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Home My WebLink About0790 pnnc~pol Sunl and accrued interc~st tihall t,ec~~~ne due and pa~lable w,il~uut m,h:e ~t the opt~un u( Uie h~~!<!kr 11i~~«~nt A~id shall duly. protnptly. and fully ~,erturn~. d~~charE;e, execute. etf~•ct. cr,n~~~lF~t~•. ~+i~d ce~in~,ly w~th ar.d .~h~d~~ t~y each ~nd c>very the st~pu I.~tiuns. agreements. iond~t~:.ns. and covCnants o1 said prunu5sor~c n~~te and th~s ninriF~aE!e. thcn th~s niurt~~ac~~~ and the ~~state herrl~y created shall cease and t:e null and vu~d. And the Mortgagors further cuve~ant as tollows: 1. That they will pay the indebteQness, as here~nbefore provided. 2. That, in order more fully to protect ttie security of this mortgage, tl~e MortEagors, togett~er w~tli and ~n addition to, tlie monthly payments under the terms ot any notes secured hereby, on the fust ~lay ot each ~nonth untit sa~d ~ote is futly paid, w~ll Nay to lhe Mortgagee the tollowinR sums: (a) A sum equal to one~twettth (1 12),of the premiums that wJl next become due and payable on policies ot fire and other liazard insurance covering tt~e mortgaged property, plus taxes anci assessn~enis next due on the mortgaged p~operty (all as esti- mated by tlie Mo~tgagee). (b) All Fayments mentioned in the preceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added toqether and the aggregate amount thereof shall be pa~d by the Mortgagors each month in a single payment to be applied by the Mongagee to the following items ~n the order set forth: 1, Taxes, assessments, tire, and hazard insurance premiums; t1. Interest on the note secured hereby: and (11. An?ortization oi the princi~al ot said note. Any deficiency in the amount ot such ap~regate monthly payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of default under tliis mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) tor each dollar (s) of each payment rnore than fifteen (15) days in ar~ears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total oi the payments made by the Mo~tgagors under (a) of pa?agraph 2 p?ecedinq shall exceed the amount ot payments actuafly made by the Mortgagee, for taxes and assessme~ts and insurance premiums, as the case may be, such eYCess shall be credited by the Mortgagee on subsequent payme~ts to be made by the Mortgagors. If, however, the monthly pay- rnents made by the Mortgagors under (a} of paragraph 2 preceding shatl not be sutficient to pay taxes and assessments and in- surance premiums, as the case may be, when the sa~ne shall become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary 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, !ull payment of the entire indebtedness ~epresented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account hetd in connection with this loan. If there shall be a default• under any of the provisions of this mortgage result~ng in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee 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 funds accumulated under (a) of paragraph 2 preceding as a credit against the amount ot principal then remaining unpaid under said note. 4_ That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impos~• tions, for which provision has not been made hereinbefore, and in ~fefautt thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage: and that they wilt promptly deliver the off~cial receipts therefore to the Mortgagee. 5. That they will permit, commit, or sutfer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the faiture of the Mortgagors to keep the buitd~ngs or sald premises and those to be erected on said premises, or improvements thereon, in good repair, the ~~Aortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That tfiey will pay all and singutar the 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 promptly and futly to pertorm 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 shalt be secured"by the lien of this mortgage. ' 7. That they will keep the improvemenfs now existing or hereatter erected on the mortgaged property insured as may be _ ~ required from time to time by the Mortgagee against loss by tire or other hazards, casualties, and contingencies in sueh 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 Mo~tgagee and have attached thereto loss payable 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 policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not n made promptly by Mortgagors, and each insurance company concemed is hereby authorized and directed to make payment for ~ such loss directly to Mo~tgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, ~ may be applied by ~dortgagee at its option either to the reduction of the indebtedness hereby secured or to the restor~tion or re- ~ pa~rs of the property damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in ex- tingu~shment of the indebtedn~ss secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies ~ then in torce shall pass to the purchaser or grantee. y ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appty to the court having jurisdiction thereof ~ tor the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including aIl and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being ezpressly understood, is he~eby mortgaged as if specifically set forth and described in the granting and habendum clauses tiereof, and such receiver shall have all the broad and effective tunctions and powers in anywise eotrusted by a court to a receiver, and such appointment shaH be made by such couR as an admitted equity and a matter of absotute right to said Mortgagee, and ~ w~thout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency oi said Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver aceord- ~ n~ ing to the lien of this mortgage and practice of such court. ,..y 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 sums of money herein referred to be not promptly and fully paid without demand or notice, o~ (c) in the event that each and every the stipulatior,s, agreements, conditions and covenants of said ~ote and this mortgage, are not duly; promptly and tully performed: then in either or any such event, the said aggregate sum mentioned in said note then remainmg unpaid, with interest accrued to that time, and all moneys secured hereby. shall become due and payable forthwith, or thereafter, at the option of said - ~dortgagee. as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day. any- th~ng in sa~d 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 if all moneys secu:ed hereby had matured prior to ~ts institut~on. The Mortgagee may toreclose th~s mo~igage, as to the amount so declared due and payable, and the said '=~:j; premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases ot partial toreclosure = ot this mortgage, the mortgaged premises shall be sold subject to the continuing I~en 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 thereaiter from time to time by ttie Mortgagee. . _ ~ f'AGE ~O~ ::3 ~ ~s c ~ , - . : - ~ - i