HomeMy WebLinkAbout1944 thP defii•ien~~~~. tiu~•It {~u •n~~nt ahall hie ~n~?de ~eithin thirLv (:i0) ~le?ys siter H~ritten noti~•~• fro~n th~ ~iort~~u~~~~
stntit?~; the ~uuoi~nl of t~i~ defi~•i~ni•y, ~~~!?i~•h iioti~•e inay~ be Ki~•en by ~u»il. It at ,~ny time tl~e ~tort~a~;oc
slia~l t~ndet to thN \Iort~~?~~~c in a~~~•oni~tn~•e ~~~ith thc pro~•is~ons ot the note serur~d hereby, full payment
o( the enlire ii~clebtcdnc~ss repr~~sc~uled tl~~~r~~by, tl?e \lort};~?~ee >?s trustPC shall, in ~•o~nputin~ the nmou~t o[
such indehtedness, ert~lit to the a~•count ot the \1ort~~K~or any credit baian~e reinKininK under the pro~ isions
ot (a) of ~~id pi~r,? •raph 2. If thc~re sh??Il b~ a deiuu~t under any of the pro~•isions ot this mort~;H~;e resultin~
in a pablic s:i1e o~ the prcmis~~ c~o~•ered hereby, or if the ~lortgaKeo n~•quire4 the pmperty otherw•ise atter
de[xult, the 11orl~n~;e~ xs trustee shall apply, at the time ot ihe commencemenl of such procee<lin~,~s or at
the time the property is otherw•ise acquirecl. the anwunt• then re~naitiinK to creclit of \1ort~a~;or under (a) ot
p~ra~raph 2 prececling ~s a creciit on the interest accureci and unpe?id and the bal~nce to the principal then
;eniaming unpaid on sai~ nA~@.
4. He will psy a11 t~ces, aesee~nents, w~ster rates, and other ~overamentat or municipsl chargea 6nee, or
iannoeitione, for which pmvision has not been made hereinbetore. and in de(ault thereof the Mortgagee may pe?y the
esme; and that he will promptly deliver the o~'icial reoeipts therefor to the Mortgagee.
b. He will permit~ oommit, or euHer no wa8te, impsirment, or deterion?tion ot eaid property or any put thereof,
ezcept reaeonsble wear and t~car; snd in the event of the failure of the Mortgagor to keep the building~ oa aaid
premises and those to be erected oa naid premiees, or impmvemente thereon, in good repair~ the Mortgagee may
make such repaire ue in its diecretton it may deem neeeeoary for the proper preservation thereof~ and the full amount
of each snd every euch pwycnrnt ehall be due aad puysble thirty (30) days after demand. and shall be secured by
the lien of thia mortgage.
6. He ~vill psy all and ein~gulu the ooete, and eupeneea, including reseoneble Iawyer's ices, sad coste
of abetracte of title~ incun~ed or paid at iny time by t e Mortgagee becauee of the failure on ~he part of the Mortgagor
promptly and fully to pedoran the agreemenFs and oovenanta of aaid promisec~ry note and this mortgage, and said
oosts, chargea, and ezpenaes ahall be i~ooediately due and psyAble and ehall be secured hy the lien of thia mortgage.
7. He ~rill oontinuoua~y msintain bazard inaurance, of euch type or types and smounts as 1liortgsgee msy
trom time to time require~ oa the impmvemente now or hereatLer on said premises and e.~cept when payment
tor all such premiums haa theretofors been made under (s) of paragraph 2 hereof ~e will pay promptly when
due any premiums therefor. All insurance ahall be carried in oompanies approved by I?iortgagee aod the poli-
cies and renewals thereof shall be held by Mortgsgee snd bsve attscLed thereto loas payable clausee in isvor of
and in form acceptable to the Mortgagee. In event of loea he wili give immediste notice by mail to I?Zortgagee,
and Mortgsgee mey make proof o3 Ioea if not msde pmmptly by . Mortgagor, snd each insurancs oompany
ooncerned ia hereby~ suthorized and directed to make payment for such losa directly to Mortgagee instead of
to Mortgsgor and Mortgagee jointly, and the insurauce proceeds, or any part thereof~ may be applied by I?iort-
gagee at ite option either to tbe reduction of the indebtedne,ss hereby eecured or to the restorat~on or r8pair of
the pmperty daona&ed. In event oi foreclosure of this mortgage or other Lrensier of title to the mortgaged
property in extingu~shment of the indebtedneea eecured hereby, a~l right, ~tle, and inte.rest ot the Mortgagor
m snd to any inaurance policies then in force shall pass to the purcLeser or grentee.
8. He v? ill not execute or file of record any instrument which imposes a restriction upon the sale or occu-
gancy of the property described herein on the basis of race, color, or creed. -
9. If the premises, or en~ part thereof, be condemned under t~e power of eminent. domain, or acquired
for u public use, the dauie~ges awarded, the proceeds for the taking of, or the consideratioii for such acquisi-
tion, to tl?e extcnt of the: full a~nount of the remaining unpaid indebtedness secured by Lhis mortgage, are
hereb~• assigned to tl~e Ltortgagec, and l~is heirs or assigns, and shall be paid forthwith to said Mortgagee
or his assignee to be applied on account of the last maturing installments of such indebtness;pro~•ided, ho~--
c~ er, th~ ~iortgeg~e or his assignce, ma~ at l~is discretion pay dire~t to the 1Zortgegor, his heirs or assigns
an~• part or all of such awerd; provi~ied, that if the loan is guaranteed or insured, the consent of the guaran-
tor or ~nsurer is obtained in advance ot said pa~ ment.
10. The ~~ortgagee msy~ at any time ~ending e suit upon trtis mortga~e, spply to the court ha~ in~ jnrisdic-
tion thereof fur the appointment of a recetver, and such coart shall forthw~th appoint a rQCeiver of tt?e pr~mis~s
covered hereby all and singular, includin~ all and singular the income, profits, ~ssues, snd revenues from ~rhRt-
ever source derived, each and everY of w•hich, it being espressly understood, is hereby mortgaged as if specific~ll~
set forth and described in the grenting and habendum clauses hereof. Such appointment shsll be made by
I such court es an admitted equit~ and a matter of ab~solute right to said ~lortgagee, and without reference to
i the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insol~encv of said
i ;11ortgagor or the deEendunta. Such rents, profits, income, ?ssues, and re~ enuc~ shall be applied b~• such recei~•er
~ according to the lien of this mort~a~;e and the practice of such court. In the e~ent of any defnult on the part
~ ot the ~lortgagor hereunder, the ~fort~agor a~rees to pay to the 1lortgagee on demnnd as a reesonable monthlr
~ rental for the premisea an amount at least equ«•alent to one-twel[th (!;i) of the a~regate ot the t~elve monthl~
~ installments pa3•able in the then current ~~ear plus the actual amount of the annuel tares, assessments, water
~ rates, and insurance pmmiums for such year not covered by the aforesaid monthly payments.
£ 1 l. In the event of any breach of this mortgage or default on the part of the ~ioctgagor, or in the erent
that any of ssid sums of money herein referred to be not promptly and fully peid according to the tenor hereof,
or in the event that each and every the stipulations, agreements, conditiuns, and covenants of seid note end
this mortgage, are not duly, promptly, and iully pertormed or if the ~iortgagor be sdjudicateci bankrupt or
msde defendant in s bankruptcy or receivership proceedings; then in either or eny such event, the said e~re-
~ gete aum mentioned in said note then remein~ng unpaid, with interest sccrued to thst time, and sll mone~
secured hereby, shall become due and peyable forthw-ith, or thereafter, at the option of said :~1ortgagee, as
~ tullp and completely as if ail the said sums of money were origin~lly sUpulated to be paid on such de~•, en~•-
~ thing in said note or in this mortgage to the contrary notw ithstanding; and thereupon or thereafter, nt the option
of sa~d \iortgs~ee, without noUce or demend, suit at law or in equ~ty, mav be prosecuted es if sll mone~s
~ secured hereby had matured prior to its instiwtion. T6e ~lortgegee may {ureclose this mortgwge, as to the
smount so declsred due and pe~ able, and the said premises shall be sold to satisty and pey the same together
r with costs, eapenses, and allowances. In cese of pertial foreclosure of this mortgage, the mortgagecl pmmises
shall be sold subject to the continuing lien of this mortgape t~r the amount of the debt not then due xnd »npnid.
- In such case the provisions of this parsgraph may agaun be availed of thereafter from time to time by the
11~iortgagee.
i2. No waiver of sny covenant herein or of the obligation secured hereby shall at eny time tl~erce(ter be
held to be s wniver ot the terms hereof or of the note secured hereby_
13. The lien of this inatrument shall remain in tull force end efTect during nny postponement or extension
~ of the time of payment of the indebtedness or eny part thereof secured hereby.
~ 14. This mortgage ia given to secure the purchase money, or a part t6ereof, of the lands herein described
~a and is executed u?d delivered contemporaneously with the deed therefor.
r~ 15. If the 111ortgagor default in any of the covenants or agreements contained herein, or in aeid note, t6en
~ the b4ortga~ee msy perform the same, and all ezpenditures (including reasonable sttornev's fees) msde by the
Mortgagee in so doin shall draw interest at the rate provided for +n the principal indebtedness, and sl~all be
repay sble thirty (30) eys siter demand, and, together with interest and costs accrued thereon, shell be secured
~ by this mortgsge.
~ 16. Upon the request of tbe l~iortgegee the Mortgagor shall execute and deliver s supplemental note or
~ notes for the sum or sums advanced by the hiortgagee tor the afteretion, modernization~ improvcment; main-
~ tenance, or repair of said premises, for taxes or asscasments against the asme and for any othcr purpose author-
~ ized hereunder. Ssid note or notes ahell be secured hereby on a parity with and as tully as ~f tl~e sdvance
evidenced thereby were included in the note first~ deac 'bed ~bove. Ssid supplemental note or notcs sl~sll bear
aa~~ ~ ~.9~4
= - _ ~
- ~
_ _ ~ ~