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HomeMy WebLinkAbout0259 principal sum and acc~ued intarest shall become due and payable without notice at the option of the holder thereot. And shall duly, prompty, and fully pe~lorm, discharge, execute, e(fect, complete, and tomply with and abide by each and every the stipu- lations. agreeme~ts, co~ditions, and covenants ot said promissory note and this mortgage, then this mortgaqe snd the estate he~eby created shall ceaso and be nutl and void. And the Mortgagors tu~ther covenant as folbws: l. That they will pay the indebtedness, as he~einbetore provided. 2. That, in orde~ mo~e fully to p~otect the security of this mo~tgage. the Mongagors, together with and in addition to. the monthly, payments under the te?~ns oi any ootes secured hereby, on the first day of each month until said note is tully paid, will pay to the Mortgagee the tollowing sums: (a) A sum equal to one-twelfth (1/12) of the premiums that wi11 nent become due and payabb on policies of iire and other h~zard insu~ance covering the mo~tgaged p~operty, plus tsxes and assessme~ts next due on the mo~tgaged property (all as esti- mated by the Mortgagee). . (b) All payments mentioned in the procading subsection of this paragraph and all psyme~ts to be made under sny note secured hereby shall be added togethe~ and the aggregate amount the~eof shall be pai~f by the Mortgagors each month in a single payment to bs applied by the Mortgagee to the iollowing items in the order set foRh: 1. Taxes. assessments. fire. and hazard insurance premiums; 11. Inte?est on the note secured hereby; and 111. Amortization of the pri~cipsl of said note. Any deficiency in the amount ot such sggrcgate monthy payment shall, unless made good by the Mortgagors orbr to the due date of the next such psyment, constitute-an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) tor each dolla~ of each paymeM more than Tiiteen (15) days in arrears to cover the extra ex- pense invohred in handling deli~quent payme~ts. 3. That if the total of the payments made by the Mortgagors under (s) oi paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee. tor taxes and sssessments and insurance premiums. as the case may be. such ezcess shall be credited by the Mortgagee on subseque~t payments to~be made by the Mortgagors. If, hovlever, the monthy pay ments made by the Mortgagors under (a) of paragraph 2.preceding shall not be sufiicient to psy taxes and assessments and in- surance premiums. as the case may be. when the same shall become due and payable. then the Mortgago?s shall psy to the Mort- gagee any amount necessary to make up the deficiency, on or before the date when payment oi such iazes, assessmeots. or insur. ance premiums shall be due. lf at aay time the Mo?tgagors shall tender to the Mortgagee in accoMance with the provislons of the note secured hereby, full paymeM of the entire indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault under any of the provisions ot this mortgage resulting in a public sale of the pr+emises coverod hcreby. or ff the Mottgagee aoquires the property otherwise after detauR. the Mortgagee shall apply. at the time of the commencerqent of such proceedings w at the time the property is otherwise acquired. the balance then remaining in the funds accumulatM under (a) of parograph 2 preceding as a credit aQainst the amount of principal then remainir~ unpaid under said note. 4. That they will pay all taxes. assessments, water rates. and othe~ govemmeMsl or munkipal charges, fines. o~ imposi- tions, for which provision has not been made hereinbefore. and in default thercof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they vrill promptfy deliver the o~cial receipts therefo?e to the Mortgagee. 5. That they will permit, commit. or suffer no waste. impai?ment, or deterioration of said property or arry part tfiereof; a~ in the event oi the failu?e 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 discretio~ it may deem necessary for the proper presenation the~eoi, and tbe tull amount oi each and every such payment shall be immediatey due and payaWe. and shall be secured by the lien of this mortgage. 6. Tha~ they will pay all and singular the costs, charges. and expenses. including reasonable lawyers fees. and costs of abstracts of titte, incuncd or paid at any time by the Mortgagee because oi the tailure on the part of the Mortgagors promptiy and fuly to pe~form the agreements and covenants of said promissory note and this mortgage. and said costs. charges and ex- pe~ses shal! be immediately due and payaWe 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 f~om time to time by the Mortgagee against loss by fire or other hazards, wsualties. and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance ior pay- : ~ ment of which provision has not been made hereinbefore. All insurance shall be wmed in companies appraved by Mortgagee E ! and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor M aod in form acceptable to the Mortgagee. Renewal policies sh It be delivered to Mortgagee at least 10 days priorto explratlon of exist- € ing policy. In event of loss, they will give immediately noti~ by mail to Mortgagee, and Mortgagee may make proof of loss if not made prompty by Mortgagors. and each insurance company concemed is hereby authorized and directed to make paymeM for ~ such loss directy to Mortgagee instead of to Mortgagors and Mortgagee joiMy, and the insuraoce proceeds. or am part thereof. ; may be applied by Mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoration or re- E pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of titk to the rr~urtgaged property in ex- tinguishment of the ~indebtedness secured hereby, all rigM. title and inte~est ot the Mortgagors in and to any insurance policies then in force 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 jurisdietan therooi ~ for the appointmeM of a receiver, and such court shall foRhwith appoiM a receiver oi the premises covered hereby all 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 specificaly set fo~th and described "en the granting and habendum clauses hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a court to s receiver. ~ and sucb appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequa~y or inadequacy ot the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors or the defendants, and that such reMs. profits, income, issues and revenues shail be applied by such receiver accord- ~ ing to the lien of this mortgage and practice of such court. 9. That (a) in the eveM ot any bresch of this mortgage or defauk 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 evertt that each ' r ~ and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duy, prompty and fulty ; 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 money~s secured hereby, shall become due and payable forthwith, or thereaiter, at tNe option of saW F Mo~tgagee, as tully and completely as ii all ot the said sums of money were originaly stipulated to be paid on such day, arry- ; ; thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mort- f ~ 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 mo?tgage, as to the amount so declared due and payaWe, and the said ~ ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure s of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi this mortgage for the amount of the debt . ~ not then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereafter from time to time by E ~ the Mortgagee. ~ ~ ~ &OD!f 2~~ PAGE ~eJ~ ~ . ~ ~ ~ = - ~ _ ~ ~ ; - : ~;~,~s~ ~ :~,~-,t,,~~.-~ _ _ -