HomeMy WebLinkAbout1045the deficiency. Such payment shall be made w lthw~ thirty (30) days after written notice from the Mortgagee
stating the amount of the deficiency, whicFi noticg may be liven by mail. It at any time the Mortgagor
aha~l tender to the Mortgagee in accordance with the provis~ona 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 ;~iortgagot any credit balance remaining under the provisions
of (a) of said paragraph 2. It there shall be a default under any of the provisions of this mortgage resulting
in a ublic sale o[ the premises covered hereby, or it the Mortgagee acquires the property otherwise sitar
default, the Mortgagee as trustee shall apply, at the time of the commencement of such proceedings or at
the time the property ~s. otherwise acquired, the amount then remaining to credit of Mortgagor under (s) of
paragraph 2 preceding as a credit on the interest secured and unpaid and the balance to the principal then
remuning unpaid on said note.
4. He will pay aD taxes, asseseaieats, wasee rites, sad othee ~overamenW oe municipal ohar~, 6a-es, or
impositions, for which provision has not been made hereinbefoa~e, sad in default thereof the Mortpsee mtty pqr tbs
came; and that he will psomptbr deliver the o8'icial receipts therefor to the Mortgagee.
6. He will permit, commit, or sutra: no waste, impairment, or deterion-tion aE said property a part thereof
eacoept :easonabb wear and t~ear• and in the event of the failure of the Mort~gor to keep the buildings oa sai~
premises sad those to bs ersete~ on aid premises, or improvements thereon, is good repair the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preeervatioa thereo~, and the full amount
of each and every such p~ymeat shall bs due and psyabb thirty (30) days after demand, sad shall be secured by
the lien of this mortgage.
S. Hs will pay all and singular tbs costs, and eopenses, including reasonable Lwyer's fees, sad costa
of abstiacfs of title, insured or paid at say ti~-e~b~- ortgagee because of the failure on the part of the Mo
pmmpt~jr and -f to pertoren the agreements sad covenants of said promissory note and this mort,~a~e =
ooebs, charges, and eacpeases shall be fmmed[ateky due and payable sad shall be secured by the lien of flue mortgage,
7. As wiIl oontinuonaly maintain basard igsuraaoe, of such type or types and amounts as Mortgagee may
from time to time require, on the improvements now or hereafter on acid g»mises and except when paymen0
for all such premiums has theretofore been made under ~(t of paragraph a hereof ~-e will pay prom fly when
due any pnauums therefor. All insurance shall be carried in oompsmes approved by M and the golf-
eras and renewals thereof shall beheld by Mortgagee sad have attached thereto loss payabo le ci"auses is favor of
and inform acceptable to the M In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof~~ if not made promptly by Mortgagor, and each insurance company
concerned ss harsh authorised and directed to make payment for such loos direc~,~y to More instead of
to Mortgagor sad ~ortgagee jointly, and the inauraaoe proceeds, or say part theresf maybe applied by 111ort-
~agee at its option either to the reduction of the indebtedness hereby secured or to t~e reston4on or repair of
the property damaged. In event of foreclosure of this mortgage or older transfer of title to the mortgaged
p~op~rty m extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
3~a and to aq~ insurnnce policies then is force shall pass to the purchaser or grantee.
8. He will not execute or file of record any instrument which imposes a restriction upon the sale or Deco-
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: takingg of, or the consideration for such eoquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this morttggage, are
hereby assigned to the Mortgagee, and his heirs or assigns, and shall be paid forthwith to said Mortgages
or his ass~'gr-ee to be applied on account of the last maturing installmeata of such indebtnesa; provided,-ho~--
ever, the Mortgagee or his assignee, 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 guar4n-
tor or insurer is obtained in advance of said payment.
10. The 1lfortgagee may, at an tune l~ 'ding a suit upon this mortgage, apply.to the court havir-g jurisdic-
tion thereof for the appointment of a receiver, and such court shell forthwith appoint a receiver of the premises
covered hereby all and singular, includia~ all sad singular the income, profits, issues, and revenues from what-
eversource derived, each and every of which it beiun~gg expressly unde~atood, is hereby mortgaged as it specifically
set forth and described in the granting an~ habendum clauses hereof. Such appointment shall be made by
such court sa an 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
Morttggagor or the defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver
according 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 sprees to pay to the Mor ages on demand as a reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth (Sf:) of the a~r~sto of the twelve monthly
installments payable in the- then current year plus the actual amount of the annual taxes, assessments, water
rates, sad insurance premiums for such year not covered by the aforesaid monthly payments.
1:. 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 and every the stipulations, agreements, conditions, sad oovenents of said note and
this mortgage} are not duly, promptly, and fully performed or ii 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 iq said pote_then remainmg unpaid, anth interest- accrued to that time;-and all money
secured hereby, shall become due and payable forthwith, or thereafter, at the option of said I1lortg~gee, as
fully and completely as if all the said sums of money were originally stipulated to be paid on such day, an~-
thing insaid note or m this mortgage to the cont~rar~- notwithstanding; and 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 dad matured prior to its institution. The b'Iortgagee may foreclose this mortgage, ss to the
amount so declared due and payable; and-the said premiaea shall be sold to satisfy and pay the same together
with costa expenses, and allowances. In case of partial foreclosure of this mortgage, the wortgaged premises
shall be sof d 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 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 be a waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effect during any postponement or cxtenaion
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage ~s 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 the Mortgagor default in any of the covenants or agreements contained herein, or in said 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, and s1~aU be
repsyy-able thirty (30) days after demand, sad, together with interest sad costa accrued thereon, shall be secured
by th» mortgage.
18. Upon the request of the Mortgagee the Mortgagor shall execute and deliver • supplemental note or
notes !or the sum or sums advanced by_tfie Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or aasessinents against the same end for any other purpose sutl-or-
ised hereunder. Said note or notes shall be secured hereby on a parity with and as fully as J the advance
evidenced thereby were included in the note first described above. Said suppleOmRent~aj_gQte or nQt~s sh bear
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