HomeMy WebLinkAbout1559 the defiriency. ~+uch pay•iue~~t shall be~~usde Kithin thirty°.(:i0) duys a(ter writ,ten notice tco~n the ~iort~a~ee
stating the a~nount. of tlie deficiency, ~•hich nolice mNy be ~ivNn by n?aiL [f ut xny time tho \lortga~or
sha~l tender to the \iort~nkee in ac~~ordNnce w~ith th~+ provis~ons of tho note securecl hereby, iull paymon~
of the entire indebte~lness rcpr~sentrd tlu~rebv, the \tortgaKee us truatea she?Il, in compu~in~ the smount of
such indebtc~l~iess, credit to the account of tiie :~ior~gaKor any credil, balance remaining under the provisions
of (s) of said puru raph 2. If there sh~ll be a defxul~ under sny ot the prorisions ot ttiis mortgage resultiug
in a public sale o~ the premises coverecl hereby~ or it the ~lortgagee: acquires the property otherwise after
detault, the `tort~nKee ss trustee sl~all spply, at the time of the commencen~ent ot such proceedings or et
Ihe time the pmperty is otherK•ise xcquired, the amount then remainin~ tu credit ot ~iortgagor under (a) of
para~raph 2 preceding aa w creciit on the interest accured snd unpaid and the balance !o the principal t,hen
rema~ning unpaid on eeid note.
4. He will p~y all tases, ~aeeesments, wate: rata. aad other ~overnmental ae muaicip~l chsr~ fuses, or
impoeitiona, for which provieion haa not beea made 6e:einbefore, and in defsult thereof the Mortgagee ayy pay the
e~e; and that he will promptly deliver the o~ci~t reoeip4 therefor to the Mortge?gee.
b. He ~vill permit, oommit, or suHu no waate, impairmea or deteriorstion oi eaid property or any part thereot
ea~cept reaeonable wear and t~ear; snd in the event ot the f~ure ot t6e Mortgagor to keep fLe buildingp on esi~
premiees and Woee to be erected oa said premiees, or improvea?eate t6ereon~ in good repair~ the Mort~agee may
make such repaire as ia ita diecreLion it msy dcem neoeeesry for Lhe proper preeervation thereof~ and the full amount
of each and every euc~ p~yment ehall b~ due snd pa,y:ble tLirty (30) da~ys af ter demand, and ahall be secured by
tbe lien of this mortgage.
8. He will psy all ~?ad ein~ular the ooete, c~ha~and e~penees, including rn.aaonsble Lwyer's fees, aad oosb
af abetracUe of title~ incurred or psid at any time by e ortgagee becsuee of the failure on the part oE the Mortg~agor
p~omptly and fully to perform the a~reements and oovensnte of eaid promiseory note and this mortgage, end as:d
ooste, chsrgea, snd ezpenees shall be immedistely due aad p~,ysble and shall be secured by the lien of thia mortg,~a
7. He will oontinuous~ maintain hasard insursnoe, of euch type or t pes and amounts sa Mortgagee ma~
from time to time requ~re, on t6e improvementa now or hereafter on a~i~premisea and e.tcept when paymen~
Ior all such premiuma haa theretofore been made under (s) of psragraph 2 Lereof ~e will pay promptly wLen
due any premiums therefor. All insuranoe absll be carried in oompanies appmve~ by biortgagee and the poli
ciee and renewsle tLereoi ahall be held by Mortgagee and bave sttached thereto loas psyable cTsusee in idvor of
ei
aad in form sa:eptsble to the Mo . Ia event of losa he will give immedi~te notice by mail to Mortgagee,
snd Mortgagee may make,proof o oes if not mada promptly by Mortgagor, and each inaurance oompany
ooncerne~ ia Lereb auWonsed and directed to mui~e payment for such loes directly to Mortga~ee instead oi
to Mortgsgor and ~ortgagea ointly , and the insurance proceeds, or an,y part thereof, msy be apphed by riort-
gsgee et ite option either to ~e reduction of the indebtedness Lereby eecured or to the restoraL~on or repair of
the pmperty daa?a~ed In event oi foreclosure of this mortgage or other transfer of title to the mortgaged
property in eatingu~shment of the indebtednees eecured hereby, a~l right, t~tle. and interest of the Mortgagor
m and to any ineurauce policies~ thea ia force ahall pass to tLe purchaser or grantee.
8. He will not execute or file of record any instrument which imposes a restriction upon the sale or occu-
pancy of the property described herein on the basia of race, 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, t.he proceeds for the taking of, or the consideretion for such ecqwai-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured bp this mor age, are
hcreb~• assigned to the ~iortgagee, and l~is heirs or ass~gns, and shall be paid [orthwith to said 11~ortgagee
or I~is assignee to be applied on account of t he last maturing installments ot such indebtness; provided, bow-
e~er, the Mortgag~e or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or assigns
an~ part. or all of such award; provided. that if the loan is guarsnteed or insured, the aonsent of the guaran-
tor or msurer is obtained in advance of said payment.
10. The Aiortgagee may, at any time ~end~ing a suit upon tnis mort,~sg~e~ spply to the court havin~ ji~risciic-
; tion thereof for the eppointment ot a receiver, and such court aball fortFiwrth n~point a receiver of the premises
covered hereby all and singular, includin~ all and singular the income, profits, issues, and revenues from .~•hat-
ever source derived~ each and every of v?hich~ it being expresaly understood, is hereby mortgag~d ag if apecifically
~ set forth and descnbed in the grsnting and habendum clauses bereof. Such appoincment ahall be made by
such court as an admittee~ equity and a matter of absolute right to said ~iortgagee, and without reference to
~ the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of said
~ Mortgagor or the defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver
according ta the lien of this mortgage and the practice ot auct~ court. In the event of any default on the psrt
~ of the Aiortgagor hereunder, the ~fortgRgor agrees to pay to the ~iortgagee on demand as s reasonable rnonthlv
rental for the premises an amount at least equivslent W one-twelfth (3~,) of thea~eg
ste of the twelve monthlv
inatallments paysble in the then cunent year plus the actual smount of the annual taaes, sssessments, water
rates, and insurance premiums for such year not covered by the aforesaid monthly psymente.
11. In the event of any breach of this mortgage or default on the part of the ~lortgagor, or in the event
that any of said sums of monep herein referred to be not promptly and fully paid according to the tenor hereof,
or in the event that each and every the atip ulations, agreements~ conditiuns, and oovenants of ssid note snd
this mortgage , are not duly, promptly, and fully pertormed or it the 1liortgagor be sdjudicated bankrupt or
made defendant in s bankruptcy or receiverehi~ proceedinga; then in either or any such event, the said eggre-
gste sum men~ioned in said note then remain~ng unpaid~ vnth interest accrued to that time, and e11. money
aecured hereby, shall become due and payable forthwith, or thereefter, at the option of said Iliortgagee, es
tully and completely ea i[ all the said suma of money were originally stipulated to be paid on such dsy, am-
thing m said note or m this mort,~age to the contrar~? notwithstanding; and thereupon or theresiter, Rt the option
of said 1~ortgagee, without not~ce or demsnd, suit et law or in equity, msv be prosecuted sa if all mone~s
secured hereby hed matured prior to its institution. The l~tortgagee mey foreclose this mortgage~ as to t6e
amount so declared due end peyable~ and the said premises shall be sold to satisfy and pay the same together
with costs expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged pmmises
~ ahall be sof d subject to the continuing lien of this mortga~e fur the smount of the debt noL then due and unpeid.
In such case the provisions of this paragraph may agaui be svailed of thereatter trom time to time by the
;a Mortgagee.
r 12. No waiver of any covenant herein or of the obligation secured hereby shall at any time thercafter be
~ held to be s waiver of the terma hereoi or of the note secured hereby.
~ 13. The lien of this instrument ahall remain in full torce and efiect during any postponement ar ectension
of tbe time of payment oi the indebtednesa or any part thereof secured hereby.
~ 14. This mortgage ia given to secure the purchase money, or s part thereof, ot the lands herein deacribed
~'4 and ie executed and delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in sny of the covenents or agreeraents contained herein, or in said note~ thea =
= t~e Mortga~ee may perform the same, and all expenditures (including reasonable attorney's fees) made by the
Mortgagee in so dom shall drsw interest at the rate pro~ ided for in the principal indebtecfness, und sl~sll be
~ repsya~ble thirty (30) ~sys siter demand, and, together vrith interest and costs accrued thereon~ shall be secured
~ by this mortgage.
16. Upon the request ot tLe Mortgagee the Mortgagor shall execute and deliver s supplemeatsl note or
; notee for the sum or suma advanced by the Mortgsgee tor the slteration, modernization, improvement; mein-
tenance, or repsir of said premisea, for texes or asaessments against the same and for anq other purpose autlior- `
ized bereunder. Said note or notes ahall be aecured hereby on s parity with snd ss fully as ~f tLe advance r
k'~
evidenced thereby were iacluded in the note 6rat deecribed ~bove. Sa?id supplemental note or notes ahall bear
~ Boox1~~ ~~~~559
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