Loading...
HomeMy WebLinkAbout0982 .a L.LJ principal sum snd accrued inie?est shali-Detomc-due and psyabie without notice at the optio~ ot the holdar thereof. And shall duly, promptly, and fully pe~form`dischsrge, execute, efteN, complete, and compy with a~d abide by each and every the stipu• lations, a~resments. conditions, a~d cownants of said promissory note and this mortgage, then this mohgage and the estate • hereby cnated shaN cease snd be null and vad. And the Mortgagon tuttMr covenant as tollows: 1. That they will psy the indebtednesS. as t~eroinbetore provided. 2. Thst. in order more tully to protect tM security of this mo~tgage. the Mortgagors. togethe~ wit1~ and in additio~ to. the monthy payments under the tenns ot any notes secured hereby. on the first day of each month until said note is tully paid, will pay to tM Mortgagee the tolbwing sums: (a) A sum eqwl to o~e-twelfih (1/12) of the premiums thst will nezt t~ecome due and payabie on policies of fire and other hazard insurance coveri~g the mnrt8aged property. P~us taxes and assessments next due on the mortgaged prope~ty (all as esti- mated by the Mortgagee). ~ (b) All payments me~tioned in the p?eceding subsection of th+s paragraPh and all payments to De e^~month inta secured hereby shall be added togethe~ snd the aggregste amount thereai shall be paid by the Mortgsgors single payment to be applied by the Mortgages to the following items in the order set fo~th: 1. Taxes. sssessments. firo. and hazard insurance premiums; U, interost on the note secured hereby: and IH, Amo~tization of the principal of said note. Any deficienc~r in the amouot of such a~regate monthy payment shall. unless made good by the Mo~tgsgors prior to the due date of the next such payment. constitute an event of default u~der this mortgage. The Mortgagee may eollect a"late charge" not to exceed two cents (2!)~ fo~ each dolta~ (S) of each paymeat more than tiftesn (15) days in anears to cover ihe extra ex- pense invohred in haodling delinquent paY~nts. . ' 3. That if the total of the payments made by the Mortgagors under (a) of psrsgraph 2 p~eceding shall exceed tha amount of payments actually made by the Mortgagee: tor taxes aad assessments and insurance premiums, as the case may be: such ezcess shall be credited by the Mortgagee o~ subsequent payments to be made by the Mortgagors. If. however. 3he monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes anil assessme~ts and• in- surance premiums. as the case may be, vrhen the same shall become due and payable, then the Mortgagors shall psy to the Mod- gagee any amount necessary to make up the deficiency, on o~ before the date when payment of such taxes. assessmeMs. orlnsu~. ance premiums shall be due. lf at any time the Mortgagors shall tender to ihe Mo~tgagee in accordaoce with the provisions of the note secured hereby. full paymeot of the eotire indebtedness ~epresented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow aaount held in connection vrith this loan. If thero shall be. a defauR under any oi the provisions of this mortga8e resulting in a public sale of the premises covered hereby. or if the Mortgagee acquires the property otherwise after default. the Mortgagee shall apply. at the time of the commencement of such proceedings or at the time ttie property is otherwise acQuired. the batance then remaining in the tunds accumulated unde~ (a) of paraH~Ph 2 P~~ing as a credit against the amount of principal then remaining unpaid under said note. 4. That ihey will pay all taxes. assessmeots, water rates. and other, govemmental or municipal charges, ~nes, or imposi- tions, for which provision has not been made hereinbefore. and in default thereof. the Mortgagee may paY the same and be ; secured by the lien of the mortgage: and that they will prompty deliver the official receipts therefore to the Mortgagee. ~ 5. That they witl pertnit. commit, ot sufier no waste. impairtnent. or deterioration of saM propsrty or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings-br said premises and those to be erected on said premises. or improvements thereon, in good repair. the Mortgagee may make suth repairs as in its discretion it may deem necessary for the proper pteservation thereof, and the tull arRouM 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 reawnable IawYers fees, and costs of abstracts of title, incurred or paici at any time by the MortgaBee because of the failure on the paR of the Mortgagors prompRly . and fuly to pe~form the agreements and covenants oi said promissory note and this moRgage. and said costs, charges and ex- penses shall De immediately due and payabfe and shall be secured by the tien of this mortgage. i ~ 7. That they witl keep the improvemeots now existing or hereafter erected on the mortgaged property insured as may be ( required from time to time by the MoRgagee against loss by fre or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Martgagee. and will pay prompty. when due, aoy premiums on such insurance for pay- ment of which provision has not been made hereinbefore. All insurance shall be carried in compa~KS apprmred bY Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payaWe clauses in favor of and in torm acceptable to.the Mortgagee. Renewat policies shall be delivered to Mortgagee at teast 10 days priorto expiration of exist- ing policy. In event of loss, they will give immediately notice by mail to Mortgagee. and Mortgagee may make proot of loss if not made promptly by Mortgagors. and each insurance company concerned is hereby authorized and directed to make payment f~r such loss directly to Mortgagee instead of to Mortgagors and MoctgaBee lo~ntly. and the _insurance proceeds, or any part thereof. may be applied by Mortgagee at its optio~ either to ~he 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 mp~tga8ed ProPertY ~n ex- tinguishment of the indebtedness ;ecured hereby. all rigM. title and interest of the Mortgagors 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. apply to the court having jurisdiction thereof for the appointmeM of a receiver. and such cou~t shall forthwith appoiM a receiver of the premises covered hereby all and singu- lar. including all and singular the income, profits, issues, and revenues irom whateve? source derived. each and every of which, it being expressiy understood, is hereby mortgaged as ff spec~cafy set forth and described in the granting and habendum c~auses hereof, and such receiver shall have all the broad and effective functions and powers i~ anywise eMrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matter of absolute rigM to said Mortgagee, and without reterence to the adequacy or inadequacy of the value of the property mortBaBed or te the solvency or insolvency of said Mortgagors or the defendants, and that such rents, profits, income, issues aad 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 evertt of arry breach of this mortgage or default on the paR of the Mortgagars, or (b) in the event t at any of said sums of money herein referred to be noR promptly and fully paid without demand or ~otice. or (c) in the svent that each and every the stiputations, agreements, conditions and covenants of said note and this mortgage, are not duy. promptly and tully performed; then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest acuued to that time, and all moneys secured hereby, shall become due and payabte forthwith, or thereafter, at the option of said MoRgagee, 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 notwithstandinB: and thereupon or thereafte~, at the option of said Mort- gagee, without notice or demand, suit at law or in equity. may be Prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to th~ amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with oosts, expenses, and allowances. In cases of paRial toreclosure oi 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 such case the provisions of this paragraph may again be avaifed of thereafter from time to time by the Morigagee. - BaoK 233 PAGE 981 ~ ~ ~ ~ ~~~F ~ , ~ ~~~~~.'3._..~..~'~:W.~...,._a..~~ S'~. . _ _