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Home My WebLink About0223 . ~ i i PROV IDED ALWAYS that if the mortgagors shall pay unto the Association thc indebtedness evidenced by that } certain promissory note of even date hecYwith made by the mortgagors and payable to the Association in the principal ~ t sum of 512, $U0. 00 _ , which note, together with inter~est thecron as therrin specified. i spayable in monthly ; installments of S 100. S3 on the 5rst day of each month beginning QcLober 1--- . 1973 ~ which payments are to applied. 6rst to interest, and, if applicable. to taxes, assessments, insurance premiums and other charges upon the property. and the balance to principal, until said indebtcdness is paid in full, and s}~all perform. comply with and abide by each and every the stipulations, agreements, conditions. and covenants of the promissory note and this mortgage, then this mortgage and the estate created heceby shall cease and be null and void: however. chis mortgage likewise secunes any advances made by the Association to the mortgagors or thzir succcssors in title for any purpose any teme betore the release, satisfaction and cancellation of this mortgage, but at no time shall this mortgage secure advances on account of the original note together with such additional advances to a mazimum principal in excess of S16, QQQ.-aQ------ pl~s interest thereon and any disbursements made for the payment of taxes, levies, or insunnce on the properiy covered by the lien with interest on such disbursements. _ AND the mortgagocs do hereby covenant and agree: 1. To pay all and singular thc principal and int~rest and othtr sums ot moncy payable by virtue ot said promiuory note ~nd this mortgagt. or eithcr. on tbe days respcctivdy the samc scverally come doe. • 7~o pay alt and singular the raYts. asustmtnts. levics, liabilitics, obligations. a~d tncumbnnca of cvtty nature on ttx propcrty tov~rtd by this mort~sge whea due and payable accordiag to law, before ttxy becomt dtlinquent. and if ttx same shall not be promptly paid the Associa~ n maq at any timc. cither beforc or after dclinqucncy. pay t1x umc rvithouc waicing or aHccting the opt~n to foreclou. oc any right bercuadtr. aad everq payment so made shall bear intcnst from tFx date thereof at the dcfault nte oE ___.9.2°l0_._____.. ptr aanum: to tepsy oa dtmand any sums -so paid by the Associatioa aad the failure of thc mortgagors to comply with the demand of the Associa- tion for a ptciod of thirty (30) days shall constitute a brach of this moregage. and the Associatioa. at its option. immediatety and without notice, may institutt pcoceediags to foredose this mongage aad apply for t!x appoiatment of a raeiver as lxreinsfter provided: to deliver to t!x Association on or before Macch 15th of ~ach ptar, tax uceipts evideacing the paymeot of all liens for public improvements wit6in nincty (90) days after tbe same shall become due ~ad payablt. and to pay or dixharge within ninety (90) days ~hcr due date. any ~nd all governmeatal levia tbat may be made on tlx mortgagcd propcrty. on this mortgagt or note, or in aay other wiy resnliing from tbc mocegage indebtcdness ~cored br this mortgaYe. 3. To kctp the buildiags and all equipmcnt and personal property aad othcr improvements now cxisting or henafter placed or erated ~ on tlx mortgaged prtmises insurcd as may be required from time to timc by t1x Association againu loss by [ire and other hazards. casualtia aad coatingencies. in such amounts and for such periods as may be required by ttx Association: to pay promptly wtxn due the pcemiums on said insutance: to carcy all insurance ia compaaics approvcd by the Associatioa and writtcn by a nsponsible local agcnt - utisfxtory to the Association : and the poliey or policies shall be of a type or types acceptable to the Association and shall be held by the Associatioa unless the Association waives in writing such right to hold uid policy or policia. ~nd further provided thu said waiver may be revoked at aay time by.the Associatioa: aad e:th and every of s~id policics shall ha~e attached thercto an acceptable mo~tgaget clause, without contributioa. making all lossts payable to the Auociatioa: to give immediate notice by mail to the Auociation w t6at I the Association may make proof of loss if aa promptiy made by the mortgagoa: that each iasurance company concerned is henby ~ authorized and dirated to malce paymeat for such lou diratly to the Association instead of to the mortgagors and the Association jointly. j and t6e insncance praeeds or any part thercof may be applied by the Auaiation at its option either to the reductioa of the indebtedness ! henby securcd or to thc restoration or npair of thc propcrty damagcd witbout impairing or wai~ing aay tquity. licn or right undcr and ~ by virtue of this mortgagc: that in the eveat of t!x foreclosurc of this mortgage or other tr~nsfer of title to thc mortgaged property in ettinguishmcnt of the indcbtedneu secured hereby. ~II right. title and intcrat of ttx mortgagors in aad to any insurance policies t}xn in ~ force shall pass to the pua}user or gnntce: in the evcnt the mortgagon shail fiil to keep the premiscs insured as abore pro~idcd or s6a11 5 iosure in a manntr not xceptable to the Auociation. ttx Association may placc and pay for such insurance or any part thcteof without ~ waiving or a6ating its option to foralosc or any right txreundcr. aad each and every paymtnt shall bear intcrest from the dste thcreof i at tbe default rate u stated in paragraph 2 and shall be cepaid to the Association upon demand. and failun of the mortgagors to com- ~ ~ ply With said demaad by the Association for a period af thirtq ( 30) diys shall constitute a breach of this mortgage. and. at the option ~ ~ of the Association. immediately msture the mtirt amouat secnred by enu mortgage. md ene nssociation immediately ~nd without notice ~ maq institute proceedings to foreclose t6is mortgage aad apply for thc appoiatment of a receirer u hereinaftcr pro~ided. to deliver «atwal # or acceptable substitute policia or evidence thertot acceptable to ttx Association not !eu than fiftern (15) days prior to the anaivecury # date of the carreat policq: if [be policy is caacelled by the insu~cr. the mortgagors must have a new policy. acceptablt to tbe Association. ; in tbe hands of tbe Association twenty-four (24) hours before tbe eBative date stued in the notice of cancellation to tht mortgagors. t ! 4. To permit. commit. or snffer no waste. impairment or deterioration of said property. or any part thereof. iacluding bnt aot limitrd to ~ ~ vegetation. and upon the failurt of the mortgagors to kap the improvemen!s on said property in good condition of repair. che Associa- : tion way demand the immediate crpair of said improvements or, at its option. the Associ~tion may make and pay such repairs as in its ~ distretion it may dam neceuacy to tht proper preservation thereof, and the fult amount of such paqments shall be setured by the licn oE ~ this mortgagt aad shall be paid to thc Association immcdiatdy upon dcmmd: and thc bilare of t6e mortgagors to comply with the dt- o ~ maad of tbc Association to makt snch rcpairs,or apay sach monies e=pendcd by the Association, within thirty ( 30) days of eithcr of ~ said demands,shall constitate breub of this mortgagt. and the Association. ~t its option, immcdiately and without notice. may institutr ~ proceediags to foredou this mortgage and apply for the appointmcnt of a raei~tr u hcreinaftcr providcd. ~ - 5. To perform. compiy With aad ~bide by each and everq the uipulations. agreemeats. conditions. and covenants in said promiuory note - and mortgage sct fort6. r% 6. If any of tbe sums of moaey hercia referred to be aot promptly aad fully paid as provided in the note and this mortgage, or if eacb ~ ~ and every the stipulatioas. agreemcnts. conditions and coveaants of said promiuory notc ~nd this mortgage. or eittxr. arc not duly pcr- ~ ~ ~ formcd. complicd with and abided by. the sggrcgate sum mcntioncd in said promissory notc shali bccomc due nnd payablc (orthwith or thercaft~r at the optioe of the Association. as fully and completely as if nid aggregate sum of money were originally stipulated to be ~ paid on such day, anything ia said promissory aotc or }xr~in !o thc contrary notwi~hstanding. 7. Until defsult in the performance of the co~enants and agreemrnts of this mortgage. the mortgagors shall be entided to col!ect the rents. ~ ~;s iuues ind profits from the premises hereinbefore described. but ~n cau of a def~ult in any of the terms of this mortgage. or t}x filing ~'~3 of a complaint to foreclose this or any other mortgage encumbering ttx within deuribed property. the Associ~tion shall immediately and ~ without notict be tntidtd to the appointment of a recti~er of the mortgaged property. and of tht rcnts. issues ~nd profits thtreof. with the ~ uswl power of receivea in such caus. ~nd such appointment sh~ll be made by the court u a matter of strict right to the mortgaga. its ~ suacssors. legal representatives or au~g~s. and without rcfcreoce to thc ~dequacy or inadequxy of the value of the property hereby mort- ~ 4aQed. or to the solveacy or insolvcncy of ths mortYaQor. and such rmt. profits. income aad iuua shall be applied by such rocciver to e~ BOOK218 PACE ~~J ' f ~ ~ . ~ y . ~''s . . . . , . _ a. _ _ ~..T'~