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HomeMy WebLinkAbout2314 p~incipat sum and accrued ~nterest sliall become due and payable w~lliout notice at the option of ttie holder thereof. And shall duly, promptly, and tuly pertorm, discharge, execute, etlect, complete, and comply w~th and abide by eacl~ and every ihe stipu~ latans, agr~ements. conditions, and covenants oi sa~d pro~~issory note and this ~nortgage, the~ this mortQage and tl~e estate ~ hereby creahd sh~ll cease and be null and void. And Me Morigagors further covenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. ; 2. That. in order more tuly to protsct the secu~ity oi this mortgag~s, the Mortgago?s, together with and in addition to, the ~ "'v~'~ i i~f~'« =~3 u:su« <.~e 4e:::~s u4 a:~j iiViG3 ~aLu.« he~eby, on the first day of each month until said note is tully paid, will ~ pay to the Mo~tgagee the iollowing sums: (a) A sum equal to one•twelith (1!12) oi the premiums that will next become due and payable on policies oi ti~e and other hazard insurance covering the mo~tgaged property, plus taxes 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 alt payments to be made unde~ any note secured hereby shall be added together and the aggregate amount the~eoi shatl be paid by the Mortgagors each month in a si~gle payment to be applied by the Mortgagee to the tollowing items i~ the order set forth: Taxes, assessments, fire, and hazaM insurance premiums; II. Interest on the note secured hereby: and ~ 111. Amortization of the principal oi said note. j Any deticiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagon prior to the due i date of the next such payment, constitute an event of detault uRder this mortgage. The Mortgagee may coiiect a"late charge" not to exceed two cents (2C) tor each dollar (a) oi each payment more than tifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total oi the payments made by the Mortgagors under (a) of paragraph 2 preceding shall ezceed.the amount of payments actually made by the Mortgagee, for taxes and assessments and insurance premiums, as the wse may be, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Moirtg~g~:s. If, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sui(icient 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 befo?e the date when payment oi such taxes, assessments, or insur- ance pren,~urns snai~ ~o due. 1! a! tny *.ime the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the • note secured hereby, lull payment of the e~tire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all j amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default 3 under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires ~ the property otherwise after defautt, 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 p~eceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they wilt 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 deliver !he ofticial receipts therefore to the Martgagee. 5. That they will permit, tommit, or suHer no waste, impairment, or deterioration of said property or any paR 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 Martgagee may make such repairs as in its discretion it may deem necessary for the F proper p~eservation 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, charges, and expenses, including reasQnable lawyer's fees, and costs ot ~ abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagorc nrmm~tlv and fully to perform the agreements and covenants oi said promissory note and this moRgage, 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 from time to time by the Mortgagee against loss by fire or other hazards, cesualties, and contingencies in suth amounis and for such periods as may be required by. Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- 1 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• e ing policy. In event of (oss, they 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 of to Mortgagors and Mortgagee jointly. and the insurance prQCeeds, or any paR 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 of title to the mortgaged property in ex- r tinguishment of the indebtedness secured hereby, all right, title and interest oi the Mortgagors in and to any insurance policies ' then in force shall pass to the purchaser or grantee. r 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?eceiver of the premises covered hereby all and singu- : lar, including all and singular the income. profits, issues, and revenues from whateve~ source derived, each and every ~f which: it ~ being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum ctauses hereof, and such receiver shall have all the broad and effective tunctions 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 ta said Mortgagee, and ` without reterence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors or the detendants, 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 b~each of ihis 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) ir~ the event that each t and every the stipulations, agreements, conditions and covenants of said note and this mo~tgage, are not duly, promptly and tully f pertormed: the~ in either or any such event, the said agg~egate sum mentioned in said note then remaining unpaid, with interest ~ - accrued to that time, and all moneys secured hereby, shall bec~ome due and payable forthwith, or thereafter, at the option of said ~ _ Mortgagee, as fully and completely as if all of the said sums of money were originally stiputated to be paid on such day, any- ~ 3 _ 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 payabte, and the said ~ premises shall be soid to satisfy and pay the same together with tosts, expenses, and allowances. In cases of pa~tial toreclosure ~ of thYs mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mo~tgage for ihe amount o( 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. ~ # K fi R ~ ~ ~~~K239 P,~~E2308 ~ . ~:r : . ~ _ ~ ~~~~y. ~ . . - .