HomeMy WebLinkAbout2571the deficiency. Such payment shall be trade within thirty (30) days after written notice from the tiiortgagee
stating the amount of the deficiency, which notice. ipay~ be pryer by mail. It at any time the Mortgagor
shad tender to the Mortgagee in acc~d~e withh the provisions of the Hots secured hereby, full payment
of the entire indebtedness represented Zhcreby, the lliortgsgee as trustee shall, in computing the amount of
such indebtedness, credit to the account of the tiior r any credit balance remaining under the provisions
of (a) of said paragraph 2. It there shall be a default under any o[ the provisions of this mortgage resulting
in a public sale of the premises covered hereby, or it the Mortgagee acquires the property otherwise 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 accuued and unpaid and the balance to the principal then
remaining unpaid on said note.
4. Hs will pay aD ta~oet, •seeaements„ waste rata, sad other ~overamental ar muaidpal ehaegea. Snot, or
impositions, for which provision hoe not been made hereinbefors, and in default therepLthe~Mortiaiee may pay tbs
same; and that he will promptbr deliver ehs o~dai receipts therefor to the Mort~es:
b. He will permit, commit, oe sailer no waste, impairment, or detaloration of said peoperty a any theeeot
eaceept reasonable wear and ttu• and in tbs event of the failure of the Mort~or to keep thi builder on sai~
premises and those to be eneterf oa acid premises, or improvements thereon, t~ repair the Mortgagee may
make each repairs as in its discretion it may deem neoeeeary for the Proper preservation thereon, and the full amount
of each and every such payment shall be due and payabb thirty (30) days after demand, and dtiall bs secured by
the lien of this mortg~s.
6. He wIIl PaY all and eingtlar the costs, cl~and expenses, including reasoaabk Lwyee's fees, sad costs
of abstracts of title, incurred or paid at agyy time by ortgagee bece-use of the failure on the part of the Mo
P~PVy and fly to perform the agreements and covenants of said promissory note sad this mortg~e, and said
costs, charges, sad ezpenses shall be imm~edutelr due and payable and shall be secured by the lien of tLis mortg~p.
7. He will continuona~ maintain hasard imunaos, of such type or types and amounts as Mortgagee may
from time to time require, on the impro~ementa now or hereafter on said p and except when payment
for all such premiums has theretofore been made under ~(a of paragrarph 2 hereof will pay promptly when
due any premiums therefor. All inauraaoe shall be curled in companies approve by I11ort~agee sad the li-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable arse in favor of
sad is form aooeptable to the M In event of loss he will give immediate notice by mW to Mortgagee,
sad MortgLagee may make.proot~~ if not made promptly by Mortgagor, and each insurance company
concerned is hereb authorised and directed to make payment for such loss direr to Mor~a~~ rmttead d
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part there may be applied by 111ort•
gages at its option either to the reduction of the indebtedness hereby secured or to tihe restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property rn e:tangu~ahment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
m and to aq~ insurance pohcies• 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 oceu-
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 aoquiai-
tion, to the extent of the full amount of the remaining unpaid: indebtedness secured by this mortgage, are
hereby assigned to the Mortgagee, and his heirs or assigns, and shall be paid forthwith to said Mortgagee
or his assiggn~~ee to be applied on account of the last maturing instalLrienta of such indebtnesa; pmvided,~how-
ever, the Mortgage or his assignee, may at his discretion pay duect to the Mortgagor, his heirs or assigns
any put or all of such award; provided, that if the loan is guuanteed or insured, the consent of the guaran-
tor or insurer is obtained in advance of said payment.
10. The Mortgagee may, at any time pen 'ding s suit upon tws morrtgage, apply to the court having jurisdic-
tion thereof for the appointment of a receaver, and such court shall fo t v~nth s~point a receiver of the premises
covered hereby all and singulu, including all and singulu the income, profile, issues, and revenues from what-
eversource denved,.each and every of which, it being expressly understood, is hereby mortgaged as it specifically
set forth and described in the granting and hsbendum clauses hereof. Such appointment shall be made by
such court as an admitted equity and s 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
Mo r or the defendants. Such rents, profits, meome, issues, sad revenues shall be applied by such receiver
acxo~ to tl-e lien of this mortgage and the practice of such court. In the event of any default on the put
of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mor ogee on demand ss a reasonable monthly
rental for the premises an amount at least equivalent to one-twelfth (~:) of the aggregato of the twelve monthly
installments payable in the then current yea plus the actual amount of the annual taxes, assessments, water
rates, sad 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 put of the Mortgagor, or in the event
that any of said sums of money herein referred to be not promptly and fully paid according W 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 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 in said note then rem unpaid, with interest accrued to that time, and all money
secured hereby, shall become due and payaborthwith, or thereafter, at the option of said lliortgogee, as
fully sad completely ss it all the said sums of money were originally stipulated to 4e paid on such day, an~-
thing iasaid note or m this mortgage to the contrary notwithstanduig; and thereupon or lheresiter, at the option
of sad Mortgagee, without notice or demand, awl at law or in equity, may be prosecuted as if all moneys
secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, u to tfie
amount so declared due and payable, and the said premises shall be sold to satiety and pay the same together
with costs expenses, and allowances. In case of putial 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 flue puagraph may agar 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 st any time thereafter be
held to be a waiver df the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain is full force and effect during any postponement or exteasioa
of the time of payment of the indebtedness or say put thereof secured hereby.
14. This mortgage is gives to secure the purchase money, or a put thereof, of the lands herein described
sad is ezecuted sad delivered coatemporsneously with the deed therefor.
l5. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the Mortgagee may.pertorm the same, and all expenditures (including reasonable attorney's fees) made by the
Mortg in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be
repsy~abthirty (30) days after demand, and, together with interest sad costs accrued thereon, shall be secured
by this mortgage.
16. Upon the request of the Mortgagee the Mortgagor shall execute sad 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 agamat the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on s parity with and sa !ally as ~t the advance
evideaoed thereby were included is the note fiat described above. Said supplemental note or notes shall beu
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