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Home My WebLink About1864 ? I . ~ principM sum and xcrucd inte?est shall become due snd payaDl~ w~thout notice st the option of the holder thereof. And shall ~ duy, promptly, a~d tuly p~~to~m, dischsrge, execute, effect, comP~ note and this mortgage, then th s mo~tgage and the este ~ lations. a~~~ents, conditio~s, and covenants ol said Promissory ~ h~reby cnated shaM cesse ar~d b~ null and void. Md the Mwt~sQors tuRher cownant as tollows: 1. That thay will pay the indebtedness. as hereinbefors provided. 2. ThAt. in order mom tuliy to protect the secu~ity of this mo~tBaHe. t~ Mo~tgagors, together with and in addition to. the monthy payments undar the temu of sny notes secu~ed hereby, on the ti?st dsy oi each month until said ~ote is iuly paid. will pay to tM Mortgagee the folbwing aums: (a) A sum equal to ooe-twelfth (1/12) of the premiums that will next become due and payaWe on policies oi firo and other ~ hasrnl inw~at~ce cnve~i~ tF1! IIIO~RaRed aropeKN. Dlus taxes and assessmeots nezt due on the moRBaged propeRy (all ss esti- mated by the Mortgagee). . • (p) All payments mentioned in the preceding subsection oi this para6raPh and all payments to ba made under any note securod hereby shall be added togethe~ and the aggregate amou~t thereoi shall be paid by the MortBagors each month in a single payment to be applied by the Mortgagee to the following items in the order set to~th: , 1. Taxes, sssessments. firo. and hazard insurarue premiums; 11, Interest on the note secured hereby; and . III, Amortizatan ot the priocipal ot said note. • ~ Am? deficienry in the amount oi such aggreBate mo~thy payment shall, u~less mada good by the Mortgagors prior to the due date of the ~ext such payment, rnnstitute a~ event of default under this mortgage. The Mortgagee maY coHect a"late charge" not to exceed two cents (2~) for each dollar oi each paymer~t more than flfteen (15) days in anears to cover the extra ex- pense imolved in handling delinquent psyments. ~ 3. That if the total of the payments made by the Matgsgors u~der (a) of paragraph 2 Preceding shall excee~ tihe amount of payments actusly made by the Mortgagee, for taxes and assessments and i~surance premiums. as the case maY be. such excess shaN be credited ~y ihe Mo~tgagee on subsequent payments to be made by the Mortgagors. If. however. the mpnthly pay- ments made by the Mortgagors under (a) of paragroph 2 txecca+~ig s~a1= aa: tx ~ttfS~:t~Ent t4 ~8Y t8?c!~ ~^A ~ssessments ana il- _ a surence premiums, as the case may be. wheo the same shall become due and payabfe, then the Mortgago?s shall~pay to the Mort- gagee any amount necessary to make up the deficiency. on or before the date when payment c+f 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 provisions of the note secured hereby, full payme~rt of the entire indebtedness representec~ thereby. the Mortgagee shall. pay to the Mo~Bagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a defauR under any of the provisions oi this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aequires the prope~ty othervrise aiter defauR. the Mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is otherwise acquired. the balance then remaining in the funds accumulated under (a) of paragraPh 2 Precedi~B as a credit against the amount of principal then remaining unpaid unde~ said note. _ 4. That they will pay all taxes. assessments, water rates, and other governmeMal or municipal charges. fines. or lmposi- tions, for whkh provision has not been made hereinbefore. and in defauR thereof. the Mortgagee maY PaY t~ and be secured by the lien of the mortgage: and that they will prompty deliver the official receipts therefore to the Mortgagee. _.,~,e.:,..~.s.... ,.t ~.t.~ .vnnertv or snv oart thereof: and 5. That they vmll permFi, commrt. Of Suiiei ~n? waSic. ii:+~....:c.::`• - - _ = - 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 impro~ements the~eon, 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 will pay all and singular the costs, charges. and expenses. including reasonaWe lawyer's fees, and costs ot abstracts of title. incuned or paid at any time by the Mortga8ee because of the failure on the paR of the Mortgagors prompty and tuly to perform the agreemeats and covenants of said promissory note and this mortgage. and said costs. charges aod ex- ~ ~ penses shall be immediately due and •payable and shall be secured by the Iien of this mortB,aBe• ~ 7. That they will keep the improvements now existing or hereafter erected oa the mprtgaged properh? insured as may be required trom time to time by the Mortgagee against loss by f~re or other hazards. casualties. and contingencies in such amounts ( and tor such periods as may be required by Mortgagee. and will pay prompthi. when due. aAy premiums on such insurance for pay ment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved bY Mo~tgaBee ~ and tha policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favo~ of and in form acceptaWe to the Mortgagee. Renewal policies shalt be delivered to Mortga8ee at least 10 days priorto expiration of exist- ing poticy. In event of loss, they will give immediatey notice by mail to MoRgagee. and Mortgagee may make proot of loss M for made prompty by Mortgagors, and each insurance compam? concemed is hereby authorized and directed to make paym such loss directy to Mortgagee instead of to Mortgagors and MortgaB~ janty, 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 tbe property damaged. In event of forecbsure oi this mortgage or other transfer of title to the mort8aged property in ex- tinguishment of the indebtedness secured hereby, all ~gbt, title and interest of the Mortgagors in and to any insurance po~icies then in torce shall pass to the purchaser or grantee. 8. That the Mo~tgagee may, at any time pending a suit upon this rtwrtgage. apply to the court having jurisdktion thereof for the appointment of a receive~, and such court shall forthwith appoi~ a ~eceiver of the premises covered hereby alt and singu- ; tar, 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 mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad a~ effedive functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be ma~fe 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 mortga8ed or to the solvency or insolvency of said Mortgagors or the defendanis; 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 couR. ~ 9. That (a) in the eveM of am? breach of this martga8e or default on the paR of the Mortgagors, or (b) in the eve~t that any of said sums of money herein referred ta be not promptry and fully paid vrithout demand or notice. or (c) in the event that each . ~ a~d every the stipulations, agreements, conditions and covenants ot said note and this mortgaBe, are not duly, promptly and fulty pedormed; 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 payable forthwith, or thereafter, at the option of said Mortgagee, as fully and compietely as if all of the said sums of money vrere originally stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwithstandin8: and thereupon or thereafter, 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 Mo~tgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisty and pay the same together with costs, ezpenses, and allowances. In cases of paRial toreclosure of this mortgage, the mortgaged premises shall be wld subject to the continuing lien of this mortgage tor the amou~t of the debt not then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereafter trom time to time by the Mortgagee. ~ ao~c~4 r~1$~ _ _ ~ . ~'~iY.3T'C~~~~y A ~iY_~ ~ ~r f~; ~ y_ -~'~i~v~~~~K.`_m'( . . .d:. . _ . _