Loading...
HomeMy WebLinkAbout2921 principal sum and accrued mterest shail becon~e due and payable w~thout ~ohce at the opUon of the holder thereuL And shaU duly. promptty, and fully perform, discharge, execute, et(ect, complele, and coniply wrth and ahide by eacl? and every ihe stipu• lat~uns, agreements, condn~ons, and covenants oi said promissory note and this n?ortgage, then this mortgage and the estate hereby created shall cease and be null and vu~d. And the Mortgagors further co~ena~t as follows: 1. That they will pay the indebtedness, as he~einbetore p~ovided. 2. That, in order more tully to protect the security of this mortgage, the Mo~tgagors, together w~th and in addition to, the monthty payments under the terms of any notes secured here6y, on the first day oi ea~h monttti until said note is tuHy paid, will pay to the Mortgagee the iollowing sums: . (a) A sum equal to one•twelfth (1!12) of the premiums that w~11 next become due and payable on policies ot fire and other hazard insuranc~ covering the moRgaged property, plus taxes and assessn~ents next due on the mortgaged property (all as esti- mated by !he Mortgagee). (b) All payments mentioned in the p~eceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added togethe~ and the aggregate amount thereoi shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in the orde~ set forth: I, Taxes, assessments, tire, and hazard insurance premiums; ~I, Interest on the note secured hereby: and (11. Amortization ot the principal of said note. Any deficiency in the amount oi such aggregate monthty payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, tonstitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) for each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling detinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of 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 Mortgagors. If, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- , surance premiums, as the case may be, when the same shall become due artd 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 oi the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default u~der any of the provisions of this mortgage resulting in a puDtic sale of the premises covered hereby, or if the Mo~tgagee acquires the property otherwise after default, the Mo~tgagee shall apply, at the time of the commencement of such proteedings or at the ~ time the property is otherwise acQuired, the batance 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 taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- tions, for wfiich provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay ihe same and be secured by the lien of the mortgage; and that they wil~ promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, o~ deterioration of said property or any part thereof; and in the event oi the failure of the Mo~tgagors 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 tor the s 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 they will pay all and singular the costs, charges. and expenses, including ~easonable 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 4 and fulty to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ~ penses shalt be immediately due and payable and shatl be secured by the lien of this mortgage. ~ 7_ That they will keep the improvements now existing or hereafter 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 such amounts s 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 insurante shall be carried in companies approved by Mortgagee _ ~ and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and ~ in torm acceptable to the Mortgagee. Renewal poticies 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 ~ made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor ~s 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 secu~ed or to the ~estoration or re- ~ pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, alI right, title and interest of the Mortgagors in and to any insura~ce policies ~ then in force shall pass to the purchaser or grantee. ~ ~ 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 court shatl forthwith appoint a receiver of the premises covered hereby all and singu- lar, including atl ~n~. singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions 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 absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ; Mo~tgagors 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 default on the part of the IViortgagors, 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, or (c) in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not dufy, promptly and fully `y pertormed: 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 ot 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, 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 payable, and the said premises shall be sold 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 for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter irom time to time by the Mortgagee. ~ g~r~22~ ~19 ~ ~ - - _ ~ . ~ ~ ~ : . _