HomeMy WebLinkAbout2374the deficiency. Such payment sh ode withi by'ty (30) days after written notice from the Mortgagee
stating the amount of the deficiea , :g6ich nplicg ~~iy be g~vea by mail. It at any time the Mortgagor
shad tender to the Mortgagee in a cordance 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 (a) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage resulting
in a public sale o the premises covered hereby, or i[ the Mortgagee acquires the property otherwise after
default, the Mortgagee as trustee shall apply, at the time of the commencement o[ such proceedings or at
the liras the property us otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of
paragraph Z presoeixduig as a credit on the interest secured and unpaid and the balance to the principal they
remamu~g uapa~d on said nets.
4. He wW pyr aD taxer, arrer~eatr, wales rater, sad otl~ee dotal oe muataipal eha~ga, Soso, os
impoeitioas„ toe which provieioa has not been made hereiabefore, sad in default thereof tbs Mortgages mRy pqr thr
same; and that hs will promptbr delivesr the oieial receipts the~or ~to tbs Moct~ee.
b. He will permit, commit, ac suRee no warts, impairment oe deterioration of said property a aq~ part theteot
emoept reasonable wear and tear and is the event of the f are of the Mort~or to beep the buiWin~ oa sai~
premires and there to bs e:eete~ or< esid premise,, ae improvements the:+eon, In good repair the Morta+rss my-
melee euoh repels a. is its discretion it may deem neoeeeary for the proper preservation thereo~ and the Lull amount
esf eseah and every eubh pyrmeat r>~all b due and pyabis thirf~r (90) dart dtee demand, sad ,hall bs secured 6pr
the lies of thin mortpge.
a. 8s wiII pay all and einguLr the eoet., and ea~pemsea, iaduding t+easooabls lawyee'~ fee, and eoeta
of abetraetr of tide, isavrred esr paid at aapr time by ortg~ee because o[ the failure on the part of tbs Mort~aoe
prompti~y and {~ to pertarm the agreements and eoveaants of said peomiesory note and this and, sii~d
eats, eha:ger,, ~d expemees shall be immediatsitjr due sad pyabls aed shsII be ,seared by tl~e lieaax~mortpge.
7. Hs wfil ooatinuonel~ maintain hasard iigwnnoe, ed such type or and amounts as Mortgages auy
from time to time regnirs, on the improvements now or her+eatter oa said - sad eseept when psymea~
for all such premiums has theretofore been made render ~(a) of paragra,~h Z hereof will p+~ promptly wben
due any premiums theresfor. AII insurance shall be carried in eompames approved by M and the poll-
else and reoewaL thereof shall be held by Mortgagee and have attached thereto bee payabo 1e ~cia~uses is favor of
and in form aoeeptable to the M Ia event of bee hs will give immediate sottioe by mail to Mortgagee,
end Mortg~a~es mew malts panofo~~ if not made prompts by Mortgag~or~ sad sash iasuraaes oompagT
concerned ~r Lersb authorised and directed to make psymeat for such br du+ect~y to instead of
to Mortgagor and ~ortgagee joint~j, and the insurance proceeds, or aqy part tberesf my beh~~•by 11fort-
~ages at its option either to the reduction of the indebtedness hereby secured or to t'he restoration or repair elf
the property damaged. Ia event of foreclosure of this mortgage or other ttanater of title to tLe mortgaged
pcopert] m tot the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in sad to aW insuraaos polieies~ then is totes shall pees to the purchaser or grantee.
8. He will sot ozecute or file of record any instrument which imposes a restriction upon the sale or oexu-
peaicy of the property described herein on the basis of race, Dolor, or creed.
9. If the premises, or say part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the damages awarded, the proceeds for the Cakingg of, er the consideration for such aoquiai-
tion, to the extent of the full amount of the remaining unpaid indebtedn ed by this mortgage
hereby assigned to the Mortgagee, and his heirs or assigns, and shall bei pea"d Torthwith to said Mot-tgage~
or his assignee to be applied on account of the last maturing installments of such indebtness• provided,-how-
ever, the Mortgagee or Ws assignee, may at his discretion pay direct to the Mortgagor, his ~eirs or assigns
any put or all ofauch sward; provided, that if the loan is guaranteed or insured, the Densest of the guaran-
tor or insurer is obtained in advance of said payment.
10. The Mortgages may, at sap time sending a suit upon tins mortgage~apply.to the court having jurisdic-
tion thereof for the apppoointment of a receiver, and such court shall fo wi appoint a receiver of the premises
covered hereby all and singular, including all and singular the income, profits, issues, and revenues from what-
eve:rsource dernved, each and every of which it bbeewingg expressly uadentood, is hereby mortgaged as if specifically
set forth and described in the granting m~ habendum clauses besreot. Such appointment shall be made by
such court as as 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 tq the solvency or insolvency of said
Mo g~gaaggor or the defendants. Such rents profits, income, >asues, and revenues shall ~e applied by such receiver
aacc~+ 'ding to the lien of this mortgage an~ the practace of such court. Ia the event of any default on the part
of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mo on demand as • reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth ,) of the a~regato of the twelve monthly
inatalLnesnta payable is the then current year plus the actual amount of the annual tares, aeeesements, water
rates, sad insurance premiums for such year not covered by the doresaid monthly payments.
11. In the event of say breach of this mortgage or default on the part of the Mortgagor, or in the event
that say of said sums of money herein referred to be not promptly sad tally paid according to the tenor hereof
or in the event that each and eve the stipulations, agreements conditions sad e~ovenants of said note an~
this mortgage, are not duly, promptly, sad fully performed or if the Mortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or recxavership proc~ding~; then in either or any such event, the said aggre-
gate sum megtioned is said ~ot~ then rem unpaid, with interest acixued to that time, and all money
secured hereby shill become due and payab~orthwith, or thereafter, iL the option of acid Mortgagee, as
fully and completely as if all the said sums of money were originally stipMated to be paid on such day, and -
thing in said note or m this mortgages to the oontrar~ notwithstanding; sad thereupon or thereafter, at the option
of sad Moorrttggaaggeeee, without nonce or demand, suit at law or in equity, rosy be prosecuted as iE all moneys
secured herebyl-ad matured prior to its institution. The Mortgagee may foreclose tLis mortgage, as to the
amount so declared due sad payable, and the said premises ahall~e sold to satisfy and pay the same together
with costs expenses, and allowances. In case of partial foreclosure of this wortgage, the wortgaged precruses
shall be sod subject to the continuing lien of this mortgage for the amount of the Aebt sot then due and unpaid.
In such case the provisions of this paragraph rosy 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 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 m given to secure the purchase money, or a part thereof, of the loads herein described
and is ezecuted sad delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in say of the oovenaats or agreements contained herein, or in said note, they
the Mortgagee may perform the same, sad all expenditures ('including reasonable attorney's fees) made by the
M m so doing shall draw interest at the rate provided for in the principal indebtedness, sad shall be
repa~thirty (30) days att~ demand, sad, together witb interest sad costs accrued thereon, shall be secured
by mortgage.
16. U the request of the M rtgag~s the Mortgagor shall execute and deliver a supplemental Mote or
notes for the snm or sums advanced bye -t~Le Mortgagee for the alteration, moderniaatan, improvement, maia-
teaance, or repair of said premises, for taxes or assessments against the same sad for any other purpose author-
ised hereunder. Said note or notes shall be secured hereby on a parity with and as fully M it the advance
evidenced thereby weu+s included in the note first described above. Said u pl ntal note or notes shall bear
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