HomeMy WebLinkAbout2827 the deficiency. Such pa~~nent ahall be n}~a~le wil~ip thi~y (30) dnys xtter written notice froin tl?e ~tortgu;;~~e
stalin~ lhe smount ot t~ie deficienc~,`v?hich not~c+e r~t?y be ~iven by muil. If at n~~y time the ~lortgaRor
sha~l tender to tl~e ~1ort~;aKeo in acconfe?nce with lhe pro~•~sious ot tl?o note secureci hereby, full payment
o[ the enlire indcbtedness represeuted tl~errb,y, lhe \tortga~ee as trustee shall, in compu~in~ the amount of
such indebteclness, credit to tl~e accoun~ of tt?e ~1ort~~,a~or any credit balance reme?ining under the provisiona
ot (a) o( suid parsgraph 2. If there sh~ll be a def~?ult under nny o( the ptovisiona of this mortga~;e resulti~R
in a publie sale of the premises covered l~ereby, or i[ the ~1ort{zap,ee scquires the property otherwise s[ter
default, the 11ort~agee as truslee ahaU apply, et the time of the com~uencement of such proceedings or st
tt~e time the property is otherwise acquired, ttie amount tlien remaining to credit o[ \lortgagor under (a) ot
para~raph 2 preceding as a credit on the interest accured and unpaid and the bnlance to the principal then
rerasining uapaid on sai~ note.
4. He will p~y alt t~ces, aasemment~. wstee nta, and otber ~overnment~l ae municipal char~es„ 6aee, or
impoeitione, for which proviaioa haa not been made LerEinabetore, aad in defaulti thereof tbe Mortg,~gee myr p~y tbe
eame; and tl~?t he will prompt~y deliver the o8'icial reoeipt~ theretor to the Mortg,agee.
6. He will permit, oommit, or eu8er no waste, impairment, or deterlontion of said property os aay part Weroot
ezapt rea+~onable we~r and teu; sad in t6e avent of the fsilure of Lhe Mortg~gor to keep the bwlding~ oa eai~
premiees and thoee to be erected on eaid prennisea, or improvementa t6ereon~ in sood repair the Mortgagee may
mske euch repairs as ia its disoretion i~ msy deem neoeeeary for the proper preeervation thereo~, and the full amounL
ot each and every sueh p~yment s6aU b~ due and p~yable thirtY (30) days s[ter demand, and shall be eecured by
tLe lien of this aortgage.
6. He will psy all and eingulu the oosts. charges, und espenees, includin~ reaaonsble Lwyer's fees, sad oosts
of abetracts of title, incurced or paid st any time by tbe Mortgagee becsuae of t6e failure on the psrt oE the Mortgagor
p~omptly and fully to perform the a~eements and oovenante of eaid pmmieeory notc and thia mortgage~ and as:d
eoete, chargea~ and eupeneee ahall be immediately d~te and p~ysbb and ahall be secured by the lien of this mortg,a~e.
7:-He aill oontinuoue~j maintain hsaard insuranae, of auch type or types snd amounts as Mortgagee ma~
from time to time require, on t6e improvements no~v or hereaiter on eaid premises and e.tcept when psyment
tor all suc6 premiums h~e theretofore been made uader (s) of pangra+ph 2 hereof ~e will pay promptly w6en
due any premiuma therefor. All inauranoe ahall be carried ia oompames spprove~ by Iliortgagee and the poli-
ciee and renewale thereoi ahall be held by Mortgagee aad Lave sttached thereto loae payable ctausee in isvor oi
and in form aa:eptabla to the Mo In event oi loae he wiU give immediate notice by mail to Mortgagee~
and Mortgagee msy make.prooi~~ if not msde promptly by Mortgagor, and each insurance oompany
ooncerned ia hereby~suthonsed and directed to make psyment for such loes du~ec~ly to Mort~a~ea instead oi
to Mortgsgor and Mortgagee 'ointly ~ and the inauranoe proceeda, or sny part thereof~ msy be app7ied by Aiort-
gagee et its option either to ~e reduction of the indebtedneas hereby aecured or to the restoration or repair of
the property dama~ed. In event of foreclosure oi t,his mortgage or other transfer of tiWe to the mortgaged
propertp in eitiagu~shment of the indebtednees secured hereby, a~l right, title, and interest ot the Mortgagor
m and to any inaurance policies- then in force ahall pess to the purchaeer or grantee.
8. He will not eaecute or file of record any inatrument which imposes a restriction upon Lhe sale or occu-
pancy of the pmperty described'herein on the basis of race. oolor, 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 damuges awarded, the proceeds for the taking of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness. ~ecured by this mortgage~ are
j hereb~• assigned to the Mortgagee, and hia heirs or essigns, and sh$Il be paid -iorthwith_ to said Mort~agee
; ar his assignee to be applied on account of t6e last maturing installments of such indebtness; provided~Loc: -
~ e~ er, the 11~iortgagle or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or assigns
an~ part or alt of such award; provided~ that if the loan is gueranteed or inseued, the conaent of the guaran-
~ tor or inaurer is obtained in advance of saidpa
yment.
~ !0. The 1~lortgagee msy, at anp tune pending a auit upon Wus mortgage, apply to the court hRVin~ j~~risdic-
~ tion thereof for the appointment of a receiver, and such court ahall fortfiwith a~point a receiver of the premises
covered hereby all and singular~ incladin~ all and singular the income, profita, issues, and revenues (rom ~~hat-
~ ever eource derived~ each and every ot v?hich, it being expresaly understood~ is hereby mortgsged as if specificall~
~ set forth snd described in the granting and hsbendum clauses hereof. Such appointment shall be made by
such court ss an admitted equity and s matter of absolute right to said ~iortgsgee, and without reference to
~ the adequecy or inadequacy of the value ot the property mortgaged or to the solvencp or insol~ency of said
Mortgagor or the defendants. Such rents, profits, income, issues~ and revenues shall be applied by such receiver
according W the lien of this mortgage and the practice of auch court. In the event of eny default on the part
d the hiortgagor hereunder, the ~lortgngor agrees to psy to the viortgagee on demand sa a reasonable monthlv
rental for the premises an amount at least equivalent to one-twel[th (K~) of thesggregste of the twelve monthlv
instalLnents payable in the then current year plus the actual amount oi the snnuel ta.~es, assesaments, water
rates, and insurance premiums for such yeer not covered by the sforesaid monthly payments.
11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event
that any of said sums of monev herein referred to be not promptly and tully paid according to the tenor hereof,
or in the event thet each and every the stipulstione, agreementa, conditiuns, and covenants of ssid note and
~ this mortgage; are not duly, promptly, and fully performed or if the I~iortgagor be adjudicated bankrupt or
~ made defendant in s bankruptcy or receiverslu~ proceedings; then in either or any such event, the said aggre-
gate sum meqtioned in, said note thea remaining unpaid~ vvith intereat acerued to thet time~ ~nd sll money
~ secured hereby, shall become due and payable forthwith~ or thereafter, at the option ot said 1lfortgegee, as
~ tully and completely as i[ aU the seid aums of money were originnlly stipulated to -be paid on such dsy, en~ -
~ thing in said note or m thia mort&age to the contrsry notwithstanding; and thereupon or thereefter, at the option
of said Mortgagee~ without not~ce or demsnd~ suit at law or in equity~ msv be praeecuted as if all monevs
~ secured hereby hxd matured prior to its institution. 'The Mortgagee may foreclose thia mortgage, as to tf?e
~ amount so declared due and payeble, and the said premises shall be sold to satiafy and psy the same together
~ with costs expenses. and allowances. In csse oi psctisl foreclo~ure of this mortgage, the mortgaged premises
ahall be sof d aubject to the continuing lien of this mortga~e fur the amount of the debt not then due and unpaid.
In such caae the provisions of this paragraph may sgaui be availed of thereatter trom time to time by the
Mortgagee.
:e; 12. No waiver oi any covenant herein or of the obligation secured hereby shall at any time tl~ereatter be
held to be s waiver o! the terms hereof or of the note secured hereby. ~
13. 1'he lien of this inatrument shall remsin in full force and eftect during sny postponement or extension
f? of the time of payment of the indebtedness or anp psrt thereof secured hereby.
r' 14. This mort~age is given to eecure the purchase money, or a psrt thereot~ of the lands herein described
~ and is euecuted and delivered contemporaneously with the deed therefor.
15. If tLe Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the Mortge~ee may perform the same, snd all expenditures (including reasonable nttorney's tees) made by the
Mortgagee u? so dou~ ahall draw interest at the rate provided fur in the principal indebteciness, xnd sl~nll be
- repsya~ble thirty (30) ds}ra after demand~ and, together w~th interest and costs accrued thereon, shali be secured
~=j by thie mortgage.
~s~ lg. Upon the request af the Mortgsgee the Mortgagor shall execute and deliver s supplemental note or
~ notee ior the sum or sums advaaced by the Mortgagee for the alteration~ modernizstion, impmvementJ main-
tenance, or repsir of ssid premisea, for ta~ces oc assesaments against the asme and for any other purpose sutLor-
ized hereunder. Ssid note or notes shall be aecured hereby on s psrity with and as fully as ~f tl~e aclvance
avidenced t~eceby were iacluded in the note fint described above. D~d u lemental note or notes shall bear
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