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HomeMy WebLinkAbout0292 . ~ principal sum and acc~ued interest shall beco~ne due and payable w~thout notice at the option of the holder thereof. Anct shall duty, promptlX, and tully periorm, discharge, execute, effect, camplete, and comply witli and abide by each and every the shpu~ lations, agreements, cond,tions. and covenants oi said promissory note and this mo~tgage, then th,s mortgaE;e and the estate liereby created shalt cease and be null and void. And the Mortgagors iurther covenant as tollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in order more Tully to protect the security of this mortgage, !he Mongagors, logether w+th and i~ addition to, the monthty payments unde~ the terms of any notes secured hereby, on the I~rst day ot each month until said note is tully paid, wilt pay to the Mortgagae the tollowing sums: (a) A sum equal to one•twelfth (1!12) of the premiums that w~fl next become due and payabte on policies of lire and other I~azard insurance Cove~ing the mortgaged property, ptus taxes and assessments next due on the mortgaged property (atl as esti• n~ated by the Mortgagee). (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount the?eof shall be paid by the Mortgagors each month in a single payment to bo applied by the Mo?tgagee to the following items in the order set forth: I. Taxes, assessments, tire, and hazard i~surance p~emiums: ~ 11. Interest on the note secured hereby; and 111. Amortization of the principal of said note. Any deticiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date oi the next such paymeni, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2¢) for each dollar (E) of each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That it the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, for taxes and assessments 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 monthly pay- ments rnade by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments a~d in- surance premiums, as the case may be, when the same shall become due and payable, theh the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or betore 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 Mlo~tgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mo?tgagors all amounts ihen remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions of ihis mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after detault, 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 tunds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note_ ~ 4. That they will pay all taxes, assessments, water rates, and other gover~mental or municipal charges, fines, or'imposi- ; tions, for which provision has not beeo made hereinbefore, and in default the-eof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they wilt promptly deliver the o}ficial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deierioration 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 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 netessary for the proper preservation thereof, and the tutt amount ot each and every such payment shatl be immediately due and payabte, and . shaN be secured by the lien of this mortgage. 6. 7hat they will pay atl artd singular t~e costs, charges, and expenses, including reasonable lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the faiture on the part of the Mortgagors promptly and fully 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 tien 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 fire o~ other hazards, casualties, and contingencies 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 which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the poticies and renewals the~eof shalt be hetd by Mortgagee and have attached thereto loss payable clauses in favor of and in torm acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In eveni of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its opiion eitber to the reduction of the indebtedness hereby secu~ed or to the restoration or re• pairs oi the property damaged. In event of toreclosure of this mortgage or other transfer of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insura~ce policies then in force shatl 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 receive?, and such cou~t shall forthwith appoint a receiver of the premises covered hereby alt and singu- lar, including all and singular the income, profits, issues, and revenues from whateve~ source derived, each and every oi which, it 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 aIl the broad and effective functions and powers in anywise e~trusted by a court to a receiver, and such appointment shal! 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 defendants, and that such rents, protits, income, issues and reve~ues shatl be applied by such receiver accord- ing to the lien of this morigage and practice of such court. 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said s~ms of money he~ein 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, promptly and fully pe~formed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and atl moneys secured he~eby, shall become due and payable forthX;th, or thereafter, at the option of said Mortgagee, as fulfy and comptetely as if all of the said sums oi money were originally stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwithsta~ding: and thereupon or thereafter, at the option of said Mort- gagee, without notice or demand, suit at taw 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 ihe 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 toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi 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 !o time by the Mortgagee. 80~222 ~~E 292 _ ~ ~ - _ - .e" i ~ . . . . 1~~~ . . ~ , _