HomeMy WebLinkAbout0193 the ~lefic•ien~•y. ~ucli puy•n~ent, sl?~?q be m~ule within tlurty (:i0) ~luys :tttcr w•riUen noti~•i• froin thP ~tort~tl~PR
statin~ Ihe nmount ot t1iP defi~•i~n~~~•, ~rhi~•h notic~ ~ne?y b~ Ki~•en by ~nNil- !f at e?ny time the \lortga};or
sha~) teuder to the `lort~n~;ee in i~cronlnn~~~ ~~•ith Ihe pro~•isions ot the note sei•urMl hereby, full pe~ymci~~
of tlie entirc indebtE~lness represe~~tc~l tl~~~r~•b~•, tl~e ~1ort~;~?~;ee ~?s trustee shNll, in romputi~~ the umount of
such indebtc~lnc~s, creciit to th~ ac•cout~t of the \tort~~a~or any credit bulanc~ remai~in under the provisions
of (s) of said ~Nra ruph 2. It ther~ sh~ill be a delnuTt under nny o( the pro~•isions ot t~iis mort~;e?ke resultin~
in a publir ~~r• u~ii~e }?renii~c~:~•~~r~~~i i~N?-euy, ur ii ii~~ ~i~riKaKeu nryui«•a Lhe property otherwise atter
defsult, tttie ~loriKa~,?ee xs tcuatce shall appl~, at the time oi the commencement of such proceeciings or at
the time the pmperty is otherN•ise ncquirecl, the aiuount then rnmainin~ to crctili~ of ~tort~a;;or under (a) ot
paragraph 2 preceding as a credit on tlie interest xccureci xnd unpaid and the balunce to thc principal then
retuaining unpaid o~ sai~ nnts.
a Rp ~11 .~.v .11 ~ses. aeee~~nente. water tatee. and other [overnmenta! or municioal chse~ ~.u+~_ nr
i~mpoeitiona, tor which provieion has not been made hereinbefore, and in default thereof the Mortgagee m~y pay the
same; and that he will promptly deliver the o~cial reoeipta therefor to the Mortgsgee.
b. Ha will permi~, oommit, or suffer no wsete~ impairment~ or deterioration of eaid pmperty or any part thereof~
exoept reaeonsble wear and t,ear; an~ in the event ot the failure of the Mortgagor to keep the buildings on said
premisee and thaee to be erected on eaid premiees, or improveanents thereon, in good repsir~ the Mortgagee may
make euch repaire aa in its diecretion it me?y deem neoeesary for t6e pmper preeervstion thereof~ snd the full amount
ot each and every such payment shall bs due and psyable thirty (30) days a(ter demsnd, and s6sll be eecured by
the lien of t6ia mortgege.
6. Iie will pey all and singular t6e ooate~ cLarge,e, and ezpenses, including reaeonable l,wyet's feee. and coste
of sbatracta of title, incurnd or paid at any time by the Mortgagce because of the failure on the part of the Mortgagor
pmmptly and fully to pedorm the agreementr and oovenante of said promissory note and this mortgage, and said .
ooete, chargee, and e~cpenees ahall be imm~cliai,~iy due snd psysi,In aad e~t,utl i~ eecw~ed by the lien of this zaortgage.
7. He ~vill oontinuous~y msintain bazard insursnoe, of euch type or t pee and amounta as Tior ee ma -
m e e requu~e, on e imp e e now or on sai prem~ses an e~cept w en psyment
tor all such premiums hea theretofore been made under (s) of paragraph 2 hereof~ ~e will pay promptly whea
due any premiums therefor. All insurance shall be carried in companies approved by I~iortgagee and the poli-
cieB and renewale thereof ahall be held by Mortgagee and hsve attached thereto losa payable clausee in fsvor of
and in form acceptable to the Motgsgee. In event of losa he will give immediste notice by mail to Mortgagee~
and Mortgagee may make.prooiro~ Ioae if not made promptly by Mortgsgor, and each insurance oompany
ooncerned is hereby~ authonzed and directed to make payment for such loss directly to Mortga~
~
b Lead of
to Mortgsgor and Mortgagee jointly, and the inaurance proceeds, or any part thereof, msy be appli y 111ort-
g a
gee at ita o
ption either to the reduction of the indebtednesa hereb
y eecured or to the restorataon or re pa~r of
the property dama~ed. In event of forecloaure of this mortgage or other transfer of title to the mortgaged
property in extinguishmeat of the indebtednese secnred hereby, atl right~ t~tle~ and interest of the Mortgagor
m and to any inaurance policiea- then in force ahall pasa to the pumhaser or grantee.
8. He K ill not execute or file of record any instrument which imposes a restriction upon the sale or occu-
pancy of the property described herc:n on the basia of race. cotor, 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 aw arciecl, the proceeds for the taking of, or the consideration for such acquisi-
tion, to the extent of the full amowit oi tl~e remainin~ unpaid indebteclne,ss secured by this mor~tgage, are
hereb~• assigned to the ~iortgagee, and his heirs or ass~gns, and shall be paid forthwith to said Mortga~ce
or liis assignee to be applied on account of the last maturing installments of such indebtness; pro~ ided, ho~= -
e~ er, the 1lortgagE~e or his assignee, ma~ at his discretion pay d'uect to the ~iortgagor, his hcirs or assigns
an~• part or all of such award; provided, L6at if the loan is guaranteed or insured, the consent ot the guaran-
tor or insurer is obtained in advance of said payment.
' 10. The ~lortgagee may~ et any time Qending a suit upon tnis mortgage~ apply ta the court hn~ in~ juris~lic-
' tion thereof for the appointment ot a receiver, and such court shall for~hwith appoint a receiver of the premisrs
covered hereby all and singular, includin~ all and singular the income, profits, issues~ and revenues trom ~+hst-
ever source derived, each and every ot ~ hich, it being expressly understood, is hereby mortgaged ss i( specificallv
set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by
~ such court as an admitted equit_v and a matter of absolute right to said ~fortgagee, and without reference to
the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ency oi said
Mort agor or the defendants. Such rents, profits, income, issues, and revenues s6a11 be applied by such recei~ er
accor~ing to the lien of this mortgage and the practice of such court. In the event of eny defeult on the pert
o~ the 1lortgagor hereunder~ the ~lortgagor agrees to pay to the ~lortgagre on demand as a reasonable monthl~
rental for the premises an amount at least equivalent to one-twelfth (f;:) of the aggregate of the twelve monthlv
installments payable in the then current year plus the actual amount of the annusl ta_res, assessments, water
rates, and insurance premiums for such yesr not covered by the aforesaid monthly peyments.
11. In the event of any breach oi this mortgage or defautt on the part ot the `Zortgagoc~ or in the event
that any of said sums oi money herein referred to be not promptly snd fully paid according to the tenor hereof,
or in the event thet each and every the stipulations, agreements, conditiuns, and covenents of said note end
this mortgage, are not duly~ promptly, and fully performed or if the ~iortgagor be adjudicated bankrupt or
made defendant in a bankruptcy or receivershi~ proceedings; then in either or any such event, the said eggre-
gate sum mentioned in said note then remammg unpaid, ~+nth interest-accrued to that time, and all mone~
secured hereby, shall become due and peyeble forthv?~th, or thereafter; at the option of said 11ortgagee, as
f~illy and completely as if all the said sums of money were originalty stipulated to be peid on such da~•, an~•-
thing in said note or m this mortg~age to the contrary notwithstanding; and thereupon or thereafter, at the option
of said ;~4ortgagee, without not~ce or demsnd, su~t nt law or in equity~ mav be prosecuted as if all mone~s
secured hereby had mstured prior to ita institution. The 1Tortgagee may ~oreclose this mortgage, as to tf?e
amount so declared due and pay eble, and the said premises shall be sold to satisfy end pay the same together
with costs, e~penses, end ellowances. In case o( partial foreclosure of this mortgage, the mortgeged premises
~ ahall be sold subject to the continuing lien of this mortga~e f~r the amount of the debt not then due xnd unpaid.
In such case the pmvisions of this paragraph may again be availed of thereafter from time to time by the
Mortgagee.
12. No wsiver of any covenant herein or of the obligation securrd hereby shall at any time tl~erexfter be
held to be a waiver of the terms hereof or of the note secured hereby.
13. 'The lien of this instrument shall remain in full force and efiect during eny postponement or ~xtension
of the time of payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or a pert thereof, of the lands herein described
and is executed and delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in eny of the covenants or a~eementa contained herein, or in said note, then
the Mortga~ee mey perform the same, and all expenditures (including rcasonable attorney's (ees) made by the
:1lortgagee in so dou?g shall draw interest at the rate provided for in the principal indebtedness, and sl~ell be
repayable thirty (30) days after demand, and~ together w~lh interest and costs accrued thereon~ shall be secured
by this mortgage.
16. Upon the request of the l~iortgagee the Mortgagor shall execute end deliver s supplemental note or
notes for the sum or sums advanced by the :~iortgagee for the alteration, modernization, improvement; main-
tenance~ or repeir of said premisea; for txxes or assessments against the same and for any other purpose autl~or- ~
ized hereunder. Said note or notes ahall be secured hereby on a parity with and es fully ss d tl~e advance
~ evidenced thereby were included in the note fust deacrih~d~ ve ~ Said supplemental note or notes shall besr
cf .
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