Loading...
HomeMy WebLinkAbout0889 . y princ~pal sum and accrued interest shall become due and payable w~thout not~ce at the option of the hotder thereof. And shatl duly, promptly, and fully periorm, discharge, ezecute, eitect, co~~~plete. ~nd comply w~th and ab+de by each a~d every the stipu• lations, agreements. cond~tions, and covenants of said promissory note and th~s rnortgage, then this mortgage and the estate hereby ueated shall cease and be null and vo~d. And the Mortgagors turther covenani as tollows: 1. That they wiH pay the i~debtedness, as hereinbetore provided. ~ 2. That, in order more fully to protect ihe security oi this mortgage, the Mortgagors, together w~th and in addition to, the . monthly payments under the term5 ot any notes secured hereby. on tlie first day ot each month until said ~ote is tully paid, witl pay to the hlortgagee the toltowing sums: ~ (a) A sum equal to one•twelith (1 ~ 12) oi the premiums that will next become due and payable on poticies of fire and other I~azard insurance covering the mortgaged property, plus tazes and assessments next due on !he mortgaged property (all as esti•• . mated by the Mortgagee). (by All payments mentioned in the preceding subsection oi this paragraph and all payments to be made unde~ any note • secured hereby shall be added together and tlie aggregate amount thereot shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the foltowing items in the order set forth: 1. Taxes, assessments, fi~e, and hazard insurance premiums; 11. Interest o~ the note secured hereby: and 111i Amortization ot the principal oi said note. Any deficie~cy in the amount of suth aggregate monthy 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 Mo~tgagee may coltect a"late charge" not to exceed two cents (2C) tor each doliar (S) ot each payment more than fifteen (15) days in arrears to cover the extra ex- pense invotved in handling delinquent payments. 3. That ii the total 01 the payments made by the Mo?tgagors under (a) of paragraph 2 preceding shall exceed the amount ~ ot payments actually made by the 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 monihly pay- i ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suNicient to pay taxes and assessments and 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 deficiency, on or betore the date when payme~t of such taxes, assessments. or insur- ~ ance premiums shall be due. If at any time the Mortgagors shall tender to the Mo~tgagee in accordance with the provisions of the ~ ~ote secured hereby, full paymeni of the entire indebtedness r.ep~esented thereby, the Mortgagee shall, pay to the Mo~tgagors all ~ amounts then remaining in the tax and insurance escrow account held in connection with this loa~. If the~e shalt be a default ~ under any of the provisions oi this mortgage resulting in a pubtic sale oi the premises covered hereby, or if tAe Mortgagee aoquires ~ the property otherwise after default, the Mortgagee shatl apply, at the time of the commer?cement of such proceedings or at the ~ time the property is otfierwise acquired, the balance then ?emaining in the funds accumulated under (a) of paragraph 2 p~eceding as a credit against the amount of principal then remaining unpaid under said note. _ ~ 4. That they wi~l pay all taxes, assessments, water rates, and other governmental or municipal charges, fi~es, 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 morigage; and that they wili promptly detiver the officea! receipts therefore to the Mortgagee. 5, That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereoi; and in the event of the (ailure 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 for the i proper preservation thereof, and the tull amount of each and every such payment shaff be immediately dUe and payable, and ; shall be secured by the lien of this mortgage. - 6. That they will pay all and singuiar the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incu~red or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly and fulty to perform the ag~eements and covenants of said p~omissory note a~d this mo~tgage, and said costs, charges and ez- penses shali be immediately due and payable and shall be secured by the lien of this mortgage. 7. That they wifl keep the improvements now existing or hereafter erected on the mortgaged property insured as may be 2 required from time to time by the Mortgagee against toss by fire or other hazards, casualties, and continge~cies i~ suth amounts and for such periods as may be requ)red by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- j ment of which provision has not been made hereinbefore. All insurance shall be carried in companies app~oved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payab~e clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ' ing poticy. In event of loss, they will give immediately notite 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 paymeM tor ± 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 option either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. tn event of toreclosure of this mortgage or other transter of title to the mortgaged property in ex- ' tinguishment of the indebtedness secured hereby, alt right, title and interest of the Mortgagors in and to any insurance poticies then in force shall pass to the purchaser or grantee. i 8. That the Morigagee may, at any time pending a suit upon this mortgage, appty to the court hav+ng jurisdiction thereof tor the appointment of a receiver, and such court shall torthwith appoint a receiver of the premises covered hereby all a~d singu- lar, including all and singular the income, profits, issues, and revenues trom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificatly set forth and describeii in the granting and habendum clauses i hereof, and such receiver shall have all the broad and effective functions and powers in anywise ent?usted by a court to a receiver, ~ and such appointment shalt be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and t 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, profits, income, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such court. ~ 9. That (a) in the event of any breach of this mortgage or detault on the pa~t of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promp!!y and tully 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 dufy, p~ompt{y and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining u~paid, with interest accrued to that time, and all mcneys secured hereby, shall become due and payable forthw7th, or thereafter, at the option of said ~ Mortgagee, as futly and completefy as if a!1 of the said sums of money were originally stipulated 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 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 satisty and pay the same together with costs, expenses,-and allowances. In cases of partial foreclosure of this mortgage, 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 pa~agraph may again be avaited oi thereafter from t+me to t'eme by the Mortgagee. - goo~ 222 p~f 889 _ 3 _ _ " - ~,r".~ ~ _ _ ' ~i ~ _ . 1__ . ~ f. J"~~