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HomeMy WebLinkAbout1279 , ~ principsl sum and acuued inte~est shali become due and payable w~tl~out notice al the opt~on of the holder thereot. And shall duty, promptly, a~d tully pe~form. disthsrge, execute, el(ect, complete, and comply with and abide by each and every"the stipu• ~ lations, agreeme~ts, conditio~s, and cove~ants ot ssid promissory note and this mortgage, ihen this mortgage a~d the estate hereby created shall cease and be ~ull and void. And the Mortgagors tu~the~ cownant as follows: ~ 1. That lhey will pay the indeDted~ess. as hereinbetore provided. 2. That, in o~der more tutly to ~p~otect the security ot this mortgage, the Mortgagors, together with a~d ~n addition to, the mo~thly payments under the te?ms oi any notes setured he~eby, on the tirst day ot each month until said note is fully paid. will ? pay to the Mortgagee the foltowing sums: ; (a) A s~m equal to one-twelfth (1/12) of the premiums that will ~ext become due and payable on policies oi tire and other ? hazard insurance covering the moRgaged property. plus taxes and assessments next due on the mortgaged p~operty (all as esti• ~ mated by the Mortgagee). (b) All payments mentioned in the preceding subsection of this parag~aph and atl payments to be mada unde~ a~y note secured he~eby shall be added together and the aggregate amount thereof shaU be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the iollowing items in the order set to~th: I. Taxes. assessments, tire, and hazard insurance premiums; 11. Interest on the note secured hereby; and 111. Amo?tization of the principal of said note. Aoy deticiency in the amount of such aggregate monthly payment shall, unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event of detault under this mortgage, The Mortgagee may collect a"late charge" not to exceed two ce~ts (2~) for each dolla~ of each payment more than tifteen (15) d~ys in a~rears to cover the ezt~-a 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 ot payments actually made by ihe Mortgagee. tor taxes 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 Mo~tgagors. If, however, the monthy pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- surance premiums, as the case may be, vrhen the same shatl become due and payable, then the MoRgagors shall pay to the Mort- gagee aay amount necessary to make up the deficie~cy, on or before the date when paymeot ot such tazes, assessments. o~ insur- . ance premiums shall be due, lf 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 represented thereby, the Mortgagee shatl, pay to the Mortgagors al! amounts then remaining in the tax and insurance estrow account held in connettion with this loan. If there shall be a default under any of ihe provisions of ihis mortgage resulting in a public sale of the premises covered hereby. or if the Mortgagee acquires the property otherwise after default, the Mortgagee 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) oi paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note. ~ 4. That they will pay alf taxes, assessments, water rates, a~d other govemmental or municipal charges, ~nes. or imposi- tions, for which provision has not been made hereinbefore, 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, cammit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the tailure of the Mortgagors to keep the buildings or said premises 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 tor the t proper presenation tbereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay all and singular the costs, charges. and ezpenses, including reasonable lawyers tees, and costs oi abstracis of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Morigagors promptly and tully to perform 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. properiy insured as may be required irom time to time by the Mortgagee against loss by fire or other hazards, casualties. and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance for pay- ment oi which provision has not been made hereinbefore. AI! insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptabte to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss. they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not ; made prompity by Mortgagors, and each insurance company concerned is hereby authori2ed and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance proceeds, or any paR thereof. may be applied by Mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title !o the mortgaged property in ex- tinguishmer~t of the indebtedness secu?ed hereby, all right, title and interest of the Mo~tgagors in and to any insurance policies j then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appy to the court having jurisdiction thereoi ~ for the appointment of a recenrer. and such court shall torthwith appoint a receive~ of the premises covered hereby all and si~gu- ; lar, including all and singular the income, profits. issues. and revenues from whatever source derived, each and every of which, it i be+ng expressy understood. is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereof, and such receiver shall have atl the brosd and effective tunctions and povrers in anywise entrusted by a cou~t to a teceiver. and such appointment shall be made by such court as an admitted equity and a matter oi absotute right to said Mortgagee, and without reference to the adequacy or inadequacy of the vatue of the property mortgaged or to the solvency or insolventy of said ! Mortgagors or the defendants, and ihat such rents, profits, income, issues and revenues shall be applied by such receiver accord- ~ ing to the tien of this mortgage a~d practice of such couR. 9. That (a) in the everrt of any breach of this mortgage or default on the paR oi the Mo~tgagors, or (b) in the event that any . of said sums of money herein referred to be not promptly and fulty paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, condftions and covenants of said note and this mortgage, are not duly, prompty and fully i pertormed; then in either or any such event, tbe said agg~egate sum mentioned in said note'then remaini~g unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable torlhwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originatly stiaulated to be paid on such day, any- thing in said note or in this mortgage to the cont~ary notwithstanding: and thereupon or thereafter, at the option of said Mo~t- 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 Mo?tgagee may toreclose 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 atlowances. In cases of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mo~tgage for the amount of the debt ! not then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereafter irom time to time by the Mortgagee. ~ gQG,r, PACE ( ~ ~ ~ - ~=r ty. ,y,.~''~a-"t`~' ~~Sea,z'~ , ~