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HomeMy WebLinkAbout2475 ot the Mortgagee become tmmediately due and paysble. without noUce. and proceedings may be 1nsUtuted by the Hort- gagee for the recovery thereot by toreclosure ot thla Mortga~e, or 1n any other manner permltted by 4w as the Mort- gagee inqy elec~ anything ln the note or ta tlds Mortgage contaiaed to the contrary thereto notwlthstandinQ. Upon fore- closure oi tAis Mortgsge, the Mort~a~ee shatt be allowed as a part oi the indebteduesa secured hereby, aad the Mort- gagor agrees to p~y. aL caab and expenses incurred in connecUon therewlth. lrtcluding ressonaDle ettoraey's fees, coat oi Utle and tax search and thc extensioa to dste of en abatrsct ot title or title policy; end tn caae such loreclosure procecd- Ings are settled before the consummetioa thereot or tIIe entry ot ~udgment, eny such caats end expenses u?d other ' charges so lncurred. includtng a reaaonable ettorney's Iee. shall nevertheless be patd. The Mortgagee or say party in ln- t terest, being the hlghest bidder~ may be a purcheser st any foreclosure saie. My election by Lt~ Mortga~ee as hereln p:o- j vtded for inay be exerclsed lmmedlately upoa deiault, or at atty time thereaiter, and nothing shall be coastnted to be s waiver of such ttght unlesa evidenced by an instrument in wrlting to that ef[ect duly executed by the Mortgagee. The Mortgago~ watves all ri~ht of homesteed snd exempUoa granted by We Constitutlon and Laws of Flodds. ; AND THE MORTGAGOR FURTHER CONVENANTS AND AGREFS: 1. To pay the principal iadebtedneas with interest as in the note pmvided. To pay monthly unto the Mortgagee. ; in sddition to and at the tlme and place for each paymeat ot pdncipal and lntereat, an installment oi each oi the foAow- tr~g charges: ; (a) Taxes and assesm?enta, general or apecial. and all other charges levled or to be leWed agairiat the premises. (b) Premiums to become due and psyable for. nnd to renew. the lnsuran~c on the premises againat loas bq Sre and sueh otAer harac+ds. casualUes and conUngencies es herein provided tor or required irom Ume to time. The amount oi the respectlve monthly installments ahall be equal to the amount of the annual respecUve charge next due (as eatlmated by the Mortgagee)~ le~ all inatellraents already paid therefor. divided by the number oi monWy In- stallments therefor becoming due not later thau ane month prlor to the due date oi any sucA chsrge aad ahell be sub- fect to increase or decreaae to the extent required to create-as oi a monWy payment date oa the note aot less than one - month prior to the due date of any such cMrge. aa amount su~icient tor the_payrmeni thereoi when due• and payable. In no event shaU the Mortgagee receiving auch psyment be llable for any iaterest on any amount paid to it es herein required. and the money so received may be heid with its own funds pending payment or application thereat as herein pmvided. The Mortgagor shail turnish unto the Mortgagee at least Sfteen daya betore the due date an oIIicial statement ~ of the amount of any taxea or a~essmenta next due. and auch Mortgagee shall paq the above # the then unused credit therefor as and wAen they become severally due and ~~e amount oi payable. The Mortgagee may~ at its option, ~ pay any oi such charges when payable. elther before or after they eu^e delinquent. without aodce. or make advances ~ therefor ia exceas of the then amount oi credit for said charges. The exceas amount advsaced shall be lmmedlately due ~ and payable to the Mortgegee and shall be secured as an addiUonal prlndpal sum under thla instrument and bear the same rate of interest from date oi advancement as the pr[ncipel ladebtedness, An offletal receipt therefor shall be conclusive evidence ot auch payment and oi the validity oi such charges. The Mortgagee msy applq credits held by ft for the above charges, or any pert thereof, on eccount oi any delinquent installments of prindpal or Interest or any other payments maturing or due under thia instivment and the amount of credit existing at uny time shatl be reduced by the amount thereof paid or applled as herein provided. The amount of the e~cLtting credlt hereunder at the time oi any trander of the property shall without assignment thereof lnure to the bene8t oi the auccessor owner of the property and shall be appUed under and aubject to all of the provisions hereoL Upon the payment in full of the indebledness. the amount of any unused crEdit shall be applled to the payment thereof. Tbe Mortgagee may collect a"late charge" not to exceed four cents <4c) fot each one dollar (51.00) oi each monthly installment payment required on the note and under thts Mortgage which Ls more than Htteen (15) days in arrears, to cover the extra expense involved in handling dellnquent psyinents. 2. To pay, when payable, sll taxes and assessments. general or special, water rnnts azed ground rents and all other charges whatacever levied upon or assessed or placed against the premises. provision tor which has not beea made here- inbefore. and will promptly deliver the oStcial receipts thetefor to the Mortgagee; to llkewiae pay all taxes, assess~nenta and other chargea, levied upon or assessed. placed or made against this instrument, or the Indebtedneas or anq tnterest of the Mortgagee in the premteea or the obligations secured hereby. provIded that the payment of any ,a~tch ta~c assess- ment or cMrge by the Mortgagor is not contrary to law or would not result in the peyment of an unlawrful rate oi lnter- ` est on the indebtedness hereby secured. In the event of the passage atter the date of th3s inatnunent oi anq law of the ~ State, or subdivision thereof, whereIn the premises are situated, creatixig or providing ior ar~y tax~ a~ssment or charge 3 rvhich by the above proviso it not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due - thereon, shaU, at the option of the Mortgagee, become Immediately due and payable. and !n the event payment there- ~ oi b not rnade torthwith, the Mortgagee may take or ca~e to be taken such action or proceeding es may be taken here- ~ under in the c~se oi any other default in the payment of the indebtedness. ~ 3. To keep the buildtngs and addltions thereto on or hereaiter erected or ptaced upon the land insured against loss ~ by fire and such other hazards. casualt~es and rnntingeacles. including war damages if at any time a state oi war exlsts or ~ it appears to the holder of the note that war is imminent, and in such amounts and ior auch periods, as may be required irom Wne to time by the Mortgagee. and to pay promptly when due aU premiums on such insurarece, provision for psy- ment oi which hes not been made hereinbefore. The policies of insurance shall have loas payable provisions acceptable to li the 1?iortgagee and shall be delivered to and held by the Mortgagee, or as it may dlrect, unt[I thfs Mortgage fa snt~sfied. , Renewal poIicies ol insurence, premiums for wt~ch have been lully paid, sre to be iurnlshed to the Mortgagee at leagt ' Sfteen days pdor to the ex~iration date of the insurance thereby renewed. The inaurenoe st~all be written in companies ~ ~ approved by the Mortgagee; in no event s~iall the Mortgagee be held responaib2e for lailure to paq tor any insurance ; writlen or for any lass or damage growing out oi a defect ln any poHcy or gmwing out oi any fallure of any insurance ~ company to pay for any loss or damage insured against. In the event of losa the Mortgagor shall give taunediate notice ; by maiI to the Mortgagee wha may make proot ot losa It noi made pmmpUy by the Mortgagor; each insursnce company ` concerned Is, hereby authorized and directed to make payment tor losg direcUy to the Mortgagee instead oi to the Mort- _ gagor and the Mortgagee fointiy• the insurance proceeds, or any part tt?ereof. may be applled by the Mortgagee, at its opt~on. to the expen;es, if any, lncurred by it in the collecUon thereof. to the reduction of the indebtednea~ hereby se- cured, to the restoraUon or repair oi the property demaged~ or released to the Mortgagor ~ithout llabWty upon the Mort- - gagee for such release. Atl pollctes o[ Insarance are hereby assigned to the Mortgagee as additional secudtq for the pay- ment of the sums and interest secured hereby; in the event oi foreclosure oi thfs Mortgage or other transler of titlQ to the - premises in extinguishment of the indebtedness. all rlght, title and tnterest oL the Mortgagor in and to any inturance pollcies then in torce shall paas to the pnrchases or grantee. 4. To complete wifhin a reasonable time any building or buUdings now or at any time in the pro~:eeag of erection upon the land and to promptly repair. restore or rebulld any bullding or improvements now or hereaiter on the land whic4 may beoome damaged or be destroyed, snd not commlt or permit to be done or exist on or about the premises anything whereby the premfses shall become less valuable; to comply with all laws, rules. reguladons, or ordinances of any govern- mental agenry and not violate or permit the vtolatlon as to the premisea o! anq building or use restrictions; to keep the land and improv+ements thereon iree irom mecheniNS and materlalcnen's llens and will not suffer any lien supeMor to the lien created by thia instrument to attach to or be entorced against the premiaes. 5. It detault be made in the payment oi taxes, s~ssments, tlens, claims. insun~nce premfums or any other charge whatsoever. or any part thereot, or W the performance oi any act, to be paid or pertormed by the Mortgagor under the pmvidons hereof, the Mottgagee may, at its option, make pe~yment thereof or pertorm any set requtred M the Mortgagor in any form or manner deemed eapedient and pay aay other sum that b neoes4ary to Qrotect the aecurity of tbla instru- ~ ment• the amounts so paid, wlth interest thereon trom the date of such psyment at the same nte as borne by the pr[n- ~ dpal indebtedness„ shall be a~es~ed as an addltional llen on the premisea and shall be addM W and beoome a pert oi the ' indebtedneas secured hereby e~nd be immediately dne aad p~yable to the Mortgagee. Any payment hereby tutbod~ed to be ~ made by the Mortgagee ma~y be made according to any bill. stateraent or estimate furnishtd or procured trom We eppro. ~ priate public osice or We pnrty cWmfng paymeat witlwut inquiry into the accuracy or vaitdity thereo~ and the n~oeipt oi ~ anq pablic olDoer or party in the hands of the Mortgagee aball be conclusive evidence ot tbe vWdity aud emount M ltemt ao paid: the MortBaSee sha11. at ib opUo0. be subrogated to eny encumbrance. Deq claim or dunand, ~nd to all the rlQhts j and aecudties for the payment thenoi, patd or discl~arged ~vith the P~~P~ sum aecared hereby or b~? tbe Most~a~ee iu?der tUe pravWons hercoi. and any wch wbrogation rights s2ull be addidonal aad cumulatlve ~ecurltp to tbts Mort- t~- ~ ~ 8 0~ 1~1 ~z4 ~5 _ _ _ ~.n_ . _ _ ~ : - .