HomeMy WebLinkAbout0742 ~ha deficie~cy. Suchp~?yment shaU be niade witl~in ~hirty (30) d~ys a[tsr w~itten notice (i+oia the ~iortgagee
etali~g the atnount ot the deficien y. ,r+~hich not,ice ~ y be.p~iven by msil. lt at sny ~ime t,he Mortga~or
sha~l t,ender to the Morl~es iri ~i~d+?nce wiW? ~~prov~ons ot the note aecured h~+eby. fuU pu,v,meat~
ot the eatit+e inda6tedness repreaen thoreby~ the iortg~gee us Lrust~ee shaU, in oompu4ng tha ~mou~t ot
such indebt~ednees, credit to the account o! the Mor r any credit balance remai~ing under the provisioas
e
oI (a) of seud h 2. It there ahall be a defau t under sny o! the proviaioas of this mortgage resulting
in • public o tha premises covered heceby~ or it the Mortgugee scquires the pmper~,y otherwiee after
detault, the Mortgagee sa ttustee ahaU apply~ ~t the tame of ths commencement oI euch proceedings or vt
ths time the property ia otherwise acquired, tha amounL then remeining to credit oi Mortgsgvr uader (a) ot
pura~raph 2 preceding as s credi~ oa the interest aocured snd unpaid snd the baleace to the principsl thea
t'B~lnlllg Unp11d Ol1 iald nAtA.
4. 8e will pU? aD ta~e~, arermenh. watee sat~„ ~d otLe:~o
veroment~al ae muniotPd eh~s'!'e~. 8ae~. cs
i~nporitions. fae rrLioh providon baa not be~ msde bereinbetors, urd in det~dL thereof tbs Mort~a~'ee miU? PiV? ths .
~ame; ~nd tbst 6s wiU pr~om~? de~ver fbe oB~d~l reodpt~ tLecetor to t6s Moct~ee.
a. Hs wnt perm~t, ooanmit, or su~er no w~ds, innpairmest~ o~ deterjor~tton ot eaid pe~opert~ oeaqy ~c~! t6ereot
emoep0 reMOm?bk we~t and ta?r• and in tbs ev~t ot t6s failure af tLe Mort~or to keep tbs buildm~ on e~
p~ise~ ao~d t~hase to bs erecte~ oa s~id pr~nises. or impe~ovemenb tbereon, in ~ood repair the Morta~Ree my?
m.ioe w~d, repate~s as ia ite dieeretio~n it may deem neoeeeary for thep~per p~reservstion tbereo~ ~od the full aawunt
of e~oh and svery wo6 p,yment t~aU b~ dne and P~Y~ ~Y (~0) d~ rtt~es demaad~ ~~hall be ~ecured by
ihs liea of this mo~s. ~ .
d~ He w1D p~y all and eing~ilae t~he oosts. d~aad ea~Penses. inoludins re~eonable Lwyer'~ fea, snd oost~
of abetracb cf ~itb, inaurred or pe~id at aqy time by ort;s~ee be~u~e of the failura on the pac! ot t6e Mort~or
p'~P~Y and~y to pertosm ths a~re~ementa and oovenante ot said p~omiesory note and this mo , sad sa:d
ooats, chsr~e, and ezpepses shs11 be imfi~;~dia~e~ dns and p~bis aad ~11 be eecured by the lien of~mort~~s.
7. He w~l o~ntinuoue~j maint~~i~~1N~~~~ae, oi such type or t~pes and aanouata aa Mortgages ma~ '
~rom iime to time require, on tLe 1~ ts now or Lere~tter on said p aad exoept wben payment '
tor all sucL premiums lus there~ore been made under ~(a) oi par~graFh 2 hereoi ~vill pay pmmptiy ~rhen . s
due any premiums therafor. All insur~poe aLall be carried ia comPa~es sPProve~ by 11i aad tLe polr
cies and reaewals ther~t s~D bs held ~~Mor~g~gee and bt~e attacLed thereto loas payab~ in favor oi ;
aad in form aooept~ble t~o ths M In e~L o~ loes he will give immediste notioe by mail to Mortgagee, ~
~nd Marig~e e m~y malr~e p~roota~~ if not mads promPt~b b~ Mortg~orr aad e~oh iasuranos oompaq7 ~
conoerned is Lereb autbori:ed ~nd direated to make pa,yment for such laa du+ec tio M~~y~ mst~ea~d af
dire
to Mortgcgor and ~ortgag+ee jointiy, snd the i~uranoe pmceeds, or aqy part there~ may be applied by 111ort-
gagee at its option eitber ~Lo tbe reductiAa of the indebtednees hereby secured or to t'he netontioa or repair oi
t~e property daanaged. In eventi of foreclosurs of t6is ma~, or other 4~snsfer ot title to the mortgaged
pe+opart, m eztingu~ahment oi the iadebtednees secured hereby, aIl rigLt, title, snd interest oi the Mortgagor
3n an~d to an~ insurance policies~ then ia force eLall pass to tLe pnrcbaeer or gi~at~ee.
8. He wili not eucecute or Sle oi ~eoord sny inatrument ~rhich impoaes a restriction upon the sale or oocu-
pancy of the property deecribed herein on the bsais of race, oolar, or creed. •
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9. If the premises, or any part thereof, be condemned under the power of eminent domain, or aoquired ~
for a public use~ t.he dameges awarded, the proceEda for the ~ of, or the considerstion for such aoquisi- ~
tion, to tbe extent of the full amount of the remaining unpaid ia _ ebtednees semired by this mortgage, are f
herebv assigned to the Mortgagee, and hia heirs or assigns, and sb~l} be paid (oi~thwith to said Mo
r-tqagee ~
or his ee to be applied on aa:oun~ oi the last matunng installments of such indebi,nesa; pmvided,~o~- ~
ever, th~ortgsg~e or his sssignee, may st his discretion pay direct to the Mortgagor~ his heirs or aesigns
any part or all of such award; pmvided, that if the loan ia guarrintsed or inaured, the oonaeat of the guaran-
tor or waurer is obtsined in advance of saidp yment.
10. The Mortgagee rasy~ st my tinpe ~end'ing a suiti upon td~s morgage apply to the oourt hsvin~ jurisdic-
tion tLereof for tLe appointmeat ot s reoeiver; and eucL oourt sl~all forthwit~ a~point s reoeiver oi the premises ;
oovered hereby all aad singular. inciudin~ all and aingular the income. profits, ~ssues, and revenues from ~
hat- '
~ ever aoun:e denved, esch and evtry oi vrluch it ~eupreesly underatood, is hereby mortgaged as if apeci&c~lly ~
i set forth md deeixibed in the g~enting an~ h~Len um clnuses he~eof. Such appointment ahell be made by i
such oourt as an admitted equity and a mstter of abeolute right to~ssid Mortgagee~ md without reference to a
~ the adequacy or inadequacy of ~the value of the property mortgaged or to the solvency or insolcency of said j
Mo or the defendsnts. 3uch rents pm8ta, inoome, ~ues, and revenues ahell be spplied by such receiver '
aoco~~to the lien oi this mortgage an~ the practioe of such oourt. In the event of any defsult on the part ~
of the Mortgagor hereunder, the l~fortgag~or a~reea to psy to the Mo agee oa demsnd as s reaeonable monthlv ~
~ r~?tsl for the premiaes aa amount at least equivalent to one-twelfth of the aggregate of the t~?elve monthlv ~
installmenta paysble in the then current year plua the actual amount of the annual ta.~es, sseessmenta~ water ~
E rates, and insuranoe premiuma for euch year not oovered by the doressid monthly p~ymenta. s
11. In the event of any breach of this mortgag~e or default on the part of the Mortgagor, or in the event
tLat any of said sums oi money herein refen~ed to be not pmmptly and fuUy paid according to Lhe tenor hereof
or in the event that each and every the atip ulations, agreetnenEB oonditions, and covenanf~e of said note an~
this mort~age; are, not duly, promptly~ aad fully performed or i~ the Mortgagor be adjudicated baukrupt or
msde defendant in a bankruptcy or receivership proceedin~s; tLen in either or aag auch event, the ssid aggre-
gate sum mel1tioped iq e~1id•note:t~p se~at unpaid; with interea6 accrued to thst Eime, wd all money
el
eecw~ed hereby ahall become due md psyab~orthwith, or thereaiter, st the option ot said ~1iortgagee~ as =
fully and comp~etely aa if all the said aums oi money were o~sginally. stipulate~ to be p~id on such day, an~- 4
thing in said note or m this mort~ag~e to the contrar~? notvvithstanding~ and thereupon or theresfter, st the option _
of said Mor ,~vithout nottoe or demsnd, suit at ls~? or in eqwty~ mav be proeecuted as if all moneva
aecured hereb~ matured prior to its institution. The Mortgagee msy forecloee tbis c~ortgage, as to tbe ~
~ auwunt so declered due and psyable, and tLe said premises ahall be sold to satisiy and pay the same together
m
with coeta ezpenses, and aliowancea. In case of partial forecloaure ot t6is mortgage, the mortgaged premises
~ shaU be so~d aub~ect to the continuing lien of tLis mortga~e fur the unount of the debt not then due end unpnid.
In such case t~e proviaiona of this paragraph msy agaw be availed of thereaiter from time to time by the
Mortgagee.
~ 12. No ~raiver of any covenant herein or of the obligation eecured hereby ahsll at any time thereatter be
Leld to be a waiver of tbe tea~ms hereof or oi the note secured bereby.
13. The lien•of thia inatrument shall remain in fuU force and eHect during any postponement or e~tension
of the time of payment of the iadebtedness or any part thereof secured hereby.
14. T6is mortgage ie given to eecure tbe purchase money, or a part theceoi, of the lands hecein described
and is e:ecuted and delivered oontemporaaeously with the dced therefor.
15. If the Mortgsgor default in any oi the oovenaats or agreements contained herein, or in ssid note, tLea ~
the Mortga~ee msy perform the same, and sll eapenditures (including reasonsble attorneq'e fees) raade by the
~ Mo~ in so dou'~ sLall dn~? int~ereat at the rste provided for in the principal indebtedness, snd sl~ull l~e
~ rep~y
a~b e thirty (30) days aiter dem~nd, and, together with interes~ and oosts accrued thereoa, shaU be secured
by tLis mortgsge.
16. Upon tLe requea~ oi the Mortqagea tbe Mortgsgor shall euecute and deliver a aupplemental nota or ~
notes for the aum or aums advanced by t6e Mortgagee ior the alteration~ modemization, impmvement, main• F
t,eaaace, or npair oi said preanises, for taaes or aseess~nents sgainst tbe same and for any other pnrpose autl~or-
~ ized hea+eunder. Said note or notea sha11 be secured henby on a puity with and as lully as it the advance ~
e~idenoed thenby were iacluded in the note fint deacribecb~~o~~t~d supp~qe~tal note or notes shaU beu ~
gt~CK oACE ~4
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