HomeMy WebLinkAbout2575 the deficiency. tiuch pay•u~ent sl~all be m~xlo ~?•ithin thirl,y (30) daya after N ritten notice tro~n the ~~iortgu~~~e
statin~ the amount of the deficienoy, w•hich notice ~nNy be ~iven by muil. (t at uny time tho ~fortga~or
sh~?1 tender to the ~iort~a~ees in acconlNnre H•itl? tho pro~•isioua o[ the note secured hereby~ full paynient,
ot the entire indebtedness represented thcr~by, the ;~tortgHgee as trustea shull, in computin~ the amount ot
such indebtedness, credit to tl~e Qccount oi the ~iort~~,a~or any creciit balen~:e remaining under the provisio~s
of (s) of suid paragraph 2. !f there shull be a defe?ult under any of the provisiona of this mort~age resultin~
in a public sale of the preu~ises co~•ercYi I~ereby, or it the ~lortgaKee xcquires the property otherNise atter
defnult, the NortguKee as trustee shall apply, at the time of the commencemen~ of such proceedings or at
the time the propert,y ~a otherwise xcquired, the amount then remaining to credit ot 11ortgagor under (s) ot
paraAraph 2 preceding as w credit on the interest accured and unpuid and the balance to ttie principal Lhen
cemaming unpaid on said ~~te.
4. Ha wlll p~y'aU L:es. aeeeeements~ ws+~er rutes„ aad other~o
vernmental or munlcipal charges, 6aee, ar
ianpoeitions. for which provision has not been msde hereinbefore~ snd in defaulL thereof t6e Mostgagee m~y pay the
same; and t6st he will promptly deliver t6e os'ici~1 receipts theretor to the Mortgagee.
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b. He ~vill permit. oommit, or euffer no waate, impairment, or deterioration of eaid pmperty or an par~ thereot
ea~cept reae~nsbk wear aad tear; and in the event of the isiiure of the Mort~?gor to keep t6e bui dingie on aai~
premises and thoae to be erected oa eaid premieea, or improvementa thereon~ ia good repair the Mortgagee msy
malce auch repairs as in its diecretioa it may deem neeeeeary for the proper preservation thereo~~ and the full amount
ot each and every euch psyment a6all bs due ~ad p~yabk thirty (30) days atter demand~ aad shalt be secured by
tbe lien d tLis mortge~e.
6. He will p~y all aad einsu4r the ooets, aad ezpeneea, including reseonab!e lswyer's fcee, snd costs
ot abetracts of title, ineurred or paid at any time
by~t
e Mortga~ee ber.auee ot the failure on the psrt of the Mortgagor
p~omptly and i to perform the a~reementa and oovenanta ot eaid pmmiseory note and thia mortgage, and said
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oposts, charge~ an e:penses ahall be imme~istely due aad p~e~ysble and ehall be eecured by the lien of this mortgage.
7. He will oontinuoua~j msintsi~ haaard ~suranoe, oi auch tiype or typee and amounts as Mortgagee may
~mm time to tima require, on tha improvemente now or Lereatter on esid premises snd except ~vhen payment
tor all auch premiums has theretofore been made under (s) of psragraph 2 hereot ~e will pay promptly when
due any premiuma therefor. All inauraaoe ehall be carried in uompaniee spprove~ by rior~ee and the poli
cies and ranewale thereof aLall be held by Mortgagee and bave sttached thereto loss payable cfsuses in i~vor of
and in form acceptsble to tLe Mo In event of lo~ ha will give immediste notice bp mail to Mortgagee~
and Mortgagee may msi~e.proof~~ if no~ made promptly by Mortgag~or, and each insurance oompany
ooncerned ia hereby~ authonzed and directed to mske payment for auch losa directly to Mo~ee instead ot
t~o Mortgsgor and Mortgagee jointly, and the insuranoe proceeds~ or any part thereof, may be app 'ed by I11orti-
~agee at ite option either to tbe reduction of the indebtednesa hereby eecured or to the restora4on or repair of
LLe pmperty dama~ed. In event of foreclosure of this mortgage or other transier of title to the mortgaged
property in extingu~ahment of the indebtedness eecured hereby, a~l right, tiWe, and interest of the Mortgagor
~a and to any i~urance policies~ t6en in force shall pasa to the purchaser or grantes.
8. He will not ezecute or file of record any instrument which imposes a restriction upon the sele or occu-
pancy of the property described herein on the basi~ of race, oolor, or creed.
9. If the premises, 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 the takin of, or the consideration for such acquisi-
tion, to the extent of the full amount of the remaining unpaid in~ebtsdness secured, by this mortgage, are
hereb~• assigned to the Mortgagee, and his heirs or ass~gns, and shall be paid forthwith to said Mortgagee
or l~is assignce to be applied on account of che last maturiag installments of such indebtnesa; provided, hoc--
e~ er, the Mortgag~e or his assignee, may at his discretion pay d'uect to the Mortgagor, his heirs or assigns
any part or all oi such award; provided~ that if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obtained in advance of said payment.
10. The ~lortgagee may, at any time pend'?ng e suit upon taus mortgsge, apply to the court havin~ j~~risdic-
' tion thereof for the appointment ot a receiver, and such court shaU fortbvrith appomt a receiver of the premise•s
! covered hereby all and singular~ includin~ all and singulsr the income, profits, issues, and revenues from ~rhat-
~ ever source derived~ each and every of w-hich, it being eapresaly understood, is hereby mortgngecl ss if specifically
~ aet forth and described in the granting and hsbendum clauses hereof. Such appointment ahsll be made by
such court as sn admitted equity and a matter of absolute right to said ~tortgagee, and without reference to
the edequacy or inadequacy ot the value of the property mortgaged or to the solvency or insol~ ency of said
Mortgagoror the defendants. Such rents, profits, income, issues, snd revenues ahell be app2ied by such receiver
according to the lien ot this mortgage and the prectice of such court. In the event of any default on the pert
of the hlortgagor hereunder, the ltortgagor agrees to pay to the ~iortgagee on demand as a reasonable monthlv
rental for the premisea an amount at least equivslent to one-twelfth (3;:) of the sggregate of the twelve monthlv
installments payable in the then current year plus the actusl amount, of the annusl taaes, es.s~s~nents, water
rates, and insurance premiums for such year not oovered by the aforesaid ~monthly payments.
11. In the event of any breach of thia mortgage or default on the part of the Mortgagor, or in the event
that any of said suma of money herein referred to be not promptly and fully paid sccording to the tenor hereof,
or in the event that each and every the stip ulations, agreements, conditiuns, and oovenaats oE said note snd
this mortgage , are not duly, promptly, and fully performed or if the l~iortgsgor be adjudicated bankrupt or
msde defendant in s bankruptcy or receivershi~ proceedinga; then in either or any such event, the seid aggre-
gate sum mentioned in auid note tbep remau?u~g unpaid, with interest accrued to thst time~ and s!I mone}
secured hereby,~ shall becorime due atid psysble forthwith~ or thereafter, at the option of said Diortgsgee, as
fully and completeiy as if all the said sums of money wer~e originatly stipuleted to be psid on such day, an~-
thing in seid note or m this mort&age to the contrar~ notwithstandmg; and thereupon or theresfter~ At the option
of sa~d I?Sortgs~ee, without notice or demand~ suit at lsw or in eqwtq. mav be prosecuted as if all monevs
secured hereby had mstured prior to its institution. The Mortgagee may {oreclose this mortgRge, as to the
amount so declared due and payeble, and the said premises shall be aold to astisfy and pay the same together
with costa eacpenses, and allowances. In csse of partial foreclosure of this mortgege , the mortgaged premises
ahall be so~d subject to the continuing lien of this mortgape fur the smount of the debt not then due end i~npwid.
In such case the prov?siona of this peregraph msy sgaui be svsiled ef thereafter from time to time by the
Mortgagee.
12. No wsiver of anp covenant herein or ot the obligation secured hereby shAll at ~?ny time tl~ereefter be
held to be s waiver of the terms hereof or oi tbe note secured hereby.
13. The lien of this inatrument shall remain in full force and efTect during any postponement or extensioa
of the time of payment of the indebtedness or eny part thereof secured hereby.
~ l4. 1'his mortgage is given to secure the purchase money, or a part thereot~ of the lands herein deacribed
and is ezecuted aad delivered contemporaneously with the deed therefor.
~ 15. If the Mortgsgor default in aay oi the oovenants or agreements contained herein, or in said note, then
~ tLe Mortga~ee may perform the same, and all expenditures (including reasonable attorney's fees) made by the
~ Mortgagee u? eo dou~ ahall draw interest at the rate pmvided for in the principal indebtedness, wnd sl~nll be
repay able thirty (30) daya Jter demand, and, together with interest and costs accrue~ thereon, shail be secured
by tlua mortgsge.
~ 16. Upon tht request of tLe Mortgagee the Mortgegor shall ea~ecute and deliver s anpplementsl note or
notes for the sum or sums advanced by tbe Mortgsgee tor the alterstion, modernization, improvement, main-
tenance, or repair of asid premises, for taaes or assesaments agaiast the same and for any other purpose autlior-
~ ized hereunder. Said note or notes ahell be secured hereby on s parity w ith snd as tully as if tlie aclvance
evidenced thereby were included in the note firat deacribed above. Said sup lemental note or notea sl?all bear
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800k~UY PAGF~,~
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