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HomeMy WebLinkAbout0475 . . ~~:i~~ ~ ~ principal sum and a:.crued interest shall beconie due and paYable wdhout notice at the ~pt~on ot the holder thereoi. And shall duy, prort?atly, and tuly pe~form, discharge, execute, eifect, co~~iplete, and compty wilh and abide by eacli and everv tt~e stipu• latio~s, a~een~ents, cond~Uons, a~d covenants of sa~d promissory note and this mortgage, then th~s rno~~gage and the estate hercby cnated shaM cease and be nu11 and vo~d. And the Ma~tgagors tunher covenant as tollows: , l. That ihey will pay the indebtedness, as hereinbefore provided. ~ 2. That, in orde~ more tuily to proteCt the security of this mort6age, the Mortgago~s. toqethe~ with and in addition to. the { ~nortthy payments under 1he terms ot any notes secured hercby. on the tirst day oi each month until ss~d note is tully pa~d. wi~~ - pay to th~ Mortgagec the toUowing sums: : (a) A sum equal to one-twelfth (1/12) ot the premiums tha! will ne,ct become due and payaDle on poNcies oi tireall as esti hazard insurance cove~i~g the moRgaged property. P us taxes and assessments next due oo ihe mo~tgaged propertY ( mated by the Mortgagee). ' ; (b) All payments mentioned in the precedin6 subsectio~ of this paragraph and all payments to be made under any note ~ securetl hereby shatl be added togethe~ and the agg~egate amount thereof shall be paid by the Mongagors each month in a single payment to be applied by the Mongagee to the following items in the o~der set foRh: x 1. Taxes. assessme~ts, t~?e, and hazard insurance premiums; II. IMerest o~ the note secured hereby: and ~ 111, Rmorti2ation of the principal of said note. i Any deticiency in the amount of such aggregate monthly payment shall, unless made goad bY the MoKgago?s p~o~ to the due } date of the next such paymeot, constitute a~ event ot detault under this moRgage. The Mortgagee maY coilect a"~ate charge" not to exceed two cents (2E) for each doilar of each payment more than tifteen (15) days in a~rears to cover the extra ex- pense involved in hand~ing delinquent payments. 3. That ii the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actualy made~by the Mongagee, for taxes and assessments and insurance premiums; as the case may be. such excess shatl be credited by ihe MoRgagee on subsequent payments to be made by the Mo~tgagors. If, howeve~, the monthy pay ments made by the Mortgagors under (a) of paragraph 2 pnrceding shall not be sufiicient to pay taxes a~d assessments and in• surance premiums, as the case may be, when the same shall L xome due and payable, ~ent oi such axes, assessments tor in,su~r- gagee any amount necessary to make up the deficiency, on or betore the date when pay 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 indebtednessYepresented thereby, the Mortgagee shall, paY to the Mortgago?s all amounts then remaining in the tax and insurance escrow account held in connection with this loan. tf there shall be a detault _ under any of the proviaions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mo~tgagee shall apply. at the time ~f the commencement of such proceedings or at the ~ time the prapenY is othervrise acquired, the batance the~ remaining in the tunds accum~!ated under (a) of paraSraPh 2 Preceding 7 as a tredit against the amount oi pr~ncipal then remaining unpaid under said note. 4. That they will pay all taxes, assessmenis, water rates, and other govemmental or municipal charges, fines, or impcsi- tions, for which provision has not been made hereinbefore, and in default thereof, the MoRgagee 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. T~~at they will permit, commit, or sufter no waste, impairment, or deterioration of said DroPe~Y ar any part 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 preservaiion thereof, and the full amount of_ each and every such payment shafl be immediately due and payable, and shall be secured by the lien oi this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by the MortgagPe because of the tailure on-the part ot the Mortgagors promptly ' and fully to pe~torm the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ez- ' penses shall be immediately due and payable and shall be secured by the lien of this mortgage. ~ 7. That they xill keep the improvements now existing or hereafter erected on the mortgaged property insured as may be ! required irom time to time by the Mortgagee against loss by rire or other hazards, casualties, and contingencies in such amounts ~ and for such periods as may L~e required by Mortgagee. and will ~?ay Promptly, when due, any premiums on such insurance for pay- ( ment of whith provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee ! and the policies and renewals thereof shall be heid by Marigagee 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 ot exist- ing policy. In event of loss, they will give immediatefy notice by mail to Mortgagee. and Mortgagee may make proof of ~ eM t r made promptly by Mortgag~rs, and each insurance company concerned is hereby authorized and directed to rteake pay such loss directly to Mortgagee instead oi to Mortgagors and MortgaBee jointly, and the insurartce 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 propeKy damaged. In event of foreclosure of this mortgage or other t~ansier of title to the mortgaged 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 ihe Mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdi~tion thereot : tor the appointment of a receiver, and such court shall forth,erith 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 of which, it being expressly understood, is hereby mortgaged as if speciticaiy set torti~ and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective funttions 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, a.~d without reference to the adequacy or inadequacy of the value of the property mortgaged or to the sofvency or inwlvency of said Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by sucb receiver accord- ing to the lien of this mortgage and practice of such court. ~ 9. That (a) in the event of any breath ot this mortgage or default on ihe pa~t 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 e~ch ~ and every the stipulations, agreements, conditions and covenanis of said note and this mortgage, are not duly, promptly and fully pertormed: then in either or any such event, the said aggregate sum mentioned in said note :hen remaining unpaid, with interest accrued to that time, and all inaneys secured hereby. shall became due and payable forthwith, or thereafier, at the option of said MoRgagee. as fully and completely as if all of the said sums of money we~e originally stipulated to be paid on such day, any- thing in sa~d ncte or in this mortgage to the contrary noririthstanding: 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 ` ad matured prior to its institution. The klortgagee may forectose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold ta satisfy and p~y the same together with tosts, expenses. and allowances. In cases oi partial toreclosure of this mortgage, the mortgaged prPmises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and ur.paid. In such case the provisions of this paragraph may again be availed ot thereafter from time to time by ~ the Mo?tgagee. ~ ~ ~ ; ~ ~ _ . , ~a ~ a_ _ ~ .