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Home My WebLink About1637 3 ' ' principal sum and accrued interest shall ~ecome due and payable w~thout notice at lhe option ot the holder thereoi. And shall ~ duly. promptty, and (ully pe?torm, discharge, ezecute, e1(ect, co~nptete, and comply with and abide by each and every the stipu• • lations, agreements. conditions, and covenants ot said promissory nate and this mortgage, then this mortgage and the estate ~ hereby created shall cease and be null and void. ~ - 1 ~ And the Mo~tgagors fu~ther covenant as tollows: ^ ~ l. That they will pay the i~deDtedness, as hereinbefore provided. i 2. That, in order more futly to p~otect the security of this mo~tgage„the Mortgagors, together with and in addition to, the monthfy payments under the terms ot any notes secured tiereby, on the iirst day oi each month until said note is tully paid, will pay to the Mo~tgagee the following sums: (a) A sum equal to one-twelfth (1/12) of the premiums that will next become due and payable on policies of fire and other hazard insurance coveri~g the mo~tgaged prope~ty. plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payme~ts 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 aggregate amount ihereof shall be paid by the Mongagors each month in a single payment to be applied by the Mortgagee to the tollowing items in the order set forth: 1. Tazes. assessments, fire. and harard insurance premiums; . 11.~ tnterest on the note secured hereby; and ' ' 111. Amo~tization of the principal of said note. , Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event oT default under this mortgage. The Mortgagee may coll~ct ~"late charge" not to exceed two cents (2~) for each dollar (s) of each payment more than fifteen (15) days in arrears to"oover the extra ex- pense involved 1n handling delinquent payments. ' 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 pneceding shall exceed the amount - ~ of paymenis actually made by the Mortgagee. for taxes.and assessments and insurance premiums. as the case may be, such ; excess shall be credited by the Mangagee on subsequent payments to be made by the MoKgagors. If, however. the monthly pay- ~ ments made by the MoKgagors under (a) of paragraph 2 preceding shall not be sufiicient to pay tazes 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 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 tende~ to the Mortgagee in accordance with the provisions of the ~ note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all = amounts then remai~ing in the tax and insurance escrow account held in connection with this loan. Ii there shall be a defauR ~ under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby. or if the Mortgagee aoquires ~ 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 remaining in the tunds accumulated under (a) of paragraph 2 preceding ' as a credit against the amount of principal then remaining unpaid under said note. ~ i 4. That they will pay all taxes, assessments, water rates. and other govemmental or municipal charges, ~nes, 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 prompty deliver the ofticial receipts therefore to the Mortgagee. ` 5. That they will permit, commit, or suffer no waste. impairment, or deterioration of said property or any part thereof; and in the event oi the tailu~e of the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or _ improvements tfiereon, 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 amoun! of each and every such payment shall be immediately due and payabte, 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 tees. and costs of i abstracts of titte. incurred or paid at any time by the Martgagee 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 mo~tgage. 7. That they wilf keep the improvements now ezisting or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by tire or other hazards, casualties, and contiogencies in such amounts : ; and for such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on wch insurance for pay- ~ ment of which provision has not been made hereinbetore. All inaurance shall be carried in companies approved by Mortgagee ~ and the policies and renewats 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 teast 10 days prior to expiration of exist- _ ing policy. In event of loss, they will give immediatey notice by mail to Mortgagee, and Mo~tgagee may make proof ot loss if not ~ made prompty by Mortgagors. and each insurance compaoy concerned is hereby authorized and directed to make payment tor ° such loss directy 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 restoratian 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- tinguishment of the indebtedness secured hereby, all right, title and interest oi the Mortgagors in and to any insurance policies then in torce shall pass to the purchaser or grantee. 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 cou~t shall forihwith appoiM a receiver of the premises covered hereby all and singu- lar, including all and singular the income, profits. issues, and revenues from whatever source derived, each and every of which. it being expressy 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 cou~t to a receiver. ~ and such appointment shall 6e made by such court as an admitted equity and a matter ot absolute right to said Mortgagce, and ~ without ~eference to the adequacy or inadequacy ot the vatue of the property mortgaged or to the solvency or insolventy of said ~ Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shail be applied by such receiver accord- ~ ing to the tien of this mortgage and practice of such court. ~ ~ 9. That (a) in the event of arry breach of this mortgage or defauft on the part of the Mortgagors, or (b) i~ 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 covenants oi said note and this mortgage, are not duly, promptly 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 torthwith, or thereafter, at the option of said Mortgagee, as fully and completely as ii all of the said sums oi money were originafly stipulated to be paid on such day, any- ~ thing in said note or in this mortgage to the contrary notwithstanding: a~d thereupon or thereafter, at the option of said Mon- . ~ 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 Mongagee may foreclose this mortgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisiy and pay the same together with costs, expenses, and allowances. In cases of paRial foreclosure of this mortgage, the mortgaged premises shall be so{d subject to the co~tinuing 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. . ~u~ ~ BOOK ~4~ PAGE 1640 ~ ~ ~ ~ - - < - ` ~ ~ ~ ~ ~ ~ . , _