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HomeMy WebLinkAbout2972 not paid when due, or if default be made in the full and prompt performance of any covenant or agreement herein contained, or if any proceedings be instituted which might result to the detriment af the use and enjoyment of the said property, or if Mortagors shall make an assign- ment for the benefit of creditors, or if a receiv~r be appointed for Mortgagors or their property, or if Mortga- ~ gors f iles a petition in bankruptcy, or is adjudicated a bankrupt, or files any petition or institutes any pro- ceedings under the National Bankruptcy Act, or if Mortga- gors become the subject of any proceeding, under any In- solvency or Bankruptcy Act, for their reorganization or composition with their creditors, then on the happening of any one or more of these events, this conveyance shall become absolute and the whole indebtedness secured hereby shall i.mmediately become due and payable, at the option of Mortgagee, and this mortgage may thereupon be fore- closed. On any default by Mortgagors, Mortgagee shall be entitled to take i.mmediate possession of the premises and shall be entitled to the immediate appointment of a receiver, without notice. 7) Mortgagors agree that, in order more fully ; to protect the security of this mortgage, Mortgagors will ' deposit with Mortgagee, on the f irst day of each month, ~ ~ beginning on the first day of the month in which the first ~ debt be- payment of principal or interest of the mortgage Y . comes due, one-twelfth of: the amount (as estimated by_, . Mortgagee) which will be suff icient to pay taxes, special assessments and other charges on the real estate that will become due and payable during the ensuing year plus the amount necessary to purchase required insurance for ~ one year. Mortgagee shall hold such monthly deposits in ~ ~ ~ trust, without any allowance of interest, and shall re- t ~ ! ~ lease such funds for the payment of such items when the ~ same are due and payable. If at any time it appears to Mortgagee that the fund will be insufficient to pay such ~ -6- ~ ~ BOOK 157 PA~E 5?1 ~ _ ~ ~ . ~ ~ ~ ~ = ~ ~ s>~ ~ 'S . - . . ~'a',.'r~,..'. .