Loading...
HomeMy WebLinkAbout1918 . ~ ' % principal sum and acuued interest shall become due and payable w~lhout notice at the o~tion of tiie holder thereoi. And shall duly, p~omptly. and tully pertorm, discharge, execute, ettect, complete, and comply with and abide by each and every the stipu• _ lations, ag~eements, co~ditions, and covenants of said promissory note and this mo?tgage, then this mortgage and tlie estate hereby created shall cease and be null and void. t e And the Mortgagors tunhe~ covenant as tollows: i 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in orde~ more tully to protect the security of this mortgage, the Mongagors, togethe~ with and in addition to, the monthly payments under the terms of any ootes secured hereby, on the f~rst day of each month until said note is fulty paid, will pay to the Mortgagee the tollowing sums: (a) A sum equal to one-tweltth (1/~2) of the premiums that will next become due and payable on policies of (ire and otheF hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsection of this parag~aph a~d all payments to be made unde~ 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 Mo~tgagee to the follovring items ~n the order set foRh: 1. Taxes. assessments, fire. and hazard insurance premiums: 11, Interest on the note secured hereby; and ~ 111. Amortization of the principal ot said note. Any deticiency in the amount of such aggregate mo~thy payment shall, unless made good by the Mortgagors prio~ to the due date of the ~ext such payment, constitute an event of default under this mortgage. The Mo~tgagee may collect a"lat~ charge" not to exceed two cents (2~) for each dollar of each payment more than tifteen (15) days in arrears to cover the extra ex- pense invoNed in handling delinquent payments. 3. That if the total of the payments made by the Mo~tgagors unde~ (a) of pa~agraph 2 preceding shall exceed the amount oi payments actually made by the MoKgagee, for taxes and assessments and insurance premiums, as the wse may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mo~tgagors. If, howeve~, the mo~thy pay ments made by the MoRgagors under (a) of paragraph 2 preceding shall not be sufficient to pay tazes and assessme~ts and in- surance premiums, as the case may be, when the sarrie shall become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or betore the date when payment of such taxes, assessments, or insu~- 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 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 foan. If there shall be a detault under any of the provisions of this moRgage resulting in a public sate oi the premises covered hereby. o~ if the Mortgagee aoquires the property otherwise after default, 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 paraBraPh 2 P~e~~d~ng as a tredit against the amount of principal then remaining unpaid under said note. 4. That they will pay atl taxes, assessments, water rates. and other govemmental or municipal charges. 6nes, or imposi• tions, 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 will promptly deliver the official receipts therefore to the Mortgagee. 5. That they witl permi~ commit, or suNer no waste, impairment, or deterioration of said property or any part thereot; and in the event of the tailure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises. or improveme~ts 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 mortSage. 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyers fees. and costs of ~ abstracts of title. incurred or paid at any time by the Mortgagee because af the failure on the paR of the Mortgagors prompty ~ and fully to perform the agreements and covenants of said promissory note and tbis 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 mortgaged propeRy insured as may be required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts ~ and for such periods as may be required by Mortgagee, and will pay promptly, when due. any premiums on such insurance for pay- ment oi which provision has not been made hereinbetore. 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 payable ctauses in tavor 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 witl give immediately notice by mail to Mo~tgagee. and Mortgagee may rreake proof of loss if not made promptly by Mortgagors, and each insurance company concerned~is hereby authorized and directed to make paymeM tor such loss directy to Mortgagee instead of to Mortgagors and Mo~tgaB~ lointty, and the insurance proceeds, 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 rr~rt8aged property in ex- 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 Mortgagee may. at any time pending a suit upon this mortgage, appty to the court having jurisdiction thereot for the appointment of a receiver, and such court shall forthwith appoiM a receiver of the premises covered hereby all and singu- lar, including all and singular the income. profits, issues. and revenues trom whatever source derived, each and every of which, it being expressly understood, is hereby moKgaged as if specificalN set foRh 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 couR to a receiver, t and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said MoKgagee, 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 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 caurt. 9. That (a) in the eveM of any breach of this mortgage or detault 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 duy, 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, shall become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee, as fiully 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 coMrary notvrithstanding; 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 mo~tgage, as to the amount so declared due and payable, and the said - premises shall be sold to satisfy and pay the same together with tosts, expenses, and allowances. tn cases of partial foreclosure of this mortgage, the mortgaged premises shall be sold subjett to the continuing lien of this moRgage tor the amount of the debt not ihen due and unpaid. In such case the provisions of this paragraph may again be avaited of thereafter from time to time by the MoRgagee. ' ~ ' _ - BOOK~~v PAGE19i4 - ~ ~ ~ G ; ~ ~ r~ ~ ~ ~ ~ w ~ > ~ - ; _ _ , _ . .