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principal sum and accr~ed ~nterest shall beco~~~e due and ~yat,se w.tr:rr~c n~~.~e at t=.e :,t.tv~: ~'>e ~s~dc+ cnere:;~ Ar,d shatl
duly. promptly. and tully perform. d~scharge. ececute. ei(ect. co~~:;.rete. anu csr"i~~ ~"''-n x'~ ~='a G~f caci~ ~"'a t"~~y tn~ stepu
Iations, agreements, condrtwns, and tovenants ol sa~d prom~siory r.i,tt and 1==+~^"'~=-g~e• '•r;" ""S "'~^-f'•?~3e ~+'d tht estate
hereby created shall cease and be nufl and vo~d.
And the Mortgagors further covenant as tollows:
1. That they will pay the ~ndebtedness, as t?ere~nbetwe prov~0ed_
2. That, in order more tully to protett ihe security ot thss rtwltga8e. the ~v't8aacfs- tr~gett~c* •`+a' a~+D 'n to, the
monthy payments under the terms of any notes secured tureby. on tr~e ftist da~ of eaci~ s~or~tt~ unW s~.0 notc rs f~tN oa~A• ?N+~~
pay to the Mo?tgagee the following sums:
(a) A sum equal to one•twelfth (l; 12) of the p~em~ums that +~i ~ became ~+e a~d W~/~ a^ P~'~'s °f hrs and other
hazard insurance covering the mortgaged property. plus taaes and asse~sments rust a+e on tlne ~rxt~g~ 0~~~ •
mated by the Mortgagee).
(b) All payments mentioned ~o the preceding wbsec.t+o~ ot th+s Pxsg~a~+ a~+d ~ P~ LO ~ R~ ~y r~te
secured hereby shali be added together and the aggreg,att amouet thered st~sY be W+d 6fl the 1~o~o~s ~~ti a
single payment to be appliEd by the Mortgagee to the folbw+ng items u~ tt~e orde* set tortk
1. Taxes, assessments. firc. ard hazard ~nsuranoe pne~
(I. Interest on the note secured hereby: and -
111. Amortization ot the principal ot said note-
Any deticiency in the amount of such aggregate monthy WYment shss• ++++iesz A~de ~oOd D~'°r t° the due
date of the next such payme~t, constitute an event of default under ih.s mortBAg~ The 1ior~ c~afr ~ a"t~e charg~ '
not to exceed two cents (2t) for each dollar (S) d~ PaY~ n'~ fAteen (15) ~s ~ an+e~s ~ c~e* the ext?a e~c' ~
pense invotved in handling delinqueM payments -
3. That ii the total of the payments made by the N{aRgagas under (a) d P~ra~rad~ 2 preoed~eg sl~ai a~oeea tht ar~+rN ~
of payments actuaty made by the Mortgagee. for taxes and assess~ents and swrar~oe D~- ~s ttre c~se ~f? b~• s+~h
excess shall be credited by the Mortgagee on subseQuent payrnents to be asade by the Yortga~ars. tf. ho~eret• tl+C ~ P~'
ments made by the Mortgagors under (a) of paragraph 2 prrudmg stsa~~ r+ot be suifc.enR to D~ll tj~
surance premiums, as the case may be, when the same shail beoome ~e and PayabBe• t1~e*'the ~agors st+~ D~i? LO ~~t
gagee any ampunt necessary to make up tne defic+encp. o~n or befo~e tM dstt +rt~en P~t s+~~ °f
ance premiums shall be due. If at any time the MoRgagors st~aU terdef to t~e YoRg~g~ ~o ac~edanoe ~h the D~ °f ~
note secured hereby, tuH paymern of the entire ir?deb4edness repnesented ther+ebf?- tfie Yo~ s~s~a~- O~f? ti°
amounts then remaining in the tax and insurance escrow acco+iat ~+e~d .n connec~on'~ ~S i°'~~ ~ a~auK
under any of the provisions of this mortgage rewiting in a publ'c sale o# tfie Premises oo~e+td her~e~• a~f t~e M~~~
the property otherwise after default, 2he Mortgagee shatl appFy, aR ri+e t+me of tf~e ot s~ 0fO°a~ °f
time the property is otherwise acquired, the balance theA rana~+s~B ~ il~e fw+ds a~smia~d u~de* d~~+D~ 2 P~~`~
as a credit against the amount oi principal then remaining urtpaid ui~der sad ~ote-
4. That they vri11 pay all tazes, assessments. water rates, and aRher gr~ernr+~ai or r*~s~a~ai ct.arges, f~s- ~O~'-
iions, for which provision has not been made here~nbefo~e. and i~ de#~ult U~ereo~. the jioRgagee cs~
secured by the lien of the mortgage: and that U~ey w~11 ptompt3~? deiner U+e df~a~l reoe~pts ~ae~ocC ~o the
5. That they will permit, commit, or wffer no wasie, impaim~nt. or de~oraRiion d said D~ov~b a~Y D~
in the event of the failure of the Mortgagors to keep the build~~s a sad prsm~es aed those to be erec~ed on smd ~uses- a
improvements thereon, in good repair, the Mortgagee may rnal~e wch ~s is ~n Rs ~se0oe~'t er~ dc~^
proper preservation thereof, and the full amouM of each and every s+uh payrne~+R st~ b~ nrr~atth Cue ~ D~Ya~• ~
shall be secured by the lien ot this morlgage. .
i 6_ That they will pay atl and singuta~ the costs. charges. ar~d ei0enses- ~~'~t+~ ~s
~ abstratts of title, incurred or paid at arty time by the Nlortgagee because d ihe fa~ur~ oR t~e Da~t o~ P~
~ and fully to perform the agreements and covenaMs of said prnmessc,~fr ~ote and t~s rr~`~~ ac~d s~d ~*8~ ~ a
~ penses shall be immediateiy due a~d payaale and shall be sea?*ed bf ihe ken aE this r~a~e-
E 7_ That they wiH keep the improvements now e~cisting or hereafter er~ecxed on the rnortg~ t~opc~ty ~used as maY ~
( required from time to time tyr the Mortgagee against bss by f~ie or o~tt~er hazxds. ca~es- and s~~ `
' and for such periods as may be required by Mortgagee. and wil! pay p~c~rnptt~?..rt~en due- any Pr~r~rs o~ s+~n P~ '
~ ment of which provision has not been made hereinbefore. Ni ~nsurance st~a31 be carrkd r~ aompa~ ~DDR~d ~!t ~
~ and the policies and renewals thereot shaU be held by Matgagee and haye anac~ed ~ete iess D~sb~t c~a~s ~~°f ~ ;
i in form acceptable to the Mortgagee. Renewat poSicies shaN be deir+rered to lbrt~ee aR i~st IQ Qa~s Dno~ ~o t~- , i
~ ing policy. In event of loss, they will give immediateiy notioe b~r maA io t~lortga~e~ x~d Ma~e e~*a~ m~e D~°°f "
_ made promptly by Mortgagors, and each inwrance tompartp c~sce**red ~s t~ereby au~onar0 a~d ~eted b° ~ W~ ~
such loss directy to Mortgagee instead of to Mortgagors and lAortg~8ee lo.~tlr. and ffie ~s+arinoe p~oo~e~s- ~+ft P~
~ may be applied by Mortgagee at its option either to the redocian of ihe ~ndebted~ess l~re~ secu~ed or to ttx re~°~aa°^ rc"
~ pairs of the property damaged. In event of foreciowre af this mcrtga8e or ot~er ~ a~ ttfe tfl tt~e moRgaged ~oO~Y .
~ tinguishment of the indebtedness setured hereby, atl rigt~t, titfe and ~rrteresi of tbe iiocL~o~s ~n and La a+*1 ~ D~~ ~
~ then in force shall pass to the purchaser or grantce_ 3
_
~ 8_ That the Mortgagee may, at any time pending a suit upoa this mortg,a~, aOPh ~~~t
~ for the appointment of a receiver, and such couR shall forihwRh appo.at a r+eui+eer d the pr~ses caese~ hertbfl a~ and s+n~+-
~ lar, including all and singular the intorne, profits, issues, and rerenues trom .d~atr~r sws'o~ de~*+ed• eacf~ ~d e~*Y °f "~fi• ~
~ being expressly understood, is hereby mortgaged as if spec+f.caih set fath ar+d de~be~ me ~r°°"B ~~~"d"~'
~4 hereof, and such receiver shall have all the broad and eHectiwe funcbons x~d poaess ia an~s~e ~re~d b! ~ ca~t t° a r~eoee~er.
~ and such appointment shall be made by sucfi couR as an admiited eQurty and a~ d aDsa+ute ngfd to s~d i~bortg~e• and
without reference to the adequacy or inadequacy of the watue ot the propettr rno~tg~ged ar ~o tfle sc~nCy a~y °fi ~
- Mortgagors or the defendants, and ihat such rents, profrts, income. eswes and re~e~wes s~saa? be a~ed b'v s+X~ re~
ing to the lien of this mortgage and practice of such couR.
9. That (a) in the everrt of any breach of this martgage or defautt o~ Lfie tsut d t~e Yori~s- tb1 ~ a^Y
of said sums of money herein referred to be noR prwnptly ard tu~ty pa~d w~tt+o~st 6e~rsa~d or nudoe. a~ t~i
and every the stipulations, agreements, conditiwis and covenarrts ot saed nde and t~a ~r~ge_ are r+ot d~y- ~P~/ a~ ~+~f
performed; then in either or any such event, the sa~d aggregate wm rne~oried .n sad rwte t~en rema~s~xsB u~.~a+d- 'N'th 'Merest
accrued to that time, and all moneys secured hereby. shall became due ~d P=i~abie fa~ths~et+- or ~aenasfter• at itse °Rt"°^ °E sa~d
;a Mortgagee, as fully and completety as rf atl of ihe said w;ns of n~~e.y +re*e or`+~s~ai~ ~ to be D~+d ~fi d~l/• any-
thing in said note or in this moRgage to the contrary notwiYhstand~ngg a+~d t~ereupc*~ or t~eraRe~- at ti~e °vt'~^ ~~ie
_ gagee, without notice or demand, suit at iaw or in e~uity, may be prosecuted as +t ao n+rt+e~rs sK~xed h~*ebf? had matv+ed p^°f
_=F to its institution. The Mortgagee may forecbse this mortgage, as to ihe ar•'~oc+r~t w d~c~xed due a*sd p~iaBte- arsd t~e s~'d
' premises shall be sold to satisfy and pay tht same toget~ wrth oasts, ezpesises_ a+~d atio~rarsus- ~n cases af Dart,at foreciowre
of this mortgage, the mortgaged premises shafl be soM sub~eci to ihe coni,nuing Ven af trrs nutg~ far the arnount of the debt ;
not then due and unpaid. In such case the provisions of this paragraph may aga+r. be ara~+ed c~ ~Rer t*am bme to time by
the Mortgagee.
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