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HomeMy WebLinkAbout2198 ' • principal sum a~d accrued interest shall become due and payable without notice at the option oi the hotder thereoi. And shall duly, promplly, and fully perform, discha~ge, execute, eflect, coniplete, and comply w~th and abide by each and every the stipu- lations, agreements, condrtions, and covenants oi said promissory note and this mortgage, then this mongage and the estate h~nby crwted shall cease and be null and vuid. And the Mortgagors tuKher covenant as tollows: 1. That tAey will pay the indebtedness, as hereinbetore provided. 2. Thst. in order more tutly to p~otect the security oi lhis mo~tgage, the Mortgagors. toRether with and in addition to, the monthly payments unde~ the terms of any notes secured hereby, on the first day of each month until said note is tully paid, will pay to the Mo~tgage~ the tollowing sums: (a) A sum equal io u~~~s•t~relfth (1/12) of the premiums that will next become due and payable on policies oi fire and other haza~d insu~ance coveri~g the moKgaged prope~ty. plus taxes and assessments next due on the moRgaged property (all as esti- mated by the Mo~tgagee). (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in the order set fo~th: 1. Taxes. assessments. fire, and hazard insurance premiums; II, Interest on the note secured hereby; and III. Amortization of the principat of said note. Any deticiency i~ the amount of such aggregate monthy payment shall, unless made good by the Morigagors prior to the due date of the next such payment, constitute an event oi deiault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two ce~ts (2~) tor each dollar of each payment more than tifteen (15) days in a~rears to cove~ the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amou~t 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 Mortgagee on subsequent pay«:~nts to be made by the Mo~tgagors. If, however. the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suNicient to pay taxes and asses~::~ents and in- 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 dmount 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 of the note secured hereby, futl payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts the~ remaining in the•tax and insurance escrow account held in connection with this loan. If there shall be a default - under any of the provisions ot this mortgage resulting in a public sale of the premises covered hereby. or if the Mo~tgagee acquires - tfie property otherwise after default, 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 parag~aph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That th~y will pay all taxes. assessments, water rates. and other governmental or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbefore, and in default thereof, the Mongagee may pay the same and be secured by the lien of the mortgage; and that they will p~omptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffe~ no waste, impairment, or dete~ioration of said property or any part thereof; and in the event of the tailure 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 ~epairs as in its discretion it may deem necessary for the proper preservation thereof, 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 all and singular the costs, charges, and expenses, inctuding reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mo~tgagors promptly and tully to pe~form ihe 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 hereafter erected on the mortgaged property insured as may be r uired from time to time the Mo~t a ee against loss by fire or other hazards, casualties, and contingencies in sucb amounts eq bY B 8 ; 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 MoRgagee 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- i ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not g made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance prceeeds, 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 transter of title to the mortgaged property in ex- ~ tinguishment ot the indebtedness secured hereby, atl 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 foRhwith 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 ~morigaged as if specifically set forth and described in the g~anting and habendum clauses R hereof, and such receiver shall fiave all the broad and effective functions and powers in anywise entrusted by a cou~t 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 insofvency 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 any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any ~ 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 oi 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, shall become due and payable torthwith, or thereafter, at the option of said ~ Mortgagee, as fully and completely as if all 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 thereafter, at the optio~ of said Mort- ~ 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 3 premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial orec osure of this mortgage, the mortgaged premises shall be sold subject to the continuing tien 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. ~ ~ _ B~~K~35 P~~z~9? ~ ~ ~ ~ ~