HomeMy WebLinkAbout0358 tha deficienay. Such paymant ehall be made within thirty (30) days atter wriwt,~n notice iram the Niortgagee ~
etating the amount of the deflcienay, which notice may be ~iven by mail, Tf ~ at any ti~tte the Mortgagor ~
ehall ~endar to t,he MortgagQe in aceordance with the pmvieione of the nute aecured hereb
y, full pa
yment ;
of the entire indebtednes~ represA~iGed thoreby, the h~iork.g~gee a8 truetee ahall, in cx~mputing the a~n~unt of ~
euch indebtEdnes9, credit to the account of tlio Mor agor e~ny credit balance romaining under the provisions ;
of (a) of aaid paragraph 2. It tl~ere ahall be A defc~u~t undor Any of the provisiona of this niortgage resutting :
in s public sale of ttie promises covered hereby, or if the Mortgageo scquir~s tho pmperty othorwise atter ~
defsult, tho hiortgagee as truatee ahall appl~•, at tlie time of the comm~nct~ment of such proceedinga ar at ;
the time the property is otherwiso Rcquired, the Rmount tlion remaining to crcxiit of Mortgagor under (a) of
parapraph ,2 preceding as a credit on tLo intQrest Rccured and unp~id and the balance to tho principal ttien .
romatning unpaid on said note,
4. He will pay ail tsxee, ~ente, water ratee, sad other governmental or municinal ohargee, finea, or
#mpositione, for whlah provit~on hss not b~ea wada hereinbefore, and in default thereof ~he Mortgagee may pay the
eume; and that he will pmmptly delivar the o~cinl receipt~ therefor to the Mortgagee.
6. He will permit, comm~it, or au~'er no wasta, impairment or deterioratton of eatd prnperty or any part thereof .
ea~cept r~asonable wear and tear; ~aud in the event of the fai~ure of t.he Mortgagor to keep the buildtngs on aaic~
premiae+e and thoee to be erecteil on said pr~mises, or ~rnprovementa thereon, in good repair the Mortgagee may
make sucb repaire ae in ite discretIon it may deem neceseary for the proper preservatiou thereo~, and the full amount '
of each nnd every euah payment ehall be due aad payable thirty {30) daye after demaud, aud shall be sECUred by
the liea of thia mortgage.
6. Iio wIll pay all and eingulsr the ooete, eharge~, snd ~penses, inoludtng reasonable lawyer'e feee, and coete :
of abetracts of tiWe, inaurned or patd at any time by the Mor#.gagee because of the failure on the co
m tl and iu to rform the part of the Mortgagor `
pro p y L~y pe agreementa and covenants of esid promiesory note and thie mortqage, and aaid ±
ooata, ohaigee, and expen~ ahal! be immediately due and payable and ehall be eecured by the lien of this mortgage. ~
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7. He will oontiuuoua~j? maintdiu hs~ard ineurance, of auch type or typee snd amounta as Mortgagee m~? ,
from time to time t~equire, on the improvementa now or heraaiter on said premiaee and e.rcept when paymanC
tor all such premiume hae tLeretofore been mada under (a) of garsgreph 2 hereoi ~e will pay promptly when
_ due any premivms thorefor. All inaurance ehall be carried in compamee approvec~ by l~iortgagee a.nd the poli-
cies aad renewals thereof ahsll be held by Mortgagee snd have a~cached chereco loea payab]e clnusee in invor of
aad in iorm ~cceptable to the Mort~agee. In event oi losa he will give imme~liate notice by mail to Mortgagee,
and Mortgagee mey meace proof oi loea if nut msde promptly bp Mor~,gagor, and each inaurance.compan,p "h
oonceraed ia hereb suthorized and directed to make p~yment for euch Zosa diractly to Mortgagee uistead o!
to 14lortgagor snd ~ortgageo joiutly, and the inaurauce proceeds, or any part thareoi, mny be appued by riort-
i ~ee at ite option either to the reduction of the indebtedneea hereby eecured or to tbe restor~tion or repair oi ~
~ th~ property dame~ed. In event of foreclogure of this mortgage or other tr~nafer of title to the anortgaged
~ pmpe~rty in extSngu~ahment of the indebted.o.~a secured hereby, a~i right, title, and int~rest of the Mortgagor
~a aud to any insurance palicies then in force ahall pasa to the pamhaeer or grantee. '
i 8, He wilt not execute or file of record any inatrument which imposee a restriction upon the sale or occu-
; pac?ey of the property described herein on the basis of rnce, color, or creed.
i 9. If the premiaes, or any part thereof, be condemaed under the power of eminent doanait~, or acquired
~ for s public use, t~he damag es awarded, the proceeds for L~ae taking of, or the coneideration for euch acquisi-
; tion, to the extent of the full amount of the remaining unpaid indebtednees eecured by this mortgage, are ~
~ ~h=re~bB inn~ bthe Mortgagoe, and his heira or aasigna, end ehall be paid forthwith to said Mort~agee ~
~g_ es to e appliad on aceount of the last matunng inatallmonta of auch mdebtnese• provided,~how-
~ ~ ever, the Mortgagee or his assignee! may at hia diacretion gay direct to tbe Mortgagor, hie ~?eira or aesigne
t any part or all of ~uch award; provided, that if the loan ie guarnnteed or insured, the conaent of the guaran-
~ tor or inaurer is obteined in advance of said payment.
~ 10. The Mortgagee me?y, at nny time ~nding a euit upon thie mortga~e spply,to the court h~ving jurisdic- !
~ tioa thereof for the appointment of a receiver, and suoh court shall forthwit~ a~point a receiver of the premiaes 1=.
covered hereby ell and aingular, includin~ all and eingular the incom~, profits, ~esues, and revenues from ~rrhet-
~ ever source derived, each and every of which it being expresaly underatood~ i$ hereby mortgaged as if apecificslty ~
; eet forth snd descnbed in the granting an~ hQhendum elauses bereof. 3uch appaintraent ehall be made by
; auch court ss aa edmitted equity and a matter of absolute right to eaid Dsortgagee, and without reference to ' I•:
# the adequacy or inadequacy of the value of the property mortgaged or to the aolvency or insolvency of said
; Mortgagor or th~ defendants. Such renta, profits, income, issues, and ravenu~ ehall be apptied by auch receiver
according to the lien of this mortgage snd the practiee of such caurt. In the event of sny default on the part
of the bTortgagor hereunder, the MortgAgor a~rees to pay to the Mort agee on demand ss a reasonable monthlv
° rental for the premisea an amount~at least equivalent to one-twelf th (f~,) of the aggregate of the twelve monthly ~
inatallmeAts payabla in the then current year plua the actual amount of the annusl taxes, assessments, water
~ • rates, and ineurance premiums for such year not covered bp the aforessid monthly paymenta.
f 11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event ~
' thAt any of ssid eums of money hercin referred to be not promptly and fully paid sccording to the tenor hereof ~
or in the event thst eech and every the stipulationa, agreemente conditiuns, and covenants of said note anc{
~ this mortgage, are not duly, promptly, and fuliy performed or i~ the Mortgagor be adjudicsted bankrupt or
; made defendant in a bankruptcy or receivershi~ proceedings; Lhen in either or any such event, the said aggre-
f gate sum mentioned in said note then remeinmg unpaid, vrnth interest acerued to that time, and all money
~ aeoured hereby shall become due and payable forthwith, or thereafter, st the option of said l~iortgagee, as
~ fully and comp~etely as if all the 8aid auma of money were originally, atipuiated to be paid on s~ch day, an~•-
~ _ thing in said note or in this mort~age to ths contrarx notwithstanding, and thereupon or thereafter, at the option
s of said Mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneva
; ' secured hereby had matured prior ta ita inatitution. The Mortgagee may foreclose this mortgage~ as to tf~e
~ unaunt so declared due and payable, and the said premisea ahall bs sold to satisfy and pay the same together
~ with coats expenaee, and allowances. In casa of pertial forecla~ure of this mortgage, the mortgaged preniisea
s ahall be ao~d eubject to the continuing lien of thia mortgape for the smount of the debt not then due snd unpaid. !
~ In auch case the proviaions of thia paragraph may again be availed of thereatter from time to time by the !
t Mortgagee. ,
~ 12. No waiver oi say covensnt berein or of the obtigstion eecured hereby sh~ll at any time there~+tter be ;
~ held to be s waiver of the t~rme hereof or of Ehe note eecured hereby.
~ 13. The lien of this inetrument ahall remain in full force aud ef~e~t during any poetponement or extenaioa j
' of the time ot payment oi the indebtednees or anq psrt thereof secured hereby, ~
~ 14. This mortgsge is given to eecure the purchaee monep, or ~ prr~ thareof, of tha lande herein described
~?ad is ezccuted wd delivered coatemporaneoualy with tha deed therefor.
~ 15. If the Mortgsgor defsult in any of the covensnta or e?greemente contained h~rein, or ia eaid note, thea
i the Mortga~ee msy.perform the asme~ snd all expenditures (including reasonable sttorney'e lees) made by tha .
~ Mortgagee~n eo doing shall draw interest •t the reto provided for in the principal indebtedness, snd ahsll t?e
i r8psy
~sble thirty (30) daya aiter deiasnd, and, together with interest nnd cwst~ sccrued thereon, ehall be secured
e ~ by this mortgage.
j 1@. Upon the requeat of the Mortg~gee the Mortgsgor shali execute sad deliver s suppler?zentst noie or
~ notes for tha sum or suma advwced by-tfie Mortgs$ee for the ulteratiaa, moderuizstion, iu~provement, main-
, teuance, or repair of aaid premises, for taxes or ~eesaments ngaina6 the eame and for i?ny other purpose ~uthor-
ized hereuader. 3aid note or aote~ shsll be eecured hereby on a psriry with und aa fully ~a ii tl~e advance
; evideacod therebX were included in the note firet deecribad ~bove. Satid supptementat note or notes ~hal! beu
~ ~ ~ saRx ~G3 ~t,~f35~ _
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