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HomeMy WebLinkAbout2655 ot the Mort~agee become lmmedlauly due and payable. atthout notlce, and proceedtngs msy be instltuted by the biort- ; ~e~ee tor the reeovery thereot by ioreclosure ot ttds Mort~a~e. or U? sny other manner permltted by law es the Mort- ~ ~agee may elect. a~U?thlas 1n tt~e note or ta thls Mort~a~e oaatatned to the ooatrary thereto notwithstandln~. Upon fore- closure o[ thls Moct~aQe, tbe Mort~ee sAa11 be allowed as • Part of the Indebtedneas secured hereby, aad the Mort- ~ 8~8or to psy~ all co~ta ~nd expea~es incurred ln connectioa therewith. Indud[n~ reasor~able attorney's lees. oost ot dtle and tex seasch and tM extendon to date ot aa ~bstr~M oi title or tttle poUcy; snA in case such foreclosure proceed- ~ ings are aettled betore the con=ummation therPOt or the entry~ o[ iudgmen~ any such costa and expenaes and other ~ charees w lacurred. Wcludln~ a reawnable ~ttornry's fee~ shall nevertheless be patd. The Most8e8ee or aiU? Ps~Y ar teces~ betng the higheat btdder. may be a puschaser at any forecloaure aale. Any elecUon by the Mortgs~ee as herein pro- ' vlded for may be exerclsed lmmedlatel,y upon default, or et any Ume thereetter. and nothing sMll be construed to be a ~ walver of sucA right unless evidenced by an lnstrument fa wdting to that eftect duly executed by the Mortgagee. The ' MortgaQor wdves W ri~ht oi horaestead and exemptioa ~nnted by tbe ConsUtution and Lnws ot Flodds. AND THE MORTGAGOR FURTI~IEIt CONVENANT8 AND AGREES: l. To pay the prlncipal lndebtedness wlth interest as !n the note pmvided. To pay monthly unto the Mortgagee. 1n eddtUoa to and at the Ume end place for each payment oi pr[ncipal and laterrat, an installment oi ee~ch of the follow- in8 chsr6'ea: (a) Taxes and escessnents. general or special. aad all other charges levied or to be levied against We premises. (b) Premiums to become due and payable for. and to rraew. the fnsurance on the premises agafnat loas by flre and sttch other harards. caswltles and contln8encies as herein provided for or requ[red irom time to time. The amount of the respecttve monthly lnstallmenb shall be equel to the amounl of the annual respective charge next due (as esUniated by the Mortgs~ee). leat all tnstallments alreadY pdd theretor. divided by the number of monWy In- stallments therefor beoomin~ due not later than eae month prbr to the due dete of aqy wch chsrge and shall be suD- iect to increase or decrease to the extent n9W~ to create es of a monthly payment date on the note not less than one month pdor to the due dste of any avch charSe. an artwunt suQtclent tor the payment theceoi when due aad payable. In no event ahsll the Mortgegee recetvtng such paymeat be Ilable tor any interest on any uaouat pald to it as herein required. and the money so reoeived mqy be held with Its own funds pending payment or appUcaUon thereoi as herein provided. 'The Mortgagor shall furnish unto the Mortgagee at least Stteen days betore the due date an o~icial statement of the amount of any tsxes or assessznents next due. and such Mortgagee shali pay the abave charges to the amount ot the then ~u?wed credit therefor as and when they become severally due and payabte. The Mortgagee may. at its opUon. pay anyr ot such charges when payable, etther before or dter they ere deUnquent. without aotice~ or make advances therefor in excea oi the then amount of credit for said charBes. The excess anount advmced shall be immediately due and payable to the Mortgagee and shaA be secared as an addltional prindpal sum under thla instrument and bear the same rate ot interest trom date of advancement as t1?e principal indebtedness. M ostcial receipt therPfor shali be concluslve evidence of such payment and of the valIdity of such charges. The Mortgagee may apply credits held by it for the above charges, or any part thereot, on account oi any dellnquent lnstallments ot pr[ndpal or Interest or any other payments maturing or due under this instrument and the amount ot credit existing at anY tlme shall be reduced by the amount thereof patd or appl~ed as herein provided. The amount of the existing credlt hereunder at the Wne of any transfer of the property shell without assignment ther.~of inure to the bene6t of the successor owner of the property and shall be applied under and subjeM to all ot the provisions hereof. Upon the payment in full ot the indebtedness, the amount of any unusFd credlt shall be applied to the pay~ment thereof. The MOrtgagee may collect a"Iate charge" not to exe~ed four cents !4c? for each one dollar <i1.00) of each monthly lnstallment payment required on the note and under this l?iortgage whtch is more than flfteen (15) days in atresis, to cover the eatra expense ~m•oh•ed in handling delinquent payments. 2. To pay. when payaDle, all taxes and assessments. general or special, w•ater rents and gmund rents and all other charQes whatscever levled upon or assessed or placed against the premises. provision for which has not been made here- inbefose, and wW promptly deliver the official receipts therefor to the Mortgagee; to likewise pay all taxes. assess~nenta y?d other charges. levied upon or assessed. placed or made against this instrument, or the tndebtedness or any interest oi the Mortgagee in the premisea or the obligations secured hereby, provided that the payment o! any such tax assess- ment or charge by the ~tortgagor is not contrary to law or would not result in the pevment of an unlawtul rate of inter- est on the lndebtedness hereby secured. In the ecent of the passage a[ter the date of this instrutnent oi any law of the State, or subdlvWon thereof, wherein the pmmises are situated, creating or pmviding tor any tax, assessment or charge which by the above pmviso is not to be paid by the Mortgagor, the indebtednc-ss secured hereby together wlth Internst due thereon, shall, at the option ot the Atortgagee, become immediately due and payable, and in the event payment there- ' of b not made forthwith, the Mortgagee may take or cause to be taken such action or proceeding as mny be taken here- i under fn the case of any other detault in the payment of the indebtedness. i ~ 3. To keep the buiidings and additions thereto on or hereatter erected or placed upon the land insured against loss by fire and such other hazards, casualties and contingencies, including war damages if at any time a state oi war exists or it appeara to the holder of the note that war is immineat, and in such amounts and for such pedoda, es may be required irom time to time by the Mortgagee, and to pay promptly when due all premiums on such insurance, provlston for pay- ment oL which has not been made hereinbefore. The pollcies of insurance shaD have loss payable provLS[ons acceptable to the Mortgagee and shall be delivered to and held by the Mortgagee, or as !t may direct, until thls Mortgage is satisfled. ~ Renewal poDcies of insurance. premiums for which have been fully paid, are to be furnished to the Mortgagee at least Sfteen days prlor to the expiration date of the Insurance thereby renewed. The Insurance shall be written In compaNes approved by the Mortgagee; fn no e~ent shall the Mortgagee be held responsible for fallure to pay tor eny insurance written or for any loss or damage Rrowing out of a detect in any policy or growing out of any faliure of any insurance company to pay for any la6s or damage insured against. In the e~ent of loss the Mortgagor shall give immediate nottce by mall to the Mortgagee who may make proof ot loss if not made prompUy by the Mortgagor; each Insurance company ooncerned fs. hernby authorized and directed to make payment tor loss direcUy to the 1?tortgagee instead oi to the Mort- gagor and the I?iortgagee ioinUy: the insurance proceeds, or any part thereof, may be applied by the Mortgagee, at its option, to the expenses, if any, incurred by it in the collection thereof, to the reduction of the lndebtedne~ hereby se- r_ured, to the restoraUon or repsir of the property damaged, oc mleased to the Mortgagor wtthout liability upon the Mort- gagee for such release. All policles ot insurance are hereby essigned to the Mortgagee as additional security for the ~pay- ment of the sums and [nterest secured hereby; in the event ot foreclosure of thb Mortgage or other transter of tltlo to the premises in extingufahment of the Indebtednesa, all rlght~ title and interest of the Mortgagor in and to any insurance polldes then in force shall past to the purchaser or grantee. ~ 4. To complete within a ceasonable Wne any building or buildings now or at any tlme in the process of erectlon upon the iand and to prompUy repalr. restore or rebuIId any building or improvements now or hereatter an the land which may become damaged or be destroyed, snd not commlt or permit to be done or exist on or ebout the premises anything whereby the premises shall become less valuable: to comply with all laws, rules, regulations, or ordinancea oi anq govern- ~ mental agency and not violate or permit the vfolatlon.as to the premises ot any bullding or use restrictions; to keep the z land and improvements thereon iree from mechanic'a end materialmen's liens and wl11 not suffer nny lien mperior to the ~ Uen created by thls lnstrument to attach to or be eniorced against the premLqes. S. I! default be made in the payment of taxes, assessments, liens, claims, insurance premiums or any other charge ~ whatsoever. or any part thereof, or in the pertormance of any act, to be pald or performed by the Mortgagor under the providons hercoi. the Mortgagee may, at ita option, make payment thereot or pertorm any act reqWred o! the Mortgagor ~ fn any form or manner deemed expedient and pay aqy other sum Lhat is necessary to protect the securltq o! Ws tnstni- meat; the amounts so paid, wit!? interest thereor? irom the date ot such payment at the seme rate as borne by the prin- dpal lndebtednea~, shW be assessed as an addiUonal lten on the premises end shall be added to and become a part of the IndeDtedneas secured hernby and be immediateiq due and payable to the Mortgagee. My payment hereby authorized to be made by the Mortga~ee may be made accoMtng to any b111, statement or estimate furNshed or procured irom the appro- ~ priate public ot[ice or the party cWming payment witbout inquSry into the accuracy or valfdlty thereoi. snd the reoeipt of ~ any public o~icer or party in the hands ot the Mortgagee shall be conclusive evidence ot the valtditq and amount of ltems ~o pald: the Mortgagee shall, at its opUon, be subrogated to eny encumbrance, llen. clatm or demsnd, and to all the rlQhb ~ and ~ecudues for the payment thereoi~ pald or dbcl~arged w?[th the princtpal aum secured herebq or by the Mort~a~ee under t!k provWons hereof. aad any wch submgatlon dghta shall be additional and cumuLtive xcurftp to thls Mort- ~ sa~e. ~ ~ a~ z04 PA~E 2654 ~ ~ ~~~s: ~ ~ ~ ,~~r . _ ~ : - ,