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HomeMy WebLinkAbout0634 ot the Mortgsgee become immediately due and pay ble. witAout notice, &~d proceedings may De lnst!iuted by the Mort- gagee for the recovery then.w[ by foreclosure ot ~ Moriga~e. or !n sny other manner pe~mitted by law as the Mort- ~agee rtuy dect. anything ia the aote or in tAis Mort~e contslned W t!?e contrary thereto notwlthatandin~. Upon fore- closure ot thls Mortga~e, the Mort~s8ee shall be allowed as a part ot the indebtedness secured hereby. and 1Ae D[ori- gagor agrees to psy, ell costs as~d expenses lncurrnd in co~nectton therewitA. tncluding reasonaDle sttoraey's tees. cost ot title snd tax search ~nd the extenslon to d~te ot an sbstnct ai title or title pcllcy: and 1n case sucl~ fonclosure praeed- ings are setUed before ?.~e consummatlon it~ereot or the entry ot judgment. any such coats and expenaes and oWer charges so tnrurred. i~cluding a reasor~able attorney's fee, shall nevercReless be paid. The Mortgegee or any party 1n !a- terest, tein8 cl~e hlghest bldder~ may be a purcheser dt any forecloaure sale. My electlo~ by the Mortgagee as hereln pzo- vided for may be exerclsed imraedistely upon defsul~ or at eny tlme theceatter, and nothing shall be cautrued to be a waiver of such right unless evldenced by an lnatrument in wriUng to that eHect duly executed by the Mortgagee. The Mortgegor wsives aU right ot horaestead ~nd exemption Branted by the Constitution end I.sws oI Flodde. AND THE MORTGAGOR FURTEiER C~NVENAN'I8 AND ACREES: l. To pay tAe principal indebtedness vvitA Interest as in the note pmvided. To pay montNy unto the Mortgagee. In addition to and at the tune and place for each payment ot principal and interest, an installment of each of the follow- Ing charges: (e) Taxes and assessments. general or spectal. and all other charges levied or to be levfed against the premises. (b) Premlums to become due and~payable tor. and to renew, the insurance on the premtxs against loas by Sre and such other harards. cssualties and contingencies bs hereir~ pm~ided [or or require~ tmm Ume to tlme. The amount ot the respective monthly tnstallments shall bz equat to tRe amount ot the annual respecttve charge next due (as estimated by the Mortgagee). less all installments al~rady pa[d therefor, dividecl by the number of monthly in- stallments Werefor becomtn8 due not later than one moath pdor to the due date nt date on the no~te not less than o e ject to increase or decrease to the extent requlred to create as of a monthly paym month prior to the due dttte ot any such ctu~rge, an emount su[[iciPnt for the payment th2reof when due and payable. In no event shall the biortgagee receivin8 sucA payment be liable for any interest on any amount paid to i~ ds herein required. and the money so recetved ma~Y be held with it~ own funds p~nding payment or appIIcation thereoi ss herein provided. The Mortgagor shatl turnish unto the Mortgagee at least 8tteen daya before the due date an o8icial statement of the amount of any taxes or assessments next due. and sucR Mortgagee ahell pay the aDave charges to the einount of We then unused credit thernfor as and when they be~.~ome severally due and payable. The biortgagee mAy, at its option. pay any of such charges when payable, either Defore or after they are deltnquent. without ?iotice. or make advances thereior in excess of the then amount of credit for said chacges. The excess amount advanced shall be irnrnediately due and payable to the Mortgagee and shall be secured as an additional principal sum under thls instrument and bear t!?e same rate of [nterest trom date ot advancement as the principal i~debtedness An otfictal receipt theretor shall be conclusive evidence ot such payment and oi the ~•alidity of such charges. The Mongagee may appiy credits he13 by it for the abo~~e charges, or any part theraof, on account of any deltnquent instaAments ot prindpal or intere~t er eny other payments matudng or due under this instntment and the amount ot credit existing at ttnY time shall be red~.~ced by the amount thereof paid or applied as herein provided. The amount of the existing credit hereunder at the :ime of any transfer ot tDe property shall wfthout assignment thereof inure to the benefit o[ the successor owner of the property and shall be applled under and subject to ail of tRe pro~•isions hereot. Upo:? the Pa3-ment in full oi the indebtedness, the amount of any unused cr~dit shall be applied to the pa~men! lhereot. The Morigagee ma~ collcct a"I~te charKe" not to exceed four cents (4c? _*^r each one doller (=1.00) ot each monthly installment payment re:~uired on the note snd under this Aiortgage which is more than fitteen 1151 days In arrears, to cover the extra expense im•ot~•c~ ir~ handling delinquent payments. 2. To pay. when payable, all taxes and assessments, general or ,~ccir., w-ater rnnts and ground rents and all other charges whatsce~er le~•ied upon or assessed or ptaced against the pr~ rr.' -s, pro~•ision for which has not been made here- inbefore, and will prompth~ deli~•er the ot[icial rece~pts theretor to the DSortgagee; to likewise pay nll taxes. assessments end other charges, levted upon or n~.~~ed. placecl or made against this instrument, or the indebtedness or any interest ot the Mortgagee in the pcemises ur the obligatio~~s secured hrreb~•, pro~-ided that the payment of any such tax assess- ment or charge by the ~fortgagor is not cor~tran~ to law or ~~ould not result in the pavme .t ot an unlawful rate of inter- est on the indebtedness hemby secured. In the c~ent o[ the passage atter the date o[ this instrument of any law of the State, or subdivision thereof, v~herein the ~~i~•mises are situated, creating or pro~•iding for any ta~c, assessment or charge which by the above pro~iso is nvt to be paid by the Mortgagor, the indebtedness secured hernby together with interest due ~ thereon, shall, at the option ot the 4Sortgagee, become immediately due and payable, and in the event pr.yment there- of Cs not made forthwith, the 1?iortgagee may take or caus.: to be taken such action or proceeding as may be taken here- ; under in the case of any other defau{t in the pa}•me~t of the indebtedness _ i ! 3. To keep the buildings and additions thereto on or hereafter erected or placed upon the land insured against loss ~ bx 5re and such other hazards, casualties and contin~ertcies, includir.g war damages if at any time a atate of war exists or it appears to the holder ot the nute that war is imminent, and ir. such amounts and for such pertods, as may be requlred from t[me to time by the I?Sortgagee, and to pay promptly when due all premiums on such [nsurance, provision for pay- ment of which has not been made hereinbefore_ The policies ot insurance shall ha~•e loss payaDte prorLdons acceptsble to the Dfortgagee and shall be deli~•ered to and held by the DSortgagee, or as it may direct, until thls biortgage is satisRed. Renewal poiicies of insurance, premiums for which ha~e been fuUy paid, are to be furnished to the Mortgagee at least flfteen days prior to the expiration date of lhe insurance thereby renewed. The lnsuranoe shall be wrltten in companies appruved by the Mortgagee: in no e~-ent sha11 the :?tortgagee be heid responsible for failure to pay for any insurance written or tor any loss or damage grov?ing out ot a detect in any policy or growing out of any failure of any insurance rnmpany to pay for any lass or damage insurc•d against. L~n the e~ent ot loss the Mortgagor shall give Immediate notice by maii to the Mortgagee n ho may make proof ot loss it not made promptly by the Mortgagor; each insurance company concerned is.hereby authorised and direeted to make payment for loss directly to the Mortgagee instead of to the Diort- gagor and the Morigagee jointly; 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, ta the reduction of the indebtedne~ hereby se- r.ured, to the restoration or repair of the property damaqed, or released to the Mortgagor without liability upon the I?iort- gegee for such release. All policies ot insurance are hereby assigned to the I?iortgagee as additional securfty Lor the pay- ment of the sums and interrst secured hereby-; in the event ot foreclosure of this Mortgage or other transier oi tltiQ to the premises in extinguishment ot the indebtedness, all right, titie and interest ot the Mortgagor in and !o any insurance policies then in force shall ~ to the purchaser or grantee. 4. To complete within a rEasonable time any building or buildings now or at any time in the process of erecUon npon t6e land and to prompUy repair, restore or rebuild any building or improvements now or herestter on the land which may become damaged or be destroyed, and not commlt or permlt to be done or exlst on or about the premtses anythli?g whereby the premises shall become less valuabte; to comply with all laws, rules, regulations, or ordinances of any govern- ~ mental agency and not violate or permit the violation as to the premises of any bui:ding or use restricUona; to keep the tand and improvements there~n iree iro~~~ mechanic's and materiaimen's liens and wiil not sufter any Iten saperior to the Ilen cr ated by thi~ Instrument to ~ttach to or be enforced against the pmmises. ~ 5. I[ detault be made in the pay-ment of taxes, assessments, liens, clairrL, fnsurance premiums or any other charge wha~scever, or eny part thereof, or In the performance oi any act, to be paid or periormed by the Mortgagor nnder the pmvidons hereof, the Mortgagee may, at its option, make payment thereot or pertorm any act required ot the Mortgagor In any form or manner deemed expedient and p3y any other sum that is necessary to pmtect the securlty of this instru- ~ ment• the amaunts so pafd. with interest thereon irom the date of svch payment at thP same rate aa borne by the pr[n- cipal ind2btedneas. shall be assessed as an additional lien on the premises and shall be adGed to and become a part of the ~F Indebtedness secured hereby and be immediately due and payable to the Mortgagee. My payment hereby authorized to be ~ made by the Mortgagee ma~ be made accordLzg to any bW, statement or estimate furnlshed or pracured irom the appro- ~ prfate public office or the party claiming payment wlthout inquiry into the acc~~racy or valldity thereof, and We receipt of ~ any pubiic officer or pnrty in the hands oi the Mortgagee shall be conclusive evidence of the validity and amount ot itetru ~o pa(d• the Mortgagee shsil, at its option, be subrogated to any encumbrance, llen. claim or demand, and to all the rtgnts ~ and secudUes for the payment thereof. paid or discharged with the princfpal sum aerured hereby or by the Mort~agee under tIk provisloa+ hereot. Ynd any such subrogatlon rlghts shall be addlttonal and cu.mulatfve ~ecudtp to tbla Mort- ~ ~ :~;i ~ aoox 211 ~4 t ~ ~ ~ _ - rr ~ _ _ ~ . _ r: - ~ - - _ - r ::,~s! , _ . - .