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HomeMy WebLinkAbout1855 principal sum and accrued interest shall become due and payable wrthout notice at d~e option ot the holde~ thereof And shall duly, promptly, and fully pe?form, discharge, execute, eitect, comptete, and comply wdh and ablde by each and every the stipu- „ lations, agreements, conditio^s, and covenanls o1 said promissory note arid th~s mortgage, then this mortgage and the estate hereby c.eated shatl cease and be null and void. And the Mortgagars furthe~ covenant as tallows: i. iiiai iliay will pay ti~e indebtedness, as herei~be!~:e p~ovider'. 2. That, in order more tully to p~otect the security oi this mortgage, the Mortgagors, together with and in addition to, the monthly payments under the terms o( any notes secured hereby, on the tirst day of each month until said note is fully paid, will pay to ihe Mortgagee ihe following sums: (a) A sum equal to one~twelfth (1/12) ot the p~emiums that wdl next become due and payable on policies oi tire and other hazard insurance covering the mortgaged prope~ty, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) Atl payments mentioned in the preceding subsection oi this parag~apl~ 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 foliowing items in the o~der set torth: 1. Taxes, assessments, fire, and hazard insu~ance premiums; (1, Interest on the note secured hereby; and 111. Amortitation of the principal ot said note. Any deficiency in the amount oi such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) tor each dottar (E) of each payment more than tifteen (15) days in arrears to cover the extra ex• pense involved in handling delinquent payments. 3. That ii the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount ot payments actua!ly 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 payments to be made by fhe 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 shall become due and payabte, 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 tazes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shal~tender to the Mortgagee in accordance with the p~ovisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance tscrow 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 Mortgagee acquires the property otherv+rise 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 paragraph 2 preceding as a credit against the amount oi principal then remaining unpaid under said note. 4. That they will pay alt taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbetore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffe~ no waste, impairment, or deterioration of said property 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 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 full amount oi each and every such payment sf~all 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 o1 _ abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly and fully to perform the agreements and covenants ot 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 required irom time to time by the Mo~tgagee against Ioss by tire or other hazards, casualties, and contingencies in such amounts and tor 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 Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in tavor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing poficy. In event of loss, they will give immediately notice by mait to Mortgagee, and Mortgagee may make prooi of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such toss directly to Mortgagee instead of to Mortgagors 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 tlie property damaged. In event of foreclosure of this mortgage or other transfer of title to the mo~tgaged property 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 grantee. ~ 8. That the Mort a ee ma at an time g g y, y pending a suit upon this mortgage, apply to the court having jurisdiction thereot ~ for the appointment of a receiver, and such court shall to~thwith appoint a receiver of the premises covered hereby alt and singu- ~ lar, inctuding 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 and effective functions and powers in anywise entrusted by a couK 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 f without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency ef 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 tully 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 nof duly, promptly and fully z ~ 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 mo~eys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee, as fully and comptetely as if all of the said sums ot 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 option of said Mort- s gagee, without notice or demand, suit at law or in equity, may be prosecuted as if alt moneys secured hereby had matured prior r to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due a~d payable, and the said premises shail be sold to satisfy and pay the same togethe~ with costs, expenses, and allowances. In cases of partial toreclosure ~ of 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 availed of thereafter from time to time by K ~ the Mortgagee. "s ~ ~ B~~K~.3~ FA~f18~ ~ ; ~ ~ ~ ~ ~ ~ F:~ , - ~ ~ : ^ ~t~ f"$d= 5 < ~C C" ,y,~~' ~,y~~b. ~~"£1'~~ ~.yq_.~' ~ • r~ ~ ~ . _ Y.. . ~i~,'~~3"a~E'~'y. . . _3 - ~z _