaid, with interest accrued to that time, and all money
secured hereby shall become due sad payaborthwith, or thereafter, at the option of said I-iortg~gee, ss
tally sad completely ss it all the said sums of money were originally stipMated to be paid on such diy, an~-
thing inlaid note or m thus mortgage to the contrar~- notwithstanding; and thereupon or thereafter, at the option
of said Mort~sgee, withwut notice or demand, suit at law or in equity, rosy be prosecuted as it all moneys
secured hereby ~-sd matured prior to its institution. The Mortgagee rosy foreclose thus 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 costs expenses, and allowances. In case of pacUal foreclosure of thus mortgage, the wortgaged premises
shall be sod aublect to the continuing lien o[ this mortgage for the amount of the debt not then due and unpaid.
In such case the provutions of this paragraph may again be availed of thereafter from 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 h-e a waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in toll force and effect during any postponement or extension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage it given to secure the purchase money, or a part thereof, of the lands herein described
and is ezecuted sad delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
th-e Mortgagee may perform the same, and all expenditures (including reasonable attorney's tees) made by the
Mortgagee in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be
repsyy~ble thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured
by tlia mortgage.
16. Upon the request of the Mortgagee the Mortgagor shall ezecute and deliver a supplemental note or
notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, msin-
teaanoe, or repair of said premises, for taxes or assessments against the sane and for any other purpose autl-or-
ised hereunder. Said note or notes shall be secured hereby~on a parity with and as fully as ~t the advance
evidenced thereby were included is the Hold ~~+el PACE tJ~~d supplemental note or notes ahaU bear
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