HomeMy WebLinkAbout0124 Any deficiency in the amount of such aggregate monthly paymEnta shall, unless made good by the hiortgagor prior
to the due date of the next such payment, conseitute an e~~ent of default under this mortgage. At I1lortgagee's option,
1lortgagor will po~y a hnte charge° not exceeding foUr per centum (496) of any inataliment when paid more than fiReen
t15) dAys aRer the due dnte thereof to cover the extra expense involved in handling delinquent payments, but such hate
charge" shall not be payable out of the proceeda of any saLe made to satisfy Lhe indebtedness secured hereby, unless such
proceeds are sufficient to discharge the entire indebtedness and all proper coeta and expenees secured thereby.
3. If the total of the pavments made b_y the 14iort~tagor under (a) of par~raph 2 preceding shall exceed the amount
of g~yr*~e~~a act~~~lly m~de by the M~rtgageP, ~a tn~stpe, fnr ground renta, txxex and w~.~eu~ments, and inaurance premi-
ums, as the case may be, such excess shall be credited on snbsequent payments to be made by the Mortgagor for such
items or, at Diortgagee's option, as trustee, shall be refunded to Diortgagor. If, however, auch monthly payments shali
not be 3ufficient to pay such iteme when the same shall become due and payable, then the Mortgagor ahall pay to the
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days after written notice from the Mortgagee etating the amount of the deficiency, which notice may be given by mail. If
at any *~me the :~iortgafior shall tender to the Mortgagee in accordanre with the provisiona af the note secured hereby,
full payr~ent of !he entire indebtedness represented thereby, the Mortgagee, as ttustee, shall, in rnmputing the amount
of sach indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a) of
said paragraph 2. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the
premises covered hereby, or if the Mortgagee acquires the property otherwise atter default, the Mortgagee, as trustee,
shail apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the
amount then remaining to credit of blortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and
unpaid and the balance to the principal then remaining unpaid on said note.
4. He will pay all taxes, assessments, water rates and other governmental or municipal charges, finea or impoei-
tions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and
that he wili promptly deliver the ot'ficial receipts therefor to the Mortgagee.
5. He will permit, commit or suf'fer no waste, impairment, or deterioration of said property or any part thereof,
except reasonable wear and tear; and in the event of the failure of the hiortgagor to keep the buildings on said premisea
and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such
repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and
every such payment shall be due and payable thirty (30) days atter demand, and shall be secured by the lien of this
mortgage.
6. He will pay all and singular costs, charges and expenses, including reasonable lawyer's fees, and costa of
abstracts of title, incurred or paid at any time by the Mortgagee because of the faiiure an the part of the Mortgagor
, promptly and fully to perForm the agreements and covenants of said prom~ssory note and this mortgage, and said costs,
~ charges and expenses shall be immediately due and payable and ahall be secured by the iien of this mortgage.
He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from
time to time require, on the improvements now or hereatter on said premisea, and except when payment for all such pre-
miums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when due any premiums there-
for. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be
held by biortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee.
I~ In event of lass he will give immediate notice by mail to hiortgagee, and Mortgagee may make proof of loss if not made
; promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for
E such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeda. or any part
~ thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the
restoration or repair of the pmperty damaged. In event of foreclosure of this mortgage, or other transfer of title to the
~ mortgaged property in extinguishment of the indebtedneas secured hereby, all right, title and interest of the Mortgagor
~ in and to any insurance policies then in force shull pass to the purchaser or grantee.
~ 8. If the premises, or any part thereof, be cor.demned under the power of eminent domain, or acquired for a public
; use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the
~ fuil amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned to the Mortgagee, and
his 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 indebtedness; pmvided, however, the Mortgagee or his assignee, may at his discretion pay
€ direct to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the loan is guaranteed or
~ insured, the consent of the guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said
~ payment.
~ 8. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction
~ thereof for Lhe appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered here-
~ by all and singular, including all and singular the income, profits, issues, and revenues from whatever source derived,
each and every of which, it being expressly understood, is hereby mortgaged as if apecifically set forth and described in
~ the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a
~ matter of absolute right to said Mortgagee, and ~vithout reference to the adequacy or inadequacy of the value of the
~ property mortgaged or to the solvency or insolvency of said biortgagor or the defendants. Such rents, profits, income,
~ issues and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such
~ court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgagee
on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelRh (1/12) of
the aggregate of the twe]ve monthly installments payable in the then current year plus the actua] amount of the annual
taxes, essessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly paymenta.
10. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that any of
said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that
eacn and every one of the stipulations, agreements, conditions and covenants of said note and this mortgage, are not
duly, promptly, and fully 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 moneya secured hereby, shall become due and
payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if a11 of the said sums of
money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary
" notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or
in equity, may be prosecuted as if ali moneys secured hereby had matured prior to its inatitution. The Mortgegee may
' foreclose tiiis mortgage, as to the amount so declared due and payable, and the said premisea ahall be sold to satisfy and
pay the same together with costs, expenses, and allowances. In case of partial foreclosure of thie mortgage, the mort-
gaged prer+~ises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and
unpaid. In such casea the provisiona of thia paragraph may again be availed of thereafter fmm time to time by the
Tiortgagee.
B~~ 675 ~,,~E 124
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