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HomeMy WebLinkAbout2046 • " ' ~ . the deficiency. Such pay ment ahall be made within lhirty (30) dsya alter written notice [rom the viortgegee atati~~ the emount ot the deftciency, v?t~ich notice mny be give~ by meil. It at sny time the :1ZortRagor ; aha~l tender to tl?e vlortgaKee in accorclance with the prnvisrons ot tlie note secured heceby~ full psymet?t f oI the enti~e indebtednesa represe~ted tl~c~eby~ the Mortgagee ua truatee sha11, in computing the ~mount of t such indebtednesa~ credit to ti?e account oi the Mortgagor any credit bolance remeininR under the provieione oi (a) oI asidp~rs~raph 2. !t there ahall be a default under any ot the pmvisiona ot thia mortgage resulting : in a public sale oi ihe premiees covered hereby~ or it the Mort{~gee acquires t.he pmperty otherwuse atter detsult, the l~iortgagee aa truatee ahap apply~ at tha t~me o[ the commencement such proceedings or st ' the time lhe property ~s otherwise acquired~ the amoun~ then remeining to eredit of Mortgagor uadec ot para~reph Z preced~ng as a credit on the i~terest eccured and unpaid and the balance to the principal then rematntng uapaid on esid note. ; 4. He wiU pq? a0 tase~ we~ment~. watet sata. aed othe:~uv~eiameat~l ae mualciPal ehac~e~. finee, or i impaitions. far wbich provision h~s not been msde bereinbetore, aad in defsult thereot tbs Mort~ee mt1Y P~Y ~ ; •ms; ~ad that be will promptly deliver fLe o~ci~l reoeipts t6eretor `o t~he Mottg~ea ` b~. He will permit, oommlt, or euQer no wMte. impair~ai, ae detedorat,ion ot eaid proper~r aan y~ there~ofd ~ eatoept re~wasbb we~e and tear• and in tLe eveat ot We f~ilure of the Mort~os to keep fhe buil ' pe~mise~ aad thoss Lo bs erecte~ on Mid pe~emises, or imp+ove,aients tDereen~ ~ood npair tbe Morta~ee my? i make w~ch repaies as in it~ disaretion itm~? dee~n neoeesary tor the proper pa~eserv~tion th~e~~ aad tbe full iunouat ~ of eaeh snd every wo6 p~ymeat aball b~ dt~e ~nd P+1Y~ ~Y ~ dt~ demaad. aad ~h~ll bs ~ecnred by t tbe li~ea ot this mort~a i 6. He will p~y all and ednsuLr tbs oosta, hae~es and eo~pemes. iaelndina reasunsbb lswyer's fees, wd oos~ ~ a[~sbstr~ct~ of titls, inourred vr paid ~t anp 4m~edtiy t6e ~ost~ee beeause of the failure on tbe put ot the Mort~,a~ot P~'~P~Y aad iu~y to peiform the ypreementa and oovenanta ~ s~id pe+omiesory not~ snd thia mort6a~e, d sa:d ~ ooata, ~hu~es, aad e~penses th~U ~e imm~di~t~+ dus aad pqrsbls and dull be seeured by the lien ot this mortp~e. 7. He will oontinuousb? m~intain hasard iqsurunc~e, oi such type or t~pes and aawuat~ as Mortgoges ma~ ' trom time to time requare, on Ws ionprovemonts now or hereatter on eaid premises and acoept w?hea pa~ment ` tor all such pramiuays Las theretofore beea made under ~(a) oi paragcaFh a Lereoi ~e wiU ~ pr~mptly phen due any premiums therefor. All insuranoe shaU be carried ia oomP~es aPPcove~ b~ 11ior~gagoe and the pol~ cies and renewals thereoi shall be Leld by Mortg~gee and Lavs attached tbento loes payable cuuees in favor oi and in form sa~eptable to tLe Mo In e~ent of loes he will give immediate notioe by mW t,a Mortgagee, and Mortgagee ms~ a~ake ,pmoir~ if not made prompLl~ b~ Mortg~g~or, aad e~cb insurance oomp~n~ ooncerned is Lereb au~~hosued and directed to make paymeat for such loea direc~y Lo Mo~tga~e~ mst~ead oi ~ t~o Mortgcgor snd ~ortgagee joiatly~ and the iasuranoe proceeda, or aay part thee+e~f may be applied by I?1or0- i ~agee at ita option either to the reduction of the indebt~ednees hareby secured or to t~e restontion or repair of ~ t~6s property dam~~ed In event of ioreclosure of t~his mortgage or otber trsnsfer of title to tbe mortgaged proparty in eztinguishment of the iadebtedneee securad hareby~ atl right, title, and inf~eresL of tLe Mortgagor ia and to aqy im~urance policie~~ tLen in foroe aball pass tio tLe purcbaser or grantee. 8. He•will not execute or file of record sny instrument wbich impoeea a restriction upon the sale or ooeu- ' pancy ai the pmperty described heroin oa the basis oi race. oolor. or creed. 9. If the premises, or any part thereof, be condemned under the power of eminent domaio, or scquired for a public use, t.he damapes awarded~ the proceeds for the taking of, or the consideration for such aoquisi- tion, to the eatent of the full amount of the remaining unpgid indebtednees secured by this mortgage, are hereby assigaed to the Mortgagee, snd hia heira or ass~gna, and shsll be paid fortbwith to said Mo-rt~agee or his ass~'gnee to be spplied on account of t6e lsst maturing instalLnenta of such indebtness; pmvided~lio~-- ever, the Mortgag~e or his aesignee~ msy st his discretion pay direct to the Mortgagor, his heirs or sasigns sny part or a!1 of auch awerd; prnvided, that if the loan is guaranteed or insured, the oonsent of the guarsn- tor or insurer ia obtained in advence of asidp~ ymeat. 10. ~he l~iortgagee msy. st anp time ~en ~ding s auit upon ttua mortgage~ spply to the court hevin~ j~~riscii~- tion tLereot for the appointment of s receiver, and such court shaU forf~with s~point a receiver of the premises j o~vered Lereby all and singular~ includin~ all and su~gulu tha inoome, pm&ts, ~sauea~ and revenues irom ~rhat- ever source denved, euh and every of v~hich it be'u~ eupresely understood~ ~ hereby mortgaged aa i[ specifically ~ ' set forth snd deacribed in the grsnting an~ habendum clause~ bereof. Such appoint,~nent shall be made by such court as sn admit,ted equity and a mstter of absolute right to said ~iortgagee, and without refetence to the adequacy or insdequacy oi the value of the property mortgaged or to the aolvency or insolcency of said ~i Mortgagor or the defendante. Such rents. pmfita, mcome, ~ssues, and revenues shall be applied by such receiver aa~.ording t,o Lhe lien of ~hie mortgage and the pract~ce oi suc6 oourt. In the event of any default on the psrt d the 1~iortgegor hereunder~ the :~lortgagor a~rees to pay to the :1~tortgsgee on demand as a reasonable monthly rental for the premisea an amount ot leas6 equ?valent to one-twelfth (~S:) of thes~ega te of the twelve monthlv inatallmente payable in the then curren~ yeat plus the sctw?l amount of the aanual taxes~ seeesameats~ water ratea, ~?nd insurance premiums for such year not oovered by the aforesaid montWy gsymenta. 11. In the event of any breach of this mortgage or def~ult on the part of tLa Mortgagc?r, or in the eveat ; thst any of said sums oi money herein referred to be not promptly and fully paid according to the tenor hereof, _ or in the event thst each and every the etipulations~ agre~meate, conditiana, and covenihte of asid note snd ~ t6is mo~~g~e, sre not duly, promptly, sad fully performed or ii the Mortgagor be ~djudicated binkrupt or made detendant in s bsnkruptcy or receiveratn~ proceedinp; then ia either or say such event, the aaid aggre- ! gate sum m~ntioned i1? aaid note then rem unpsid~ with interest accrued to th~t time, and all money ~ secured hereby, ahall become due and payab~orthwith, or thereafter, at the opiion oi said 11iortgagee~ as ~ fully snd oompletely as if all the said auma ot money vrere originally stipulated to be paid on such day, an~- ~ t,hing m said note or m thia mort~age to the contrar~? notwithstanding; and thereupon or thereafter, et the option of said Mortgagee, writhout not~ce or demsnd~ swt at I~wr or in equity. msv be pmeecuted as if alt monevs • eecured hereby hud msture~ prior to its inst,itution. The Mortgagee msy foreclose t~his mortgage, as to the unount so declared due and pay~ble, aud the said pcemises ahall-be sold to satiaty ~nd ~y the sune tog~ether witb costs ezpenaes, snd sllowancea. In case of p~rtial foreclo~ure of this mortg , the mort sged prem~ses pr ahall be ao~d subject to the continuing lien of t,his mortga~e for the amount ot the de t not then ue snd ~mpsid. ; In such case the pmviaiona of this puagraph may agun be svailed of thereafter fmm time to time by the Mortgagee. 12. No waiver of aay covenaat herein or of the obligation secured hereby shRll st sny time therca[ter be held to be s waiver of t6e terms hereoi or of the note eecured bereby. 13. The lien of W?ia instrument ahall remaia in ftill force and eHect during any postponement or extension oi the time of payment oi the indebtedneas or eny put thereoi eecuted hereby. ~ 14. This mortgage ~a given to eecure the purchaee money, or a put thereof, of the landa herein described ? •nd is executed and deGvered contemporaaeously with the deed theretor. 15. If tbe Morigagor default in any of the ooven,u?ts or agreements oontained herein~ or in aaid note~ then ' the Mortga~ee may per[orm the same, and all expenditures (including reasonabie sttorneq's fees) made by the 3 Mortgag~ee m so dou?g ahall draw iaterest at the rate pmvided for ia the principal indebtedness, and ahall be repay~ble thirty (30) days dter demaad~ md, together with intecest aad costs ~ccrued thereon, shaU be secured by W~s mortgage. 16. Upon che requesc of tbe M ~t~a~a the Mortgagor shall ezecute aad deliver • aupplemental note or aotes for the sum or auma advaaced b~ y tfie Mortgagee for the alteratioa, modernization, improvement, main- teuaaoe, or repair oi said premisea, for taxes or aeeessments agsinst the sune and for any other purpose suthor- ised henunder. Said note or notes shall be secured hereby on s parity aith and as tully as ~t tt~e advaace e~ideaoed tbenb wera included in the aote 6nt described above. Sai jemental note or notes a6a11 beu a~ ~ ~ y a oo P1~3 P~c~~d~ ~ ~ ~ ~ F _ . - - - ~ b4~~ ~ ~ - ~ , ~ _ ..~~'j y_._ .