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HomeMy WebLinkAbout2588 # ~c a ~ principal wm and accrued interest shall beconx due.and payaDle without notic~ at the optio~ ot the holder the~eoi. A~d shsl! . duy. prompty?, a~d tuly pe~form, discharge, execute, etfect, complete, and comply with and aDide by each and evcry the stipu• , lations. agrMrt~e~ts, condittons, and covenants of said promiswrY ~ote and this moRBage, then this mortgage and the estate her~by ~rested'sha~~ cease and be null and void. And the Mo~tgagors further coveoarrt as tolbws: ; 1. That tfiey will pay the indeMed~ess. as heroinbefo~~ provlded. 2, Tha~, in order rtwre tully to protect tht security of lhis mortgaQe. the Mortgagors, together with and ir? addition to, the monthy payments u~der the teRns of any ~otes secured hereby, on the li~st day of each month until said note is fully paid, vrill pay to the Mortgagee ths followins sums: (s) A sum equal to one~twelith (1/12) of the premiums that will nezt become due and payable on policies oi tire and othe? haza?d insurance covering the moKBa88d ProPerh?~ P~us taxes and asscssme~ts next due on the mo~tBaged property (a~~ as esti- mated by the Mortgagee). (b) All payments mentio~ed in the preceding subsection of this psragraph and all payments to bs made unde~ a~y note secured hereby shall be added together and the aggregate amount thereof shall be paid bY the Mortga6ors each month in a siogle payment to be applied b~? the Mortgagee to the following items in the oMer set foRh: I. Taxes. sssessments, fire. ar~d hazaN insurancs Proml~ms: 11. Intemst on the note secured hereby: and 111, Amo~tixation of the principal ot said note. Any def3cieocy in the amount ot such aggreBate monthy paymeot shall. unless made good by the Mort8a8ors Prior to the due date of the next such payment, constitute a~ event of default und~r this mo~tgage. The MortgaBee maY coltect a"late charge" not to exceed tvro cents (2!) for each dollar (s) of each payment more than fiiteen (15) days in aRears to coVet the extra ex- pense invoNed in handling delinquent payments. 3. . That if the total oi the payments made by the Mortgagors uode~ (a) of paragroph 2 preceding•shall exoead the amouM of payments adualy made by the Mortgagae. for taxes a~d assessments and insuronce premiums. as the case .maY be. wch excess shall be credited by the Mortgagee on subsequent payments to be made by the MoRgagors. It, howeve~. the mo~thly paY- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- surance premiums, as the case may be. when the same shall become due and payaWe. then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes. assessments, or insur- ance premiums shall be due. lf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions ot the note secured hereby. full payment of the entire indebtedness represented thereby. the Mortgagee shafl. pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in co~nection with this loan. If thero shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises cove?ed hereby, or N the MortBsgee aoquires the property otherwise after default. the Mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is othenvise acquired. the balancethen remaining in the funds aceumulated under (a) of paraSraPh 2 P~~~nB as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay alt taxes. assessments, water rates. and other govemmental w municipal charges. ~nes. or imposi- tions~ for wfiich psovision has not been made hereinbefore. and in default thenwf. the Mwtgagee maY PaY the same and be secured by the lien of the mo~tgage; a~d that they will prompty detiver the official receipts therefore to the Mortgagee. 5. That they wilt permit. commit, or suHer no waste, impainnent. or deteriorat=an of said proPe~l 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 prem~ses. or improvements thereon. in good repair. the Mortgagee may make such repa~ment'shal tbe mmediatey deue and~pa~aMe~a d proper preservation ihereof, and the tutl amount of each and every such pay shall be secured by the lien of this mortBage. 6. That they will pay all and singular the costs, charges. and expenses, including reasonable lawyers fees. and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the faiture on the paR of the Mortgagors promPthl ~ and fully to pe~torm the agreements and cov~nants 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 tha lien of this mortgage. i 7. That they will keep the improvements now existing or hereafte~ erected on the mortBaSed ProPerh? insured as may be ~ required from time to time by the Mortgagee against loss by fire or other nazards, casualties. and contingencies in such amounts and for such periods as may be required by MortgaBee, and will pay P~omPt~Y. ~en due. a~y premiums on such insurance for pay- ment of which provision has not been made hereinbefore. All insurance shall be carried in oompanies approved bY MortgaBee and the poticies aod renewals thereof shall be held by Mortgagee and have attached thereto loss payaWe ctauses in favor of and in form acceptable to the Mo~tgagee. Renewal policies shall be delivered to MortgaBee at least 10 days prior to expiration of exist- ing policy. In event of foss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concer~ed is hereby authorized and directed to make paymeM for such loss directy to Mortgagee instead of to Mortgagors and MortgaBee lo~nty, 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 toreclosure of this mortgage or other transfer of t~t~e to the mprtBaBed Properh? 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 g~a~tee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage. apply to the cou~t having jurisdiction thereof for the appointment of a recerver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- la~, including atl and singular the income, profits, issues, and revenues irom wl?atever source der'ned, each and every of which. it being expressly understood, is hereby mort8aged as if speci~callY set forth and described in the granting and habendum clauses hereof, and such receiver shall have atl the broad and effective funct~ans and powers in anywise entrusted by a couR to a receiver. and sucb appointment shall be made by such court as an admitted ecluity and a matter of absolute right to said Mortga8ee. 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, profits,.income, issues and revenues shall be applied by such receiver accord- ~ i ing to the lien of tFiis mortgage and p?actice of such court. 9. That (a) in the eveM of a~? breach of this mort8age or default on the part oi the Mortgago?s, or (b) in the e-~ent that any of said sums of money herein refened 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 of said note and this mo~tgage, are"not duly. prompty and fully pe?formed; 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 tully and completely as if all of the said sums of money were originally stlpulated to be paid on such day. any- thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereatter. at the option of said Mo~t- 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 MoRgagee may ioreclose this mortga8e. as to the amount so dectared due and payabte, and the said premises shall be sold to satisty and pay the same together with costs, expenses, and allowances. I~ wses of partiat toreclosure of this mo~tgage, the mortgaged premises shall be sold subject to the continuing tien of this moRgage to~ the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avaited of thereatter from time to time by the Mortgagee. - go~K 234 va~.~ 2586 - - - ~ -.,x.,~ ~ - ~ _ ~ ~ s. s~~~~.-~~-~ ~