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Home My WebLink About1756 . ~ ' s ~ PROV[DED ALWAYS that if the mortgagors thalt pay unto the Ass~ciacian che indebtedness evidenced by that :ertain promissocy note of even date he~with made by the mortgagocs and p~yable to the Association in che principal pcc able in month! y sum of Y 4, ~OO. OQ-..- which note, togtthe~ with inteast thereon as thereia s ified, i spay Y ~ instailmenu of S 92..3$ _ on the first day of each month beginning _~t~er_1 , 19?4 , ~ which payments ac~e to a~lied. first to intccest. and, if applicable, to taxcs. assessmcnts, insurancc premiums and othcc ~ charges upon the propc~ty, and the balance ~ to principal. until said indcbtednesS is paid in full. and shall perform. ~ comply with and abide by each and cvay the stipulations. agceements, cond'ations. and covenants of the pco:nissorY , r~ote anci this mortgage, thcn thia mortgage and ttx estate caated hercby shalt ceue and be null and void: howeva. ~ chis mortgage likewise sccures any advances msde by the Association to the moctgagors or their auccessors in titls for any purpose any time before the releue. satisfaction and ancellation of this moctgaga ~ , ~ ~ -t ~ Lb,~~~I~~srai! muaa~yl~7 ~ ~ ~ AND the mortgagors do hcnby covcnant aai~ agree: To P,Y all and siagular eht priacipal and iatccesc sad othcc sums of moner wr~~~ bT virtuc of said Pr.,miuorr note aad this mor~gage. or ~icber. on ~ee a~rs ~r~ri~~r ctx sam~ ~e~e~~~r ~om~ ao~. ~ To pay all :nd si~gular the taxa. assessmcnts. Icvics. liabilitia, obligations. aad tMY~71IN7I1tK of evccy natun oa the propcrty cov~rcd b~ chu mortaa;e ~rbca due and pay~bie xcording co law. bcfon ctx~ become dcliaqucat. and if t!x same sl~alt aot be prompdr paid t6e Asso:iation mar at aar ~ime. either before oc after dcliaqncncy pav ~fx ume withou[ waiving or alfatiag ctx opt~on to forcclose. o~ aar ri~ht beannder. and ererr p~ycsea~ w msde shall bear iaterest f~om t!x date thereof at the default rate of ---.---~-g- pa u?num: co repar oa demand aar sums so paid br t6e Associatioa aad t6e failnre of t6e morcgagQrs to compl~ witb tbc d~mand of c!x Associa- tioa for a pcriod of c6irty (30) dars s6a11 coastitnte a bnxh of this monYage. and cbe Auociation. ~t its option. immediatclr aad witlwnt notice. mar institnce proceedings to (orcdase this mort;agc and appir for cbc appoiatmmt ot a nccioer u txreiasftcr providcd: co deliver to the Association on or beforc Marc6 1 Sth of racb rcar, a= ~eccipts evidcating tht payment of ali liens for pub~ic imp~ovements withia niuet~ (90) dars a(cer cbe ume shali become dne aad payable. aad to pa~ or disclurge wit6in uinct~ (90) days atter due date. anr and all goveramrnal levia that mar be madc on che mortgagcd proRrct?. oa this tnortgage or aotc. or in aa1 ot}xr wa~ ranlting from the mo~tYage indebcednas secuad b~. c6is morcqa;e- To keep t~ baildings and all eqaipmcnc and pecsonal propercy and otbcr improvcmrnts aow c:isting or txnafter placed or aecced oa tbc mortgagcd premiscs insnred u mar be requircd from timc [o time by tbe Asso;iation against loss by firc aed otlxr hazards. cunaltia and coatiageacia. in soch amounts aad for snch periods u may be reqnired bp tlx Association: to pay prompd~ wtxn due the p[~miums on said insurance: to carr~ all iasntaact in c~mpania approved by tbe Association aad written by a respoesiWe local agent satisfxto7 to the Associatioa: and the poliq or policies shall be of a t~pe or types xceptaWe to the Association aad s6a11 be 6eld b~ t6e Associatioa unlas the Astociatioa waiva in wriciag snch right eo hold said policy or policia. and Enrtba pro~ided ehat said waivcr may be «roked at an~ ~ime b~ tbe Astociation: and cxh snd e~er~ OI• S3lQ QnIKIK shall have ata~6ed thueto an uccptable mortgaga clanse, without co0[ribueion. making ali losses payable co thc Auociatiaa: to give immediate notice by mail to the Association so that t6e llssociation ma~ mike proof of loss if not promptl~ made br che mortgagors: ehac each insarance coaipaay coacerned is- heabl auttwrize~ and dire~cted to make pa~mcnc for snc6 lou diraciy to tbe Assocution iastead of to ehe mo~tgsgors and the Association jointlr. _ and tbt insnrann procteds or aa~ .part tbeceoE ma~ be appktd b~ the Association at its option eitlxr to tbt rednaion of tbe indelxednai ~ berebr secured or to tbe ratontwa or repair of tbe propcrty damagcd without impsiriog or waiviag sn~ equity. lim or righi undtr and ( b~ vircue of chis mortgage: that in ebe caent of tbe forccloanre of t6is mortgage or ot6cr transfer of tisle co tbe mortgaged propert7 in e:tinguis6ment of the indebtedness secnnd lxrebp. all right. title and interat of tbe mortgagoa in and to any insnraace policiss thrn in forct sba11 pus to tbe pnrc6uer or graata: io thc rvcnt ttx mortgagoa sball fail to ketp ch~ prcmisa insurcd u abore providcd or sball iasua in a manncr not xcepqble to tbe Assotintion. the 1lssociacion ma~ plxe and pa~ for such insunnce or an~ part thettof witboot waiving or a6ating its option to foredou or any right bacandcr. and cuh aud evaryr psyment shall bear intcrat from tbe date tbereof at tbe dcfsult rate u scated in paragraph 2 and shalt be cepaid to tbe Association opon d~mand. and failnre of the mortgagors to com- pl~ wit6 said dcmand br t6e Association for a pcriod of thirt~ ~ 30) da~s shall coauitatc a breach of this mortgagt. aod. at tbc optioa of tbe Association. immed'utdr matua tbe entire amount secoced by this mortgagc. and tbe Association immediatdy and aithout aocice may iastitutt praecdings to Eotrclose :his mortgage and aPp11 Eor t he appointmcnt of a rcceiver u txreinafter prorided. to ddiv~r rcnewal or xctptable snbstitnte poiicia ot evidrnce thereof xcepable to ttx Association noe less than 6ftan (15) days prior co ebe ann~vecsar~ date of tbe cnrrenc policy: iE tbe potic~ is cancclled bl che insucer. [he moregagon mast hare a aew poticy. xcepable co etx Associa~ion. ia cbc 6ands oi tbe Assocution cwcncl-fonr (24) hoaa before tbe eHatioe date stued in ebe 110t1tt of cancellacion to tbe mortgagors- 4. To pctmit. commit. or rnBa no wasce. impairmcnt oc detcrioration of said propertq. or any pact tlxceaf. iacluding but not limiced to vegetstion. and npoa tbe failurc of tht mortgagors to kccp the improvemrnts on said property in good coaditioa of rzpair. tbc Associa- tion ma~ demaad tbe immediate rcpair of said improrcmcau or. at its option. tbe Associztioo may make and par such npairs u ie iu diuretion it ooay decm naestarr to the proper praervation thercof, and t6c full amoont of such paymcnts sb:ll bt mured by tbc lim of tbis mortgage and shall be paid to tbe Assocution immediatelr upon demand: and ttx failnre of t1x mortQagors to comply with ttx de- mand of tbe Association to make suc6 apairs.or «pay soc6 monies ezpended by the Associ~tion, within thirty ( 30) days of either of uid d~mands.shall constitute brexb of t6is mortgage. aad ttx Auociation, at its option. ~mmcdiately and withont notice. may institutc proceedings to forcdose chis moctgagc and applq for tbe ~ppaiacmcnc ct a rcceiver as bcrciwf[er pror-ided. S. To perform. compl~ With and abide b~ ach and everT tbe uipnlanons. agreemenu. coaditions. aad covcnaacs in said promissory note and mort~ag~ set torcb. 6. If anr of the sams of mane~ hereie referred to bt not promptlr and fally paid u prorided in t}x note and this mortgage. or if exh and evec7r the stipulations. agrttments, conditions and covcnants of said pcomissorr notc and this mo:tgagc. or eithcr. arc not dalp per- formed. complied witb and ~bidtd by. the aggrcgat~ sum mcntioned ic said promissory note shrll bccomc duc and p~yable for[hwith or tFxreaftet at the option of the Association. as fully and complctsly u if said zggrega:e sum of moeey wcre originslly uipulutd to bt paid on snc6 da~. anythiog ia uid promizsory notc or txria !o thc con:nr~ aotvrithuanding. 7. Uatil default in the performance of tlx coveaants ~nd agreements of tbis mortgage. the mortgagors shall be entitled to collat the reats. issca and profits from the prcmisa bcrcinbefore deuribcd. bat :n case of a dcfault in anT of tf?e tcrms of this mortgage. or tbe 61ing of a complaint to foreclose this or aaq other mortgage encumbrc ing tFx within described property. the Association shall immcdiately and witboat notics be entided to tbe appointm~nt of a cec:iva of the mortgaged propcrtp. and oE thc rents. issues aad profits thtrcof. with the osaal power of reccivers in such cues. and such appointment shall be mad~ br the coart u a matter o( strict right to the mortgaga. ets . suctessors. kgal rcpresentati~a or assigns. and without nference to tFx adequacr or inadeq~acy of the vslae of tbe property txrebq mort- ;s~cd. or to the wlveacr oc iasolvencr of [he mort~a~or. aad such rcnt. pro6ts. iacome aad issaa shall be spplied br snc6 rariver to ~ooK2~i ~~1754 - - ',4~ ~ ~ I ~ ~s.