HomeMy WebLinkAbout2762 the deficiency. Such pay ment sb~?11 b~ iu~le,vyitl~in G' (30} days aiter written notice fro~n the ~Zoctga~ee
stating the amount o( the defici~nfy qfiifh ~not~o ~q~be given by mail. If at any time the ~iortgagor
sha~l tender to the ~iortgaKee in acc~rdNnce witi"i ~he pro~ isions of the note secured hereby, fult payment
of the enlire indebtedness represented thcreby, the 111ortRagee us truatee ahull, in computing the emount ot
such indebtedaess, credit to 1he account ot the tilor~ a~or any credit balance reme~ining under the prnvisions
of (s) of ssid paragraph 2. If there shall be a defuult under any ot the provisions of thia mortgage reaultin~
in a public sale of the pren~ises coverec! t~ereby, or iI the ~iortgagee acquires the property otherwise s[ter
detault, the l~iortgagee as lrustee ahsll spply~ at the ti~ne of the com~nencement o[ such proceedings or at
the time the property ~s otherwise acquired, the amount then remaining to credit o[ titortgagor ander of
pata~raph 2 preceding as w credit on the interest accured and unpaid snd the balance to the principal then
reme~uimg unpeid on sei~l not~e.
4. He will p~y aD t,a:es, aeeee~eats„ watee rot~s. and other~overnmental oe munlciP~1 ~hdi'Ba. finee. os
fanpoations~ for wbieh proviaion 6as not been made bereinbefore, and ia detaul~ thereot tbe Mortaegee may p~y ths
e~me; and t6sti he wIU prompt~y delivec the og'ici:l reoeipb theretor to the Mort6,agee.
b. He will permit, oommii, ~ auB~ no waste, impairnneat, or deteriorstion ~ said propeetr or any p~rt thereof
esoept reaaon~bb wear and t~ear• aad in the eveat of the fail~u~e of the Mort~or to keep the buildingp oa s~ia
preanises and thoee to bs erecte~ on eaid premiees, or improvementa thereon, in good rep~ir We Mortgagee may
make weh repairs as in its discretioa it may deem neoeeeacy for t6e p~oper preeervstion theceo~~ and the full emount
of each and every sueh p~yment ehaU be due aad p~,yabb thirty (30) dsys after demsad~ and e6a11 be secured by
tbe liea of this mort~e. . ~ ,
6. He will psy aD and ein~u4r t6e oosts, aad e:peneee~ including reaeonsble Lwyer's fees, and oost~
of abstrects of title. incurred of pa~d at aay ~ t~~i
e~ortga6ee becauee of the failure on the psrt of the Mo
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d eatpeneee eh~ll be immediatsb? due and p~ysbls and s6all be secured by the lien ot t~ i e mort~age.
T. Iie will oontinuous~ maint,ain 6aaard imuranoe, of such type or t~pes snd smounts as Mortgages ms~
trom time to tima require, on We improvemenfs now or herestter on ssid pnmis~ snd except ~vhen p~yment
tor all sucb premiume has theretofore beea mada under (a oi puagra~h 2 hereof ~e will pay prom tl ~vhea -
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d`ue any premiums therefor. All insuranoe ahall be car ' in oompanies spprove~ by 1~1ort~aAee ~nd the poli-
ciee and renewais thereoi ahall be held by Mortgagee and hsva sttacLed thereto loes paysble crsuses in fsvor oi
and in form aooeptable to the M In event of loes he will give immediate notioe by mail to Mortgsgee,
and Mortgagee ma~ malce.proofa~~ it not made prompt~j b~ Mortgagor, and each insutance compan~
ooncerned ia hereby_authonred and directed to msice payment for such loes directly to Mortgagee~
b tesd o~
Lo Mortgsgur snd Mortgagee l'ointly, and the ineurance prooeeda, or any patt thec~e~f may be appli y I11orw
~agee st its option either to the reduction oi the indebtednees hereby eecured or to the reatontion or repair oi
the property dsm In event of foreclosure of this mortgage or other tasnsfer of dtle to the mortgsged
property in ezi•~t of the indebtednees eecured hereby, a~l right, title, snd inteteat oi the Mortgagur
~a aad tA any inaurance policies~ then ia fon;e ehall psss to the piu+cbaee~r or gi~antee.
8. He will not esecute or file of record any iaetrument which imposea a restric~ion upon t,he asle or oocu-
pancy of the proper6y described herein on the bsais of nce. oolor, or creed.
9. If the premisee. or aay part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the damages awarded, the proceeds for Lhe taking of, or the consideration for such acquisi-
t.ion, to t6e extent of the full amount of the remaining unpaid indebtedneas se~ured by this mortgage, are
hereby assigned to the Mortgagee, and hia heirs or assigns, and ahall be paid for~hwith to said Mo
r-t~egee
or his assi~nee W be applied on account of the last maturing installmeats of such indelitnese; provided;~ho~: -
ever, the MortgagLe or his sasigaee, may at his discretion pay direct to the Mortgagor, his heirs or assigns
any part or ell of such award; prnvided, that if the loan is gusranteed or insured, the consent of the guaran-
tor or insurer is obtained in advance ot saidps
yment.
10. The 11~ortgagee msy, at anp time ~en 'ding a suit upon tws mortgage~apply.to the court hsvin~ jnrisciic-
tion thereof for the sppointment oi a receiver, and auch oourt shall forifiwn appoint s receiver of the premisea
Ij oovered hereby sll and ungular. includin~ all and singular the income, profits, isaues, and revenues from what-
~ ever aonrce denved,, each and every ot vrhich it being e~cpreeely underatood~ is hereby mortgaged aa if specifically
act forth and descnbed in the granting en~ hebendum clauses hereof. Such appointment shsll be made by
such court as an admitted equity and s mstter of abeolute right to said ?1lortgagee, and without reference to
the adequacy or inadeciuacy of the value of the pmperty mortgsged or to the solvency or insol~ency of said
Mor r or the defendsnta. Such renta, pmfits, income~ issuee, and revenues shsll be spplied by such receiver
acco~ W the lien of thia mortgage and the practice of auch oourt. In the event of any default on the part
of the Mortgagor hereunder, the l~iortgagor a~rees to pap to the viortgagee on demsnd as a reaeonable monthlv
rental for the premises an amount at least equivalent to one-twelfth (K:) of thea~ga te of the twelve monthlv
inatallmenta payable in the then cunent year plus the actusl smount of the snnual tsxes, ass~sments~ wster
rates, and insurance premiucna for such year not oovered by the storesaid montLly paymenta.
11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in tLe event
Lhst any of said sums of money herein refetred to be not pmmpdy and fully psid according to the tenor herEOf~
or in the event that each and every t6e atipulations, agreemeats oondit~uns, and covenants of asid note end
this mortgage , are not daly, prompdy, and lully performed or i~ the Mortgagor be adjudicated bankrupt or
made defendant in s bsnkruptcy or receiveishi~ proceedings•~hen ia eicher or any such event, the said aggre-
gate aum_ mentioned in $aid note then re~n unpud, with interest accrued -to that time, and eU money
secured hereby; ahall become due alid p~ysb~ott6with~ or trt?ereaiter, at the option o! said 111ortgsgee~ as
fully and completely as if all the said sums of money were originslly atipulatcd to be paid on auch dsy, anr-
thing in suid note or m this mort~agre to the contrar~? notwithstanding; and thereupon or thereafter,.st the option
of sa~d Mort~g~ee, without not~ce or demand. suit st law or in equity~ mav be prosECUted. aa if all raonevs
secured here6y hed matured prior to its institucion. The Mortgabee msy {orecloee this mortgage, as to tf~e ~
amount so declared due sad psyable, ~ad the said premiaes ahall be sold to satisfy and pay the same together
with costs czpenses, and allowances. In csae of psrwal foreclosure oi this mortgage ~ the mortgeged prnrruses
shall be so~d subject to the continuing lien of thia mortga~e for the amount of t6e debt not then due and impaid.
In such case the provisions of thie puagraph may agun be availed oi thereatter from time to time by the
Mortgagee.
12. No wuver of any coveaant herein or of the obligatioa secured hereby shnll at any time thereatter be
Leld to be a wsiver of the terma bereof or of tbe note secured bereby.
13.. The lien of tLia ins4vment shall nmain in fuU force and effect dwing any postponement or e~tensioa ?
of the time oi p~yment oi the indebtedneas or any part thereof secured hereby. _
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14. This mortgage ~a givea to secure the purchase moneq~ or ~ part tLereof~ of the landa herein described ~
and is e=ecuted and delivered oontemporaneously with the deed therefor. j
~ 15. If the Mortgagor defsult in ~ny of tt?e o~venanta or agreements contained hetein, or in said note, then ;
tbe Mortgag~ee msy per[orm the asme, and sll eapenditw~es (including reasonsble sttorney's fees) made by the
~ Mortgagee in eo dou'~ aLall draw int~ereat at the rste provided tor in the principal indebtedness, and shell be
~ npaya~ble thirty (30) days after dem~ad, and, together with interest aud costa accrued Lhereon, shsll be secured
by Wis mortgage.
~ 16. Upon the sequeat of tLe Mortgag~ee the Mortgagor ehall execute wd deliver a supplemental note or ~
note~ tor tbe sum or aums advanced by the Mortgagee for the alteration, modernisation, impmveanent, main- '
teai?nce, or repair of said premisea, for La~ces or aeaessments againat tbe same and for anp other purpose author- ;
ized hereunder. Said note or notea ahall be secured heceby on a parity with and as fully as it tl~e sdvance
avidenoed thereby were included in the note~t 'bed above. 3~id supplemental note or notes shall beu ;
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