HomeMy WebLinkAbout0308 the cieficie~c tiuc•1~ F~uy•n~ei~t stiall be n Kde within thiriV (:i0) ~tx~•s after ~~~rittc~n notie~ froin the ~tortxa;;~~~
statin~ Uie e3iu~ounl of t1iP c:efi~•i~~~•~~, t~hi~h notic~ may be gi~•en by mail. !f at ~u?~ time the ~lortge?~;or
sl~a~l tcn~ler to thc~ \lort~,~~c~~ in aecor~lniu•e H•ith the proriywi?s of the note se~•urc~l~ hereby, full paymenl, '
of tho entirr indebtedn~ repres~ntccl tL~~rnb~•, the \toN~;HK~e us truatec shxll, in ~oinputinR tho umount of
such indebtr~lue3.a, creclit to the ac~•aw~t of tlie \tort~•nKor an~ credit bxlance remeinin ~ under the pro~tsions
o( (a) of seiid pura ?rapli 2. It thcre shall bc a defeu~t under any ot the pro~•isions of t~iis mort~;a~;e rfsultin~
in a public s~tle o~the pren~ises co~•erec) liereby, or i[ the ~lort~NKeo xcquires tl~~ property olherNisE+ aft,er
de(sult, the :11ort~N~;ee as trustee shall apply, at the tiu~e of the couui~encement o[ such proceedin~s or at
the time the property is otherw•ise acquired, the amount then re~naininK t~ creclit of ~lortga~or under (a) of
paragraph 2 preceding as H creciit on the interest Kccured and unpaid and the balance to the principal then
eemaining unpaid on sai~1 n~te.
4. He will p~y a11 taxee, aeetxemente, water rat~es, and other ~overnmental or municipal chargee, 6nee, or
impoeitiona, for wYuch provi~on hsa aot been made hereinbefore, snd in deisult thereof t6e Mortgagee au?y p~y the
asa~e; snd tbat he wiU promptly deliver the o~cial receipta therefor to the Mortgagee.
b. He will permit, oommit, or euBer no waete, impairanent, or deterioration of eaid pmperty or any part thereof,
e~ccept reaeonsble wear and tear; and in the event of the failure of t6e Mortgagor to keep the buildinge on eaid
premises and t6oee to be erected on esid premisea, or impmvemente thereoa~ in good repair, the Mortgagee may
make such repaies ae in ita diecretioa it msy deem neceeeary for the proper preservation t6ereof~ and the full amount
of each nnd every euch psyment ehall be due aad payable thirty (30) dsys aiter deanand, and ehaU be eecured by
the lien of thia mortg~~e.
6. He will psy all and eingulsr the ooeta, chsrgee, and espensee, iacluding reaeonable lswyer's feea~ and oosts
of abetracte of title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform the agreementa and oovenanta of said promissory note and this mortgage, and said
eoete, cbargea, and expeneea ehall be im~mediately due and psyable sad ahall be eecured by the lien of this mortgage.
7. He ~vill o0ntinuoue~y msintaia hszard inaurance, of auch type or types and amounts as Mortgagee m~y
for all auch premiums hae theretofore been made under (s) of psre~graph 2 hereof e will a p y
due any premiums therefor. All insurance ahsll be carried in oompames approvec~ by I1lortgyag~ and tlhe poli
eies and renewals thereof ahall be held by Mortgagee and have attached thereto loss payable clausea in favor oi
and in form acceptable to the Mortga~ . In event of loss he will give immediate notice by mail to 11Sortgagee,
and Mortgagee may make proof o3 Ioes if not msde pmmpWy by Mortgegor, and each inaurance aompany
ooncerned ia hereby~ suthorized and directed to make payment for such losa directly to Mortga~qee instead of
to Mortgbgor and Mortgagee jointty, and the inaurauoe proceeds, or any part thereof, may be appZied by 1~1ort-
gagee at ite option eithec to the reduction of the indebte~ness hereby eecured or to the restoration or repair of
the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property m extingu~shment o! the indebtednese secured hereby, a~l right~ t~tle, and interest of the Mortgagor
ia and to any inaurance policies then in force ahall pass to the pumha~er or grantee.
8. He will not e~ecute or file of record any instrument which imposes a restriction upon the sale or occu-
pancy of the property described herein on the basis 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, tl~e damages awarciecl, tt?e proceeds for the taking of, or the consideration for such acquisi-
tion, to the ertcnt of the full amount of the remaininR unpaid indebteclness secured by this mor~tgage, are
I~ereb~• assigneci to ttie :1Zortgagee, and tiis heirs or ass~gns, and shall be paid torthwith to said Mortgagee
or liis assignee to be applied on account of the last maturing installments of such indebtnesa; pro~ ided, hoc: -
e~ er, thr ~riortgag~e or his assignce, ma~ at his discretion pay direct to the Mortgagor, his heirs or assigns
an~ part or all of such award; provided, t~at if t6e loan is gueranteed or insured, the consent o[ the guaran-
tor or insurer is obtained in advance of said payment.
10. The ~iortgagee may, at any time pending a suit upon tnis mortgage, spply to the court h~. in~ juris~ii~-
tion thereof for the appointment of a receiver, and such court shall forthwith appoint e receiver of the premis~s
I~ covered hereby all and singular, includin~ sll and singular the income, profits, issues, and revenues from ~~hst-
~ ever soume der~ved, each and every of K
h~ch, it being expressly understood, is hereby mortgaged as if specificall~
~ set forth and described in the granting and habendum clauses hereof. Such appointment shal! be made b~
( such court as en admitted equity and a matter of ebsolute right Lo said ~iortgagee, and without reference to
the adequacy or inadequacy of the velue of the property mortgaged or to the solvency or insol~ency of said
biortgagor or the defendants. Such rents, profits, income, issues, and revenues shall be applied by such recei~ er
~ according W the lien of this mortgage and the practice oi such court. In the event of any default on the part
o~ the ~fortgagor her~under, the \lortgagor egrees to psy to the ~iortgagee on demsnd ss a reasonaUle monthl~
rental for the premises an amount et least equivalent to one-twelfth (;;i) of the aggregate of the twelve monthlv
i installments pa~ able in the then current year plus the actual emount of the annusl tares, assessments, water
~ rates, and insurance premiums for such year not covered by the aforesaid monthly peyments.
~ 1 l. In the event of any breach of this mortgege or defsult on Lhe part of the 1~fortgagor, or in the event
I that eny of said sums ot money herein referred to be not promptly and fully paid according to the tenor hereof,
~ or in the event that each and every the atipulations, sgceements, conditiuns, and covenants of snid note snd
~ this mortgsge, are not duly, promptly, and lully performed or if the ~lortgsgor be adjudicated benkrupt or
i mede defendant in a bankruptcy or receivershi~ prceeedings; then in either or any such event, the said aggre-
i gate sum mentioned in said note then remam~ng unpa~d, with interest accrued to that time, snd all mone~
( secured hereby, shafl become due and payable forthwith, or thereatter, at the option of said :11ortgagee, as
i fully and completely as if all the said sums of money were originally stipulated to be paid on such da~ , an~ -
thing in said note or m this mortgage to the contrary notwithstanding; and thereupon or thereafter, nt the option
I of said 1liortga+;ee, without notice or demand, suit et law or in equity, mav be prosecuted as if all monecs
secured hemby hed matured prior to its institution. T'he ~fort~;egee may foreclose this mortgage, as to tf~e
amount so declared due and payable, and the said premisea ahall be sold to satisfy and pey the same together
with costs expenses, and allowances. In case of partial foreclosure ot this mortgage, the mortgeged premises
shall be so~d subject to the continuing lien of this mortge~e for the amount of the debt not then due and unpwid.
In such case the provisions of this paragraph may agam be aveiled of thereatter from time to time by the
Mortgagee.
12. No waiver ot any covenent herein or of the obligation aecured hereUy shell at any time tl~ereatter be
held to be s waiver of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effect diiring any postponement or extension
of t,he time of payment of ihe indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or a part thereof, of the lends herein described
and is executed and delivered contemporeneously with the deed therefor.
15. If the Mortgagor de[sult in any ot the covenants or agreements contained herein, or in said note~ then
the Mortge~ee mey per(otm the same, and all expenditures (including reasonable attorney's fees) made by the
Mortgagee in so dou~g ahall draw interest at the rate pro~ ided for in the principal indebteclness, xnd sl~wll be
repayable thirty (30) d~ya atter demand, and, together w~th interest and costs accrued thereon, shall be secured
by this mortgage.
16. Upon the request of the Mortgagee the riortgagor shall execute and deliver n supplemental note or
notes for the sum or sums advanced by the :1Sortgagee for the alteration, moderniaation, impm~ ement, main-
tenance, or repsir of said premises, for taxes or ns.gessments against the game and for any other purpose author-
ized hereunder. Seid note or notes ahall be secured hereby on a pnrity v?eth and as fully as it tl~e advance
evidenced thereby wen included in the note firet described above. Said suppler~n~sl r notes ~ 1 bear
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