HomeMy WebLinkAbout1652 the defi~•ie~~~y. ~ucl~ ~i?a'111P11~. ~IIHI~ ~P I11Hl~e ~Ydt,hio tlut~y (;;0) dN~~s Hft~r N•ritten notic•~ tcom the 11ortKa~e•c~
~tntin~; the a~~~~~unl o~ tli~ ~leficien~y.{t?bii•h no~iee n~~r be ~iven by mail. It at ~?ny timo the ~torlga~?or
shH~l tender to thc ~1ort;;a~~,~ in x~~•ordNn~~ K•ith thc+ pro~•is~ous o( tl?c~ nole s~~unKl h~?r~by, tull paymea~
af the cnlirn indebtMituws r~prnsenl~~1 th~~r~l~v, tl~e ~tort~;N~~ ~?s t~u~te~ si?hil, in co~nputin~ the smount af
~uch indehtMiness, creciit to the xrcount ot tli~ \Iort ?N~or any cred'et, balane~ re~mHir~ii~ undPr the provieiona
ot (a) of ~tid para ~raph 2. If there sl?,?ll be h deG?u~t under any of the pro~~isiona o[ t~iis mort~a~e resultin~
in e puhlic ~?le o~ the premi~~s ~•orer~d 1?ereby, or if the ~fort{~ap,eo arquires the property otherwise after
~i~tault, the \tort~a~;e~ as trustee shxll appiy, at the time of the commencea~ent of su~h proceedin~s or at
tho tim~ the property is otht~rN•isF Ncquirc~l, the Hn~ount- then re~ne~ininK to cre~iit o~ \lortga~or under (s) o[
parxgraph 2 precedin~ as e~ crc~iit on ~~?e i~reat Kccurecl aad unp~id HnJ the balanre to the principal tlien
:enia~ninR unpaid on sai~i n~te.
4. He will p~y a1t taxes~ aeseee~nents~ wste~ nte~ and ot6er ~overnmental oe muaicip~l chae~c0. 6nee. or
i:npositione~ for which proviaion bae not been m~?c!e hereinbefore~ aad in detault thereof the Mortgagee may p~y the
•ame; and that he will promptly deliver t6e o~cial reoeipt~ therefor to t6e Mottg~gee.
b. He wili permif~ oommit, or au8er no waste~ impairmeat~ or deteriorstion oi e~id property or aay part thereot
ea~cept reaeonabk wear ~?nd tear; and in t6e evw! ot t6e f~ilure of the Mortgagor to keep the buildingp on eai~
Premi~ea ~nd thaea to be ereeted oa said pnmises, o~ improvements thereon~ in good repair~ the Mortga~ee may
make such repaies as ia its discretion It msy deem neoeeeaey for the prope~ preservatioa thereof~ aad the full amount
of eacL aad every sue6 p~ymeat ehall b~ due and P~Y~ ~Y (30) day~ Jter demand, and shall be secured by
ibe lien of L6is mortgaae.
8. He will p?y all ~?nd sin6ulas t6e oret,e,c~r~_,~nd ezpenee0. including reaeonable lawyer's tee6, and ooets
ot abettacts of tide~ incurred or paid~at aay time by t6e -M~tgagee because of the failwe on the p~?rt ot the Mortgagor
promptty md f~ f,o perEorm t6e a~e~enta sad oovensate of eaid pmmiseory note and this mortgage, and as:d
oosta? chsrges, an eipemee ahsil be in~ediit~j? dup aad p+iysble and shall be secured by the lien of thia mort6aae.
7. He will oont~nuoue~j maintaia Lasarsi i~rsuranoe, ot auch type or t pea and amounts ss Mortgagee ma~
from time to time requira, on the iinpi'q~em~its Amr ot hsreafter on sai~premises and excep6 when p~yment
tor ~?ll auch premiu~e has theretofore been made undee (s of paragca.ph 2 hereof ~e will pay promptly wLen
due any premiums theretor. All insurance shall be carri~ in oompanies appmvec~ by I11ortgagee and the poli-
cies and renewala Lbereof ah~ll be beld by Mortgagee and bsoe attacbed thereto lues paysble clauaes in isvor of
and in form aa:eptable to the Mort~aq~e. In evcnt of la9a he will give immediste notice by msil to Mortgsgee~
and Mortgagee may make proof o~ Ioee it nat made pmmptly by Mortgagor, and each insurance compan~
eoncE>med ia hereby~ authori~d and directed to make psyment for auch loes directly Lo Mortgagee instesd oi
to :Viortg~:gor and Mortgagee jointly, and the inaurance proceeds, or any put thereoi~ mty be spplied bq T1ort-
gagee st ite option either to the reduction oi t6e indebtedness hereby eecw~ed or to the restorataon or rapair of
the prnperty dsma~ed. In event of torecloeure oi this mortgage or other transfer of title to the mortgaged
property in e~ctingmahment of the indebtednees eecured hereby, a~l right, title~ and int~reat of the Mortgagor
m and Lo aay inaun?nce policiee then in force ahall pasa b the purchaser or grantee.
S. He v~ ill not execute or file of record any inatrunaent which imposes a restriction upon the sale or occu-
panc~+ of the propertv described herein on the basis of rece, color~ or creed.
9. If the premisc~s, or en~ part thcreoi, ~e condemncd under tLe power of eminent domain, o~scquired
fur a public us~~, the dam~ges award~~~l, ths proceeds for the taking of, or the consideration for such acquisi-
tiun, to tt?e estent of the fall a~nount of the remaining unpaid iqde6tedness se~ured_ by this mortgage, are
ht~reb~- assigned to the ~iort~;ee, and his heirs or as.s~gns, and shail be paid [orthwith to said Mortgagee
or t~is assignee ta be applied on account af the last maturing installments of such indebtnesa;pro~ided, Lor:-
ever, the I4iottgag~e or his essignee, ma~• at, t?is discretion pay duect to the Mortgagor, his heira or assigns
an~• part or all of such award; provided, that if the loan is guarsnteed or insured, Lhe consent of the guaran-
tor or ~nsurer is obtained in advance of said payment.
10. 'fhe i~ortgagee msy. e?t anp tirae ~end'mg s suit upon ttus mort~a~e, spply to the court ha.in~ juris~ii~-
tion thereof for the appointment of a rece~ver, and such court shsll tort6v?nth appoint a receiver of the premises
covered hereby ell snd singutar, includin~ all and singulsr the income, profita, issues, and revenues trom ~~•hst-
ever source dem ed, each and e~ ery of vrhich, it being expresslq underatood, is hereby mortgag~ed as it speci6call,v
set forth and described in Lhe granting and habendum clauses bereof. Such appointment shell be made by
such court as an admitted equ~t~ and a matter ot absolute right Eo seid ~tortgagee, and without reference to
the adequacy or inadequacy of the value ot the propecty mortgaged or to the solvency or insol~ency of said
;~lortgagor or the defendanta. Such rents, profits, income, issues, and revenues ahall be applied b~ such recei~ er -
according tu the lien of this mortgage and the practice ot such court. In the event of any defnult on the part
ot the ~lortgagor hemunder, the ~lortg~?gor agrees to psy to the ~iortgagee on demend as a reasonsble monthlv
rental for the premises an amounl, at leesc equivalent W one-twelfth (~;s) ot the aggregate of the twelve monthly
installments pay able in the then cureent ~~ear plus the actual atnount of the annual taxes, essesatnents, weter
rates, and insurance premiums for such year not covered by the sforeseid monthly psymenta.
1 l. In the event of nny bresch ot this mortgage or default on the part of the Mortgagor~ or in the event
that anv of said sums ot monev herein referreci to be not promptly and fully paid sccording to the tenor hereof,
or in t}ie event that each and~every the stipul~tiona, agreements, oonditivne, aud covenants of said note end
this mortgage, are not duly, promptly, snd fully performed or if the :liortgsgor be sdjudicsted bankrupt or
made defeadant in s bankruptcy or receiverahi~ proceedings; then in either or any such event, the said aggre-
g~te sum mentioned ~t? seid note then remain~ng unpaid~ vrnth interest sccrued tv thst time, and ell money
secured hereb~, shall become due and psysble forthw-ith~ or theresfter, at the option of said !lfortgagee, as
lully and completely as it all the said aums of money were originally stiputated to be peid on such day, am•-
thing in said note or m this mort~sge to the contrary notwithstanding; and thereupon or theteniter, et the option
of ssid ~iort~a~ee, wzthout not~ce or demnnd, suit at law or in equity, mav be prosecuted as it all monevs
secured hereb}~ h~d matured prior to it8 institution. The ~lortgagee msy foteclose this mortgage, es to the
amount so declsred due end pa~ sble, snd the seid premises shell be sold to satisiy and psy the same toRether
~rith costs, expense~, snd allowances. In cese of partisl foreclosure of this mortgage, the mortgngect premises
ahaU be sold nubject to the continuing lien o[ this mortga~e f~r the amount of the Aebc not then due And ~~npa~d.
In such case the provisions of th;e paragrsph msy sga~n be svailed o[ thereatter trom time to time by the
biortgagee.
12. No wsiver of any covensnt herein or ot the obligation secured hereby shall at eny time tl~ernxtter be
held w be a wsivee of the terma hereof or of the note aecured herehy.
t3. The tien oi thia instrument shall remain in fu~l lorce and etiect d~iring ~ny postponement or e~tension
oi the time of payment of the indebiedness or any psrL thereoi aecured hereby.
l4. Thia mortgage ia given to eecure the purchsse money, or a part thereot, of the lands herein clescribed
and ia executed and delivered contemporaneously w ith the deed therefor.
1 S. Ii the :~iortgagot defsult in any ot the covenants or agreementa contained herein, or in aaid note~ then
the Mortga~ee msy perlorm the asme, and all expenditures (including rcasonsble attorncv's tces) made by the S
4iortgagee ~n so do~ng ah~ll drsw interest at the rste pror•ided tor in the principel indebtc~incss, nnd shnlt be
np~y sble th~rty (30) days aiter demand, ~nd, togelher w~th interest and coats accrued thercon, shell be secureJ
by ttiu mortgage.
16. Upon the requeat of tLe Mortgsgee the Mortgagor ahall execute and deliver s supplemcntsl note or
notes !or the aum or sutns advanced by lhe Mortgsgee for the alterstion, modernizslion~ improvement, msin-
t~en~nce, or repair ot said premises, for t~xes or aaec~samenta egsinat, the same anJ for any otl~cr purpose sutl~or-
ized hereunder. Said note or not.es ehstl be eecured hereby on • parity Kith snd aa tully se if tlu~ ~dvance
e~idaioed thereby were included in the aote fint deacribed a~p~e. ' suppl ental nute or nu~es sl~sll bear
E~~K 1~ r~F ~~52
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