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HomeMy WebLinkAbout2871 ot the Mortgagee become imrnedlately due eutd paysble, without noUce, and proceedinas may be instituted by the Mort- ga~ee for the reco~~ery thecrM by loreclosure ot this Mort~e, or ln any other msnner pex7miltUed by law auc the Mort- Qa~ee may elect, anythinY ts the note or in thla Mortg~e oontained to the ~ntrary thereto notwith~tandin~. Upon fore- cloaure of thls Mort~e, the Mort~r?~ee shell be aUowed ~s a part of the tndebtedneas secured hereby, ~nd the Mort- ~uu8or agrees to pay. all casts snd ex;~enaes inrurred !n connecUon thernwtth, Induding reasoneblt ~ttorney'r fc~s, cost of tlUe and tax eesrch and the extension to dste ot an ebstmct o! dtle or title paUcy; snd 1n c~se such tor~ectasure praa.scd- ings are setUed beLore the consummation thereof or the entry of iudgment. any such coats and expeases and other clu~rges so incurred, lncluding s ressomble attorney's fee, shall neverthelea~ be paW. The Mo~ee or any ptuty !n !n- terest, being the hlghest bidder, may be a purcl?aser ai any foreclosure sale. Any election by the MortgaQee ~a hereln pr~- vided for may be exerclsed innmediwtely upvn deisult, or at any tlrne thet~eatter, and rnothls~ shall be conskrued to be n waiver of such r?ght unlesa evideACed by en instrument in writing to that effect duly executed by t!?e Mortgagee. The Mortgagor waives all ri~ht oi homestead aad exempUon gnnted by the ConatituUon and Iawa of Fforldit. AND THE MORIGAGOR FURTHER CONVENANTS AND AGREES: l. 'i'o pay the principal indebtedness with interest ss in the note provided. To pay monWy unto the Martgagee, in a3dltion to and nt the tlme an~ place !or each pe~,vment of princlpal and It?tereat, an installment oL esch ot the follow- ing chai'ges: (a) Tauces and assessments, generai or special, and all other charges Izvied or to be levied against the premises. (b) Premiums to became due and payable for, and to renew, the insurance on the premises sgatnat lass by Sre and such other h~cds, casu+?lUes and contingencies ts herein provided for or required from time to time. The amount of the respecitve monthly installments shall be equal to the amount of the snnual respecUve charge next due (as eatimated by the Mortgagee~. lems all installments alr~ady paid therefor, divided by the number of monthly in- atallments therefor becoming due not lates than one month prlor to the due date of any such eharge and ahaU he sub- ject to increaae or decreaae to the extent ~lulred to create as of a monthiy payment date on the n~te noL less than one month prior io the due date of any such charge, an amount sufficient for the payment thereof when due and payable. Tn no event shall the Mortgag~ee receiving auch pay-ment be liable for a~ny interest on any amount paid to it as herein required, and the money so recPived may be held with its own funds pending psyment or application thereot as heretn pmvided. The Mortgagor shall furntsh unto the Mortgagee at leagt 8iteen days before th~ due date an otlicial statement of the amount of any taxes or naeeasments next due, and such Mortgagee shall pey the above charges to the amount of the then unused credit th+erefor as and when they become severally due and payable. The Mortgagee may, at its option. pay any of such charges whea payable, either before or after they are delinquent, without notice, or make advances therefor in excess of the then arnount of credit ior said char8es. The exce~ amount advanced shall be immedistely due and payable to the Mortgagee and shall be secured es an addltional principal sum under this lnatrument and bear the same rate o:f interest imm date oi adv~.^ement as the principal indebtedness. A~ olLicfal receipt therefor shall be concausive evidence of such payment and di the vslldity o1 such eharges. The Mortgagee may 8pply credits held by it for the above charges, or any part thereof, on account of any delinquent tnstallments of principal or interest or any other payments maturing or due under this instrument and the amount of credit existing at tu?Y time shall be reduced by the amount thereof paid or applied as herein provided. The amount o1 the existing credit hereunder at the time of any transfer of the ~ property slsall without assignrnent thereo! inure to the beneflt o! the successor owner of the property and shall be ap~lied under and suhject to all of the provisions hereof. Upon the payment in full of the Indebtedhe~, the amount oi sn}• unused credit shall be applied to the payment thereof. The NioMgagee may collect a"late charge" not to exceed four cents (4c) for each one dollar (51.00) of each monthiy installm~nt payment required on the note and under thls Mortgage whtch is more than flfteen (15) days in arrears, to cover the extra expense involved in handiing delinquent payments. 2. To pay, when pay~ble, all taxes and assessments, genera3 or special, water rents and ground rents and ali uther charges whatsoever levied upon or asses.aed or pl$ced against the premLses, provi~ion for which has not been made here- inbefore, and will prompUy deliver the oHicial receipts theretor to the Mortgagee; to llkewise pay all taxes, assessments and other charges, levied upon or asses4ed, placed or made against this instrument, or the [ndebtedness or any interest of the 1?~ortgagee in the pr~etnisea or the obligations secured hernby, provided that the payment of any such tax assess- ment or charge by the Mnrtgagur s not contrary to law or wauld not result in the pavrrent of an uniawful rate of inter- est on thE indebtedness hereby secured. In the event of the passage r~fter the date of this instrument of any law of the State, or subdivisfon thereof, wherein the premises are situated, creating or praviding for any tax, as.ses,~nent or charge which by the ebove proviso Is not to be paid 'oy the Mortga~or, the indebtedness secured hereby together with interest due thereon, shall, at ~he option of the 1Vlartgagee, become immediately due and payable, and in the event payment there- oi is not made forthwith, the Mortgagee may Lake or cause to be taken such action or gsaceeding as may be taken here- under in the case o! any other default in the pay~nent of the indebte~ness. 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss by tire and such other hazards, casualties and cont3ngencies, including war damages if at any tirne e state of war exists or it appears to the holder oi the note that war is imminent, and in s~ch amounts and for such periods, as may be required fmm tirne to time by the Mortgagee, and to pay promptiy when due all premiums on such insurance, provision for pay- ment of which has not been made hereinbefore. The polieies of insurance shall have loss paysble provisiona ac~eptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as it may dir~ect, until this Mortgsge is satisfied. Renewal pollcies of insurance, premiums for whish have been fully paid, are to be furnished to the Mortgagee at least 8iteen days prior to the expiratian date oi the insurance thereby renewed. °The insurance ahall be wrltten in campsnies approved by the Mortgagee; in no event shall the Mortgagee be held responsible for failux~e to pay for any insurance written or for any loss or damage grovving out of a defect in any paliay or growing out of any failure of any insvrance company to pay for any loss or damage insured egainst. In the event o1 loss the Mortgagor shaii give immedisle notice by mail to the Mortgagee who may make proaf of loss ii not made pramptly by the Mortgagor; each insurance company concerned is, hereby authorized and directed to make payment for loss direcUy to the Mortgagee instead of to the Mort- gagor and the Mortgagee jointty; the insuranc~e proceeds, or any part thereot, may be appiled by the Moctgsgee, at its option, to the expenses, if any, incurred by it in the collecUon thereof, to the reduction of the indebtedneas hereby se- cured, to the restaration or repair o! the groperty damaged, or released to the Mortgagor withouY Itability upon the Mort- gagee far such release. All pol3cies of insurence are hereby assigned to the Nlortgagee as additional securlty for the pay- ment of the sums and interest secured hereby; in the event of foreclosure of thts Mortgage or other transler of titio to the premises in extinguishment of the indebtedness, all right, tStle and interest of the Mortgaqor In and to any insurancF pnlicies then in force shall pass to the purchaser or grantee. 4. To complete within a reasonable time any building o~r butldings now~ or at any time in the process of erection upon the land and to promptly repair, restore or rebufld any bull3ing or lmprovemenks now or hereafter on the land which may become damaged or be destroyed, and not commit or permit to be done or exist on or about the premises anything whereby the premises shall become less valuabie; to comply with all laws, rules, regulations, or ordinancea o! an~ qovern- mental agency and not violate or permlt the ciolatfon as to the premises oi any bullding or use restrictiona; to keep the land and lmprovements thPreon free from mechanic's and materiaimen's 13ens and w111 not suffer any lien sugerlo: to fhe i lien created by this lnstrument to attach Lo or be entorced against the premises. 5. If dei$ult be made in the p~yment of taxes, asseaunents, llens, clalms, inuurance gremiums or any other charge whatsoever, ar any part thereof, or in the perionnance of any act, to be paid or performed by the Mortgagor under the prov3~ans trereoi, the Mor2gagee may, at its opUon, make payment thereo! or perform nny act required of the Llortgagor in any form or manner deemed expedient and pay any other sum t~?at is necesgary to protect the aecurity ot tltis Lutru- ment; the amounts so paid, with interest thereon from the datQ of such payment at the snime rate ea h~orne by'the prin- cipal Indebtedneas, shall be assessed as an additional lien on the premises and shall be added to and become a p#et o1 the fndebtednesa aecured hereby and be immedfately due and payable to the Mortgagee. Any payment hereby autho~rizec1 to be made by the Mortgagee may be made sccording to any bill, statexnent or esUmate furnls2~ed or procured irom !he appro- priate public office ar the party claiming payment withoui inquiry into the accuracy or valtdlty thereof, and the recelpt ~f any publlc officer or party in ihe hands of the Mortgagee shall be conclusive evidence of the vallditq and amownt oi iter~ eo paid; the Mortgagee shall, nt ita optivn, be subrogated to any encumbrance, Ilen, daim or demead, end W all the rlghts ~ aud Recurltie8 for the pe~ysnent thereof, pafd or dfscharge~ wlth the princlpal sum eecured hereby or by the Mort~gee under tfte provlsiona hereof, and i~ny such aubrogation rfghts thall +~e addltlonal nnd cumulative securlty to thls bfort- gage. ~ a' 'y ~ '~hi _ 7 _f;i.l