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HomeMy WebLinkAbout2570 i . ~ - ' tlie doficiency. Siicli pAylllt?Il~ BIIA~l bp llltl(~O \Yl~lllll L~lll'~~ ~a~O~ l~dy8 difCT \YPII,t0I1 IIOtICO ICOhl ~I10 ~~OCGbftb88 stt?ting the amount of tl~e doRciency, which notice n~ay bo given Uy mnil, If at any timo tho ~lortgiigor s1~R11 tandor to tlie ATortongeo in accordeinee ~vitli tho prov~sions of tlio note secureci hereby, fuli payniont af tho entire indebtedness ropre9onted tl?ereby, tlio A4ortgageo ns t.rustea ahall, in computin~ tho amount of st~cl~ indebteciiicss, credit to the nccount of Ghe :1~tortpaoor Rny credit b~lance remNinin under tho provisiona of (n) af s~iid p~~rfl rnph 2. If thera shatl bo ~ def~~urt unde* nny of tho provisions of t~iis mort~age resulting in a puUlic st?lo o~ tl~o premises cavered l~ereby, or it tlio ;14ortgngea acquires Lho p'roperty other«~iso ~tter ~i~r~ult, tho ~tortgageo Ks trusteo al~nll e~ppiy, tit tlio titua of ttie co~3unencoment oP surh proceedin~s or nt tho tinio the ~roperty ia otherwiso acquirecl, tl~n amount then remNining t4 credit of 1~iort~;agor uucler (n) ot ° pArc~p~rnpt~ 2 preceding as n credit on tl~o interest nccured nnd uupnid and tha bal?ince to tlio principal tl~en rem~ining unpaid on said note. ~ 4. He will pay all t~ee, aseeesmente, water rates, and other governmental or municipal chargea, Hnes~ or ~ ' fmpoeitions, for which provieion haa not been madQ hereinbefora, and In default th~reof Lhe Mortgagee may pay the ~ same; and that he will promptly deli~er the official receipts therefor to the Mortgage~. . b. Iie will permit, commit, or eut~or no wa8te, impairment, or deterioration of said properLy or any part thereof ~ eaccept reaeonsblo wear and tear; and in the event of the failure of the Mortgagor to keep the buitdinga on saic~ prennises and those to be erected on said premisee, or impmvemente thereon, in good repair~ the Mortgagee mny . y make euch repairs ss in its diacretion it mAy deem neceeeary for tho proper preserv~tion thereof, and the full amount of each and every euch payinent ahall be due and payable tturty (30) day~ after demand, and ahat! bo secured by the lien of thie mortgage. , 8. He will pny all and singular the coats, eharge~, end expeneea, including reasonable lawyer'e fee$, and costa of abetracts of tltle, ineurred or paid at any time by the Mortgagee becauae of the failurci on the part of thQ Mortgsgor promptly e+nd fully to pedorm the agreemente and covenanta of eafd promiesory ~ote and thia mortgage, and said oogte, c~argea, and expenee~ shalt be innnQedIately du~ and payable and ehall be eecured by the lien of thi~ mortgage. ~ 7. He will oontinuous~y maintsin hazard insurance of euch t or t and amounta as Mor ~ YPe YP~ tgagee may #rom time ta time require, on the impmvemente now or hereaiter on said premisea and except when payment Yor all auch premiums hea theretofora been msde under (a) of paragraph 2 hereof 'he will pay promptly when ' due ~ny premiuma therafor. All insurance ehall be carried in compan.ios approvec~ b~ I~fortga~ee and the poli• ! ` . ciee and renewals thereof ehall be held by Mortgagea and have attached thereta loss payabin clauses in favor af 1 and iu Iorm acceptable to the Mortgageo. In evenL of loss he will give imn~ediato notice by mail to Mortgagee, ~?nd IV1ortgagee may mnke proof of loss if not mado pmmptly by Mort~agor, and each insurance company ~ ooncerned is hereby~auf,horized and directed to make payment for auch losa dirocWy to Mortgage~e inste3ad of ~ to Mortgagor and Mortgagee joint,ly, and the inaurance pmceede, or any part thereot~ may be applied by I11or~. _ gagee at iGs optioa either to the rsduction of the indebtedness hereby e~cured or to ths restoration or repair of the property dama~ed. In event of foreclosure oi thia mortgage or othar transfer of title to thu mortgaged ' property in extingu~ahment of the indebteduesa secured hereby, e~l right, title, and iaterest of the Mortge.gor ' ! m and to anp ineuranca policiee then in force ahall pass to the pun:haser or grantse. ~ 1. 8. He will not eaecute or file of record any inatrument which imposea a restriction upon the Sale or occu- ~ pancy of ths prnperty described herein on the basis oi r~,ce, color~ or creed. ~ S. If the premises, or any part thereof, be condemned under the powar of eminent domain, or acquired ~ for a public use, the damt~ges awarded, tha proeeads for the taking of, or the consideration for sueh acquiei- ; tion, to the extent of the full amount of tke remaining unpaid indebtedness aecured by thia mortgage are ~ hereby asaigned to the Mortgagee, and his heira or assigns, and ehall be paid forthwith to said Mort g~agee ~ or his assignee to be applied on. account of t,ha Iast maturing installments of euch indebtnese; provided, how- . ever, the Mortgagee or 1?is s~;ignee, .msy at liis discretion pay ditect to the Mortgagor, his heira or assigna : - any part ar all ot such award; provided, that if the loan is guaranteed ar insured, Lhe consent of the guaran- ; tor or inaurer ia obtained in advance of said payment. - 10. The Mortgagee may, at eny time pending a suit upon this mortgag~e apply tu the court h~ving ji~risdic- 1. tion thereof for the appointment of a receiver, e~nd such court aball forthw2t~ appoint a receiver of the preinisea ~ ~ ~j covered hereby ell and singular, ineludin~ all snd aingular thQ income, profits, issues, and revenues from ~vhat- ~ ever source derived,'eacli and every of which it being expressly understood, is hereby mortgaged es if specifically ~ ~ aet forth and described in the granting and habendum ciauseg bereof. Such appointment ahalt be mede by such court as an admitted equity and a matter of absolute right to said Niortgagee, and without reference to ~ the adequacy or inadequacy of the valus of the property martgaged or to the solvency or insolvency of eaid Mortgagor or tlie detendants. Such rents, grofits, income, issues, and revenuea ahall be applied by such receiver according to the lien of this mortgage and the practice of auch court. In the event of any default on the part of the Mortgagor hereunder, the MortgHgor ~rees to pay to the Mort agee on demand as a reasonable monthlv rental for the premises an amount~at least equivalent to one-twelfth (S~!) oi the aggregate of the twelve monthl,v ~ installments p~yable in the then current year plus th~ actual emount of the annual taxes, assessmenta~ water r~tes, and insurance premiuma for such year not covered by the aforesaid monthly payments, ~ 11, In the event of any breach of this mortgage or dafault on the part of the MortgQgor~ or in the event that any of said suma of money herein referred to be not promptly and fullp paid acccrding to the tenor bereof or in the event that each and every the atip ul~tions, agreements conditit,ns, and covenants of asid note and thia mortgege, are not duly, promptiq, and tully performed or i~ the Mortgagor be adjudicQted bankrupt or made defendant in a bankruptcy or receiverahi~ proceedings; then in either or any such event, the said aggre- `1 ~ gste eum mentionedsin eaid note then remainin~ ungaid, rnth intereat accrusd to ihat time~ and all money ~ ' > > ~==~`4 - •1.~~^l~c.. ^4 ~r~~n.. a..:.~ 11~nw~nnnnn a~ 8ecureci neredy enau ~ecome au~ u~,u YFtynvtb ivi tiuvri~aa ui > > j....... =o==~ ~ tully and comp~etely as it all the said euma oi naoney were originally etipulated to be paid on euch c~sy, an~•- thing in said note or in thie mort~age to the contrarx notwithstanding; and thereupon or t~hereafter, at the option of eaid Mortgagee, without notice or demand, euit at law or in equity, mey be prosecnted ae if all moneva ~ecured hereby had mstured prior to ita inetitution. The Mortgagea may foreclose thia mortgage, ae to tf~e amount so declareci due and payable, and the seid premisea she?11 be sold to eatiefy and pay the same together with coets expensea, and allawancea. In case of partial forecloeure of this mortgsge, tha mortgaged premisea ~ E~ shaU be soid eubject to the cantinuing lien of this mortga~e f~r the e~mount of the debt not then due and tinpaid. 1 In ~uch es~e the provisioae of thia paragraph may sgaui b~ evailed of thereatter from time to time by the Mortgagee. 12. No we?iver of any covenent heroin or of the obligetion eecured hereby ahnll st any time tliereatter be ' held to be a waiver of the terma hereof or of the note secured hereby. ~ 13. The lien of thie inatrument ahall reraain in full force and eftect during eny poatponement or extension , ~ af tha time of peymeri~ of the indebtednesa or any part thereof secured hereby. ! 14. Thie mortgage is ~even to aecure t~e purchase money, or a parL thereof of tha lands hereisi described , ~ i?ad ie eaecuted and delivered contemporaneously with the deed therefor. - ~ ` ' 15. If ths Mortgagor defnult in any of the covenenta or agreements contained herein, or in said note;'then ~ the Mortga~ee may.perform the same, and all expenditurea (inciuding reasonsble ~ttorney'e fees) made by the ~ . ~ Mortga~ee in so doutg ahall draw interest at the rnte provided foe in Lhe priricipal indebtedness~ and al~sll Lx ~ repsy~a b l e thirty (30) daya i?iter demand, end, togcther with interest and castg accrued thereon, ehatl be secuted ~ by t,hie mortgage. . ' ~e. Upon the requeat oi the Mortgagee the Mortgeg~or ehaU execute and detiver a supplemental note or ± notes for the aum or eums advanced by the Mortgagee for the atteration, modernize~tioa, impmvement, mnin- p~ ~ ; . tenance, or repair oi esid premisee, for ti~xes or asse$sments againat the ssme and for snp oLher purpose autlior- ~ ' ized hereunder, Said note or note9. ahsll be aecured hereby on s psrity with and as fully es if tlie sdvsnce ' ~ evidenced thereby were included xn the Aote firet deacribed above. _ Said eupplemental nots or notea shal! bear ~ :l .