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Home My WebLink About0932 . _ ot t!?e Moct~a~ee become immedLtdy due end payaDle. without noUce. and pcoceedin~s may be 1nsUtuted by the ytort- p=ee for the nco~very thereot by torecloaure ot thls MortQaQe. or !n any other manner pern~itted by Utw as the Mort• ~ d~ ~ tN~s Mo~ t~he Mort~a~ee~sl~W~b~e W~~ o~wM a~~P~rttor ~~na acMn~ s~ecpur~ed~he~ uth~e Mf os~t- [~8~ ~i~ ~ WY. W costs aad expenses lncurnd ta connectlon therewlth, tr?cluding reason~ble attoraey's tees. oost o[ tlUe aad tax search u~d the extec~sioa to date of en abatract ot title or UUe poDcy; aad !n case meh toreclosure proceed- ings are aetUed betore the consummatlon thereof or the entry ot iudgment. any such coats and expenses and other chuges so fncurred. lncludins a reasoaable attorne~s fee. ~hal1 nevertheless be patd. The Mortgagee or u?x party tn !n- terest, betaQ tAe hlghest bWder. may be a purchaaer at any torecloaure sale. Any electloa by the Mortgagee as herein pro- vtded for may be exercimed im~nediatdy upon detault, or at ~ny tlme therea[ter, snd aothing shall be coAStrued to be a ' walver ot such r[ght udess evidenced by sn instrument in writing to that ettect duly executed by the Mortgagee. The ~ Mortgagor wdves all rtght ot lwmestead and exemptlon Branted by the Conatitution and I.tws vi i ivriwi. ; AND THE MORIGAGOR FURTHER CONVENADTI'S AND AGREFS: ~ 1. To pay the principal Indebtedness with interest as in the note provlded. To pay monthly unto the Mortgagee. j ln addttion to and at the time and place for each payment o! principal and interest, an installrnenL ai eaclc o! the foAow- in6 cMrSes= <a) Taxes and a~?ents. general or special, aad W other cLarges le~-ied or to be levied against the premises. ib) Premiums to become due and payable for._and to renew. the lnsurance on the premL~es against loss by Sre and such other haiards. casualUea and cau?tingenctes e~s herein provided tor or required irom time to Ume. ! The amount oi the respecUve monthly iattallments shall be equal to the amount of the annual respect[ve charge next f due (as eWmated by the Mortgagee). less all InstaLmenta alceady paid therefor. divided by the numDer of raonWy 1a- ! staIIments therefor becoming due not Yster thnn one month prlor to the due date of any such cLarge u?d shall be aub- ~ i fect to increase or decrease to the eutent requtred to create ~ of a monWy paymeat date on the note not ltss than one ~ month prlor to the due dnte of any svch charge. an amount suffictent for the payment thereoi when due aYfa psyable. : In no event shall the Mortgagee rece'ivinB auch PaYment be liable for any interest on any amount patd to it as herein ; requtred~ and the money so received may be held with its own funds pending payment or application thereoi aa herein ' provlded. The Mortgagor shall furnish unto the Mortgagee at least niteen days betore the due date an o~icial statement ai the amount of aay taxes or assessments next due, and such Mortgeigee shall pay the ebove charges to the amount of the then unused credit therefor as and when they become severally due and payable. The Mortgagee may, at 1ts option. . g~y mny oi such charges when payable, elther before or atter they are deltnquent. without notlce. or make advances therefor in exceas of the then amount ot credit for said charBes. The excess amount advanced shall be tmmediately due and payable to the Mortgagee and shall be secured ea an addiUonal prindpal sum under this instrument and bear the ssme rate of tnterest Lrom date oi advancement as the pdncipal indebtedness. An official recelpt tLerefor ahall be conclus[ve rvldence of such payment and ot the validity of such charges- The Mortgagee may epply credits held by it for the above charges, or any part thereot, on account of any delinquent installments oi prindpal or lnterest or any other payments maturing or due under this instrument and the amount of credit existing at anY time shall be reduced by the amount thereof patd or applied as herein provided. The amount of the existing credit hereunder at the Wne of auq transter of the property shall without assignment thereof inure to the bene8t oi the successor owner of the pmperty and shall be applted i under and subject to all of the provisions hereof. Upon the payment in full of the indebtednesa, the amount of any ' unttsed cred[t shall be applied to the payment thereot. The Mortgagee may collect a"late charge" not to exceed tour cents (4c/ fot each one dollar (=1.00) of each monthly instailment psymenl reyuired on ihe note and under this Mortgage which is more than Sfteen (15) days in arreses. to cover the eatra expense invoived in handling delinquent payments. 2 To pay. when payable, all taxes and assessments, general or special, wster tents and ground rents and all other chatges whatacever levied upon or assessed or placed against the premises, provision for wAicA hss not been made here- fabefore. and will promptly deliver the ofticial receipts there[or to the Mortgagee• to llkewiae pay ell taxes, asses~ents and other chargea. levied upon or assessed, placed or made against this instniment, or the indebtedneas or any Interest of t~ Mortgagee in the premises or the obligations secured hereby, pmvided that the payment of any such tax assess- ment or chsrge by the Mortgagor is not rnntrary to law or would not result in the pavment oi an unlawtul tate of lnter- est on the [ndebtedness hereby secured. In the e~•ent of the passage after the date ot this lnstrument of any law of the .,~~iair. va auwi~iSivn uac:~.:. t w::~=~i`t~, creating or providing for any tax, a.tsessment oc charge ahich bq U?e above proviso Ls not to be paid by the Mortgagor, the indebtedness secured hereby together with interest due I thereoa, sMll. at the optiop of the Morigagee, become immediately due and payable, and in the event payment there- of b not mede forthwith. the Mortgagee may take or ca~se to be taken such actton or pre~~ing as rrjay c,e ia:cer~ i~erf- - ~ under ln tIIe case of any other default in the payment of the indebtedness. ~ 3. To keep the buildings and additions thereto on or hereatter erected or placed upon the land insured against la~ ~ by fire and such other hazards, casualties and contingencies, including w~r damages it at any tlme a state oi war e~dsts or ~ it eppesrs to the holdtr of Lhe noLe thst i~esr is :^2sniner.i, and 9~ ssc!: s.~xo~esiis and for such pertods. as may be required ~ imm time to tlme by the Mortgagee, and to pay prompUy when due al! premiums on such iiuurance, provWon for pay- meni of which has not been made •hereinbefore. The policies of insuYance shall have loss payable prov~fa[ons acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or aa it msy direct, nntil thls Mortgage b satistfed Renewal policfes of insurance. premiums for which ha~e been tully paid, are to be furnished to the Mortgag~ee at least Siteen days pdor to the expiration date of the insuraAce thereby renewed The insurance shall be written ia cotnpanies apprnved by the Mortgagee; in no event shall the Mortgagee be held responsible for failure to pay for any in=urance written or for any loss or damage growing out of a defect in any policy or growing out of any fatlure oi anq insurance oompany to pay for any lass or damage insured against. In the event of loss the Mortgagor ahall give immedlate notice by mail to the Mortgagee who may make proof of loss if not made promptly by tt~e bSortgagor; each Insurance company ooncerned is. hereby authorfzed and directed to make payment for loss direcUy to the Mortgagee instead oi to the Mort- gagor and the Mortgagee joinUy; the insurance proceeds, or any part thereot, may be applied by the Mortgagee~ at its option, to the expenses, if any, incurred by it in the collection thereof. to the reduct~on oi the indebtednesl hereby se- cured, to the restoraUon or repair of the property damaged, or released to the Mortgagor wtthout liability upon the Mort- gagee for such releaae. All polides of insurance are hereby assigned to the Mortgagee as additlonal secudty for the pay- ment of the sums and interest se~.vred hereby; in the event ot foreclosure oi this Mortgnge or other transier of tltlo to Ne premises in extingufahment of the indebtedness, al! rlght, title and interest ot the Mortgagor in and to any it~wsance polides thtn in force shall pess to the purchaser or grantee. 4. To complete within a reasonable time any building or buildings now or st any Wne in the prooess oi erection apon tbe land and to promptly repair, restore or rnbuild any buUding or impmvements now or hereafter on the land which aWr become dam~gea or be destroyed, and aot oommit or permft to be done or ex~st an or about tbe pnemisa anything ~vhereby the premisa shall beoome less valuable;, to consply with all laws. rules, regulattons, or ordlnancea of any govern- mental'ageAcy aad not violate or permit the violation as to the premises of any bullding or use restrlcUons; to keep the ~ W~d and improvements,thereon iree irnm mechanic'a and materialmen's llens and wlll not suffer enq lien superfor to the lien created by tbis instrument to attach to or be enforced against the premises ~ 5. It detault be•made in tbe payment of ta~cea. as~Pssments, liens, claims, insurance premiums or any other charge whatsoever. or any part thereof, or in the pertormance of any ac~ to be paid or performed by the MortQagor under the ~ prpvldons hereoi, tLe Mortgagee may. at its optjon, make p~yment thereof or pertorm anq act requtred of the Mortga~or in any form or manner deemed expedient and pay any other sum that is necessary to protect the secudty of tbls lnstru- ment; the aa4ounb so paid. wlth interest thereon from the date of such payment at the sune sate as borne by the prin- dpal indebtedneaR ~all be asseased as an additionel llen on the premiaes and shall be added to and beoome a part oi the ' lodebtedneas secured hereby md be immediately due and payable to the Mortgagee. My psyment hereby autlari~ed to be i made by the Mortgagre msy be made acooMing to any bW, statement or estimate furnlsbed or procnred irom the appro- } prlate publlc offioe or the party cla[minB PaYa?ent witbout lnqu[ry into the accuracy or vallditp thereo[. and tbe rcoeipt o! aay publk oIDoer or party in We hsnds of the Mortgegee ahsll be conclusive evldeace oi the validity and amoant ot ltemr w pdd• the Mortgagee shall, at ib optlon, be submgated to any encumbrance. llen, claim or deinand, aad to all tbe r1~hb aM aetudtles far tlfe paymeat thereoi, patd ~ di~arged with the principal sum sccured hereby or by tlje l~ort~ee ~ nader tae provldoos henwf. aad aay such subrogadon dghta shall be eddiUonsi and cumulatlve ~ecudty to tl~fs ltort- i~- ~ ~ - -v . F - : ` - , _ ~ '.3 ~