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HomeMy WebLinkAbout2248 ~:`rL" prinei~N wm and acc?ued inttrest shall beccme due and payable without notice at~th and abidetby a hea d every the st pu- ' duy, prompty?. snd tuNy pe~lorm, discha?~e, execute, effect, comp~ note and this moABage, then this mortgsge and tM estate lalions. s~r~'~eMs. co~diti~ns, a~d cownants ot said promissory Mr~b~r crost~d shail ceaae and Ds ~ull and vad. • . /~nd M~ Mo~agon 1u~ther covenant ps iolbws: f l. That they will paY the indebtld~ess, ss hereinbetore provided• 2. That. in oMer mom fuly to protect the security of this mort6age. the Mortgagors, together with and in addition to, the monthy psyments under the terms of aoy notes secured hereby. on the tirst day of each month until said nota is tuly paid. wl~~ pay to ths Mortgagee the following sums: t (s) A sum eqwl to one•twelfth (1/12) of the premiums that will nezt become due and payabte on policies of fire and othe~ hazard insurance cuvering the mo~tgaged propertY. P~us taxes and assessments nent due on ihe mort8agcd property (all as esti- mated by the MoKgagee). ~ ; (b) All payments meotioned in the precedi~g subsection oi this pa~agraph and all payments tu be made unde~ any note ; secured hereby shail be added together a~d the aggregate amount thereot shall be psid bf? the Mortgagors each month io a = single payment to be applied by the Mortgagee to the followin8 items in the order set toRh: 1, Taxes. assessments. firo. and hazaod insurance premiums: 11. Inte?est on the note secured heroby: and . . ~ III. Mwrtizatb~ of the Pri~cipsl ot saM note. i Any de~ciency in the smount ot such aggregate monthly parment shall. unless made Hood bY t~ Mortgsgors prio~ to the due date of the nent such payment. constitute an event of deiauft under this mortgage. The Mortgagee maY collect a"late charge" not to exceed two cents (2!) tor each dollar of each payment more thsn iifteen (15) days in anears to cover the~sxtra ex• pense involved in handling delinQuent payments. ~ 3. That if the total of the payments made by tha Mortgagors under (a) of paraBroPh 2 P~~~ng shall exceed tNa amouot of payments actualy made by the Mortgagee. iw taxes and assessments and insurance premiums. as the.case _maY be. such excess shall be credited by the Matgagee o~ subsequent payments to De made by the Mortgagors. If, nowe~?ea tne montnb par- ments made by the Mortgagors under (a) of para8raph 2 preceding shall not be sufficient to pay taxes and assessments and ln- surance p~emiums, as the case may be, when the same shall become due and payable. then the Mortgagors shall pay to the MoR- gagee any amount necessary to make up the de~ciency. on or before the date vrhe~ payme~t of such taxes, assessments. or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provlsions of the note secured hereby, fuli payment of the e~tire indebtedness rep~esented thereby. the Mortgagee shall. pay to the MortgaBors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault under any of the provisions of this mortSage resulting in a pu.blic sa~e of the premises covered hereby. or N tha Mortgagee acquiros the property otherwise atter default, the Mortgagee shatl apply. at the time oi the commencement of such proceedings or at the time the property is otherwise acquired. the balance then remaining in the tunds accumulated under (a) of paraBraPh 2 P~~ing. as a credit agai~st the amount of principal then remaining unpaid under said note. ' 4. That they will pay atl taxes, assessments. water rates, and other Bowern!nentsl o~ municipal charges. fines. or ~mPosi- ? 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 matgaBe: and that they will promptly deliver the official receipts theretore to the Mortgagee. 5. That they will permit, commit, ot suffe~ no vraste, impairment, or deterioration of said propertY or any part thereof: and . in the event of the failure of the Mortgagors Xo keep the buildings or said premises and those to be erected on said premises. or improvements thereon. in good repair. the Mortgagee may make such repairs as io its discretion it may deem necessary for the proper preservation lhereoi, and the tull amount of each and ~~Y s~h psyment shall be immediately due and payable, and shall be secured by the lien ot this mortBage. ~ 6. That they will pay all and singular the costs, charges. and expenses, inctuding reasonaWe lawyer's fees, and costs of because of the failure on the pa~t oi the Mottgagors promptly i abstracts of title. incurred or paid at any time by the MortBaBee ~ and fully to perfomn the agreements and covenants of said promissory note and this mo~tgage. and said costs. charges and ex- ~ j penses shatl t~e immediatey due and payable and shall be secured bY the lien of this mort8age. i 7. That they will keep the improvements now exisU~B or hereafter erected on the mortgaged property insured as may be ~ ! required from time to time by the Mo~tgagee against loss by fire or other hazards, casuaRies. and contingencies in such~amounts ~ aod for such periods as may be required bY Mortgagee. and will pay p~omPtb. ~n due, any premiums on such insurance for pay- ment of which provision has not been'made hereinbefore. All insurance shall be carried i~ ~mpanies approved bY Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payab~e clauses in favor of and in form acceptable to the MortSaSee. Renewal policies shall be delivered to Mortgagee at least 10 days prio~ to expiration of euist• ing policy. In event of loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of foss 'rf not made promptly by Mortgagors, and each insurance compam? concemed is hereby authorized and directed to make paymeM for such loss directly to Mortgagee instead of to Mortgagors aad Mo~tgsgee-lo~ntly. and the insurance proceeds, or any part thereof. may be applied by Atortgagee at its optio~ eithe~ to the reduction of the indebtedness hereb~? secured or to .the testoratio~ i^ ~ i pairs of the property damaged. In event of forectosure of this mortgage or other transfer of title to the mprtBaged property ~ tinguishment of the indebtedness secured hereby, all right~ title ared interest of the Mortgagors in and to any insurance policies , then in farce shall pass to the purchaser or grantee. j 8. That the Mortgagee may, at any time pending a suR upon this mortga8e. spply to the oourt having jurisdiction thereof 3 tor the~gppointment of a receiver, and such court shalt forthwith appoint a rece'nrer of the premises covered hereby all and singu- lar. inctuding all and singular the incame, profits. issues, and revenues irom whatever source derived, each and every of which, it being expressly understood, is hereby mortBaBed as if specifically set forth and described in the granting and habendum clauses hereaf, and such receiver shall have all the broad and effedive functions 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 ot the property mortgaBed or to the solvency or insohrency 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 event of arry breach of this mortgaBe or defauft on the paR of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not prompty and fu~ry paid without demand or notice, or (c) in the event that each ~ and every the stipulatio~s, agreements, conditions and covenants of said note and this mortgage, are not duiy, promptly and fully periom?ed: then in either or any such event, the said agg~egate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable torthwith, or thereafter. at the opt'wo of said Mortgagee, as fully and completely as if all of the said sums of money were originaly stipulated to bc paid on such day, airy- 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 dernand, suit at law or in equity, may be Prosecuted as if all moneys secured hereby had matured prior to its institution. The Mongagee may foreclose this mortgaBe, as to the amount so declared due and payaWe, and the said premises shatl be sold to satisfy and pay the same togethe~ with eosts, expenses, and allowances. In cases of paRial foreclosure of this mortgage, the moRgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. ~GOx ~ ~t~~ ~~8 ~ ~ ~ ~ ~ '"~,"yq.'~~w'i'R. F- r5~` . - , `ly~~:",`~`~e ~ q~4a"wP' r-J ~ ~.~I_3'~~ ~r.~,~ `a. ~ . . . ? _ .