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HomeMy WebLinkAbout0284 :t. i( tl~r total ot th~~ parmrnts m~~~ by the \fort~u~ r und~~r (a) of pNra~raph 'l pm~rdiug sl~all ~~xc•eed ~ t6~• ~?mo~iut of pa~•m~v~ta acti~aU~• mad~ ~~6he :liortag~ e, for ~mund rnnts, taxrs and a.~w,ssm~,~~ts, and inaur- an~r pn~mitu»a, as tlm casr nu~~~lK•, su~•h c~~c~~~ shall he~rN~dit~~d on sul~c•yurnt pa~•m~~nta t~ b~~ mad~ by the ~lur1}cu~,ror for surh itrms ur,at ifort~;a~,mr's optiun, sl?ull be rrfu~idMl lo :11ortKa~,ror. If, howu~•~~r, au~•h monthly ~aymrnt. sl?all nut b~ suflu•i~~ut to pa~ surh items when tl?e sumo sl~all b~~•otn~? du~~ etnd payt?ble, t.h~~~t the ~tucik~~;ur sl~all pa~• tu Ih~• ~lort~~~.?~•~~ uny ~mount n~•~~~s,arv to mak~ up th~~ d~~fici~n~~~, tiurh pN~~nu~nt al~sll bi~ meid~~ «ilhin tl~irt~ (:iU) du~•s uflrr writtcn noti~~~ fmm t~~r ~[ort~;:~~;i~e statin}; th~• amount o( Ih~ d~ficieny, K~hi~•h notirr tuay bc givrn by m~~il. If ut x~~y tiiu~• the ~i~irtK:~r slisll t~•n~l~~r to t.h~~ ~TortK~~•e i~i acconl- a~u•~ ~rith th~~ provi~ions ~~i th~ note~ s~run~l h~•rc~b~ , full pu~ m~~nt of th~~ ~ntirn ind~ht~•dnr:tv rnpn:~•nt~~l Ilu•rnby, t hr ~l~~rt~;~~;i•~ ~hall, in ~•omputinb th~~ xmount o[ surl~ indi•bt~Kln~~~, ~•r~~dit to tlu~ uc~~oun~ o( 6hi• :~tor1.K~*or any . ~•r~~d~4 b:~lanc~~• r~~mt?ininR undrr th~• pmvisions of (n) of ~id par~raph It tlier~ si~all b~~ a dc•(uult. uiid~~r any ~~f tl~c• pn~~•isions of this mortge~~~ resttlt ing in a public aal~ o( tlu~ pn~mi~~s ~•i~~ er~ri l~rmb~ , or if thc• VtortKageo ,icquir~~ thc~ pmp~rt~~• oth~cwi~• aftrr d~~faul6, lhc ~1or~~aKcti~ shsll appl~•, at th~~ tim~ o( ~h~• ~om~nenc•cment. ~?f .u~•li pm~•~~~vli~~gc or at tl~~ ti~n~ ih~ pmpt~ny is uc~herwi:~ x~•quired, th~~ amaunt. tlu•n r~maining to ~r~~ciit of ~(.~rt~or imd~r (a) o( pan?grapl? 2 pn~•edin~ ns a ~•r~~dit on the int~•r~•sl accnu~cl and unpaid anci the? be?lance tu th~~ principal thrn r~~n~:~ini~~ ui~pKid on ~aid not~~. 4. He will pay all tgaee~ aeeeeEUnonta, water~ ~?tea, snd other governmental or municipal chargee, fines, or impositions, tor ~rhich provision hss not been made heMinbefore, and in default thereoi the Mortgngee may pe?y the same; and that he will pmmptly deliver the off'ioial reo~ipti? theretor to the Mortgagee. 5. He will permit, oommit~ or suHer no waste, impairment, or deterioration of said property or any part thereof - eaccept reasonable wear and tear; and in the event pf the failure ot the Mortgagor to keep the buildinge on eai~ pmniiaes and thoee to be erected on said pr~nieee~ or improvements thereon, in good repair, the Mortgn~ee may make such repaira as in its discretion it may deem neceesary for the proper preservation thereof, and the full amount of each and -every euc6 payment shall be due and payable thirty (30) days after demand, and ahall be eecured by the lien of this mortgage. 6. He w ill pa~ all and singular the coets, charges, and expensea~ ineluding reasonable lawyer's feea, and ooste of abstracts of title, incurred or paid at any time by the Mottgagee becauee of the failure on the part of the Mortg,agor promptl~ and fully to perform the agreements and oovensnts of said promiesory note and this mortgage, and said oosts, cLargea, and expenses shell be immediately due and payable and ahaU be eecured by the lien of this mortgage. 7. Eie will oontinuous~y maintain hazard insurance, of such type or types and amounts ea Mortgagee msy T trom time to time require~ on the impmvemente now or hereafter on said premises and eacept when peyment ~ for all such premiums hea theretofore been made under (a) of parsgra~h 2 hereof ~e will pay promptly when due anv premiums therefor. All insurance shall be camed in oompames approve~ by 111o~ee and the poli- ~ cies and rene~rals thereof shall be held by Mortgagee and have attsched thereto loes payable c suses in favor of # and in form acceptable to the l~iort~s~ee. In event of loss he will give immediate notice by mail to Mortgagee, ~ and ~iortgagee ma~ make proc~f of toss if not made promptly by Mortgagor~ and eac6 insurance oompany ooncerned is hereby authorized and directed to make payment for such loes directly to Mor~ ee instead of to Mortgagor and ,iortgagee jointly, and the inaurance proceeds~ or any p8rt thereof, may be applied by Mor~ . gagee at its option either to the reduction oi the indebtedness heteby aecured or to the restoration or repair of the propert~ dama~ed. In e~ent oi forecloaure of this mortgage or other trensfer of title to the mortgaged # properts in eatir?guis6ment of the indebtednesa secured hereby, s~l right, title, snd intereat of the Mortgagor m and to anv insurance policiea then in force ahall pass to the purchaser or grantee. 8. The Mortgagee may, at any time pending a suit upon this mortgage; apply to Lhe oourt having juriediction thereof for the appointment of a receiver, and such oourt shall forthwith appoint a receiver of the pmmisea oovered herebv all arid singular, including all and singular the inoome, proSts~ issues, and revenuea from whetever eouroe deriyed, each and every of which, it being expressly understood, ia hereby mortgaged as if apecifically eet forth and i deecribed in the granting and hebendum clausee hereof. Such appointment shall be made by such oourt as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of 'j the value of the pmpert~~ mortgsged or to the aolvencS or inaolvency of said Mortgagor or the defendanta Such ~ renta, prafit~, income, is~ues, and revenuet+ ahall t~e appliexl by auch receiver According to the Gen of ~his mortgage - ; and the practice of such oourt. In the event of any default on the part of the MortgRgor hereunder, the Mortgagor ' a~ees to pay to the Mortgagee on demand as a reasonable mont~ly rental for the premisea an amount at least 3 equivalent to one-tv~elfth (~2) of the aggregate of the twelve monthly installmente payable in the then current year plus the actual amount of the annual taues, assessments, water rates, and ineuranoe premiums for auch year ~ not oo~ered by the aforesaid monthly pa}~ments. ' ~ 9. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that ` any of esid sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the ~ event that each and e~ ery the atipulations~ agreements, conditions, and oovenants of said note and this mortgage~ are not duly, promptly, and tully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys eecured hereby, ahall beoome due and peyable fortha-ith, or thereafter, et the option of said Mort$agee, sa fully and oompletely aa if all of the said sums of mone~• R ere origtnally stipulated to be paid on such day, anyt,hing in said note or in thia mortgage to the oontrary notwithstanding; and thereupoh or thereafter, at t6e option of said Mortgagee, without notice or demand, suit at law or in equity, may be proeecuted as if sll moneye aecured hereby had matured prior to it8 institu- tion. The ~liortgagee may forecloee t6is mortgage, as to the amount eo declared due and payable, and the said premiee8 ahall be eold to eatiafy and pa~ the same together with ooets~ eapensea, and allowanoee. In case of partiel ~ foreclosure of this mortgage~ the mortgaged pmmises shall be eold aubject to the continuing lien of this mortgag~e ~ for the smount of the debt not then due and unpaid. In such csse the provision~a of this paragraph may again be ' availed of theresfter from time to time by the Mortgagee. ~ ~ 10. No ~vaiver of any oovenant herein or of the obligation secured hereb~• shaq at an} time thereafter be held t to be a waiver of the terms hereof or of the note eecured hereby. 11. The lien of thie inatrument ehall remain in full force and effect during any poetponement or extenaion of ~ ; the time of psyment of the indebtedneas or any part thereof eecw~ed hereby. ~ 12. If the Mortgagor default in any of the oovenant8 or agreements oontained herein, or in esid note, then the ° ~ Mortgagee may perform L6e eame~ and all ezpenditures (including reaeonable attorney's fees) macie by the MottgaRee a ~ in eo doing s6a11 draw intereat at the rate pm~ ided for in the principnl indebtednesa, and ahall bc+ rPpe~~eble f ~ thirty (30j days after demand, and, together wit,L inter~~L and costs accrued thereon, shall be secured by ~ thie mortgege. ! ~ 13. Lpon the request of thQ Mortga~ee the Mortgagor shall execute and dc~liver a supplemental nota or nutes for the sum or sums ad~ anced by Lhe ~tortgagee for the alterat,ion, modcrnization, improvement, main- tenauce, or repair of eaid premises, for taxes or asnrssmenls sE;ainet Lhe samo and for auy otLer purpuse autt~or- ued hereunder. Said nute or notc~s a}iall be secured hereby on a pari~y witL and as tully as ~f the sd~•ence evidencc~ t6ereby were included in the note firat described sl~ove. tiaid si~pplomental nofe or note~a shall bear intereec nt t6e rate provi~led tor in the principal indebtedness and ahaU bc payable in ap proximat~ly equal moat6ly psymentA tor such period as mny be a~reed upon by the cre~iitor and debtor. FsilinK to aKree on the maturity, the wbole ot the sum or Auma eo sdvanced ahall bo due and ps~able thirty (30) da~s after den~anci by the creditor. 1n no eveu4 ~hall the maturity exteud t~yoad tLe ullimats niaturity ot ll~e not~ first deectibed sbove. ~`:'Qr ~t7~ PAGE ~:J~ : L- . i' ' '~_~~~~'1 .