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HomeMy WebLinkAbout3256 pr~ncipal sum and accrued ~nterest shall becon~e due and payable w~thout notice at the uption ot the holder thereaf. And shall duly, promptly, and (ully perionn, d~scharge, execute, e(fect, cnn~plete, and com~~ly wdh and abide by each and every the stipu lat~ons, agreements, cond~t~ons, and covenants of said prornissory note and th~s mortgage, then ihis mo?igage and the estate hereby created shall cease and be null and vo~d. Ar.~ ±!ie Mortgagors turtlier covenant as tollows: 1. Tliat they wiH pay ttie i~debted~ess, as he~einbefore p?ovided. 2. That, in orde~ more fully to protect the security o! this mo~tgage, the Mortgagors, togetl~er with and in addition to, the montlily payments under the terms of any notes secured hereby, un tl~e f~rst day of each montt~ until said note is fully paid, will pay to the Mortgagee t1~e tollowing sums: (a) A sum equal to one•twetfth (1 ' 12) ot the premiums that w~ll next become d.:: ~r,~ r~;ahle on policies o( lire and other liazard ins~~rance covering the mortgaged property, plus taxes and assessnients nezt due on tAe mortgaged prope~ty (all as esti- mated hy the hiortgagee). (b) Alt payments mentioned in the preCeding subsection oi this paragrapl~ and all payments to be made under any note secured hereby shall be added to~ether and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be appl~ed by the Mortgagee to the following items ~n ihe order set forth: I. Taxes, assessments, fire, and hazard insurance premiums; 11. Interest on the note secured hereby; and I11. Amortization of the principal of said note. Any deficiency i~ the amount of such agg~egate monthly payment shall, unless made good by the Mortgagors prior to the due. date of the nezt such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"tate charge" not to exceed two cents (2C) for each dollar of each payment mo~e than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actualty made by the Mortgagee, for tazes and assessments and insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the rnonthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufticient to pay taxes and assessments and in- surance premiunts, as the case may be, when the same sball become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deticiency, on or before the date when payment of such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represertted ihereby, the Mortgagee shatl, pay to the Mortgagors all amourtts then remaining in the tax and insurance escrow account heid in connection with this loan. It there shall be a default - under any of the provisions of this mortgage resulting in a puolic sale of the p~emises covered hereby, or it the Mortgagee atquires the property otherwise after default, the Mo~tgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under {a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That ihey will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- tions, tor which provision has not been made hereinbetore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or sufier no waste, impairment, or dete~ioration of said property or any part thereof; and in the event of the iaiture of the Mortgagors to keep the buildings o~ said p~emises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and ihe tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the Iien of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, inctuding reasonabte lawyer's fees, artd costs ot abstracts of title, i~curred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly and fuUy to pertorm the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediately due and payable and shall be secured by the lien of this mortgage. , 7_ That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by tire or other hazards, casualties, and continge~~cies in such amounts a~d for such periods as may be required by Mortgagee, and will pay prompily, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee ; and the ~,o0ires and renewats tiiereof shatl be heid by Mortgagee and i~ave attached tF~ereto iuss payabie ciauses in favor of and ~ in fo~m acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expi~ateon of exist- i ing policy. In event of loss, they will give immediately notice by mait to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is he~eby authorized and directed to make payment for' ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance p~oceeds, or any part thereof, ~ may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- ~ pai~s of the property damaged_ fn event of toreclosure of this mortgage or other transier of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all right, title and interest oi the Mortgagors in and to a~y insurance policies s then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi ± for the appointment of a receiver, and such tourt shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, inctuding aN and singular the intome, protits, issues, and revenues from whatever source derived, each and every of wfiith, it i being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective funetions and powers in anywise entrusted by a court to a receiver, ~ and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without reference to the adequaty or inadequaty of the value of the property mortgaged or to the solvency or insolvency of said ` Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such coU1t. ~ 9. That (a) in the event of any b~each of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and tulfy paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully performed; then in either or any such event, the said agg?egate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and alt moneys secured hereby, shall become due and payable forthwith, or the~eafter, at the option of said Mortgagee, as tulty and completely as if all of the said sums of money were originally stipulated to be paid on sutb day, any f thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter; at the option of said Mort- ; gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said = premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure ~ of th,s mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount oi the debt ; not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee_ E ~OL^ J t ~.w~'~~r y.~' ~,3 _ . - . . s=.'~.~