HomeMy WebLinkAbout0301 tt?e deficien~•y~. ~ucl? Pay•u~ent sl?all be Il1HlIP N•i~l~in thirt,y (30) da~s atter written notice (min the ~1ort~e?~ee
statinR the eui~ount oi tlie deficiency, which notic~ ~nNy be Riven by ~n~iL If ~t uny time tl~o ~tortga~o~-
sha~l tender to the `lort~HKee in iu~•onl~incc~ w•ith the pro~•~s~ona of tl?e note securecl hereby, full payment ,
ot the entirc indebteduess representcd th~~n,by, the \1o~t~agee ~is truatee shaA, in computin~ the amount ot
such indebteilnc~s, creclit to the accou~~t of tl~e ~tortra~or any credit b~l~nee rnmai~iug under the provisions
ot (e) of said para ?rupl? 2. If tl~ere sliall be a defKUtt under any ot the pro~•isions ot thia mort-~a~e result.in~
in a public sale o~ the pre~nises co~•ered hereby~ or i[ the ~tortgagee acquires the property otherwise atter
default, the ~tortgagee as trustee shall apply, nt tl?e time of the commencement o[ such proceedin~a or at
the time the property ~a otherwise acquired, the amount then remaininR to credit o[ ~tortgagor under (s) of
paregraph 2 preceding as a creclit on the interest accured and unpaid e~nd the balance to the prineipai the~
re~uammg unpaid on sai~l note.
4. He wlU p?y ~D taxes, aeseeeonents„ wst,ee rstes, and other~o
vernmental ue municiW?l char~e0. 5net. or
impomtiona~ for which pmvision hae not been made hereinbefore~ and in default thereof the Mortaagee m~r pa~r the
eame; and that he will pmmptly deliver the o~cial reoeipta therefor to the Mortgagee.
b. He ~rill permit. oummit, or suffer no waete, impairment. or deterlorstion of e~id property os any psrt thu~eof
e~oept reaeonable ~vear snd tear; snd in the evea~ oi the fsilure of the Mortgagor to Iceep the buildinds on aai~
premiees and thoee to be erected on said pe~emiees„ or improvements thereon, in good rep~ir~ the M~rtgagee may
mslce such repi~irs as in ita diacretioa it msy deem neoeessry tor the proper preeervation t6ereof, aad the full amounL ,
of each ~and every such psyment ehall be due and p?yable thirty (30) dsys atter deanand, and eball be eecured by .
the lien of this mortgaae.
8. He will psy all snd sin~nlar theo~et~, sad aupeneee, including reaeonable le?wyer'a feea, snd ooats
of sbetracts of tiile, inaurred or paid st~aay time b~ e octgagee becsuse of the fuilure on the part ot the Martgagor
promptly and fully to perform the a~reemeate. ooveaante of esid promiseory note and this mortgage, and aaid _
eoete~ charges, and eapeneee ehall be immediste~?~ue anH p~y~?ble and ahsll be eecured by the lien of thie mortg,~ge.
7. He will oontinuous~ maintain hassrd ineursnoe,.oi such type or t~pee and smounte ss Mortgagee m~~ _
v
irom time to time require, on the improvenoents now or here~tter on said premises and except ~vhen payment _
tor all such premiuma hae theretofoie been m4de under (s) of psragraph 2 hereof ~e will pay pmmptly when
due any premiuma.therefor, All insuranc~e ahall be carried in oompanies approve~ by 111ortg ee and the poli-
e
cies and renevvals thereof ahsll be beld by Mortgagee and hsve attsc6ed thereto loss payable c auses in isvor of
and in form scceptable to the Mo In avent of loes he will give immediste notice by mail to Mortgagee,
aud Mortgagee may msl~e proof~~ it not made promptly by Mortgagor, and each insunuce oompan~
ooncerned ia hereby~ authorized and directed to make p~?ymant for suc6loae directiy to Mortgagee~
b t~ead oi
to Mortgsgor and Mortgagee 'oinWy , and Lhe inauranoe prooeeds, or sny part tLereof, may be app7i y 111or~ ,
gagee at its option either to ~e reduction of the indebtedneee hereby eecured or to the restorataoa or repau of •
the property dsma~ed. In event of foreclosure of this mortgage or other trsnsfer of title to tLe mortgaged
property in extanguiahment of the indebtedneeg eecured hereby, s~l right, title, and intereat oi the Mortgag~or -
m and to any ineurance policies~ then in force shall pa9a to the purcLaser or grantee.
8. He will not ezecute or file of recotd sny inattument ~rhich imposea s restriction upon the sale or occu-
pancy of the property described herein on the basis oI nce. color, 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 taking of, or the consideration for such soquisi-
tion, to the extent, of the full amount of the remaining unpaid indebtedness secured by thia mortgage, are
hereb~• assigned to the Mortgagee, and his heirs or assigns, and shall be paid forthwit~i to said Mcrtgegee ;
or his assignee to be applied on account of the last maturiag installments of such indebtnesa; provided~ ho~--
e~er, the Mortgag~e or his assignee, may at his discretion pay direct to the Mortgagor, his hei?~ or assigrs
sny part or all of such award; provided~ that if the loan is guuanteed or inaured, ~he conseat of the guaran-
tor or insurer is obt8ined in advance of said payment. ~
10. The :~lortgsgee msy~ st anp time ~ending a suit upon Lms mortga~e, spply to the court ha~ in~ jti~risciic-
tion thereof for the sppointment of a receiver, and auch oourt shall forthv~nth appoint a receiver of the premises 1
covered Lereby all and singular~ includin~ all and singular the income~ profits, issues, and revenues irom «hat- _
ever aource denved, each and every ot which it being expresaly underatood, is herebp mortgaged as ii specificslly
set forth and described in the grsnting an~ habendum clauses hereof. Such appointment shall be made by
' such court as an admitted equity and s mstter of absolute right to said ~lortgagee, and without reference to -
~i the adequacy or inadequacy of the value of the property morcgaged or to the solvency or insol~ ency of said
Mortgagor or the defendsnta. Such rents, prnfits, u?come, issues~ snd revenues shell be applied by such receiver
~ according W the lien of this mortgage and the practice of aach court. In the event of any default on the part
ot the :~fortgagor hereunder, the :1lortgxgor aprees to pey to the ~iortgsgee on demand ae a reagonable monthlv
rental for the premises an amount at least equivalent to one-twelfth (Y,:) of the aggregate of the twelve monthlv
installments pey able in the then curmnt year plus the actual smount of the annual t~res, assessments~ water
rates, and insurance premiums for such year not oovered by the atoresaid monthly psyments.
; 11. In the event ot any breach of this mortgage or default on the part of the Mortgagor, or in the event ~
~ thst any of said sums oi money herein refen~ed to be not prompLly and fully paid accotding to the tenor hereof,
or in the event that each and every the stipulstiona, agreementa, conditiuns, and covensnts of said note and
~ this mortgage ~ are not duly, pmmptly~ and fully per[armed or if the Aiortgagor be adjudicsted bankrupt or
msde defendant in s bsnlwptcy or receivershi~ proceedings; then in either or anq such event, the said aggre-
gste aum mentioned in said note then remaining unpaid, rvit6 interest accrued to thst t~ime~ and ull money
secured hereby, shall become due and psyable forthwith, or thereafter, at the option oi said biortgagee, as
fully and completely as if all the said sums of moneq wer-e originally stipulsted to be paid on such dey, an~ -
~ thing m said note or m thia mort~age to the contrar~? notwithstanding; and thereupon or theresfter,.nt the option
of said Mor~~ withou~ not~ce or demand~ sui6 at law or in eqwtp~ mav be prosecuted ss ii all monevs
~ secured hereby ud mstured prior to ita institution. The Mortgagee mey ~oreclose t-his mortgage, as to the ~
~ smount so declsred due and payable, and the said premises shell be sold to satisiy and psy the same together
~ with costa expenses~ and allowances. In case of partial ioreclosure of this mortg~~ge, the mortgaged pmm~ses
aLall be so~d subject to the continuing lien of this mortga~e for the smount of the debt not then due and unpnid.
~ In such case the provisiona of this paragraph may agaui be availed o! thernafter (mm time to time by the
; Mortgagee. ~
12. No waiver of any covenant herein or uf the obligation eecured hereby shall st any time tl~ercatter be -
a held to be a waiver of the t~erma hereof or oi the note secured hereby. '
' 13. The lien of this instrument shall remain in full torce and eHect during sny postponement or extension ~
; of the time of payment of the indebtedness or any part thereoi secured hereby.
14. This mortgage is given to eecure the purchsae money, or a part thereof, of the lands herein described '
~ aad ia ea~ecut,ed and delivered contemporaneously with the deed theretor.
15. If tbe Mortgagor default in any of the covenanta or agreemente contained herein~ or in said note, t6en _
tLe Mortga~ee msy pertorm the same, and sll expenditures (includmg reasonable atcorney's tees) made by the
Mortgagee in so dou'?g shall draw interest at the rate pmvided for in the principal indebtedness, and slisll be ~
~ repaya~ble thirty (30) dsys after demand, and, together with interest and c~sts acerued thereoa, shall be secuced ~
- by thia mortgage. ~
16. Upon the request of the Mortgagee the Mortgagor shall ea~ecute sad deliver • supplemental note or ~
~ notee for the sum or sums advanced by the Mortgsgee tor the alterstion, modernization, improvement, msin-
tenanoe, or repair of aaid premises, for t~ucee or assesaments agsinst the asme and for any other purpose wtLor-
~ iaed hereunder. Said note or notes sh~ll be secured hereby on s parity with snd as fuliy ss d tLe advance ~
_ evidenoed thereby ~vere include~ in the note first described sbove. Said supplemental note or notes shsU beu ~
°eoK 181 ~~cE ~Q~,
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