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HomeMy WebLinkAbout0967 ~c3 V~:?~ printipal suni and acc~ued interest sl~all becon~e due and payable w~tl~out notice at the option of the hotde~ thereof- And shall duly. p~omplly, and tully parform, d~scharge, execute, eftect, comptete, and comply with and abide by each and every the stipu• lations, agreements, conditions, and covenants o1 said promissory note and this ~noAgage, then this mortgage and the estate hereby c~eated shall cease and be null and vad. And the Mortgagon fu?the? covens~t as fo~lows: ~ 1. That they will pay the iodebtedness, as hereinbetore provided. _ 2. That, in o~de~ mo~e fully to protect the security of this mort8age, the Mortgagors. together with and in addition to, the moothly payments under ihe tertns of any notes secured hereby. on 1he first day oi each mo~th until said ~ote is tully paid. will pay to the Mortgagee the tollowiog sums: (a) A sum equal to one•tvrelfth (1/12) oi the premiums that W~~~ next become due and payable on policies oi fireall as esti- hazard insurance cove~ing !he martBaBed Property, plus tazes and assessmeots next due on the mortgaged property ( mated by the Mortgagee). (b) 1111 payments mentioned in the preceding subsection of this paragraph and all payments to be made unde~ any note secured hereby shall be added together and the aggreSate amount thereof shall be paid bY the Moitgagors each month in a singte payment to be applied by the Mortgagee to the tollowing items in the order set toKh: 1. Taxes, assessments. firc. and hazard insurance premiums: ~I, Interest on the note secured hereby; and - 111, Amortization oi the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgago?s Rrio~ to the due date of the next such payment, constitute an eve~t of defauft under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2!) tor each dollar of each payment more than fifteen (15) days in arrears to cover the exVa ex- pense involved in handling delinQuent payments. . 3_ That if the totat of the payments made Dy the Moetgagors under (s) of paragraph 2 preceding shatl ezceed the~amount oi payments actually made by the Mortgaqee. tor tsxes and assessments and insurance premiums, as the case may be. such excess shall 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 preceding shall not be suNicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the MoRgagots shall pay to the Mo~t- gagee any amourtt ~ecessary to make up the deficiency. on o~ betore the date when payment ot such taxes. assessments, or insur- ance premiums shall be due. lf at any time the Mo?tgagors shall teader to the Mortgagee in accoMance with the pirbvisions 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 loan. If there shall be a default under any of the provisions ot this mortgage ~esulting in a public sale of the premises covered hereby. or if the Mortgagee acquires the property otherwise after default, the Mongagee shall apply. at the time oi the commencement of such proceedings or at the time the property is otherwise acquired, the batance then remaining in the tunds accumulated under (a) of paragraph 2 Preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, or imposi- tions, for which provisio~ has not been made hereinbefore, and in default thereof, the Mortgagee may paY the same and be secured Dy the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit. commit. or suffer no waste. impairment, or deterioration of said properh? or 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, i~ good repair, the Mortgagee maY make suth repairs as in its discretion it may deem necessary for the proper presenration thereof. and the tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay all and singular the costs, charges. and expenses, including reasonaWe lawyers tees. and costs of abstracts of title, incurred or paid at any time by the MortgaBee because of the tailure on the paR of the Mo?tgagors promptly and tutly to pe~form the ag~eements and covenants of said promissory note and this moRgage. and said costs, charges and ex- penses shall be immediatery due and payable and shall be secured by the lien of this mortgage. , h mo a ro rty insured as may be reafter erected on E e rt8 Bed P Pe w existin or he 7. That they will keep the improvements no S E required irom time to time by the Mortgagee against loss by fire or other hazards, casualties. and contingencies in such amounis ~ and tor such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance fo~ pay- ment ot which provision has not been made hereinbefore. All insurance shall be carried in comPanies approved bY MartBagee ~ and the poticies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable 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. In event of loss, they will g'rve immediately notice by mail to Mortgagee, and MoRgagee may make proof of loss if not ~ made promptly by Mortgagors. and each insu~ance company concerned is hereby authorized and directed to make payment for such loss directly 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 th~ reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the murtgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagurs in and to any insurance policies then in force shall pass to tbe purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appy to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including atl and singular the income. profits. issues, and revenues f~om whatever source de~ved, each and every of which, it being expressty understood. is hereby mortgaged as if speci'ically set forth and described in the gra~ting and habendum clauses hereof, and such receiver shatl have all the broad and effective funetions 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, 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 court. ~ 9. That (a) in the eveM of arry breach of this mortgage or default on the part of the Mortgagors, or (b) in the eveM t at 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 duly, promptly and fu ly ~ pertormed; then in either or any such event, the said agg~egate sum mentionetf in said note then remaining unpaid, with interest ~ accrued to that time, and atl moneys secured hereby, shall become due and payable forthwith, or thereaker, at the option of said ~ Mortgagee, as fully 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 contrary notwithstanding: 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 maneys secured hereby had matured prior ~ to its institution. 7he 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 partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed oi thereafter fram time to time by the Mortgagee- _ ~ Soo~ 232 96'~' ~ . Y~ . ~~}r~-'r ~ ~ ~ y ' j`~L;,J ^'h~~'y"3 ~ vf ";t`h..:~ ~ { .~.e&~.`,~'. ~~+`a-.~~iP~..~..Fr~4'~~ti~~~ . ~ _ .__-.s~e.