Loading...
HomeMy WebLinkAbout2596 . 7 = ~ ~ ~ princiMl sum and accrued inte~est shali become due and payable without notice at~th sntd atiide'by each and every the t pu' duy. p~anptty, and tulN pe~torm. discharge, execute, effect, ~~mp~ note aodc this mortgags, then this mongage and the estste lat;ons, s~resnknts, Conditio~s, and covenants of said p~omissory hKeby chated shaN cease and M null and void. And the Mo+tBagon fuRher covemnt as tollows: • 1. That the~? wi~l paY th~ indebtedness, ss heminbetore provided. 2, That. in order more tully to p~otect the security oi this mo~t8~8e. the Mo~tgagors. together with and in addilion to. the monthy payments under the terms of sny notes socured hereby. o~ the first day oi each month untfl ssid note is tully psid. will pay to th~ Mortgagce the iollowing sums: 1C1es of fire and othe~ (a) A sum equai to one-twelfth (1/1~ oof ~he pus e~ e~t Ssessments next dueeon t eymortgaged prope?ty (all as esti- hazard insurance coveri~g the moRBaBed P Pe Y~ P mated by the Mortgagee). ~b~ ~y end all payme~ts to be made u~der any note ments meotioned in the precedin8 subsection of this paragraPh ~~~h month i~ a secured hereby shati be added together and the aggregate amount thereof shall be paid by the MortgaBo single payment to be applied by the Mortgagee to the following items in the orde~ set foRh: 1, Taxes. assassmenis. fire. and hazard insurunce Prom~~ms: 11, Interest oo the note secured herebY: and , - 111. _ AmoKization of the principal oi said note. ~ Any deticienty in the amount of such aggreBate monthy payment shall. unless made Hood bY t~ 1iAO~ag°~ p^Or to the due date of the next such payment, constitute an event of default under this mort8age. TAe Mortgagee maY co~~ec~ a"late cha~He" not to exceed two cents (2!) tor each dollar (i) of each payment more than fiReen (15) days i~ anears to cover the extra ex- pense imrolved in handling delinqusM payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraPh 2 Preced~~B Sha~~ exceed the amount of payments actualy made by the MoKgagee, tor taxes and assessments and insurance premiums. as the case msY be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If. howeve~. the monthy pay ments made by the Mo~tgagors under (a) of paragraph 2 preceding shall not be suHicient to pay taxes and assessments and in- surance premiums, as the case may be. when the same shall become due and payable, Teottof such axesrsassessme n to~ io u~- gagee any amount necessary to make up the deficiency. on or betore the date when pay ance premiums shall De due. lf at any time the Mortgagors shali tander to the Mortgagee in accordance with the provisions ~ e i note secured hereby. tull payment of the entire indebtedness represented thereby. the Mortgagee shall. pay to the Mortgag amounts then remaining in the tax a~d insurance escrow account held in connection with this loan. if there shall be a default under any of the provisions oi this mortgage resulting in a RuW~ ~~e of the p?emises covered hereby, or if the Mortgagee aoquires the propeety otherwise after default, the Mortgagee shall appiy. at the time of the commencement of such proceedings or at tha time the property is otherwise acquired. the balance then remaining in the funds accumulated under (a) of paraS~aPh 2 Preced~~B 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 o~ municipal chaBes.the and Sbe. tions, for which provision has not been made hereinbefore. and in default thereof, the Mortgagea maY PaY secured by the lien of.the mort8age; and that they will promptly deliver the officiaf receipts therefore to the Mortgagee. 5. That they will pemnit, commit, or suffer no waste. impairmeM. or deterioration of said propertY 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 prcmises, or improvements thereon, in good repair. the Mortgagee maY make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the full 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 wiN pay all and singular the costs, charges. and expenses. including reawoaWe tawyers fees. and costs of abstracts of title, incu?red or paid at any time by the MortgaBee beca~se of the tailure on the part of the Mortgagors promptly f and fuly to perform the agreements and covenants of said promissory note and this moRgage, and said costs. charges and ex- ~ penses shatl be immediately due and payable and shatl be secured bY the lien of this moRgaBe• 7. That they will keep the improvements now existing or hereaRer erected on the mortgaged property iosured as maY be ~ required from time to time by the Mortgagee against loss by fire or other hazards, casualties. and contingencies in such amounts and for such periods as may be required by Mortgagee, and will paY Promptly. when due, any premiums on such insura M fo~~ meM of which provision has not been made hereinbetore. All insurance shall. be ca~ried in companie5 approved bY and the policies and renewals thereof shatt be held by Mortgagee and have attached thereto loss payab~e clauses in favor of and in form acceptable to the Mortgagee. Renevral poticies shall be detivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss. they will g'nre immediately notice bY mail to Mortgagee. snd Mortgagee may make proof of loss ~ f r made promptly by Mortgagors, and esch insurance compamr concemed is hereby authorized and directed to make pay such loss directy to Mortgagee instead of to Mortgagors and Mortga8ee jointl~r. and the insurance proceeds, or any part thereof. may be applied by Mortgagee at its option eithe~ to the reduciion of the indebtedness hereby secured or to the restoration on e ! pairs of the praperty damaged. In everst of foreclosure of this mortgage or other transfer oi title to the mortBaBed PropeitY ~ ' tinguishment oi the indebtedness secured hereby. all rigM, title and interest of the Mortgagors in and to any insurance Rolicies i then :n force shall pass to the purchaser or grantee. ~ 8. That the MoRgagee may, at any time pending a suit upon this mortgaBe. aPP~Y to the court having jurisdiction thereof forthe appointment of a receiver, and 5uch court shall fo~thwith appoint a receiver of the premises covered hereby all and singu- lar, including atl and singular the income, profits. issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortSaBed as if specifica~b Set forth and described in the graoting and habendum clauses hereof, and such receiver st~all have all the brosd and effective tunctions and powers in anywise ernrusted by a court to a receive?. and such appointment shatt be made by such court as an adm+tted equity and a matter of absotute right to sa~d Mortgagee, and vrithout reference to the adequac,y or inadequacy of the value of the property mortgaged or to the solvency or inwlvency of said Mortgagors or the defendants, and that such re~ts, profits, income, issues and revenues shall be applied by such rece'rver accord- ing to the lien of this mortgage and practice of such court. ~ 9. That (a) in the eve~rt of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the everrt that any ~ of said sums of money herein referred to be not promptly and fuly paid vrithout demand or notice. or (c) in the event that each and every the stipulations, ag~eements, conditions and covenants of said note and this mo~tBage, are oot duy, prompty and fuity periormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payaWe forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were orig~nally 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 Mo~t- gagee, virithout notice or demand, suit at law or in equ'ity, may be Prosecuted as if all moneys secured hereby had matured prio~ to its institution. The Mortgagee may foreclose this mo~tgage, 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 mortBaged premises shatl be sold subject to the continuing lien of this mortBage fo~ the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avaited of thereafter from time to time by the Mo~tgagee. - ~ aoo~ 232 ~ 25~3 _ , ~ _ _ - - _ : ~ ~ _ ~ =`"2~' a ~~'"~~`~~-,~'~r~..~.~:'~`z.,_.~'~~cx