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HomeMy WebLinkAbout1463 . ~ ~ 1 principal sum and accrued interest shall become due and payable without not~ce at the opl~on of tlie holde~ tfie~eof. And shall duly, promptly, and tully pertorm, d~scharge, execute, etlect, complete, and ComplY w~th and ab~de by each and every the stipu- lat~ons. agteements, tond~tions. and covenants ot said p?omissory note and th~s mortgage, ihen ttus mortgage and tl~e estate hereby created shall cease and be null and void. And the Mortgagors turther covenant as lollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in order more tully to protect the secu~ity ot this mortBage, the Mortgagors, together with and in addilion to, the monthly payments unde~ the terms oi any notes secured hereby. on the first day of each month until said note is tully paid. will pay to the Mortgagee the /ollowing sums: ' (a) A sum equat to.one•twelfth (1/12) of the premiums that wiil next become due anJ {:ayable on policies of fire and other hazard insurance covering the mo~tgaged property, plus taxes and assessme~ts next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) /!11 payments mentionea in the preceding subsection ot this paragraph and all payments to be made under any note secured he~eby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the tollowing items in the o~der set to~th: Taxes, assessments, fire, and hazard insurance premiums; . II, Interest on the note secured hereby: and 111. Amonization oi the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event ot detautt under this mortgage. The Mortgagee may collect a"Iate charge" not to exceed two cents (2C) for each dollar of each payment mo~e than fifteen (15) days in arrears to cover the extra ex- pense invofved in handling delinquent payments. 3. That if the total of the paymP~ts 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 may be, such excess shall be credited by the MoRgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly 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 shalt become due and payable, then the t4lortgagors shall pay to the Mo~t- gagee any amount necessary to make up the deficiency. on or before the date when payment oi 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, tull payment of the entire indebtedness represented thereby. the Mortgagee shatl, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. !f there shall be a default under any of the p~ovisions ot this mortgage resulting ire a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply. at the time of the commencement of sucb proceedings or at the time the property is otherwise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a uedit against the amount of'principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates. and other governmentat or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbetore, and in default thereof, the Mongagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts theretore to the Mortgagee. ~ 5. That they wil~ permit, commit, or sufier no waste, impairment, or dete~ioration of said property or any part thereof; and ~ in the event of the (ailure 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 proper preservation thereof, and the tull 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 reasonable lawyer's fees, and costs of abstracis of title, incurred or paid at any time by the Mortgagee because of the failure on ihe part of the Mortgagors promptly E and fully to perform the ag~eements 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 hereafter erected on the mortgaged property insured as may be F required trom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts ~ and for such periods as may be required by Mortgagee, and wilt pay promptly, when due, any premiums on such insurance tor 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 favor of and ~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- a ing palicy. In event of loss, ihey 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 concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead ot to Mortgagoirs 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 oi title to the morigaged property in ex- tinguishme~t of the indebtedness secured he~eby, 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, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- tar, including all and singular 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 fo?th and described in the granting and habendum clauses = ~ hereof, and such receiver shalt have all the broad and effective 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 of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be applied by such receiver accord- Y' 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 c'_ of said sums of money herein referred 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 mortgage, are not duly, promptly and fully ; ~ performed: 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, shatl become due and payable forthwith, or thereafter, at the option of said Mortgagee, as tully and completely as if alI of the said sums of money were originally stipulated to be paid on such day, any s ~~k~j ~ thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of said Mort• ; ~E 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 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 cases ot partial foreclosure oi 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 avaited of thereafter from time to time by the Mortgagee. _ ~ ~ib ~ R 235 146z 6~eK ~QCE _ ~ ~ _ _ _ , _