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HomeMy WebLinkAbout0058 S principal sum and acc~ued interest shall becwne due and payable w~thout not~ce at the ophun of the holder thereoL And shall ; 3 duly, p~omptly, and fulty perform, d~stharge, ezecute, etiect, complete, and cumply with a~d abide by each and every the stipu• lations, agreements, co~ditions, and cove~ants of said p?omissory note and this mongage, tlien this mo~tKage and tl?e estate heraby created shall cease and be null and void. And the Mo~tgagors iu~ther covenant as tollows: l. That they will pay the i~debtedness, as hereinbe(o~e provided. 2. That. in order more fulty to protect the security ot this monBage, the Mortgagors, together with and in addition to, the monthly payme~ts under the terms of any notes secured hereby, on the first day ot each month until said note is tuly paid, will pay to the Mortgagee the tollowing sums: (a) A sum equat to ona•twelfth (1/12) of the p~emiums that will next become due and payabte on policies of fire and other haza~d insurance covering the mo~tgaged property, plus taxes and assessments nent due on the moRgaged property (all as esti- mated by the Mo~tgagee). (b) All payments mentioned in the preceding subsection of this paraBraph and all payments to be made under any note secured hereby shall be added toQether a~d the agg~eBate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the MoRgagee to the following items in the o~de~ set fonh: 1. Taxes, assessments, fire, and hazard insurance premiums; 11. Inlerest on the note secured hereby; and 111. Amortization of the principal ot said note. ' Any deticie~cy in the amount of such aggregate monthty payment shall, unless made good bY the Mo~tgagors prior to the due • date of the next such payment, constitute an event ot default under this mortgage. The Mortgagee may colfect a"late charBe" not to exceed two cents (2C) for each dotlar (S) of each payment more than tifteen (15) days in arrears to~cover the extra ex- pe~se involved in h8ndling delinQuent payments. 3. That if the total of the payments made by the Mortgagors under (a) of pa~agraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, for taxes and assessme~ts and insurance premiums. as the case may be. such excess shall be c~edited by the Mongagee on subsequent payments to be made by !he Mortgagors. If, however, the monthy pay- ments made by the Mo~tgagors unde~ (a) of paragraph 2 preceding shall not be sufiicient to pay taxes and assessments and in- surance premiums, as ihe case may be, when the same shall become due and payable, then the Mortgagors shall pay to the MoK- gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessmeots, 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, tull payment of the entire indebtedness rep~esented the~eby, the Mortgagee shall, pay to the Mongagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. It there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after defauR, 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 of principal then remaining unpaid under said note. 4. That they will pay all tazes, assessments, water rates, and other governmental or municipal charges.the same and Sbe tions, tor which provision has not been made hereinbeto~e, and in default thereof, the Mortgagee may pay secured by the lien of the mortgage; and that they will promptlY deliver the official receipts therefo~e to the Mortgagee. 5. That they will permit, commit. or suffe~ no waste. impairment, or deteriorat9on of said property or any part thereof: and in the event of the iailure 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 forthe proper preservation thereof, and the tull amount of each and every such payment shall be immediately due and payable, and , shall be secured by the lien ot this mortgage. 6. That they will pay all and singular 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 fully to periorm 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 moRgaged property insured as may be ~ required from time to time by the Mortgagee against loss by fire or other hazards, casuafties, and contingencies in such amounts ; ~ and for such periods as may be required by MoRgagee, and will paY Promptly, when due. any premiums on such insurance far pay- + s ~ ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee + s and the policies and renewals thereof shall be held by Mortgagee 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 {oss if not ~ made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for R 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 oRtion either to the reduction of the indebtedness hereby secured or to the restoration or re- ~ pairs of the property damaged. In event of foreclosure oi this mortgage or other transte~ of title to the mortBaged property in ex- tinguishment oi the indebtedness secured hereby, all right, title and interest oi the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. "J 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi for the appointment of a receiver. and such cou~t shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the inwme, protits, issues, and revenues from whatever source derived, each and every oi which, it being expressty undetstood, is hereby mortgaged as if spec~ca~hi set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective funetions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of abso(ute right to said Mortgagee, and = wiihout referee,ce 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 cou~t. ~ 9. That (a) in the event of any breach of this mortgage or default on the paR of the Mortgagors. or (b) in the event that any ' ~ of said sums of money herein ~eferred 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 t 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 thereafter, at the option of said Mortgagee, as fully and completely as if all 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 contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- ~ gagee, witf~out notice or demand, suit at law or in equity, may be prosecuted as ii all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so de~lared due and payable, and the said ' premises sha11 be soi~d 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 of this mortgage tor the amount oi the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by ~ the Mortgagee. ~ E:r i 2(.eJ PAGE ~ . . ' - z~ S ' + YY . ~ . ~ ~i~, ~ ~ ~ _ ~~"k~~"xa~~~ 4~h'"~~ _ x~~~~4 ~"~C~~ " _ . ..~a_ ~..°aY.:`~.'~^v~?~.~~..~~~~-.. ~G. ; ~ . .w_ ._or.F.~a~_