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HomeMy WebLinkAbout1424 . . principal sum and accrued interest slialt Aecaiiie due and payable w~tliout notice at the option of the holder Ihereof. And shall duly, promptty, and tully pe~iorm. discharge, execute, ettect, complete, and contiply with and abide by each and every the stipu• tations, agreeme~ts, conditions, and covenants of sa~d promissory note and this mortgage, then this mortgage ar~d ttie estate hereby created shall cease and bc null and void. And the Morigagors turthe~ covenant as iollows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more tully to protect the security of this mortgage, the Mo~tgagors, together with and in addition to, the monthly payments unde~ the terms of any notes secured hereby, on the first day of each month until said note is fully paid, will pay to the Mortgagee the foUowing sums: (a) A sum equai to one•tweifih (Ii12} oi the premiums that will next become due and payable on policies of tire and other hazard insurance covering the mortgaged property, plus taxes a~d assessments next due on the mortgaged property (all as esti• mated by the Mortgagee). (b) All payments mentioned in the preceding subsection oi this paragraph and all payments to be made under any note secured hereby shall be added togethe~ and the aggregate amount thereo! shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the following items in the order set forth: 1. Taxes, assessments, firc. a~d hazard insurance premiums; 1!. tnterest on the note secured hereby; and ~ 111. Amortization of the principal of said note. Any deficiertty in the amount of such aggregate monthy paymeM shatl, unless made good by the Mortgagors prior to the due i date of the next such payment, constitute an event oi default under this mortgage. The Mortgagee may rnllect a"late charge" not to exceed two cents (2~) for each doliar (S) of each payment more 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 ot, payments actuatly made by the Morigagee, tor taxes and auessments and insurance premiums, as the case may be. such i excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthy pay- me~ts made by the Mortgagors unde~ (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in• surance premiums, as the case may be, when the same shatt become due and payable, then ihe Mortgagors shall pay to the Mort- ~ gagee a~y amount r~ecessary to make up the deficiency, 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 represented thereby, the Morigagee shall, pay to the Mortgago?s all ' s amounts then remai~ing in the tax and insurance escrow account hetd in connection with this loan. If there shall be a detault r under arty of the provisions ot this mortgage resulting in a public sate of the premises covered hereby, or if the Mortgagee acquires the property othervrise after default, the Mortgagee shall apply, at the time of the commenceme~t of such proceedings or at the time the property is othenrise acquired, the balance then remaining in tbe funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they witl pay all taxes, assessments, water rates, and other governmental or municipal charges, fines. or imposi- iions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the lieo of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they wi~l permit. commit. or suNer no waste, impairment. or deterioration of said property or any part thereot; and ~ ~ in the event of the failure of the Mortgagors to keep the buildings or said premises and ii+ine io i,e crac.e~ c:~.:6~ M:a.^.^:s~, improvements thereon, in good repair, the Mortgagee may make such repairs as in its disc~etio~ it may deem necessary for the - proper preservation tbereof, and 1he tull amount of each and every such payment shall be immediately due and payable, and f shall be secured by the lien of this mortgage. - . 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees. and costs oi abstracts of title. incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors prompty and fulty to pe~form the ag~esments 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 againsE loss by fire"br other hazards, casualties, and contir?gencies in such amountS ~ and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- ment of vrhich provision has not been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mo~tgagee and have attached thereto loss payable clauses in tavor of and in form accepta5le to the Mortgagee. Renewal policies shall be delivered to Mortgagee at Ieast 10 days prior to ezpiration of exist- ing policy. In event of loss. they will give immediatety notiCe by mail to Mortgagee, and MoRgagee may make praof of loss if not made promptly.by Mortgago?s, and each insurance company concemed is hereby authorized and directed to make payment tor such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance p~oceeds, or any part thereof. may be applied by Mo?tgagee at its option either to the reduction of the indebtedness hereby secured or to ihe restoration or re- pairs of the property damaged. (n event of iorectosure of this moRgage or other transter of titte to the mprtgaged property in e~c- tinguishment of the indebtedoess secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies ~ 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 thereot ; for the appointment of a receiver, and such couR shall forthwith appoint a receive~ oi the premises covered hereby atl and singu- ; lar, including all and singular the income. profits, issues, and revenaes from whatever source derived, each and every of which, it ` being expressy understood, is he?eby mortgaged as if spec~cally set forth and described in tbe granting and habendum ctauses ~ hereof, and such receiver shall have all the Droad 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 adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors or the detendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver atcord- --ing-tathe lier~uf_ihi~mori~a~e _atII~ practice of such court. _ _ _ _ - - - - 9. That a in the event of a breach of this mo part of the Mortgagors, or (b) in the event that any rry rtgage or default on the of said sums of money herein referred to be not promptly and fully 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, prompty and fully performed: then in eiiher or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option ot said MoRgagee, as fulty and completely as if all of the said sums of money ~vere originalty stipulated to be paid on such day, any- thing in said note or in this mortgage to the conirary notwithstanding; and ihereupon 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 payabte, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowa~ces. !n cases of partial toreclosure of this mortgage, the mortgaged premises shall be sold subjett to the continuing lien of this mortgage for the amount of 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. ~ ~ i i Boax 218 ~4~ - - - ;i ~ ~ ~ - I ~ ~ _ . , ~ ~