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HomeMy WebLinkAbout1803 promptly, and (ully perWrm diuharEq exccute, dfrct, mmplete, and cvmplr with and abide by each ana e.•ery tne supuuuo~as, aa~ceme~ts. conditiuns~ and oovenanu oI said promissory iwte and this murt6aaq then this monaaEe ~id the atate ??eceby creatad shall cease u?d be null and void And the Monaason further covenant as tolloan: - 1. That they will pay the indebtedness, u hereinbelore providcd. 2 Tha~ in order more (ully to protect the srcurity oF this monaaae, the Mortgaaors, tosether ~rith and in addition to, the monthly paYr.~ents under the temu of any nota secured hereby. on ~he tinc day ot ea~t? mor?~t? un~it said no~e u tultr pa[d. MiU wr to the Mo~aaee the followit~ sums: (a) A sum equal to one-twetith (1/t2) of the prcmiums that ~vill next bemme d~x and peyabk on policies ot tire ~nd other hazud insurance coverin6 the mortdaE~ P~~P~~'. P~us tares and assesur?enu n«t due on the mortt~ed PeoPa~' (~U as atiauted br the Mort6aaee) • (6) All payments mentioncd i~ tlx precedins subsection of this pa~agaph and aU paymrnts to be made unda anr note xcvred hemb~ shall be added to6ethe~ and the a~re6ate amount tha~eo[ shsJl bc paid by the Mortpjort each month in ~ situlc pannmt to be applied by the htortaa6ce to the followrins items in the order set Eorth: I. Taxes. assessments, fire, and hazard tnswana premiums; IL Interest oti the note savred bareby; aad III. Amortiution of the principal of said note. My ddicimcy in the amount o( such a~re~ate monthly payment shall. untess made 6ood by the Mort6aton prlor to the due date oi the next such payment. eonstitute ar~ event oE default undtt this mort~aae. The Mortaaace m~y collect a"late char~' not to exceed two cenu (2c) to~ each dollar (S) oi each p~yanent more than fiftem (15) d~ys in ureaa to oover t!?~ ema enpasse involved in handlina delinquent paymmts. 3_ That iF the total oE the payments made by the Mortaaaoa unda (o) of paraaraph 2 preadins shall Qaed the unount oE paymmts aaually made by the Mort6aaee. tor taua a~ assesvnents and insurance premiums. u the case may bG such ezc~ss shall be credited by the Mortaasee on subsequent paymenu to be made by the Mo»gaaon. If, la~reva. the monthly paymantt made by the Mortaaaors under (a) of pangaph 2 precedina shall not be sufEicimt to piy taues and ass~enu and insurance praeni~uas. as the case may be, when the same sha!1 become due and payable. tha~ the Mort6aaors shall par w the Mwtaatce ~ar ~mount necrssary to make up the deficiency. on or be(ore the dau when payment of such tazes. ac9essmentr. or insurmce premiums shdl be duG I( at any time the Mortsa6ors shall tendrr to the Mort~aaee in acoordu~ce ~rith the provisioas aE the nou sccured hacbp. full payment of the entire indebtedness represented thereby. the Mortaaace shall. pay to the Morta~ors d) amountt thm remain[as in the tau and insurance acrow acmunt held in oonnection wdth this loan. If therc s1?all be • default under an~ of the provtsions of this mortEaae multina in a pubtic sak of tEje pcemises oov~end here~. or if the Mortsa~e scquires the prope~tr othernix afte~ default, the Mortsaaee shal) apply. at the time o( the commena~rr?ent oE such proceedinas or at the time the ptoperty is othenvise acquired, the balance then remainina in the funds aavmulated under (nj of para~raph 2 p~ecedin6 as a credit asainst the ~mount of principd th~ remainina unpaid under said aota , 4. That they will pay aU taxes, assaunents. ~rater nta, and other sovemmental or munidpal char~es, fines, or imposiciom, for which provision hu not been made hereinbefore, and in defwit thercof, the Mort6aEee may par the suae and be secured !ry tbe Iien of the mortaa6e; and that they will promptly ddivv the official receipts therelore to the Mortssaee. 5- That they will permit, mmmi4 ot suifer no wutG impairment, or deterioration of said propert~r or an~ part theroof; and in the event oF the failure of the Mortaa6on w keep the buildinEs or said premises and those to be erected on said premises, or improvt ments thereon, in Eood repair, the Mortaaace may make wc~ npairs as in iu disattion it may deem c?ec~ssar~ Eor the popv pcew- ~•ation thereof, and the full amount oE each and every such payment shall be immediately due and p~yabl~ and shal) be se~wed b~r the lim oF this mortsaga 6. 77iat they will pay all and sirtaular the mstt, cha~es, and ocpenxs, ~1~ir~ reasonabk lawryefs fas, and oostt of abstracts oE tidq incurred or paid at any time by the Mortsa6ee because of the failure on the parc of ehe Morc~aaon pompcl~ .nd fullr m perform the aareements uid covenants ~of said promissory note and this mort6+iEe. and s~id mstt, ~~E~. ~~P~ shatl be ; immediatdy due and payable and shatl 6e secured br the iim ot this mort6aae. ' T. That thrp will kcep the improvemmts cwwr aristina or Bercafter aected on the mortaaaed propert~ innu+ed as mar be required Erom time to dme by the Mortaa6ee aaaiast loss br fire or othu hazards. cawalties, and oontinsauia in such amounts and for svch periods at may be required by Mortaasee. and aill pq promptly. whea due, anr premiums on suc!? insuranoe for p~ymmt of which povision hu not been made hereinbefore. Al) insurance shall be canied in oompania ~pproved br Mortaaaee and the ~ policies and rmrwals thereof shall be he[d by Mort~~ce and have attached thereto lass parable dauses ia favor of and in form ` acreptable w the Mort6aaea Renewal policies shal] be delivered w Morta~ee at least 10 days prior to acpiration oE e~nstina ~ policy. In event of bss, thty will aive immediauly notia b~ aoail to Mortasaee, and Mort6aaee ma~ make ~uoof oE loss if not made t ~ promptly by Mortaaaors, and each incurat~ce oompany oonarned is herebr wthorized and direeted to malce payment for such tos~ directly to Mortaasee instead of W Mort~aaoa a~ M~aaee ~oindr. and the ituuniaoe prooeed; or anr part thereof. ma~ be ` app~ied b~ Mortsaatr at iu option either to the reduction of the indebtedness herebp secvrod or w the rrstontion or repain of the ~ property damaaed. In event of ioreclosure of tlus mortaa6e or other traacEer oE dtk to the mort6+~d ProPah~ of the indebtedness secvred hveby. all righ~ tiile atd inurat of the Mortsa~on in and W mr insura~ce polida then in ioroe ~ shall pass to the purchaser or srantee. t ~ 8. That the Mort6aaee may. at any time pendins a suit upon this aart6aEe. ~ppty to the oourt havirg jurisdictioa tbereof ! for the appointrnent oF a receiver, and sach oourt s6a1) foithwith •ppoint a receiver of the pranises aovered hereby dl and sinsulu. ~ includi all and si lar the inrnme, ~ y~q~ ~ nE ~ Prof~ts. issues. and revmues trom whatever source derir•ed. each and eve~7r oE ~vhi it ' eupressly, understood, is hereby mortaaEed u if specifically set forth and described in the 6rantin6 ad habet?dwn dauses hereof, ; snd such receiver shall have sli the broad and effective functions •nd powers in anywise mtrusted br a• cvurt to a reaiver, and such ' appointment shall be made by sech court u an admitted equity and a matter of absolute ri6ht to uid Mort~ee, and writhout ~ reEerence to the adequacy or inadequacy of the value of the properry mortgaged or to the solvency or iasolvenq of said Mortaaaors ; or the defendants, and that such rents, proEiu, income, iswes and revenues shall be applied br suc6 recaver accordina to the Iim ~ oi this mort6aae and practice oE such murt 9. That (e) in the event of any breach of this mortaa6e or default on the part of the Mortaa~ors, ot (b) in the evmt that an~ of said sums oE money herein referred to be not prompdy and Iully paid without demand or notice, or (c) in the evmt that each and every the stipulations, agreements, mnditions and eovenantt oE said note and this roortaa6e, ue not duly. promptly and full~ r = performed; then in either or any such tvent, the said a~resate sum mmtioned in stid nou then remainina unpaid. with intaat - accrued to that time. and all moneys secured hereby. shatl become due and payable forthwith, or th~raEter. at the option oE said Mort6aaee~ as Eully and comp)etely as if all of the said sums of money were oriaindly stipulated w be paid on ard~ day, anythins _ in said note or in this mort6age to the mnvary notw~ithstandina; and thereupun or thereafter, at the option of said Mort;a~ee, wit}aut notice or demand, suit at law or in equity, may be prosecvted as if all moneys secured hereby had "autured prior w its _ institution. The Mortaa6ee mar forec:ose this mortsaae~ u to the amount so declared due and payablq and the said premim shall be sold to satisfy and pey the same toaether vr,ith eosts, e~cper?ses, and allowenca. In cases of p~rtid foreclosure oE tbis mo~a6e, the mort6aged premises shall be sold subject to the aontinuinE lim of this mortsaEe for the amount oE the debt not then - due and unpaid_ In such case the provi~ons oE this par~r~ph may aaain be avaited of theieafter from time w time br the mortsaaee ; 224 E~~~~8C2 E i ~ ~ Y , ~ ~ ~F'~~.~'...r~ ~:y~., ~ "'C'Y" } . 'y'~~., ~ s~,'~`„~~.~ ~ t~ „ ; ~ " s'° : s'" _ ~ ~~~~~-~r__: