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HomeMy WebLinkAbout2317 ~ ; principd wm snd accrued interest sl~all become due and payable w~thoul notice at ttie option ot the holder thereol. And shall s duly, promptly, and fuly pertorm, discharge, execute, etlect, com~~lete, and comply with and ah~de by each and every the stipu• ; lations, agreements, condit~ons, a~d covena~its ot said p~amissory nole and this snortgage. then this moirtgage and the estata i hereDy crea~ed shad tease and be null and void. + i A~d Me Mortgagors turthe? covenant as follows: ~ 1. That they will pay the indebtedness, as hereinbetore p~ovided. : 2. Thst, in order nzore tully to protect the security of this mo~tgage, the Mortgagors, togethet with and '+n add+tion to, the ~ monthy payments under the terms ot any notes secured heteby, on tfie tirst day ot each month until said note is tully paid, will ~ pay to the Mo~tgagee the follovring sums: (a) A sum equal to one-twelfth (1!12) oi the premiums that w~ll next become due and payable on policies ot tire and other ~ hazard insurance covering the mortgaged property, plus taxes and assessments next due on the moAgaged property (all as esti• mated by the Mortgagee). 3 (b) All payments mentioned in the preceding subsectio~ ot this parag~aph and al! payments to be made under any note ; secured hereby shall be added togethe~ and the aggregate amount the~eof shall be paid by the Mortgagors each month in a ~ single payment to be applied by the Mortgagee to the tollowing items in the order set forth: . 1. Taxes, assessments, tire, and hazaM insurante premiums; - ~ s 11. Interest oo the note secured hereby; and ~ 111. Amortization oi the principal of said note. ' ~ Any deficiency in the amount ot such aggregate monthly payment shall. unless made good by the MoRgagors prior to the due ~ date of the next such payment, constitute an eveni oi default under this mortgage. The Mortgagee may collect a•'late charge" ~ not to exceed two cents (2S) for each dollar ot each payment more tfian tifteen (15) days in arrears to cover the extra ex- pense involved in handling delinqueot payments. ; 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 p~eceding shall exceed the amount ~ oi paymeots actually made by the Mortgagee, for taxes and assessments and insuraoce 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 monthly pay- ~ ments made by the MoKgagors u~der (a) ot paragfaph 2 preceding shall not be suNicient to pay taxes and assessments and in- ~ surance premiums, as the ^ase may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort- ` t gagee any amount necessary to make uQ the deficiency, on or be(ore 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 i note secured hereby, full payment of the entire indebtedness representeil thereby. the Mortgagee shall, pay to the Mottgagors all amounts then 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 of this mo?tgage resulting in a public sale of the premises covered hereby, o~ it the Mortgagee acquires ? the 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 remaini~g in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then ~emaining unpaid under said note. 3 ~ 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi• ; tions, fo~ which provision has not been made hereinbefore, and in detault thereof, the Mortgagee may pay the same and be < secured by the t+en of the mortgage; and that they witf promptiy detiver the official receipts therefore to the Mortgagee. ? 5. That they witl permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and ~ in the event oi the failure oi the Mo?tgagors to keep the buildings or said premises and those to be e~ected on safd prem+ses, or ~ irnprovements 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 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 reasonable lawyer's fees, and costs of ~ abstracts of titte, incurred or paid at any time by the Mortgagee because of the faiture on the part of ihe MoRgagors promptly ~ and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- s Y penses sha11 be immediately due and payable and shall be secured by the lien of this mortgage. ~ 7. That they wiU keep t~e improvements now existing or hereafter erected on the mortgaged property insured as may be ? required from time to time by the Mortgagee against {oss by tire or otfier hazards, casuaities, and contingencies in suth amounts _ and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums ort 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 poGcies and renewats thereof shall be held by Mortgagee and have attached thereto loss payable ctauses in favor of and ; in form acceptabte to the Mortgagee. Renewal policies shall be detivered to Mongagee at feast 10 days prior to expiration of exist- ing policy. In event of toss, they will give immediately notice by mail to MoRgagee, and Mortgagee may make proof of loss if not made promptty by ti,lortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directty to Mortgagee instead of to Morigagors and Mortgagee jointly. and the insurance proceeds, or any part thereof, s 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 transte~ of title to the mortgaged property in ex• $ tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to apy insurance policies ~ then in torce shatl pass to tfie purchaser or grantee. 8. That the Mortgagee may. at any time pending a suit upon this morigage, apply to the court having jurisdiction thereot i tor the appointment of a receiver. and s~ch court shalt torthwith appoint a receiver of the premises covered he~eby aN and singu• - ` lar, including all and singular the income. profits, issues, and revenues (rom whatever source derived, each and every oi which, it being expressly understood, is hereby mortgaged as if specificaly set forth and described in the granting and habendum clauses > ; he~eof, and such receiver sha{I have alllhe broad and effective functions and powers in anyvrise entrusted by a court to a receiver, and such appoint~~ent shall be made by such cou~t as an admitted equity and a matte~ of absolute right to said Mortgagee, and ~ without reference to the adequacy or inadequacy oi the value oi the property mortgaged or to the solvency or insolventy of said _ Mortgagors or the defendants. and that such ~ents, protits, income, issues and revenues shall be applied by such receiver accord- ing to the lie~ ot this mortgage and practice of such coun. 9. That (a) in the ever~t 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 aad fully paid without demand or notice, or (c) in the event that each " and every the stipulations, agreements, conditions and covenanis of said note and this mortgage, are not duly, promptly and tully ; performed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest acc~ued to that time, and all moneys secured hereby, shafl betome due and payable forthwith, or thereaRer, at the option of said S Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on sucfi 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 moRgage, 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. (n cases of nartial torecfosure o( this martgage, 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. • ~ i ~ ~ . eo~K 239 F~~,~ 231~. ~ ~ ~ ~ _ . ~ . ~ - _ _ _ : .