HomeMy WebLinkAbout2257 the defiriency. Such pay meut shell be n~~de wilhin thirtV (:i0) days after w~ritten nutice [ro~n llie ~fortgu~ee
stating tt~~xmo~4t ot tl,~ deficiency, pj11CI1 notico ~nay be ~i~•en by mail. 1[ at any time the \lortga#;or
sha~l tend to the~Mort~Hkee i~~ acconlr?n~•~ ~~•itl~ the provis~o~ia oi the note secured hereby, full payment,
o( the entire indcbtcKlncss rFpresentecl th~~rnb~•, thr \1ort~~?~ec ,?s truatce shnll, in coinputin~ thc~ amount ot
such indebteclness, cr~dit to the Kccount ot the \1ort~•N~or any credit bal~nce remainin under the ptovisions
of (a) o[ said parxgraph 2. It there shall bc a defauTt u~der any of the pm~•isiona o[ I,~iis mort~e~e resultin~
in a public snle o[ the premises co~•erc~l l~ereby, or if the ~torl~akeo arquires tl?e property otherwise aiter
default, the 4lortga~ee as trustee shall apply, et the time of the con~mencemeut of such procee~iinKs or at
the time tho property is otherWise ncquired, the aiuount then remainin~ to creclit o( \lortga~or under (a) of
paragraph 2 preced~ng as a creclit on the interest accurecl and unpaid Hnd the balnnce to lhe principal then
renisining unpaid on sai~l note.
4. He will p?y all taues, seeee~nente, wster rates, and olher ~overnmental ar municipal charges~ 6nee, er
~mpavtions, for ~rhieh provieion hae not been made hereinbeton, snd in default thee~eof the Mortgagee may psy the
eautie; and thst ~ will promptly deliver the o~cial reoeipts therefor to the Mortgagee.
b. He ~rill permit, oommit, or euger no waete~ impsirment. or deteriorstion of esid pmperty or sny part thereof~
eucept reaeonsbk wear and t~ear; snd in the event of the teilure of the Mortg,sgor to keep the buildings oa esi
premiees e?nd thoee to be arected on eaid premieea, or improvements thereon, in good repsir. the Mortgagce may
make such repsirs se in ita diseretion [t may deem neceeeary for tbe proper preservation thereof, and the full amount
o~ each and every euch payanaat ehall be due and pe?y~ble thirty- (30) days after demand, and ehall be eecured by
tbe liea of this mortaage.
6. He will psy all and singular the ooets, and espeneee, includiag reaeonable lswyer's fees, and oosts
ot abetracts of title~ incutred or psid at any time t~Mortgagee becsuse of the failure on the part of the Mortgagor
promptly and fully to perform the a~reements and o~venante of said promiseory note and this mortgage~_and said
- oosts, chsrgee, and eupenees ehall be immedist,ely due and psysble and e~6aU be eecured by the lien of this mortgage.
7. He will oontinuoue~j msintain haasrd ineuranoe~ of such type or typee snd amounts as Mortgsgee may
from t,ime to time require, on the impmvemente now or hereatter on eaid premises and except when psyment
tor all such premiuma has theretofore been msde under (s of paragraph 2 hereof ~e will psy pmmptly whea
due any premiuma therefor. All insuranoe ahall be carri~in cwmpanies approve~ by 111ortgegee and the poli-
cies and renewals thereoi ahall be held by Mortgagee and hsve attached thereto loes payable clsuses in favor of
and in form acceptsble to the Mortgagee. In event of loes he will give immediate notice by mail to Mortgagee,
aud Mortgagee may make.proof o~ Ioes ii not made pmmpWy by Mortgagor, and eoch insurance aompany
ooncerned ia Lereby authonzeci And directed to make payment for such losa directly to Mortgagee instesd of
to 141ortgsg~or and Mortgagee ointly, and the insurance proceeda, or any part thereof, msy be apphed by 111or6.
gagee at its option either to t~e reduction of the indebtedness hereby eecured or to the restoration or repair of
the pmperty dama~ed. In event of foreclosure of this mortgage or other transier of title to the mortgaged
property in ezLingu~shment of the indebtedness eecured hereby, ail right~ t~tle, and interest of the Mortgagor
m and to any inaurance policies tLen in force shall pasa to the purchaser or grsntee.
8. He will not eaecute or file of record any instrument which imposes a restriction upon the sale or cecu- ~
pancy of the property described herein on the basis o[ race~ cotor~ or creed.
9. If the premises, or an~ part thereof, be condemned under the power of eminent. domain~ or acquired
for a public use, t6e damages av?arded, the proceeds for the taking of, or the consideration for such acquisi-
tion, to the extenl uf the full amount oi tl?e remaining unpaid indebtedness secured by this mortgage, are
hereb~• assigned to the ~tortgagec, and his heirs or assigns, and shsll be paid forthwith to said Mortgagee
or his assig n~ee to be applied on account of the last maturing installments of such indebtnesa; provided, hoc•-
erer, the MortgagAe or his assignce, mey at his discretion pay direct to the Mortgagor, his heirs or assigns
any part or all of such award; provided, that if the loan is guaranteed or inswed, the consent of t6e guaran-
' tor or insurer is obtained in advuuce of said payment.
j 10. The :~lortgagee mey, at any time ~end'mg a suit upon this mortgage, apply to the court havin~ juris~iic- -
~ tion the:eof for the appointment ot a recetver, snd such court shell forthwith sppoint a receiver of the premises
covered hereby ell and singular, includin~ all and singular the income, profits, ~ssues, and revenues from hat-
~ ever source denved, each and every of w
hich, it being ezpressly understood, is hereby mortgageci u if specifically
` set forth and descri~ed in the granting and habendum clauseg 6ereof. Such appointment shall be made by
such court as an admitted equity and a matter of absolute right to said ~iortgagee, and without reference to
~ the adequacy or inadequacy of the ~ alue of the property mortgaged or to the solvency or insol~ ency of said
Mortgagor or the defendants. Such rents, profits, income, ~ssues, and revenues shaU be applied by such receiver
according W the lien of this mortgage and the practice of such court. In the event of any default on the part
o[ the lfortgagor hercunder, the ~iortgagor agrees to pay to the ~iortgagee on demand as e reasonable monthlv
rental for the premises an amount at least equ«alent to one-Lwelfth of the aggregate of the twelve monthlv
~ installments pay able in the then current year plus the actual amount of the snnual t~res, assessments, wster
, rates, and insurance premiums for such year not covered by the aforesaid monthly payments.
g 11. In the e~ent of any breach of this mortgage or default on the part of the Mortgagor, or in the event
that any of said sums of money herein reterred to be not promptly and fully paid according to the tenor hereof,
~ or in ihe event thet each and every the stipuletions, agreements, conditiuns, and covenents of said note and
this mortgege, are not duly, pmmptly, and fully pertormed or if the ~iortgagor be adjudicated bankrupt or
~ made detendant in a bankruptcy or receiverahi~ proceedinga; then in either or any such event, the said eggre-
gste sum mentioned in said note then remaining unpaid~ with interest accrued to that time, and all money
~ secured hereby, shgH Dccome due and payable forthwith, or thereafter, st the option of seid Aiortgagee, as
fully and completely as if all the said sums of money were originnlly stipulated to be paid on such da~ , en~•-
~ thing m said note or in this mortgage to the contrary notwithstanding; and thereupon or therea(ter, at the option
~ of sa~d Tqortgegee, without not~ce or demRnd, suit at law or in equity~ mnv be prosecuted es if ell monevs
~ ascured hereby had matured prior to its institution. The 14iortgagee may foreclose this mortgage, as to tf~e
amount so declated due and payable, and the said premises shsll be sold to satisly and pay the same together
~ with coats, eapenses, and sllowances. In case of pertial foreclosure of this mortgage, the mortgegecl prcmises
shall be sold subject to the continuing lien of this mortga~e for the amount oi the debt not then due and unpaid.
In such case the provisions of this paragrsph may agam be availed of thereafter trom time to time by the
Mortgagee.
~ 12. No waiver of any covenant herein or of the obligation secured hereby shall at any time tl~ercatler be
~ held to be a waiver of the terms hereof or of the note secured hereby.
~3 13. The lien of this instrument shall remain in full force and efTect during any postponement or extension
~ of the time of payment of the indebtedness or any psrt thereof secured hereby.
~ 14. 'This mort,~age ia given to secure the purchase money~ or a part thereof~ of the lands herein described
and is e~ecuted and delivered contemporaneously with the deed therefor.
15. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then
the Mortge~ee mey perform the same, and all expenditures (including reasonable attornev's fees) made by the
Mortgsgee tn so do?n~ ahall draw interest at the rete provided for in the principal indebtedness, And shall be
: reps sble thirty (30) dsys after demand, and, together wzth interest end costs eccrued thereon, shall be secured
~ by Mort r shall execute and deliver s su lemental note or
16. Upon the request of the Mortgsgee the gago pP
notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, mnin-
~ tenance, or repair of said premises, for texes or assessments ageinst the same and for any other purpose sutl~or-
- ized hereunder. Ssid note or notes ahsll be secured hereby on s parity with and as fully as if tl~e aclvance
evidenced thenby were iacluded in the t~t~ ribed sbove. Said supplem6n~s1~` r notes ? 1 bear
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