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HomeMy WebLinkAbout1858 principal sum and accrued interest shall become due and payablc w~thout notice at the option of the holder ihercof And shall duly, promptry, and tully perform, discharge, ezecute, eftect, coniplete, and compiy with and ab~de by each and eve?y the stipu lations, agreements, conditions, and covenants of said promissory note and th~s mortgage, tlien tl~is mortgage and the estate hereby created shall cease and be null and void. And the Mortgagors turther covenant as tollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in order more tutly to protect the security oi this mo~tgage, the Mortgagors, togetlier with and in addition to, the monthly payments unde~ the terms oi any notes secured hereby, on ll~e i~rst day of each month until said note is fully paid, will pay to the Mortgagee the tollowing sums: (a) A sum equal to one•twelfth (1,'12) of the premiums that wi11 next become due and payable on policies oi fire and other hazard insurance covering the mortgaged property, plus taxes and assessmenis next due on the_mortgaged prope?ty (all as esti• mated by the Mortgagee). (b) All payments mentioned in the preceding subsection of this paragraph and alt payments to be made under any ~ote 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 orde~ set torth: 1. Taxes, assessments, tire, and hazard insurance premiums; (1. Interest on the note secured hereby; and III. Amortization of the principal of said note. Any de(icienty in the amount o( such aggregate monthly payment shatl, unless made good by the Mortgagors prior to the due dale oi the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) tor each dollar of each payment more than fifteen (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 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 crediteti by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, 3he 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 payable, then the Mortgagors shall pay to the Mort- 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. tf 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 rep~esented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sale oi the premises covered hereby, or if the Mortgagee acquires the p~operty otherwise after default, the Mortgagee shali 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 of principal then remaining unpaid under said note. _ 4. That ihey 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 detault thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit; or suffer no waste, impairment, or deterioration oi 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 tull amount oi each and every such payment shall be immediately due and payable, and shall be secured by the tien of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including 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 Mortgagors promptly and fully to perform the 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 required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts t and for such periods as may be requi~ed 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 favor of and C in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they wili give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not ; made promptly by Mortgagors, ar?d each insurance company concerned is hereby authorized and directed to make payment for such Ioss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be apptied by Mortgagee at its option either to the ~eduction 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 of the indebtedness secured hereby, atl right, title and interest of the Mortgagors in and to any insurance policies `t then in force shall pass to the purchaser or grantee. E 8_ That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi ~ for the appointment of a receiver, and such court shall forthwith appoint a receiver oi the premises covered hereby alI and singu- lar, including all and singular the income, profits, issues, and revenues from whatever source derived, each and e~ery of which, it ~ bein ex ressl understood, is hereb mort a ed as if s ~ g P Y y g g pecificalty 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 such appaintment 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, 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 ~ovenants of said note and this mortgage, are not duty, promptly and fully periormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest x accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the optien of said T Mortgagee, as fully and completely as if all of the said sums oi money were originally stipulated to be paid on such day, any- thin m said note or in this mort a e to the contra notwithstandin and thereu B~ B B ry g: pon or thereafter, at the option of said Mort- li 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 shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi pa?tial 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 ~ the Mortgagee. X. ~ s ~ ~ ~ 8CkK238 P~~E1855 ~ ~ ~ ' ~ ~ ~ ~ ; ~~r _ . ~ e - - R~. ~ ~ ~ - _ e_ ~a~,_ _