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HomeMy WebLinkAbout2729 , . . .l i~ f , ,..i~ principal swn snd actrued inte~est shall become due and payable without notice at the option of the holder thereof. And shall duy, prompily, and fuly pe~iorm, discharge. execute, etiect, complete, and co~npy with and abide by each and every the stipu- lations, asreemants, conditions, and covenants'oi said promissory note and this mortgage, lhen this mortgage a~d the estate hereby created shaH cease and b~ null and void. Md thp Matgagors turthe? covensnt as tollovrs: 1. Thst they will pay the indebtedneu, as heroinbetore provided. 2. That, in orde~ mom fulry to protect the security ot this mo~t6age. the Mortgagors, together with and in additio~ to, the monthy payments unde~ the terms of any notes secured hereby, on the tirst day ot each month until said note is iully paid, will pay to the Mortgagee the tollowing sums: . (a) A sum equal to onrtweltth (1/12) of the premiums that will next become due and payable on policies of fire and other hazard insurance covering the mort8a8ed property. ptus taxes and assessments next due on the mortgaged property (all as estl- mated by the Mortgagse). (b) All payments mentio~ed in the precedi~g subsection of this paragraph snd all payments to be made under any ~ote secured hereby shall be added togethe~ and the agg~egate amouot thereof shall be paid by the Mortgagors each month in a _ single payment to be appliad by the Mortgagee to the tollowing items in the order set forth: _ 1. Taxes. assessmeots, tirc. and hazaM insurance premiums; ' 11. Interest on the note secured hereby; and , . . • 111. Amort~zation ot the principal ot.said note. : . _ - - Any deficie~y in the amount of such aggrcgate monthy payment shall. unless made good by th~ MOrtgaaors p~ior,.tp the due date of the next such payment, constitute an event ot defauR under this moctgage. The Matgagee may collect a''late chaige" not to exceed two cents (2!) for each dollar (j) ot each payment_more thao fiRee~ (15j days in anears to ~bve~.tha extrn ex- pense invoNed in handling delinquent payments. - j ' 3. That if the total of the payments made by the Mprtgagws unde~ (a) of paragraph 2 preceding shaN,$xcead the amounY of payments actualy made by the Mortgagee. for taxes and assessments and insurance premiums. as the case may be. such ezcess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however. Me m~Dnthty pay _ ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufiicient to pay taxes and assessments and io• surance premiums. as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount oecessary to make up the deficieocy. on or befo~e the date when payment ot such taxes, assessments, or lnsur. ance premiums shall be due. tf at any time the Mortgagors shall tender to the Mo?tgagee in accordance with the provisions of the note secured hereby, full paymeM of the entire indebtedness represeoted thereby. the Mortgagee shall, pay to the Mortgagors alt - amounts then remaining in the tax and insurance escrow account hetd in connection with this loan. It there shall be a defauR unde~ any of the provisions of this mortgage resufting in a puWic sale of the premises covered hereby, or if the Mortgagee acquires the propeRy otherwise after default. the Mortgagee shall 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 funds aocumutated urtder (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 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. Tbat they, will permit, commit. or suffer no waste. impainnent, or deterioration of said propert~? 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, in good repair. the Mortgagee may make such repairs as in its discretion it may deem necessary for the prope~ preservation lhereof, and the full amount ot 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 alt and singular the costs, charges. and expenses. including reasonable lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the pa~t of the Mortgagors promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements now existing or bereafter erected on the mortgaged property insured as may be _ ~ required from time to time by the Mortgagee against loss by fire or other hazards, casualties. and contingencies in such amounts i and for such periods as may be required by Mortgagee, and will pay promptly, when due. any.premiums on such insurance for pay ! ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee ~ and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favar of and in torm acceptable to the Mortgagee. Renewal policies shatl be delivered to Mortgagee at least 10 days prior to expiration of exist- E ing policy. In event of loss, they ~vill give immediateiy notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors. and each insurance company concemed 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 the 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 rrmrtgaged propeRy in ex- tinguishment of the indebtedness secured hereby, all right, 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, appty to the court having jurisdiction thereof forthe appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which. it being expressly understood, is hereby mort8aged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective funetions and powers in anyvrise 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, prof'its, 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 eve~ of arry breach of this mortgage or default on the part of the Mortgagors, or (b) in tho event that any ~ of said sums of money herein reterred 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 ot said ~ote and this mortgage, are not dufy, promptly and fulfy performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest ~ acc~ued to that time, and all moneys secured hereby, shall become due and payable forthwitt?, or thereafter. at the option of said Mortgagee, as fully and completely as it a!I 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 thereaiter, at the option of said MoR- 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 toreclose 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 pa?tial toreclosure of 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. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. t ' ~oox ~ . , t m i.. ,~,s r _ ~ ' ?.~s ,a+~-'.-~+ - .,,t-•; ~:-5 ~ _ ,„.a,z . - . .c _ _