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Home My WebLink About2988 . ; 7, t - t; - principsl ~um and accrued i~terest shall become due and payable w~tl~out notice at the option o1 the holder thereof. And shall j dufy, prompty, and fully pe?form, discharge, execute, ef(eN, co~nplete, and compy with and abide by each and every the stipu• ; lalions, agreKnents, cond~tions, and cove~ants of said promissory note and this mortgage, then this mortgage and the estate ' he«by chsted shall cease and be null and vad. And tha Mortgagors tunhe~ covenant as follows: ~ i 1. That they will pay the indebtedness, as he~einbe(ors provided: ~ 2. Thst, in o~der more iully to protsct the security oi this mo~tgage, the Mortgagors, together with and in addition to, the monthy payments unde~ the terms oi any notes secured hereby, on the tirst day oi each month until said note is fuly paid, will pay to the Mortgagee the tollowing sums: ' (a) A sum equal to one•twelfth (1/12) oi the p~emiums that will next become due and payable on policies of fire and other ; , hazard insurance covering the mortgaged property, plus tazes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (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 agg~egate amount thereof shall be psid by the Mortgagors each month i~ a ` single payment to be epplied by the Mortgagee to the tollowing items in the order set foRh: ; 9 1. Taxes. assessments, fire, and hazard insurance premiums; 11. Interest on the note secured hereby; and ~ 1 III. Amortization of the principal of saW note. Any deiiciency in the amounYof such aggregate monthy payment shall, unless made good by the MortBagors prior to the due date ot the nent such payrt~e~t, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2!) tor each dollar oi each payment more than fifieen (15) days in arrears to cover 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 exQeed the amount of payments actualfy made by the Mortgagee, for taxes a~d assessments and insurance premiums, as the case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthy pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufiicient to pay taxes and assessments and in- - - - _ ~ _ ~ - - ~u~ain.e Nieiii~u~~i5. aa ino ~aaa ~~wr uc. wi~eu u~e wu~e a.~m~ ue~~u ~.._0''.. ea~~~-•--^_ _`-e= - w~ .......e..e..... : gagee a~y amount necessary to make up the deticiency, on or before the date when payment of such taxes. assessments, or insur- ance premiums shall be due. Ii at any time the Mortgagors shall tender to the Mo~tgagee in accorda~ce with the provisions of the note secured hereby. tull payment oi the entire indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. N there shall be a detauR under any of the provisions of this mortgage resuRing in a public sale of the premises covered hereby, or if the Mo~tgagee acquires the property othervvise 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 ~emaining in the funds accumulated under (a) of paragraph 2 preceding as a tredit against the amount of principal then remaining unpaid unde~ said note. 4. That they 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 Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly delive~ the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deteriora4ion of said property or any paK thereof; and in the event of the failure of the Mortgago?s to keep tbe buildings or said premises and those to be erected on said premises, or imp~ovements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the ~ proper presenration 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, chargesa•and expenses, including reasonaWe lawyer's fees. and costs of t abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly ~ and fully to pertorm the agreements and covenants of said promissory note and this mortgage. and said costs. charges and ez- penses shall be immediately due and payable and shall be secured by the lien of this mortgage. ~ li 7. That they will keep the impravements now existing or hereafter erected on the mortgaged property insured as may be ; j required from time to time by the Mortgagee against loss by tire or other hazards, casualties, and contingencies in such amounts y 4 ; and for such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance for pay- l, ~ ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mottgagee F and the poticies and renesrals 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 Mo~tgagee at least 10 days prio~ to expiration of exist- ~ ing potity. tn event of loss. they wjl~giye 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 k~ such loss directly to Mortgagee instead oi to Mortgagors and Mortgagee jointly, and the insurance prceeeds, or any pa~t thereof. ~ may be applied by Mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoration or re- ~ ~ pairs of the property damaged. In event of foreclosure of this mortgage or other transfe~ of titie to the mprtgaged property in ex- ~ tinguishment of the indebtedness secured hereby, atl rigM, title and interest of the Morigag~ss ir. ar.~ t~ any ir.surante policies _ then in force shatl pass to the purchaser or grantee. ~ 8. That the Mortgagee may. at any time pending a suit upon this mortgage, sppty to the court having jurisdiction thereof ~ for the appointment of a receiver, and such court shall torthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the income, profits, issues, and revenues irom whatever source derived, each and every of which, it x being expressy understood. is hereby mortgaged as if speci~cally set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, ~ and sucb appointment shall be made by such court as an admitted equity and a matter of absolute right to said Morigagee, and ~ without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insotvency of said c Mortgagors or the detendants, and that such rents, p~ofits, 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 eveM of arry breach of this mortgage or default on the pa~i of the Mortgagors, or (b) in the event that any ( x of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) i~ the event that each j Y and every the stipulations, agreements, conditions and covenanis of said note and this mortgage, are not duly, prompty 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 payabte forthwith, or thereaRer, at the option of said ' Mortgagee, as fully and completely 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 notwithstanding: and thereupon or thereafter, at the option 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 foreclose this mortgage. as to the amount so declared due and payable, and the said ~ premises shalf be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partiat torectosure 4 oi this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor 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. - ~ R ~ ` ~ ~ R ' ' - ~ BOOK~~ PAGE~9~7 • ~ ~ ~ ~ ~ 3- - _ . ~