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HomeMy WebLinkAbout0295 pri~cipal sum ~?d acc~ued interest shall beco~ue due and payable w~thout not~ce at lhe opl~on of the halder thereot. And shail duly, promptiy; and (uily pertorin, discharge, exewte, ef(ect. complete, and co?r+{>ly weth and abide by each a»d every the stipu- lations, agreements, conditions, and covenants of said promissory nole and this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ~nd the Mortgago?s turther covenant as tollows: l. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more fully to protect the security ot this mortgage, the Mortgagors, together with and i~ addition to, the ~ monthly payments under the terms of any notes setured he~eby, on the fi~st day ot each month until said note is tully paid, will ~ pay to the Mo~tgagee the following sums: (a) A sum equal to one•tweltth (1l12) oi the premiums that w~11 next become due and payabie on policies of ~ire and other ' haza~d insurance covering the mortgaged property, plus taxes and 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 atl payments to be made under any note secured hereby shall be added together and the aggregaie amount thereof shall be paid by the Mortgagors eacF~ month in a single payment to be applied by the Mortgagee to the following items i~ the orde~ set torth: ~ 1. Taxes. assessments, fire. and hazard insurance premiums; 11. Inte~est on the note secured hereby; and ' 111. ' Amo~tization of the principal of said note. ~ Apy deticiency in tAe amount of such aggregate monthly payment shall, unless made good by the Martgago?s prior to the due ~ date of the ne~ct such payment, constitute an event of defautt under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (S) of each payment more than tifteen (15) days in arrears to cover the extra ex- • ~ pense involved in handling delinquent payments. ~ 3. That ii ihe total of the payments made by the Mo~igagors under (a) of paragraph 2 preceding shall exceed the amount ~ oi payments actually made by the MoRgagee, 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 Mortgagors. If, however, the monthly pay- ments made by ihe Mortgagors under (a) of Ra~agraph 2 preceding shall not be sufiicient to pay taxes and assessments aod in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort- ~ gagee any amount necessary to make up the deticiency, on or before the date when payment of such taxes, assessments, or insur- ~ a~ce premiums shall be due. If at any time the Mortgagors shalt tender to the Mortgagee in accordance with the provisions of the ; note secured hereby, full payment oi tbe entire indebtedness represented thereby, the Mo~igagee shall, pay to the Mortgagors all amounts then remai~ing in the tax and insurance escrow account hetd in co~nection vrith this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of ihe premises covered hereby, or iithe Mortgagee aoqu+res the property otherwise atter defautt. the Mortgagee shalt apply, at the time of the commencement of suth prceeedings or at the ~ time the property is olherwise acquired, the balance then ~emaining in the funds accumulated under (a) of paragraph 2 preceding ! ' as a credit against the amount of principal then remaining unpaid under said note. - * 4, That th will # ey pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- ` t~ons, for which provision has not been made hereinbeto~e, and in default thereof, the Mortgagee may pay the same and be . _ secured by the tien of the mortgage; and that they will promptly detiver !he otficial receipts therefore to ihe Mortgagee. ' i 5. 7hat they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings or sa~d premises and those to be erected on said premises, or s improvements thereon, in good repair, the Mongagee may make such repairs as in its discretion it may deem necessary for the proper presenration thereof, and the full amount of each and every such payment shall be immediately due and payabte, and shatl be secured by the tien of ihis moKgage. 6. That they witl pay all and si~gular ihe costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors prompt(y 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 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 against loss by fire or other bazards, 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 policies and renewals thereof shall be held by Mortgagee and have atiached thereto toss payable clauses in favol of and in iorm acceptable to the Mortgagee. Renewat policies shalt be delivered to Mortgagee at I~ast 10 days prior to expiration of exist- ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of toss if not made promptiy by Mortgagors, and each insurance tompany concerned is hereby authorized and directed to make payment tor such loss directfy to Mortgagee instead of to Mortgagors and Mortgagee jointty, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at ets option either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event oi toreclosure of this mortgage or other transter of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest ot the Mortgagors in and to any insurance poticies ~ then in force shall pass to the purchaser or grantee. y 8_ That the 6lortgagee may, at any time pending a suit upon ihis mortgage, apply to the court having jurisdiction thereof 3 for the appoiniment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby atl and singu- - , lar, inctuding all and singular the income, profits, issues, and revenues from whatever source derived, each and every of whicb, it ; being expressiy understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum ctauses ; hereof, and such receiver shalt have atI the broad and effective functions and powers in a~ywise entrusted by a couR to a receiver, and such appointment shaU 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 insolventy of said Mortgagors o~ the defendants, and that such rents, profits, income, issues and revenues shall be apptied by such ~eceiver aCrnrd- ing to the lien of this mortgage and practice of such court. 9. 'fhat (a) in the event of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and fully paid without demand or ~otice, or (c) in the event that each and every the stiputations, agreements, conditions and tovenants oi said note a~d this mortgage, are not duly, promptty and fully performed; 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 all moneys secured hereby, shall become due and payable forthwith, or lhereafter, at the option of said MoRgagee, as fully and completely as if all of ihe said sums of money were originally stipulate~ to be paid on such day, any thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as ii ali moneys secured hereby had matured prior to its institutiort. The iNortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shafl be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure of this mo~tgage, the mortgaged premises shall be sold subject 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 t+me !o time by the Mortgagee_ go~~ 222 P~ 295 ~ . _ a.. _ ~ rS ~ _ ' w <,r,~. a . . . . . . Z