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HomeMy WebLinkAbout0298 the deficieocy. tiuchp~ u~ent sl~all be i~~y~p within t 30) d~ys ~tte~ written no~ice troin ~he ~io~tgsRee ; stating the •mount o( t~e deficiency. iiihich nolice nfi~i~e.Rivea by mail. U~t a~y time the ~lortgagor ~ sha~l tender to the ~1ort~ee in sccorJ~nce with the pcov~ons o[ the note secuced hereby. full p~yment ot the entire indebtsdnees represented thcreby~ th6 :~Sortg~gee as teustee shsll~ in computing the a~nount ot sucb indebtednesa~ credit to the account ot the :~tort~gAgor s~y credit b~lance rem~ining under tha pcovisioas ot (a) o[ said~~paragr~?ph 2. It there shal! be a detault under any o[ the provisions oi thia mortg~ge reeulting in s public le o[ the premises covered hereby, or it the :~iort,ge?gee acquires the property otherwise atter default~ the Mottgagee ss t~ruatce ahap apply. et the lima of the oommenceme~t ot such proceedings or ~t ths time the property is otherw~e acquired, the amount then remsining to credit oi :~iortgagor under (a) ot . pars~raph 2 preceding aa ~ credit on the interest accured aad unpaid and the bslsnce W the principal then tem~untng unpaid on asid nnte. ~ # 4. He wIll py al! ta~oer. iwe~ent~, watae ist~. amd ot~6ee~oveenmenW a municiPv eharEd. ~ ; impait~iOas, for wLieh pe+ovieion bas noL beea msde 6eeeinbetora, and in detwlti thereof t6e Mort~~ee mi4Y P~U? ~ a~ms; ~nd thst Ls wtll pcompf~y ddiver tbe ogieial reoeipt~ theretor to the Mort~ee. b. Hs will pe~mit, ooonmit, a~ suHee~ no wae~e. impate~mesk or det~ioration of sdd property oesqy part~t~hereof emoept re~so~naWs we~t and t~ear• and in t6s e~ren! ot t~Ls ta~lure of tbe Mort~or to keep ths build~ on said preani~es aad tboee to bs erecLe~ oa aid pemises. or impravea~ents theeeon, in ~ood npaic the Mort~B~ee my? . m~l~e sueL repair~ as in its disoretiaa it m~y deem neoeeary fa the prop~ preserv~tion t~ereo~, and the tull amount of eaeh and eveq? a~oh paymeat ~aD bs dus and p11~ ~Y ~+U~ dte~ demand~ and shall be ~eeured by ths liea ot tbis aio~t~s. R. Hs will pay aD :nd e~naulsr the oost+s„ ar~s ~nd ezpenses. inelndina reasonsble 4wyer'e fees~ snd ooeb at abstrsota af tit~le, ineureed ar psid at ~ay time ba6y tbe ~ort~~ee beeause of the failure an the part of the Mort~or ~ pe~ompt~jr and i~y t~o petform the ts ~wd oovenants of aaid promiaeory note aad thie mortga~e, and sa:d oats, charges, and e~penses ahall be:nva~~iit~r, dpp rind p~ysbb ~ad thsll be secured by the Uea of t~~a mort~e. 7. He w~l oontinuoue~ maintaia hasard inrunaoe, oi such type or t~pes and amounts sa Mortgagee ma~ from time to time require, on the impm~ements now or Lereatter on esid pnmises and excep6 when p~ymeat tor all auch premiums bas tLeretofore been made nnder (a oi garagnFh 2 hereof ~e will pay Pmmptiy whsn due any pnmiums therefor. All inaunaoe ahall be car~ in oompwies approve~ by I?io~ee and tha poli ~ cies and renewals thereoi ahall be beld by Mortgagee and h~va sttached tLereto loes payable c suses in fsvor of ~ ~ aad ia form iooeptsble to the M In event oi loes he wiU give immediste no~ice by mail to Mortgagee, aad M~~~ ma~ maice pmofaN~ it not made p~rompt~y b~ Mortgag~or~ and each insunnce oompany ~ oonosrned-ii hereby~ wWori~d aad directed to make P4yment for such loas direc to Mor~a~e~ matesd oi to Mortgsgor and Mortgagee 'oin~,~y , and the inauranoe proceeds, or any part tLere~~ may be spptied by I?iorb- ~agee at its option eit~er to ~e reduction of tLe indabted~es bereby secured or to t~e reatorition or repair of tbs property dsme~ed. In event of foreclosure oi this mortgage or other transier of title to the mortgaged p~operttiy in ez4ngu~ahment of t6e indebtednees secwbd hereby, a~l right, title, and interest oi the Mortgagor in and to an, i~ursnoe policies~ tLen in force ehall pase to tLe pnrcbaeer or gr?ntee. 8. He wrill not ezecute or file of record any inetrument ~vhich impoees a restriction upon the sate or oocu- psncy of the pmpert~y describerl herein on the baaie of raoe, 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 damsges awarded, the proceeds for Lhe taking of, or the consideration tor such aoquisi- tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are herebv assigned to the ,~Iortgagee, and his heira or assigns, and• ehs11 'be paid forthwith to said Mortgagee or his asa~'gnee to be a~plied on accoun: of the last maturing installments of auch indebtaesa; provided~ hor: - ever, the Mortgag~e or his ass~gnee, mey st his discretion pay direct to the Mortgagor, his heirs or assigns any part or all of auch ~ward; provided, that if the loaa is guarauteed or insured, tLe consent of the guaran- tor or insurer ia obtained in advance of said~s yment. 10. The Mortgagee m~y, st an y. tinae pending a suit upoa tma mortgage applq:to the court havin~ jurisdic- ' Won tLereof for the appointment of s receiver, and such oourt ahsll fortFiwit~ a~point s receiver ot the premises I covered hereby all and ~~gular, includin~ sU add singular t6e inoome, pmfita~.issues, and revenues from Khat- ever eource denved, each and every of v~ hich it being ezpreesly understood, ia hereby mortgag~ as if specificslly I~ set forth and described in the grsntia$ an~ habendum clauses hereof. Such sppointment shall be made by ~ such court as sn admitted equity and s mstter of absolute right to said l~iortgagee. and without reference to tLe adequecy or inadequacy of the vslue of the property mortgaged or to the solvency or insolcency of said I?~io or the defendants. Such rents profits, income, issues, and revenues ahall be spplied by such receiver acoor~to the lien of thia mortgage ancf the practice of such coutt. In the event of any default on the part ~ d the Mortgsgor hereunder, the biortgagor a~rees to psy to the 11~Iortgagee on demsnd as a reasonable monthlv rental for the premises an amount at least equivalent to one-twelfth (~f:)_ of thea~r~a te of the twelve monthlv installraenta psyable in the then current year plua the actusl amount of the aanusl tsxes, assesaonents, water rstes, and insurance premiuma for such year not oovered by the eforesaid monthly payments. 11. In the event of any breach of this mortgege or default on the psrt of the Mortgagor, or in the event thst any ot said suma of money herein refesred to be not promptly and fully paid sccording to the tenor hereof~ or in the event that each and every the atip ulstions,. agreementa vonditiuns, aad oovenu?ta of said note and ; this mortgage; are not duly, pmmptly, and fully perEormed or i~ the Mortgsgor be sdjudicated bankrupt or k msde defendant in s bankruptcy or receivershi~ proceedin~; tLen in either or any such event, the said aggre- ' gste sum mentioned in said note then remainu~g unp~id, arith interest accrued to that time, and all money ~ eecured hereby ahall become due and p~yable torthwith, oi thereaftei, sE ~he option ot said Diortgagee, .as ~ fully and comp~etely ss if all the said suma of moneq wer-e originslly stipulated to be paid on auch day~ anr- thing in said note or m this mort~age to the contrar,~? notwithstauduig; and thereupon or theresfter~.st the option of seud Mort~s~ee. without not~ce or derasnd~ swt at lsw or in equity~ msv be pmsecuted as if all moneva secured hereby 7~ad matured prior to its inatitution. Tbe Mortgagee msy foreclose this mortguge, as to tfie smount so declared due and psyable, and tLe said precnisee ahall be sold Lo astisfy and pay the same together with costs e,spenses, and allowances. In case oi partial forecloaun oi this mortgage, the mortgaged pmm~ses ~ ahall be so~d subject to the continuing lien of Lhis mortga~o for the ~ruount of the debt not then due end unpaid. In such case the provisiona of this paragraph may agau? be svailed of thereatter from time to time by the Mortgsgee. ' ~ 12. No w~iver of any oovenant herein or of the obligation secured hereby shall a~ any time thereatter be Leld to be a aaiver of the t~erms hereof oX of tbe note secured hereby. 13. The lien of thia instrwnent shall remain in full force and effect during any postponement or exteasion = of the time oi payment of the indebte~ness or any part thereof secured hereby. - 14. This mortgage is givea Lo aecure the purchsee money, or a put thereof, of the landa herein described and is esecuted aad delivered oontemporaneously with the deed therefor. .15. If the Mortgagor default ia ~ny oi the oovenants or sgreements contained hereia, or in said note, then the Mortga~ee may per[orm the same. and sll expenditures (includmg reasonable ettorney'a fees) made by the Mortgagee ~ eo dou'~ s6all draw intereat at the rste provided for in the principal indebtedness, and sl~al! be b psyable~tbirty (30) days dter dem~ad~ and, together with interest and costs accrued tLereon, shsll be secured y t~s mortgage. 16. UpOn the request of tbe Mortg the Mortgagor ahall ezecuta and deliver ~ aupplemental note or e notes for tbe sum or sums advaaced by e Mortgagee for the vtention~ modernization, improvement, msin- teamce, or repair of asid premises, for taaes or aeeessments agsmst tbe ssrae and for any other purpose sutl?or- ised henunder. Said note or notes sha11 be secured herebq on a parity with and as fully as ~f the aclvance evideu~ed thereby were included in the note fint ~ R ribed abova. Said supplemental note or notes sl~all bear saoK i86 P~~~ 297 - _ ~ , - - --t ~ _ .