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HomeMy WebLinkAbout1456 t `•t~ ~ ~ , ~ • ` '~?su ~ ~L ) principal srm and acctued interest shall beconie due and payable w~thout notice at the option of tlie holder thereoi. And shall duy, p?omptly, and (uly pe~form, discharge, execute, eifect, complete, and comply with and abide by each and every the stipu~ lations. a~reements, conditions, and covenants ot said promissory ~ote and this mortgage, then this mortgage and the estate i i he~eby croated shaN cease and be null and void. ~ And th~ Mortgagors tunher covenant as tollows: ~ l. That they will pay the indebtedness, as herei~before provided. ~ 2. Thst. in order more tully to protect the security oi this moh6age. the Mo~tgagors, together with and i~ addition to, the monthy payments unde~ the terms of any notes secured he~eby, on the first day of each month until said note Is tully paid, will pay to the Mortgagee the folbwing sums: (a) A sum equal to one-tvrelith (1/1~) oi the premiums that will next become due and payable on policies of tireall as esti- hazard insurance covering the mortgaged property. plus taxes and assessments next due on the mortgaged prope?ty ~ mated by the Mongagee). (b) All payments mentioned in the preceding subsection oi this parag~aph a~d all payments to be made undar any note secured hereby shall be added together 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 foRh: 1, Taxes. assessments, fire, and haza~d insuranca premiums; 11. Interest on the note secured hereby; and 111, Amo~tization of the principal oi said note. Any deficiency in ihe amount of such aggreBate monthy payment shall, unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may coltect a"late charge" not to ezceed two cents (2~) for each dollar (s) of each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee. for taxes and assessments and insurance premiums, as the case may be. such excess shall be credited by the Mongagee 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 sufiicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same 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 teoder to the Mortgagee in accordance ~with the provisions of the i note secured he~eby. tull payment of the entire indebtedness represented thereby, the Mo~tgagee 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 detault ; under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shatl appty, at the time of the commencement of such prceeedings or at the ! time the property is otherwise acquired, the batance then remaining in the funds accumulated under (a) of paragraph 2 precedinB ; 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. o~ imposi- tioos, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they wifl prompty deliver the official receipts therefore to the Mortgagee. ; 5. That they will permit. commit, or suffer no waste, irnpairment. or deterioration of said property or any pa~t thereof; and ~ in the event of the failure 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 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 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 tailure on the part of the MoRgagors promptly ~ ; and tully to perform the agreements and covenants of said promissory note and this mongage, and said costs, charges and ex- ~ penses sfiall be immediately due and payable and shall be secured by the tien of this mortgage. ' E 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be ~ i required irom time to time by the Mortgagee against toss by fire or other hazards, casualties, and contingencies in such amounts ~ and tor such periods as may be required by Mo~tgagee, and will pay promptly, when due, any premiums on such insurance for pay- ment of whith provision has ~ot been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payabte 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 immediatety notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for s~ch loss directly to Mortgagee instead of to Mortgagors and Morigagee jointfy, and the insurance prceeeds, or any part thereof, . may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re• ~ pairs of the property damaged. In event of toreclosure of this mortgage or other transfer of title to the morigaged propeRy in ex- F tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. - 8. That the Morigagee may, at any time pending a suit upon this mortgage, appy to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the income, profits, issues, and revenues irom whatever source derived, each and every ot which, it being expressly understood, is hereby mo~tgaged as if spec+fica~~Y set forth and described in 4he granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a couK 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 Mortgagors or the detendants, 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 eveM 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, 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 ~ 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, shalt become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee, as fulty 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 noiwithstanding: 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 toreclose this murtgage, as to the amount so dectared due and payable, and the said premises shalt be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure 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 from time to time by the Mortgagee. . ~ . r,~~.l1~3 - ~ _ . ~ ~ ~ - ~ ~ ~ ~ ~~sm y~ r. _ ~ - .