The URL can be used to link to this page

Home My WebLink About1111 - . / f ~ princip~l wm and acc~ued interest shall became due and (iaysble without notice at the option of the holde? the~eaf. And shall # duy, prompNy, and tuly pe~form, discharQe, execute, affect. complete. and compy wilh and abide by each and every the stipu• . lations, s~rNrr~eots, conditions. a~d covtaants qf uid p~omissory note and this mortgage, then this mortgage and the estate M?f0y created shaM uase and b~ null and void. /lnd the Mlortgs~ors fuRher covenaM ss tolbws: 1. That they will psr the indebtedness. as heninbe(o~e provided. 2. Thst, in order more. fuly to p?otect the security of this mo~gage, the Mortgagon. together with and ~io additloo to. the monthy psyments under the tarms oi any notes secu~ed hereby. on the ti~st day ot each month until ssid note is luly paid, will pay to the Mortgagee the tollowing sums: , (a) A sum equal to one~twelfth (1/12) of the premiums that wi~~ nezt become due and payabie on policies ot Eire and othe~ haza~d Insurance covering tho mortgaged property. plus tazes and assessments next due o~ the mortgaged p~aperty (all as esti- mated by the Mortgagee). (b) All payments mentiooed in the proceding subsection o( this psragroph and all payments to be made unde~ any note secured hereby shall be added together and the aggregste amount thereof shall be paid tr; the Mortgagas each month in a singte payment to be applied hy the MoitBagee to ths fallowing items io the orde~ set foKh: - • i. Taxes. assessments. fire. and haza?d insurance p?emiums: • . 11. Interest on the note secured hereby: and 111. Amonization of the principal of said note. Any deficiency in the amount of such aggregate monthy psyment shall, unless made good bfl the Mortgagors prior to the due date of the nezt such payment, constitute an event of defauR under this mort6age. The Mortgagee may collsct a"late charge" , not to exceed two cents (2~) fo~ each dollar oi each payme~ moro than fiiteen (15) days in arrears to cover the extra ez- peose invoNed in handliog delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall excEed the amount of payments actually made by the Mortgagee. for taxes and assessments and insurance premiums. as the case rt?ay be. such excess shall be c~edited by the Mortgagee on subseQuent payments to be made by the Mortgagors. If, however. the monthy pay- ments made by the Mortgago?s under (a) of paragraph 2 preceding shall not be sufi'Kient to pay taxes and assessments and in- surance premiums, as the case may be. when the same shall become due and payable, the~ the Mortgagors shall pay to the Mo~t- gagee any amount necessary to make up the deficiency. on or Detore the date when payment of such taxes, assessments. or insur. ance premiums shall be due. If at any time the Mortgago~ shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full paymeM ot the entire indebtedness represented tAereby. the Mortgagee shall. pay to the Mortgagors all _ amounts then remaining in the tax and insuronce esc~ow accou~t held in connection with this loan. If there shall be a defauR under any ot the provisions of this mortBage resulting i~ a public sa~e of the premises covered hereby. or H the Mortgagee aoquires - the property otherwise after defautt, the Mortgagee shall apply. at the time of tM commencement of such proceedings or at the time the property is athervrise aoquired. the balance then remaining +n tfie funds accumulated under (a) of paragraph 2 PrecedinB as a credit agair~st the amount of principal then remaining unpaid under said note. ~ 4. That they will pay atl taxes, assessments, water rates, and other govemmeMal or municipal charges. tines. or imposi- tions, for which provision has not been made hereinbefore. and io defauR thereof. the Matgagee may pay the same and De ; secured by the lien of the mortgage; and that they will promptty deiiver the official receipts therefore to the Mortgagee. ` 5. That they will permit, commit, or suffer oo waste, impairment, or deterioration of said property or any part thereof; and in the event of the faiture of the Mortgagors fo keep the buildings or said premises and those to De erected on said premises. or improvements thereon. in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary tor the proper Freservation theroof. and the full amount of each and every such payment shall be immediatey due and payab~e. and . shall be secured by the lien of this mort8age. . ~ 6. That they will pay all and singular the costs, charges. and expenses. i~cluding reasonable lawyer's fees. and oosts ot abstracts of tiUe. incurred or paid at any time by the Mortgagee because of the failure on the paR of the Mortgagors promptty and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ' penses shall be immediatey due and payable and shalt be secured by the tien of this mortga8e. f 7. That they will keep the improvements now enisting or hereafter erected on the mortgaged property insured as may be required irom time to time by the Mortgagee against loss by 6re or other hazards, casuaRies, and coatingencies in such amounts ~ and for such periods as may be required by Mo~tgagee. and will pay promPthr. vrhen due, any premiums on such insurance for pay ~ ment of which provision has not been made hereinbefore. All insurance shall be carried in compani~s approved by Mortgagee i and the policies and renewals thereof shall be held by Mortgagee and have attached theretb loss payable clauses in favor of and ~ in form acceptable to the MoRgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they will give immediatety notice by mail to Mortgagee. and Mortgagee may make proot of loss if not made prompty by Mortgagors. and each insurance compamr concemed is hereby authorized and directed to make paymerrt for such loss directlyto Mortgagee instead of to Mortgagors and MortgaB~ lo~nty, and the insurance prceeeds, or any part thereof. may be applied by Morigagee at its option either to the reduction of the indebtedness hereby secured or to the restoratwn or re- pairs of the property damaged. In event of foreclowre of this mortgage or other transfer of title to the mo~tBaBed ProPertl? in ex- - tinguishment of the indebtedness secured hereby. all rigM, title and interest of the Mortgagors in aad to any insurance Po~icies then in torce shall pass to the purchase~ or grantee. 8. That the Mortgagee may. at any time pending a suit upon this mortgage. applyt to the oourt having jurisdiction thereot ~ for ihe appointment of a receive~. and such couR shall forthwith appoint a receiver of the premises covered hereby all and singu- i tar. including all and singulsr the income, profits, issues. and revenues irom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granti~g and habendum clauses hereof, and such receiver shall bave all 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 refe~ence to the adequacy or inadequacy of'the value of the property mortgaged or to the salvency or insoFvency of said Mortgagors or the defendants, and that such rents, prof'~ts, 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 event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any ~ of said sums of money herein referred to be not promptly and fuly paid without demand or notice, or (c) in the event that each i and every the stipulations, agreements, conditions and covenants of said note and this mortgage, a~e not duty. promptly andfully ~ performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest j accrued to that time, and all moneys secured hereby. shall become due and payable torthwith, or thereafter, at the option of said I _ 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 atl moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so dectared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In wses of partial toreclosure of this mortgage, the mortgaged premises shall be so{d subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case ihe p~ovisions of this paragraph may again be availed of thereafter from time to time by the MoKgagee. 600K~'v~' PAGEil10 . ~ _ ~ ~ . ~ - 9~ f _ _