HomeMy WebLinkAbout1934 the deficiency. tiuch pa•n~ent aball•b~ m~de within thirty (30) days atter writton notice tro~n the ~tortge~ee
statin~ the un~ount ot t~ie deficiency, r6hich notice msy be ~iven by mail. Ii at any time the ~tortgegor
~ at~a~l tender to the ~tort~H~;ee in aceonl~?nce with the pro~ ~swns ot the note secu~ed hereby, iull payment
of th~ entire indebtc~lnesa re~prescnted thercb~, ihe 4lortgageo e~s trustee ahall, in compu6in~ the amount o[
such indebtedness, creclit to the accounl of tlie ~tortaa~or any credit balance re~naining under the pmvisiona
o[ (a) of s,iid paragraph 2. If there s}~all be a defNUft under en~ of the pro~ isiona of ttiis mort~;sge resultin~
in a public sxle of the preniises co~•ered liereby~ or it the ~lortgagee acquires the property otherwise a[ter '
default, the titortgakee as trustee shall apply, at the tirae ot the commencement of such pmceedings or at
the time the pmperty es otherNise acquired~ the a~uount then remainir?g to credit of :1lortgagor under (a) of
paragraph 2 precedii~g as a creclit on tlie interest accured and unpaid and the balance to the principal then
remain?ng unpeid on saidn~te. _
4. He w3ll p?y aU tues, i?eeeeements, watee nt+e~. and ot~har~o
veramental oe municipal elz~?e~e0. finee. or
fmpoeitione, for which pmviaion bes not been mi?da heninbefore, and in default thereot Lde Mortgagee m~y p~y the
aame; aad Wst he will prompt~y deliver tde off cial reoeipb tberefor to the Mortgagee.
b. He will permii, oommit, or eu8er no waate, impairmeat, or deteriorat,~a of esId property or any part thereof
eaccep! reaeonabk wear and faar; and in t6e eventi of tbe !~?ilure of the Mort~gor to keep the buildingp on aaia
p~e+emiees and thaee to be erected on eaid preaiisea„ or improvements thereon, in good repair~ the Mortgagee msy
malce wch repsiis as in its diseretion it msy deean neceeeary for the propec preeervation thereof, ~nd the full amount `
of each and every suah payment ah~-be duo and p~,yable thirtY (30) days dter dem:nd, and shall be eecured by
the lien of tWs anort~ge. _
8. He will psy all and singular the oosta, chargee, aad espenses, includin~ reaeonsble 4wyer's feee, aad oosts
ot abetracts of titk, incurred or paid at sjjr.Zime by,the Mortgngee becsuee of the failure on the put of the Mortgagor
promptly and fully to perform t6e a~reementa and ~ oovensnte of eaid promiaeory note and this mortgage, and aa:d
ooats, charges, and e~cpenees ahall be immedistebr due aad puyabk and ehsll be secured by the lien of thia mortgeae.
7. He will oontinuous~j maiat~in huud insuranoe, ot euch type or t~pes and amounts"aa Mortgsgee m~~
irom time to tame require, on the improvemente now or heresfter on eaid premisea nnd e.rcep6 ~vhea payment .
tor all euch premiuma has theretofore been msde under (a) of pare~raph 2 hereof ~e will pay pmmpWy when
due any premiums therefor. All insuranoe ahsll be carried in oompsnies approve~ by 111ort~a~ee snd the po4'-
ciee and rene~vala tLereoi s6~11 be beld by Mortgagee and bsva sttached thereto loe~s paysble
cfausea_in favor oi
snd in form auceptabla to tLa Mo In event of loes he will give immediate notice by mail to Mortgagee,
snd Mortgagee may malce prooi~~ it not made pramptl~ by Mortgag~or~ and eaGh inaurance oompany
ooncerned ia hereby~ suthorirsd and directed to mske payment for such loes directly to Mortga~e~ iastead ai
to Mortge:gor and Mortgagee jointly, and the inaurance proceeda, or sny part tbereof~ msy be applied by 1liort-
~agee at ite option either to the reduc4on oi the indebtedness hereby eecured or to the restorat~on or repair of
the property dame~ged. In event of forecloeure of tLis mortgage or other transter of title Lo the mortgaged
m
and tyo an ~ns~ursnc~s
en li
es then in force ahall usss the ortle~ snd interee~ oi the Mortgagor
Y~ Po P P 8~~.
8. He will not eaecute or Sle of record any instrument which imposes s restriction upon the sale or occu-
pancp of the pmperty de~cribed herein on the basia of nce, color~ or creed.
9. If the premis~, ar any part thereof, be condemned under the power of eminent domain, or acquired
for a public u~, the damoges awarded, the proceeds for the taking of, or the consideration for such aoquisi-
tion, to tlie extent of the fuU amount of tt~e remaining unpaid indebtednees aecured by this mort{;age, are
hereb~• aasignccl to ttie Mortgagee, and his heirs or ass~gns, and shall be paid Jorthwith to said Mo~agee
or his assignee to be epplied on account of t6e last maturtng installments of such inc~ebtnesa; provided, o~•-
ere:, the Mortgagte 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 guaranteed or insured, the oonsent of the guaran-
tor or inaurer is obtaiued in advance of saidpa
yment.
10. The :~fortgagee msy~ at sny time ~ending s suit upon Wus mort.Ae~e, spply to the court hnvin~ ji~ris~iic-
tion thereoi for the appointment o[ s receiver. and such oourt aball fortFiwith a~point a receiver ot the premises
covered Lereby all and singulnr, includia~ all and singular the income, profita, issues, and revenues from «hat-
, ever eource denved, each and evecy ot vrhich, it being expressly understood, is hereby mortgaged as if speci6calty
set forth and descnbed in the granting and hsbendum clauses hereof. Such appointment shall be made by
such court as an admitted equiLy and e matter of sbsolute right to said ~iortgagee, and without reference to
the sdequecy or inadequacy ot che value of the property mortgaged or to the solvency or insol~ ency oi said
Iiiortgagor or the defendsnts. Such rents~ profits, income, ~ssues, and~revenues ahall be applied by such receiver
ecrnr~ing to the lien of this mortgage and the practice ot such court. In the event ot any default on the pert
ot the ~iortgagor hereunder, the ~lortgagor agrees to pay to t6e 4fortgagee on demsnd as a reasonable monthlv
rental for the premisea an amount at least equ~vslent to one-twelfth of the aggregste of the twelve monthly
installments payable in the then current year plus the actual emount of the annual ta.res, assessments, water
rates, and insurance premiums for such year not covered by the aforessid montWy psyments.
11. In the event of any breach of thia mortgege or default on the part of the :ldortgsgor, or in the event
that any of said sums of money herein referred to be not promptly and fully psid sccording to the tenor hereof,
or in the event that each and every tbe stipulstiona, sgreements. conditiuns, and covenants of ssid note end
thia mortgage~ are not duly, pmmptly~ and fully performed or ii the :~iortgsgor be sdjudicated bankrupt or
made defendant in s bankruptcy or receivership prceeedjn~; then in either or sny such event, the said aggre-
gate sum~ ment~oned ip_ said note tl~en remaining unpaid~,with intereat accrued _to that time,- apd ell money
secured hereby~ shall become due and psyable forthwith, or thereafter, at t~e option of said 111ortgagee, as
fully and completely as if all the said sums of money were originally stipulated to be paid on such dav, ant-
thing in said note or m thia mort&age to the contrarx notwithstanding; and thereupon or thereefter, at the option
of said Mortgsgee, without not~ce or demRnd, suit at law or in equity~ msv be prosecuted as if ali monevs
secured hereby had matured prior to its institution. The ~iortgagee may foreclose this mortgnge~ as to the
amount so declared due and psyeble, and the said premisea shall be sold to satiafy snd pay the sarae together
with costs, expenses, and allowances. In case of partial foreclosure of this mortgsge, the raortgaged prnmises =
shall be sold subject to the conkinuing lien o[ this mortga~e f~r the amount of the debt not then due end unpaid.
In such case the pmvisians ~f~his paragrsph mey agaut bH svailed of thereafter trom time to.time by the
Mortgngee.
12. No wsiver of any covenant herein or of the obligation aecured hereby shell nt any time tl~ercafter be
held to be a weiver of the terma hereof or of the note aecured hereby.
13. The lien of this instrument ahall remain in full force and eRect during any postponement ar extension
of the time ot payment of the indebtedness or any part thereof secured hereby.
14. This mortgage is given to secure the purchase money, or a par6 thereot~ ot the lands herein described
and ia executed and delivered contemporeneously with the deed therefor.
15. If the Mortgagor default in aay of the covenants or agreements contained herein, or in said note, then
tbe Mortgs~ee may perform the same, and sll expenditures (including rnesonsble attorney's fees) made by the
Mortgagee m so dou~ st~all drew interest at the rate provided for in the principal indebtedness, and sliwll be
repsy able thirty (30) dsya ofter demand, and, together with interest aud costs accrued thereoa, shall be secured
by this mortgage.
16. Upon the request of tLe Mortgagee the Mortgagor shsll execute and deliver s supplement~al note or
notea for the swn or sums sdvanced by the Mortgagee for the alterstion, modernization, impmvement, m~~n-
tenance, or repsir of said premises, ior tsxes or assessments against the same and tor any other purpc?se autl~or-
ized hereunder. Said note or notes ahsll be secured hereby on a parity with and as tully as ~f tl~e aclvance
evidenced Lhereby wen include~ in the note first described above. s p lemental note or notes al~all bear f
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