HomeMy WebLinkAbout0815 the deficiency. Such paymenta~ a1~~' ade w?itl~ih;tl~rty (30) d~ya aiter written notice fro~n ttie vlortg~~gee
ataiing the amount of the deflcIenc~y~ w~ich notice may ba.~iven by msil. If at any time t,he A'Iortge~or
she 1 tender to the Mort~agee in accordunce with the.pmv~pns ot the note secured hereby, tull psyment
oi the entire indebtednees reprc+sented thcreby~ the I~iortgagee aa trustee ahaU~ in oompu4ing the amount oI
auch indebtedne~sa~ credit to the account o[ the MortRa~or any credit balence remainin under the proviaioas
of (s) oi said~ paragraph 2. it there ahall be s deisult under any ot the provisiona ot ~is mortgage,reauiting
in s public als oi the pren~iaes covered hereby~ or it the Mortgsgee acquires the pmperty otherwiee after
deisult, the Mortgagee as trustee ahall apply~ a~ the time oi t~e commencement of a~~:t ptoceedinga or st
the time the property ~a otherwiae acquired~ the amoun~ then remaining f,o credit oi Mortgegor uader (a) ot
para~reph 2 preoedu~ as a credit on the interest accured and unpsid and the balance to the principsl thea
renuuung unpaid on wid note.
4. He w1Q pyr all ta~oe~„ ae~erment~ watee rate~, sad otbe~~c?~reiamental ae m~nicipat e6ae~e~ Sne~, os
iacpoeitione~ for whie6 provie~on Lae noL been m~ds Dereinbetors, ~ad in defwl~ thereo[ tbs Morti~+E'~ m+U? Pw? ~
a~me; and ths! be will pe~oaipt~jr de~vee tbs o~ial reoeipt~ t~herefae to tbe Mozt~es.
b. He will peimit~ oommit~ ce~ wRee no waste, imp3rmes oe deter~oistion af eaid properl~ aaay part thn+eot
e~ooept re~aonabk we~r ~nd tear• and in tbs eveat ot tUe f~ure ot t6e Mor~or to keep the buildir~p oa ssi~
p~mi~es aad fhose to bs eieote~ oa wid pe~eaoi~e~, oe improveanenta thereoa, 3a-~ood repair the Mcrt6a~ee may
of ~ach and
e~ a~ i.n ita diecretica it m~y deem aeoee~eary for tbepe~ope~ pe~eservsLion tbee~eo~ and tbs tull awouat•
tbs liea ot t6
~mor~e~t ~haD b~ due aad Pq?abls thir~,p (30) d~rs aftes deaoaad, an~ sha11 bs ~ecured by
a. He will p~y aU iwd dn~ular tbs oosts, ~e and ea~penses, ineludins reaeonabk Lwyer'~ feee, ~ad oosb
at ~bstracb of ~it~le, ino~rred oe paid st any tlane
try~t6es~ozt~ee beosuse of the tailnre on tbe p~art at the Mo~or
P'~PVY and t~o pesform !6s ~p+eeaueat~ ~nd oQVenants ot s~id pro~ieeory note snd this mort~s~e, and -
~s~, ~P~ ehall ber i~edia~eyr dus and p,yabls and ~hall be ~ecured by the lien of tbis mort~e.
T. He wi11 oontiauoue~? maintain Lasard insurunoe, oi such t~ps or~~pes sad ~mounts as Mortgages ma~
from tims to time require, on t~6e impro~ementa aow or hareatter on ssid g and esoept abea p~yment
tor all such premiums Las therstiofore been made nnder oi par~gra,ph ~ hereof wili pa,y promp~r a?hen
due any premiums thenfor. All ineuraa~os ahall be ~ ia o~mpaaties sppmve~ b~ I?iort~~ aad tbe pol~
cies aad reaewals thereof ahall be Leld b~ Mortgagae snd Li?re attacLed tberato loes psyable cGwes in favor oi
•nd in form aa~eptab3e to t6s M In event ot loes he wiU give immed'ute notaoe by mail to Mo~tgagee~
o~oncern
d~b~autLorised~f~
t~ed
~ ma~Ce ~mpent i~ such~du+ectd1~ M~o~~q~'~t
ad
~
to Mor~gc~gor and ~artgageoe~ joint~y~ ~ad tbe i~uran~ce P~, ~.1 P~ there~i may be appled by I?fort-
ere
at its option eithet to tbe reduction of the indabtedaees bereby secured or to t~he restoration or repair oi
pmpert~ dama~ed. In eveat of for~s~u+e of t~hia mo~or other tru,sfer of title to the mortgaged
pa+opert~ in es4ngwahmont oi the indebt~edn~es searred hereby, right, title, and interest oi t~e Mortgag~ur
ia ap~d t~o aq~ i~nrance polic~e~ then in foroe ehall pass to tLe pur~ser or g~xnt~ee. ~
8. He ~rill not e~zecute or file oi r~oord any instn~meat which impoees a restriction upon t,Le eale or oocu-
psncy oi t6e pmperty described herein on the baeis of rirue, ooaor, or creed.
9. If the premise~, or eny part thereoE, be candemned under the power of eminent domain, or ~cquired
for s public use, t.he damag es ewarded~ the proceeds for thetak~ng oi, or the c-onsideration for sucb aoqaiei-
tion, to the eatent of the full amount oi the remaining unpai'd indebtedneea secured by thia mortgsge, are
herebv assigned to the Mortgagee, and his heirs or assrgna~ and ehall be paid forthwith to said Mo
-~i~gee
or hia sssignee to be applied on eccoun~ of the last ms~uring installmenta of auch indebtnese • pmvide~, o~-
ever, t,he MortgegLe or his assignee, may at his discretion pay direct to the Mortgagor, his ~eirs or asaigna
any part or all of such award; pmvided, .thst if the loan is guaranteed or insured, the conbent,uf the guaran-
tor or waurar is obtsined in advance of saidps
yment.
10. Tbe Mortgagee msy~ at an time ~Sen
'ding s suit upon tWa mor apply.to the oourt hsvin~ jurisdic-
y n
tion tbereof for the appointment a[ a receiver, and auch oourt sball i vnt~ s~point ~ reoeiver oi the premises
' aovered hereby all and singular, includia~ sU and aing~ilar t6e iacome, pmfita, ~sues, and revenues Irom what-
' ever soun~e den~?ed~ each and every oi vrlucL it~ eupreealy nnderstood~ is.hereby mortgag~ed ae if speci&callv
' set forth aad deecribed in the grantinng an~ haben~um clausea bereof. 3uch sppointment ah~ll be made by
such cour~ as an admitted eqwty and s matter of ~bsolute right to said 141ortgagee, aad ~vithout reference to
; the adequacp or inadequ~cy of the value of the pmperty mortgaged or to t6e aolvency or inaolrency of said
Mo tgag r or the defendants. 8uch rents pro6ts, income, ~sues, ~ad revenues shall be spplied by such receiver
acoo~rd~n' g~ to the lien ot thie mortgage an~ the practice oi such ooutt. In the event of ~ny default on the psrt
of the Mortgagor hereunder, the 111ortgagor a~rees to psy to the'.1~Io on demand ~s a reaeonable montblv
rental for the premiaes aa unount at least eqwvalent toene-tvreifth of t6ea~r~s ts of the tvrelve monthlv
inatallments payable in the then current year plua the actusl amount of the annual tsaes, aseessments, wster
rstes, and inaurance premiuma tor such year aot oovered by the doresaid montbly payments.
11. In the event of any breach of this mortgage or default on the part oi tLe Mortgag~or, or in tLe eveat
that my oi said sums ot money herein refernd to be aot prompdy and iuUy paid ac.~wrding to the tenor hereoi
or ia the event that each and every the st~'pulstiona, agreemeab oonditions, and aoveaants of said note sn~
t6ia mottgage~ ase not duly, promptly, and fully performed or i~ the Mortgsgor be ~djudicated bankrupt ot
made defendmt in s bankruptcy or receivershiR procee~iags; tbea in either or any such event, the seid sggre-
gsts suis ~eAtioned in ~?id note~,thep re~n ' unpeud, wit~-interest aocrued to U?st t,ime. ~d al~ money
secured hereby ah~dl become due snd psyab~orthwith, or thereafter, et tLe option oi ssid 11iortgagee, as -
fully end compf
etely as if all tbe said sums oi money were originally atipulated to ~be paid on such dey, ant
-
thing in aaid note or m thia mort~age to the~contru~x notwitbstanding; and thereupon or theresiter, st the option
of sa~d Mo agee, without notioe or demand, suit et lav ~r in eqwty, mao be pro~ecuted as if ull raoneva
aecured hereb~
y liad matured prior to it4 institution. The Mor gee msy foreclose t~his mortgsge, as to tf~e
~s
amount so derlared due and payable, aad LLe asid premisea 8hall sold to satisiy and psy the same tog~ether
with costa e~cpenees, and allowances. In case of partial foreclosure of this mortgage, the mortgaged prnmisea
; shsll be so~d subject to the continuing lien of tbia mortga~e for the amount of the debt not then due end unpeid.
In such caee the pro~isions of tLis paragraph may aga~n be sva~ed of tLereafter !mm time to time by the
Mortgagee.
12. No ~vaiver of any covenant herein or of the obligation secured hereby sh~ll st any time tl~ernefter ba
Leld to be a waiver of the t~erms bereof or of the note eccured beteby. _
13. 'I'~e liea of this iustrument sha11 remain in full force and effect during any postponement or extension
oi the time of pay~?ent of tLe indebtednees or aay part tbsereof secured hereby.
14. This mortgage is given to secure the purchsee money~ ot a part thereoi, of tbe lands herein described .
and is ezecuted ~nd delivered oontemporaneously with tLe dced Lberetor.
15. Ii the Mortgagor default in any of the oovenanta or agreementa contsined herein, or ia aaid aote, t6eA
the Mortgagee may perform the same, and sU ezpenditures ('including reasonsble attoraey's fees) made by the
Mo~~ in eo dou'~g shaU draw? intereat at the rate pmvided for ~n the principal indebtedness, and sli+?ll be
repa able thirty (30) days dter dem~ad, md, together with interest aad e~osts accrued theseon, shall be aecured
y~ os
by Wis mortgage. . .
16. Upon tLe request of tbe Moregagee the Mortgagc?r shall euecute and deliver a supplementsl ~tote or
aotes for t~he sua? or sums advanced by the Mortgagee for the alteration; modernizstion, icnpmvement, main-
teaanoe, or npair of said premises, for t~es or sseeascnenta against tbe same and for any other purpo~e autLor-
ised hueunder. 3aid note or notes aLaU be secured hereby on • parity ~vith and as fuUy as ~i the advance
e~deaaed tLenby were induded in tbe note fin~ dc~cribed above. 3aid supplemental note or notes s6sU beu
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