Loading...
HomeMy WebLinkAbout0462 ! { ~ oL the Mortgagee become 4nmedlately due and payaDle~ without noUce. and proceedtngs may be Instttuted by the Mori- ~ ga~ee for tAe recovery thereot by torecloaure o~ tNs MoK~a~e. or ia ~~ay other mafu~er permitted by law as the Mort- gagee may elect. anythln~ !n the note or in this Mort~e oonWued to the o~ntnry thereto notwiW4ndin~. Upao fore- closure ot this Mortga~. tbe Mort~a~ee shall be Wowed as a part ot the indebtednese secured bereby. and the Mort- B+~Bos to PRY. all cosfs aad espenses fncurrcd in oonnecttoa therewtth. including reamnable attorney's fee=. oost ot tlUe snd tax search u~d tLe extendon to date oi aa abstract oi title or title po11cY: and in case wch ioreclasure proceed- Ings an setUed before We coasummation thereoi or the entry ot iudgmeat„ aay such ~asta and expeiua and ot6er charges so incurred. includtn~ a re~anable attorne~r's ice. shall nevertheleas be pafd. The MortYa~ee or.aqy party in in- terest„ being We Nghed bidder. may be a purchaser at ae~y forecloaure sale. Any electioe~ by the Mortga~ee as heretn pro- vlded for may be exerclsed lnunediate~y upon detault, or ~t any time thera~tter. and notAtna shaU bs oonstiued to be s wdver of such r(ght ualess evidenced by an lnstrument in wdUng to that ettect duly Pacecuted by the Mortgagee. The Mortg~or waivea all rl~ht ot homestead and exempUon ~ranted by tbe Constttutlon and I.i?wws Fic3i:~. AND THE MORTGAGOR FURTf~i CONVENANTS AND AGREFS: 1. To pqy the prindpal indebtedneaa wiih interest as in the note provided. To pay monWy unto the o:a:'.B88ee. in addltton to ard at the tfine and place for each psyment oi prlncipal and lnterest, an installmenL ±+i each ot the follow- ~8 ~r8'~~ Taxea aaa aasesanents, general or speclal. and all other charges levted or to be levted against the premises. (b> premiums W become due and payable for. and to renew. the insurance on the premttea against loas by Sre and wch otAer barard~„ casualties ewd eontlnQendes as hecein pmvided for or required irom tlme to time. The amount oi the respective monthly installtnenb shall be equal to the amount oi the aanual respecttve chsrge next due (es esUmated by We Mortgs~ee). lees all insWlm~4 aiready patd therefor. divided by the number oi zuonWy in- sWlments tAerPfor becomiag due not Lter thaa one month prlor to the due date oi any auch charge and sball be sub- ~ect to increaae or decrease to the extent rMu1z'sd to create as ot a monthly psyment date on the note not leas tMn one month pdor to the due date oi any such chatBe. an as?a~nt sufficient for the pqyment thereoi when due snd pe~yable. In no event atiall We Mortgsgce receiving such pa,yment be UsDle for auy intereat on eQy amount peid to tt as herein required. and the money so reoefved mAY ~~ld with ib own funda pendiag psyment or appllcaUoa thereoi aa herein prnvided. The Mortgagor shall furnish unto Uu Mortgagee at least nfteen dqys before the due date an oIIicial statement oi We aruount ot any taxes or a~nents next due, aad such Modga~ee NWl P4y the above charges to the amount oi the then unused credit therefor as and when they beoome severaUy due and p~yable. The Mortgagee msy. at its opUon. pqy any oi such charBes when payable. elther betore or atter they are deltnquen~ without nottce. or make advances therefor in excem oi the then amount oi credit for saW chasSea. The exca~ amount sdvanced ahall be fmmediately due and payable to the Mortgpgee and ahall De secured es an add[tlonal PrindPal aum under t,h[s instrument and bear the seme rate of interest irom date oi advancement as the prindWl lndebtednas. Aa oalclal recelpt therefor shall be conclusive evidence oi wch payment and oi tAe valid[q? o! such chaiges- The Mortgagee mqy apply credib held by it for the above charges, or any part thereoi. on account of any delinquent installmenb oi prlndpal or interest or any other payinents maturi~?g or due under tLis insttvment and the amount of credlt exiatlag at any time shall be reduced by the amount thereof paid or applled as heretn provided. The amount oi the existing credit beneunder at the time of aay transfer of the praperty shall wlthout ass~gnment thereot inui'e to the beneflt oi tLe suoceasor owner oi the property and shall be appIIed ! under and aubject to all of the provl~ions hereof. Upon the pa,yment in full of the indebtedneas. the amount of any ; unused credit shall be applled to the peyment Utet+eof. The Mortgagee may collect a'9ate charge" not to exceed four cents (4c) foi each one dollar (:1.00) of each monthly lnstallment pay:~;ent required on the note and under tt~ls Mortgage whlch is more than fliteen (15) dsys in arnars. to cover the extra expense involved in handling dellnquent payments. 2. To pay. when payable~ all taxea and asse~men~ts. general or special. water rents and grouad rents and all other charges whatsoever levied upon or aa~essed or placed agalnst the premises. provis[on ior whlch haa not been made here- inbefore. snd wW promptiy dellver the offtcial recelpts therefor to the Mortgagee; to llkewise pay all taxea. as~ess~nents snd other charges, levled upon or ass~ed. placed or made against this instruihent, or the indebtedneas or anq interest oi the Mortgagee in the premiaea or the obligaUona aecured hereby. provided that the payment oi any such tax ass~- ment or charge by the Mortgagor ia not contrary to law or would not result in the payment oi an uiilawtnl rate o! fnter- est on the indebtedness hereby secured. In the event of the passage after the date ot this Instrument oi any lsw of the State. or subdivLdon thereof. wherein the premiees are situate6. cirating or providing for aqy tax, aa~sment or charge which by the above proviso ia not to be pai~ by the Mortgagor. the indebtedness secured hereby together wlth interest due i thereon. shall, at the optlon oi the Mortgagee. become immediately due and payable. and in the event payment there- oi b not made forihwith, the Mortgagee may take or cause to be taken such action or prooeeding as may be talcen here- I under 1n the caie oi any other default in the payment of the indebtedness. ~ 3. To keep the buildin~s and addiUons thereto on or hereafter erected or laced u i b rire and such other hazaids, casualties and contingeACies. includin war p p°n the land tnsured against loss q g damages ii at aRy time a atate oi war e~dsts or ~ it appears to the holder of the note that war is i~nnainent, and in such amounis and for such periods~ as msq be requlred [ lrom time to time by the Mortgagee. and to pay proraptly when due all premiwns on such insurance. provWon for pay- ~ ment of which has not been made heieinbefone. The polictes of iasurance shall have lo~sa pqqable prnvislons acceptable to a Uu Mortgagee and ahall be delivered to and held by the Mortgagee, or as it may direck unt11 tWs Mortgage is satisged. ~ Renewal pollcles oi insurance. premlums for wWch have been fully paid. are to be furnfahed to the Mortgagee at least Siteen days prior W the eupiration date oi the fnsurance thereby rei?ewed. The fnsurance aMll be wrltL~ in companles appmved by tl~e Mortgagee; in no event shall the Mortgagee be held respona[We ior fsilure to pay for any insurance wrltten or for any loss or damage grovving out oi a defect in any pollcy or growing out o! any fatlure oi any insurance oompany to pay for any loas or damage insured agatnat. In the event of loas the Mortgagor ahall give ianmediate notice by mail to the Mortgagee who may make proof of loas if not made promptlq by the Mortgagor; each insurance company concerned b. hereby authorized and directed to make payment for lo~ directly to the Mortgagee lnatead of to the Mort- gagor and the Mortgagee ioinUy; the insurance proceeds. or anq part thereof, may be sppAed by the Mortgagee. at its option. to the expenses, if any. incurred by it in the colleMion thereoi, to the reduction oi the indebtednese hereby se- cured, to the restoraUon or repalr oi the property damaged. or releaaed to the Mortgagor without Aability upon the Mort• ' gagee for such release. All polldes oi inaurance are hereby assigned to the Mortgagee as additional secudty for the psy- ment oi the sams and interest secured hereby; in the event ot foreclosure oi thls Mortgage or other transfer ot Utla to the premfses in eutinguWimeat oi the indebtedness. all right, title and interest oi the Mortgagor in tu~d to anq insurance polides then in force shall pass to the purchaaer or grantee. 4 To complete wtthin a reaaonable time any bullding or bulldings nmv or at any time in the prooeas oi erectlon upon t6e land and to promptly repair. restore or rebulW anq building or improvements now or hereatter on the laad whtct~ may beoome damaged or be destmyed~ and not oommft or peradt to be done or e~dst on or about the premises anytbing ~ whereby the p~ sMri beoome less valuable: to comply with all lswa„ rules, regulatlona, or ordinances ot any govern- ° mental agency and aot vfolate or permit the violaUon as to the premises oi any buSiding or use restsictions; to keep the Lnd and improvements ihereon irne irom mechanic's and materlalmen's lle~s and will not suaer any Hen superior to the lten created by thls instrumeat to attach to or be eniorced agatnst the premisa. 5. Ii detault be made in the payment of taxes„ a~neats, llens, clafms. tnsurance premfums or any oWer charge whstsoever~ or any part thereoi. or in the pertormance oi any act, to be patd or pertormed by the Mortaagor undes the ~ provldons henwf, tAe Mort~agee msy, at its option. maice psyment thereof or rt agor In any form or manner deemed expedtent and pay any other sum that 1s n ~orm any act reqWred ~ the Mortgagor ment: the amounb ao ~ to protect tbe ~ecnrlty oi tAfs fnstiv- ~ paid, with interest thereon from the date of such papment at Uu aame rate as Dorne by t6e ptin- dpal fndebtednea. shall be asaea~ed aa an additlonal llen on the premtaes and shall be addM W and beoome a put oi the fndebtedn~ secured bereby and be immediately due and payable to the Mortgagee. Any p~yment hsreb~? authorlxed to be ~ made by the Mortgagee m~? be made sa~rding to any bill, statement or estimate furnfsbM or proeured lrom t6e appro- prfate publle offioe or the party cWmfn~ payment witDout inqutrq into the accuracy or vaUditp therea~ and the reoeipt o! ~ any publfc oitloer or party in the hends of the Mo~tga~ee abW be concludve evidence oi the valldtty and amoant M item~ : ~ w patd: the Mort~agee at?a11. at fts opUon. be subrogat,ed to aay encumbrance. l1en. claim ae dean~nd, aud to aU tl~ ri~ht~ i ~ aM aecudtles for the Qay~nent tbereof, paid oe d1sc2~arged with the pr[ncipal sum seeured hereby or bp tLe Mort~a~ee ~ ~ un8er tt?e Provldons bereo~ and aa~ such wbrn~tion rl~fita sbW be a~dditlonal and cumuLtive ~ecurll~ to ffifs lRort• s i~~• 1 a~ d00K ~ ! ~ PACE 462 ~ ~ ~ - - ~,,V~.~ .