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HomeMy WebLinkAbout2420 t . , i p~ihtipai wm and accrued intcrtst shall beco~ne due and payaAle w~tl~oul notite at the opt+o~ of +he holder the~eol. And shall duy, promptiy, and iuliy pe?ionn, discharge, execute, etiect. ~o~»P note a~d this mo tg'ege, tl e1n this mortgage~a~d the estate lations, agresments, conditio~s, and coveoants ot said p~omissory hereby croated shatt cesse anci be null ar,d vad. Md the Mo~tgagors fu~ther covenant as tollows: 1. That they wil~ pay the indebtedness, as here~nbefore p~ovided. 2. That. in ~rder more fully to protett the security of this mort6aBer. tt?e Mortgagors, together with and in add~tior~ to. the monthty paymentc under the tertns of any notes secured hereby, on the iirst day ot each month u~til said note is lully psid. vrill pay to the Mortgagee the tollowing sums: (a) A sum equal ta one•twelRh (1/12) oi the premiums that will nezt become due and payable on policies of tire and othe~ hazard insurance cove~ing the mortgaged ProPerh?• P~us taxas and assessmeots ~ext due on the mortgaged propeRy (all as esti- mated by the MoRgagee). (Q) lUl payments mentioned in the preceding subsection of this parag~aph and all paymenis to be made unde~ any note secured hereby shall be added together and the aggregate amount thereof shaU be paid bY the MoRgagors each month in a single payment to be applied by the Mortgagee to the following items in the orde~ set fo~th: • 1. Tazes. assessments, tire. and hazard insurance premiums: 11. Interest on the oote secured hereby: and 111, Amortization of the principal oi said note. Any deficienCy in the amouM of such aggregate monthlY payment shali. unless made good bY the Mo~tgagors prior to the due date of the next such ~,ayment, constitute an event oi detault under this mortgage. The Mongagee maY cu~~ect a"late charge" not to exceed 1wo cents (2C) tor each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex• pense involved in handting delinQuent payments. 3. That if the total of the payments made by the Mo~tgagors under (a) of paragraph 2 preced~ng shall exceed the amount of payments aclualy made by the Mortgagee, tor taxes and assessments and insurance premiums. as the case maY be. such excess shatl be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however. the monthy pay- ments made by the Mortgagors under (a) of paragraph 2 p~eceding shall not be suKcient to pay taxes and assessments snd 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 amo~~nt necessary to make up the deficiency, on or before the date when payment of such taxes. assessments, or insar- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mo~tgagee in accordance vrith the provisions of the note secured hereby, tull payment of the entire indebtedness represented thereby, the Mortgagee shall. paY to the Mortgago?s all amounts then remainirtg in the tax and insurance escrow account heW in con~ection with this loan. If there shall be a defauR under any of the provisions of this mo~tgage resulting in a public sa~e of the premises covered hereby, or if the Mortgagee aoquires the pr~perty otherwise after default. the Mo~tgagee shall apply. at the tia~e of the commencement of such proceed~ngs or at the time the property is otherwise acquired, the balance then remaining in the funds accnmulated uade~ (a) of paraBraPh 2 Preced~~8 as a credit against the arr~unt of principal then remaining unpaid under said note. 4. That they will pay all tazes, assessments. water rates, and ather governmental or municipal charges.the same s~d be tions. tor which provision has not been made hereinbefore, and in detault thereof. the Mortgagee maY PaY secured by the lien of the mortgage; and that they will prompty deliver the ofticial receipts therefore to the Mortgagee. 5. That they will permit. commit, or suffer no waste, 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 imp~ovements thereon. in good repair, the Mortgagee may make such repairs as in its discretion i* may deem necessary for the proper preservation thereof, and the tull amount ot each and every such payment shall be immediatey due and payable, and shall be secured by the lien of this mort8age. I 6. That they will pay all and singular the costs, charges, and expenses, induding reasonable lawyers fees. and costs of i abstracts of title, incu~red or paid at any time by the Mortgagee because of the failure oo the pa~t of the Mo~tgagors promptly ~ and fully to perform the ag~eements and covenants of said promissory note and this mo~tBage, 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 property insured as may be required from time to time by the Mortgagee against loss by fire or othe~ hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mo~tgagee, and will pay P!omptly, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefpre. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be heid by Mortgagee and have attached thereto loss payaWe clauses in favor of and in torm acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. fn event of loss, they will give immediately notice by mail to i~Aortgagee, and Mortgagee may make proof of loss t for made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make pay such loss directy to Mortgagee instead of to Mortgagors and Morigagee jointly, and the insurance proceeds, or any part thereof, may be applied by MoRgagee at its option either to the reduction of the indeDtedness hereby secured or to the restoration on pairs of the property damaged. In event of fo~~:vsure of this mortgage or other transfer of titie to the mortgaged property ~ tinguishment of the indebtedness secur~•d hereby, all right, title and interest oi the Mortgagars 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, epply to the court having jurisdiction thereof for the appointment of a reoeiver, and such couR shatl fo~thwith appoint a receiver of the premises covered hereby alI and singu- lar, including alt and singular the income. pro~ts, issues. and revenues irom whatever source derived, each and every of which, it being expressly understood, is hereby mortBaged as if spec~ca~h/ set forth and described in the granting and habendum clauses hereof, and such receiver shall have atl the broad and effective functions and powers in anywise entrusted by a couR 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 reterence to the adequacy or inadequacy of the vaiue of the property mortgaged or to the solvency or insotvency of said Mortgagors or the detendants. and that such rents, profds, income, issues and revenues shall be applied by such receiver aaord- iig to the lie~ of this mortgage and practice of such couR. 9. That (a) in the everrt of arry breach of this mort8age or defautt on the part of the Mortgagors, or (b) in the event that any of said sums of money herein reterred to be not promptly and fully paid xithout 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 duty, promptly and fully performed: then in either or a~y such event, the said aggregate sum mentioned in said ~ote then remaining unpaid, with interest accrued to that time, and all moneys secured her ~+y. 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 we~e originally stipulated to be psid on such day. any- thing in said note or in this mortgage to the contrary notwithstandin~: and ihereupon or thereafter, at the option of said Mort- gagee, w~thout notice or demand, suit at law or in equity, may be Prosecuted as if all moneys secured hereby had matured prior to its instftution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances_ In cases of pa~tial toreclosure 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. tn suth case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. . goaK 231 ~~2415 - - - _ _ _ -