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HomeMy WebLinkAbout2978 ~ ttie deficiency. ~uch pu~ment shall be maile v~rithin thir~y ~'30) dsya ~Iler written notice from ti?e 1lortga~e~+ statin~ the amount ot t~e deficiency, which notice ~n~iy be g~ven by rn~il. It at any time the ~fortga~or sl?x~l tender to the `tortgaKee in scconlance with the provis~oiis of the note secured hereby, full payment ot the entire indebteclness representecl thereby, the ~tort~af;ee us trustee sheill, in compu~in~ the amount o[ such indebtedness, credit to the account of the tilort~ugor any ctedit balance remaining under the pmviaiona of (a) of suid puragraph 2. II there s1~uU be a defuult under any o( the pro~~isions of thia mortRuge resulting in a public sale o( the premises coverecl hereby, or it the :~lortgagee acquires the property otherw~se aiter de[ault~ the titortge?gee us trustee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the amount then remaining to credit of ~tortgagor under (s) of ' parapraph 2 preceding ss a credit on tlie interest, accured and unpaid and the balance to the principal than remaining unpaid on sai~1 ~~te. ' 4. He wW pay ait ta:es, ueeeeementa, wates rut~ee, ~nd othe~~o veramental oe municiP~i charaes. Sae~. os impoatione, for ~vhich provieion hae not been made heninbetore, sad in defsult thereot the Mortaagee uuy pyr ths same; and that he wiD prompt~y deliver tbe o8'icial reoeipts -therefor f~o the Mortg~gee. b. He will permit, oommit~ or s~e~ ao waste, imp~iraneat~ or deterioration of asid property oe aay part thereot eaccepL reaaonsble wear ~nd tear; and in We evea! of the failure of tbe Mortg,sgor to keep t6e bwldin~e oa eai~ pnmieee snd those to be erected on add pnmises, or improvemente thereon~ in good npair the Mortgagee msy make wch npairs as in its discretion it msy doem neoeeeaty for the proper preeervstion thereo~~ ~nd t6e full amount of each and every sueh payment sbaU b~ due aad p~yable t,hirtY (30) days after demnand, aad s6all be eecured by - the lien of this mortg~g~e. - 6. He will psy all aad singular the ooets~ clhar~ee~aad e:penees. includin6 reaa~nsble Lwyer'e fcea, and oosts af sbetracts of title, incurreci or paid st any time by the ort~agee becsuee of the fsilure on the psrt ot the Mo prompWy and f~ to perform the a~e~eements and oovenmfs of,eaid promiseory note and thie mortgage, and~d , oosts~ charges, sn e~cpenees s6sll be immedistely due und p~yable and ~hall be secured by the lien of thia mortga~e. ; 7. Ha will oontinuous~y maintsin hazard insuranoe, oi euch type or t~pes snd smounts aa Mortgagee ma~ irom time to tima Tequire, on the improvemente now or herei~ter on eaid pnmises and except when payment - tor all such premiuma has theretofon been made under (s) of psragraph 2 hereof ~e will pay promptly rvhen due any pr8miuma therefor. All insuranoe ahall be carried ia oompaniee approve~ by I1lortgagee and the poli- cies and ranewsle thereoi aL~ll be beld by Mortgagee and bave sttached thereto loss psyable cTauees in fsvor of aad in form aooeptsble to the Mo tqsgee In event of lo~a he will give immedie?te notice by mW to Mortgagee, and Mortgagee msy make .proof~o_i Ioes if not made prompt~j by Mortgagor~ and esch iasurance o~mpan~ ooncerned is hereb authonsed and directed to mske payment for such loss directly to Mortgagee~ b tesd ot ; to Mortgsg~or and ~ortgagee jointly, and the insurance pmcceds, or sny part thereof, msy be appli y riort- = gagee at ite option either to tbe reduction of the indebtednesa hereby eecured or to tbe restoration or repair of x the property dama~ed. In event of forecloeure of this mortgsge or other tranafer of title to the mortgaged property in eztingwshment, of the indebtedneae secured hereby, ail right, title, snd intereet ot the Mortgagor m and to sny insurance policies- then in force ahall pass to the purchaeer or grantee. ~ 8. He will not esecute or &le of record any instnunent which imposes a restriction upon the ssle or occu- psncy of the property described herein on the bsais of 1ace~ color~ or creed. 9. If the premisc~s, or any part thereof, be condemned under,the power of eminent domain, or acquired for a public use, the damages awarded, t.he proceeds for t6e taking of, or Lho consideration for such acquisi- _ tion, to the extent of the full amount of the remaining unpaid ~indebtedntss secured by this mortgage, are hereb~~ assigned to the Mortgagee, and his heirs or asslgns, and ehsll be paid forthwith to said Mortgagee or his assignee to be applied on account of the last maturing installments oi auch indebtnesa; provided, hoc•- ever, the Mortgag!?e or his assignee, may at his discretion pay direct to the Mortgagor, his heirs or asgigns any part or all of such award; provided, thet if t6e loan is guaranteed or insured, the consent of the guaran- ' tor or inaurer is obtained in advance of said psyment. ( 10. The ~4ortgagee may~ at anp time ~end'u?g s suit upon Uus mort,~a~e~ epply to th~ court hevir?~ j~~risciic- k tion thereof for the appointment o[ s receiver, and such court aLall tortfiv~nth a~point a receiver of the premises ~ oovered hereby all and singular, includin~ all and singular the income, profits, issues, and revenues trom hat- ~ ever source derived, each and every of which, it being expressly understood, ia hereby mortgaged es iI specifically ; set forth and described in the granting and hsbendum clauses hereof. Such appointment shall be made by such court as an admitted equity and s matter ot absolute right to said ~iortgagee, and without reterence to ~ the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~ ency of ssid f Mort,~agor or the defendants. Such rents~ profits, income, ~ssues, and revenues shall be applied by such receiver ~ according to ihe lien of this mortgage and the practice of such court. In the event of any default on the psrt ~ ot the :~iortgagor hereunder~ the 1lortgngor agrees to psy to the titortgagee on demand as s rea9onable raonthlv ~ rental for the premisea an amount at least equ~valent to one-Lwelfth of thea~reg ete of the twelve raonthly ' instaUments pgyable in the then current year plus the actual amount of the annual ts.~es, assesaments, water ~ rates, and insurance premiuma for such year not oovered by the aforesaid 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 ssid sums oi money herein referred to be not promptly and fully psid according to the tenor hereof, - ~ or in the event that each snd every the stipulstions~ agreements. conditeuns~ and covenants of said note and ~ this mortgage, _are not duly, promptly, and tully pertormed or if the I~iortgagor be adjudicated bsnkrupt or ~ mede detendent in a bankruptcy or receiveishi~ proceedin~; then in either or eny euch event, the said aggre- ` gate sum mentioned in ~s~id note then remainmg unpaid, v~nth interest accrued to that time, and sll raoney ~ secured hereby, shall become due•and payable forthwith, or therestter~ et the option of said 111ortgagee, sa fully and completely as if aU the said sums of money were originally stipulated rto. be paid on such day, anr- '3 thing m sai~ note or tn thia mort&age to the contrary notwithstanding; and thereupon or therestter, ~t the option ~ of said Mortgsgee~ without notice or demsnd, suit at lsw or in equity, msv be prosecuted as if all monevs ~ secured hereby hed matured prior to its institution. The Mortgagee may foreclose this mortgxge, as to the ~ amount so declared due and psyable, and the said premisea ahall be sold to satisfy and psy the same together ~ with coats expenses~ and allowences. In case of partisl foreclosure of this mortgage, the mortgeged premises ~ shell be so~ld subject to the continuing lien of this mortga$e fur the smount of the debt not then due and ~mpAid. In such case the provisions of this paragraph may again be availed of thereaiter from time to time by the = Mortgagee. - 12. No waiver of any covenant herein or of the obligstion secured hereby shall nt eny time thercefter be " held to be a waiver of the terms hereof or of the note secured hereby. 1~. The lien of this instrument shall remein in full force and eRect du 'ng uny postponement or cxtension ~ of the time of payment of the indebtednesa or any part thereof secured ~reby. 14. This mortgage ia given to secure the purchage money, or a part thereof, of the lands herein described aud ia ezecuted and delivered contemporaaeously with the deed therefor. , = 15. If the Mortgagor defsult in any of the oovenants or agreements contained herein, or in said note~ t~en ,*:j the Mortga~ee may perEorm the same, snd all expenditures (including reasonable attorney's fees) made by the > Mortgagee in so doin shall drew interest at thc rate provided for in the principal indebteciness, nnd si?ali be repays~ble thirty (30) ~sya after demmd, and, together with interest end costs accrued thereon, ahall be secured :J= by this mortgage. ; 16. Upon the request of the Mortgagee the Mortgagor shall eacecute snd deliver s supplemental note or ' - aotes for tbe sum or sums advanced by the Mortgagee for the slterstion, modernization, improvement, mnin- tenance, or repair of said premises, for tsaes or aeeessments against the same and for any other purpose auUior- ized henunder. Said note or notea ahall be secured hereby on s parity with and as fully as ~t tl~e advance evidenced thereby were included in t6e note f~s~d cibed above. Said supplemental note or notes shall be~r ao~C _ ~ . , _ ~ ~ ~ . - .