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HomeMy WebLinkAbout0337 . ; : ot t1~e Mort~s~ae become imnaedistelY due and DaYaWe. wlthout noUce. and Proceedin~s msY be lastltutcd Dy the Mort- ~a~ee for tAe reooverY thereot by ioreclarure ot fNs Mort~a~e. or !n u?y other maaner peemitted b7 Lw as the Mort- ~aSeem~? elect. an7~ is the note os in tbls Mort~s~e oontained to tt~e oontsars thereto aotwiWtandint• Upon Lore- cloaure ot this Mort~a~e. tbe Mort~a~ee sbaU be aUawed as s part ot the indebtedness secured herebY. Iwd tl~e Mort- ~aYor aS~ ~ W~Y. all casts and expenKS 1ac~u'nd ia oonnectbn therewitlti lndudtn~ rea~onable attoraq's tee~. cost ot tltle and tox searcA and the extendon W date oi an abdract oi title or tlUe pollcY: uW in c~se wch toncloaue proce~d_ ir?ga ere setUed before the consumniatlon Wereot or the eatry oi iudgment~ aqy such cosb and expen~es and other chu~es so IncurrM. lncludfn~ a reason~ble ~ttornq?'s ice. shail neverthelas bs p~d: The Mort~a~e a~ pn~? P~Y ter~st. betnS the NSMst bldder. ma~r De ~ Purchase~' at any foreclosure We. An~ electioa b~ ths Mort~ee ~s herein pro- v1dM ior may be exesrbed immediatdr ~?Poa detault~ or at sny tlme thereatter~ ~-d nothinQ slull b~ ooosteued to be a wdver of such rl~ht unless evldenced b3? an 1nst~ument fn wrlUnS to Wat effect duty ezecuted by ths Mortgagee. The MortQa~or_ w1?iv_es all riQt?t o! tromestead and ex~nptlan sranted by the Constltutlon and Ltws ot Flarlds. AND THE MORTGACOR FURTAIIi CONVENANT8 AND AGREES: i. To pey the PrindP~ indebtedness wlth tnterest aa !a We aote provlded. To pay month~y uato the Mortgagee. in aaditlon to and at the time and pLce tor each payment oi prindpal and tnteres~ an installmeat oi each a~ the follow- 1nB cMrBes: . Texes and aaseas~nents, ganeral or specfal. and all oNer ct~acgea levted or to be levled a~ainst the premises. (b) Premiums W become due and payable for~ and to reaew. the iasurance on We pnmises agalnst loas by Sre and such othes harards. caswlties aad coattn~encies as _ herefn provided for or requtred trom time to tlme. The amount oi the respective mont~l~? installmenb sUall be e9ua1 to the amount of the anaual respective charge next due (s~ esWnated by the Mort~e~ee), len W fnriailm~ts alreadY P~ therefor. !tivided by tbe number ot mantbl3? U?- stallmeab theretor beoomin~ due not Lter tlun a~e moath pslor to the due date oi ae~y such cturge aad shaU be sub- ~ect to increase or decreaae to the extent rt9ulred to create as of a month~y pa~nnent date on the note aot less than oae month prior to the due dste oi any auch ~harQe. an am~at su~cient for tAe ,~~pment thenwi when dpe aud payable. L? no event ahall the Mortgagee t~ecelving such paYment be liable for any interest on any amount patd to it as herefn required. and the money so received rasy be held ar[th its own funds pending payment or applicatlon thereoi ~s herein provided. The MortSaBor sLsL furnlsh unto the Mort~sgee et least Siteen d4YS before the due date an o~cial statement oi the amount oi any taxes or u~nea4 ueat due. and such Mo}i~a~ee shall pa~ the above cbar~es to the amount oi the thea unused credit therefor as and ahen th~Y beoome aeveraly dne aad payable. The MortBaB~ ~u1Y. at 1ts optton. herefor ia~`e~zceo~the then am~ ntloi credtt for~pld cliar~es. ~~ac~ amount advsaced ahall~be immediately dne and peyable to the Mortg4gee and shall be secured as an addltlonal priadpal sum uader tLis instrumeat and bear tbe asme rate of lnterest lrom date oi advancement as the prindpal indebtedness. An o~cfal :~eoNpt tberefor shall be coaclusive evidence of wch psyment and of tLe valtdlty ot such charges. The Mort~agee mqy appt~r credits held by it for the above chargea, or an,y part thereof. on account oi any delin9uent installmen4 oi prindpal or interest or any other payments auturing or due nnder thts inshument a~ the aa?ount of credit e~dstlna at any time shall be reduced by the amount thereot paid or applied as herein provlded. The amount of Ure e:istlng credlt hereuader at the time oi any tnmier o! the P~~Y ~11 Nrtthout asdgameat thenei inurs to the DeneBt oi tLe suooeseor owaer oi the PropeztY and shail be applled under and subject to all of the provialons hereof. Upoa the pay~nent fn full oi the indebtednas, the amount of any umised c.redit shall be applled to the PaYment thereoL T6e Mortgagee m~? odlect a'7ate charge" not to exceed iour centa (dc) for ~ach one dollar (i1.00> ot each monthly installment payment required on the note and under thia Mortgage which Is more than niteen (15) dsys in arreais, to cover the extra expenae involved in handling dellnquent py?ments. 2 To psy. when pe~yable. sll taxes and a~ments. geaeral or spec[al, water renb and ground rents and sU other charges whaboe~ver levted upon or assessed or placed aBainst the premises, pmvfs[on for which has not been made here- inbefore, and wlll promptly deliver the o8iclal rec~efpts therefor to the Mortgagee; to llkewise pay all taxes. assesa~nents and other cbarges, levied upon or assessed, placed or made agaiost this instrwben~ or the indebtednas or ~any interest oi tbe Mortgsgee in the premises or t6e obllgatlons secured herebY. Provided that the psyment oi any such tax assest- ment or charge by the MortgaSor is not contrary to lsw or would not resuit in the ps7rment of an unlawlul rate oi inter- est on the indebtedaess hereby se~ured. In the eveat of the p~ssage aiter the date oi this Imtivment of any law oi the State, or subdivision thereot. wherein the premiaes are situated. creating or prov[ding ior any tax. assea~ent or charge ' which by the above provlso is not to be paid by the Mortgagor. the indebtedness secured hereby together with interest due 'i thereon, sMll, st ~e option oi the Mortgagee, become immediately due and payable, and in the event payment there- ~ oi b not made forthwit~h, the Mortgagee may take or esuse W be taken such action or prooeeding as may be taken here- under in t]?e ca~e oi any other default in the payment oi the indebtedness. ~ 3. To keep the buildinga and add[Uons thereto on or hereafter erected or placed upon the land ir~wred ageiinst los4 ~ by ~re and such other haraMs. casualties and contingeQdes, including war damages tt at aqy tlme a state of war exiscs or it appean W the holder of the note that war 1s imminenk and in such amounts and for wch periods, as msy be requtred irom Wne to Ume bq the Mortgagee; and to pe~y promptly when due all premiuins on such insurance. provWon for pay- ment oi which has not been made hereinbefore. The polldes oi infurance shall have loas payable provlslons acceptable to the Mortgagee and stiall be delivered to and held by the Mortgagee, or as !t may direct, unt11 tLis Mortgage is astisSed. Renewal poHcies oi inaurance, premlums for which 1~ave been fulIy paid. are tb be l~rnfahed to the Mortga~ee at least ~ niteen dsys Prior to the expiration date oi the L~surance Uureby renewed. The fnwranoe sMll be anitten in companfes approved bq t6e Mortgagee; in no event ahall the Mortgagee be held responaible for failure to pay tor any insurance ~ written or for any lo6s or damage gm~wing out of a deftct in any pollc~ or ge+o~i~+[ng out o! an,y failure ot any lnsurance ~ company W pe~y for any loaa or damege insured againaG In the event oi loat the Mortgagor ahall g[ve itnmediate noUoe by mall to the Mortgagee who may make proof of lo~s ii not made pmmpUy by the Mortgagor; each lnsurance company concerned fs, hereby suthorized and dtrected to malce payment for loas din~ctly to the Mortgagee lastead of to the Mort- gagor and the Mortgagee fointly; the insurance proceed~. or any part t6ereof~ may be applied by the Mortgagee~ at its option. to the expenaes, ii any, incurred by it in the coDection thereof, to the reduction oi the Indebtedneas hereby se- cured, to We restoraUon or repair ot the property damaged, or rPleased to the Mortgagor without liabWty upon the Mort- gagee for such release. All polides oi insurance are hereby assigned b the Mortgagee as additlonal secudty for the pay- ment of the sums and interest aecured hereby; in the eveat a[ forecloaure of thb Moctgage or other trander a[ tltla to the premises in extfnguiahmeat oi the indebtednesa„ all right, tiUe and fnterest ot t4e Mortgagor in and to any lnwnace polides then in force shall psas to the purchaaer or grantee. 4. To «~mplete wit6ln a reaaonable time any buildiag or bufldings now or at any time in the prooe~ oi erection upon We land and to prompW? repafr. reatore or rebuild any buitding or irrprnvementa novv or hereatter an the Lad wWch may become 8amaged or be destroyed, and not commit or permit to be doae or add oa or about tbe premf~es anythinY ahereby tF~ premisa shall beo~me lese valnable: W e~mply with all laws. rules. re8uletlons. or ondinances oi any govern- mental ageacy and not vlolate or permlt the violatlon as to the premises ot aq~? buflding oe use restrictiom; to keep the land and improvements thereon tree lrom mechantc's and materialmen's liens and wlll not suser aqy Hen superbr to the IIen created by thfs fnstrumeat to attach to or be enforced against the premi~ea ~ 5. If detault be msde in the psyment oi taues. a~nents, llena, clalms, inwrance premlums or any other cZurge wLatsorver. os any part thereoi. or in the perloimaace oi sny act, to be p a l d or periormed b y the l~ort~a~or under tLe ~ P~s ~~~~5~ ~Y. at its option. make pqyment Wereoi or periorm any act requfred a[ tbe Mortgasor !n any forna or manner deemed ezpedtent and psy anY other snm that ls ncce~ary to protect the securlty oi tbis Lnstru- x weut: the amoun4 so patd. w1t1~ interest U?ereon from the dste o~ wch Pe~yment at the same rate ~s bosne by the prlu- ~ dpal Ir~debted~s, s6a11 be a~aes~ed as an additlonal lien oa the premises and sheli be added to and baoome a pnt oi the lwkbtedneat secut+ed hereby and be immMlately due aad pa~sbb W the Mort~agee. Mp p~ymeat Mteb~ autLorized to be ; a~~e by tLe Mort~a~ee me~y be assde accordin8 to atp? WI1. statanent or eatimste furnfshed or procurcd irom tbe appro- P~k Publlc o~ioe ae the partY ~S P~t witbaut faqutry lnto tl~e ao~vrae~r or valtdit7 th~rso~ an~l tbe rsoeipt o[ = any pnblle o~cer or party in tbe hands oi the Moct~~ee sbW be ooncludve evibeuoe o[ tLe valfdlqr and ~mount a[ items w PaW: the l[ort~asee sbali, at i4 oPtio4 be subro~ted to any d?cumbranoe. 11en. claim ae deiaand, aud to all tAe rltAtr ~ aad ~ecudtks fae tLe paymmt tbereo~ pafd or discbarred with the prindpal sum ~ec~u+ed herebp or by tLt flaetpsee tmdes ts! P~rWoos berea?. aad an~? wd? subt~atloII rl~hts thall be idditio~al :~`M cuinulatlw aecurll~ t0 tWs Yott- ~a BD01( ~ ~7e)1 ~ - - . . ~ . 3. sy;~ - ~ ~ y~~~e,.~~<.> ys ~,qy~ - s~ - r ' '