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HomeMy WebLinkAbout2492 ' ~ - ! ` , ' ? y principal sum and accrued interesl shall becon~e due and payable w~~~w~~l not~ce at the opbon ot the holder the~eo(. And shall duly, pro~npUy, and tuly perfo~m. discharge, execute, ettect, COf"4'~ntoteland th~slmort`gage, the,n U~s moAgaF eand the estate lations, ag~eements, condd~ons, ar.d covenants ot said pron?issory t~ereby created shall cease and be null and vo~d. And the Mortgagors tunher covenant as tollows: 1. That they will pay the indebtedness, as hereinbeto~e provided. 2. That, in order more tully to protect the security oi this mo~tgage, the Mo?tgago~s, togethe~ w~th and in addition to, the monthly payments under the te~ms of any notes secured hereby, on the first day o( each month until said note is tully paid, will ; , pay to the Mortgagee ihe tollowing sums: ~ (a) A sum equal to one•twelfth (1%12) oi the p~emiums that w~~~ next become due and payable on policies of tire and other ~ hazard insurance cove~ing the moRgaged p~operty. P~us taxes and assessments next due on the mo~tgaged property (all as esti- ~ mated by the Mortgagee). ' (b) All payments mentioned in the p~eceding subsection of this pa~ag~aph and atl payments to be made under any note ? secured he~eby shall be added together and the aggregate amount thereoi shall be paid by the Mortgagors each month in a i single payment to be applied by the Mortgagee to the following items in the order set fo~th: ~ 3 L Taxes, assessments, tire. and hazaM i~surance p~emiums; 11. Interest on the note secured hereby: and 1~ Ilt, Amortization of the principal ot said note. Any deficiency in the amount of such aggregate monthy payment shall. unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event ot default under this mortgage. The Mo~tgagee may coltect a"late charge" ; not to exceed tvro cents (2C) tor each dotla~ (S) of each payment more than fifteen (15) days in arrears to cover the extra ex- ; ~ pense invoNed in handling del~nquent 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, for taxes and assessments and insurance premiums, as the case may be. such ~ excess shalt be credited by the Mortgagee on subsequent payments to be made by the MoRgagors. If, however, the monthly pay- ~ ments made by the Mo~tgagors under (a) of paragraph 2 preceding shall not be sutticient to pay taxes and assessments and in- : surance premoums, as the case may be. when the same shall become due and payabte, then the Mortgagors shall paY to the Mort• f gagee any amount necessary to make up the deficiency, on or be(ore the date when paYment of such taxes, assessments, or insur- ance premiums sha11 be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shatl, pay to the Mortgagors atl amounts then remaining in the tax artd insurance eu~ow account held in connection vrith this loan. If there shall be a detault under any of the provisions oi this mortgage resulting in a public sate of the Premises covered hereby, or if the Mortgagee acquires the prope~ty otherwise atter default, the Mortgagee sha11 appty, at the time oi the tommencement of such prceeedings or at the time the property is otherwise acpuired, 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 wil! pay all taxes, assessments, water rates, and other governmental or municipal charges•the same and be tions, tar which provision has not t~een made hereinbelare. a~d irt default thereof, the Mo~tgagee maY PaY secured by the lien of the moRgage; and that they will promptly deliver the otficial receipts therefore to the Mortgagee. } 5. That they will permit, commit, or suffer no vraste, impairment, or deterioration of said propertY or any part thereof; 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 improvements thereon, in good repair, the Mortgagee may make such repa~n e t,shall~be immediately d~ue a d payat~leorand p r o p e r p r e s e rvation thereoi, and the tull amount of each and every such pay shall be secured by the lien of this mortgage. ~ 6. That they will pay all and singular the costs, charges, and expenses. e~icluding reasonable lawyer's fees, and costs ot ~ abstracts of title, incurred or paid at any time by the Mortgagee because of the failure oa the part of thz Mortgagors promptly and fully to pertorm the agreements and covenants of said promissory note and this mo~tgage, and said costs, charges and ex- k penses shatl be immediately due and payabte 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 property insured as may be ~ reauired trom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts and tor such periods as may be required by Mortgagee. and wilt pay promptly, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefore_ All insurance shall be carried in companies approved by Mortgagee and the poticies and renewals thereof shalt be held by Mortgagee and have attached thereto loss payable clauses in favor oi 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 immediately notice by mail to MoRgagee, and MoRgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company con~erned is hereby authorized and directed to make payment tor such loss directty 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 reduciion oi the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mo~tgage or other transter 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 Mo~tgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereot for the appointment of a receiver, and such couR shatl torthwith appoint a receiver of the premises covered hereby all and singu- I lar, including ali and singular ihe income, profits, issues, and revenues trom whatever source derived, each and every of which, it being exp~essly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the braad and effective funciions and powers in anywise entrusted by a court to a receiver, and sur_h appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, ancl without reteres~ce to the adequacy or inadequacy of the value of the property mortgaged or to the sclvenq or insoNency of said Mortgagors or the defendants, and tt~at 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) ir ihe event of any breach of this mortgage or defauli on the part of the Mc~tgagors, or (b) in the event that any i 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 3 and every the stipulations, agreements, conditions and covenants of said note nnd this mortgage, are not duly, promptly ar.d fully - performed: then in either or any such event, the said aggregate sum mentione~ 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 fully and completely as if all of the said sums of money were originally stipulated to be pa~d on such day, a~Y- thing in said note or in this mortgage to the contrary notwithstanding: and ihereupon or thereafter, at the option of said Mort- gagee. without notice or demand, suit at law or in equity. may be prasecuted as if all moneys secured hereby able, and th~e sa d - to its instiSution. The Mortgagee may foreclose this mortgage, as to the amount so dectared due and pay premises shalt be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases ot part~al toreclosure of this mortgage, the mo~tgaged 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 oi this paragraph may again be availed ot thereatter from time to time by the Mortgagee. ~OD~c ~ ~i6f ~~t~? R ~-P~ " `~~S O-~Y.K ~ , , . . . _ .s :u~