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HomeMy WebLinkAbout0496 ~ . ~ principal sum and accrued interest shall beconte due and payable w~tliout notice at the option of the holder thereot. And shall duly, promptly, and (ully pe~torm, discharge, exetute, ettect, complete, and comply with and ab~de by each and every the stipu• lations, agreements, tonditions, artd cove~ants of said promissory note and this mortgage, then this mortgage and the estate hereby c~eated shaU cease and be ~ull and vuid. ' And the Mongagors turther covenant as follows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That. in order mo~e fully to protect the security oi this mortgage, the Mortgagors, together with and in addition to, the mo~thty payments under the terms of any notes secured hereby, o~ the tirst day oi each month until said note is tu~y paid, witl pay to the Mortgagee the totlowing sums: (a) A sum equal to one-twelRh (1/12) of the premiums that will next become due and payaGle on policies of tire and other hazard insurance Covering the mortgaged p~operty, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsettion of this pa?agraph and atl payments to be made under any note secured hereby shall be added together and the agg~ega/e amount thereoi shall be paid by the Mortgagors each month in a single payment to be apptied by the Mortgagee to the following items in the order set forth: 1. Tazes. assessments. fire. and hazard insurance premiums; ~ (1. Interest on the note secured hereby; and ' - _ _ 111. Amortization oi the p~incipal oi said note. Any deticiency in the amount of such aggregate monthty payment shall, unless made good by the MoRgagors pria to the due date of the next such payment, constitute an event ot default under this mortgage. The Mortgagee may ooltect ~'Mate tha~ge" not to exceed two cents (2!) for each dollar of each payment more than fifteen (15) days in arrears to cover the eztra ex- pense involved in handling delinquent payments. 3. That if the tatal of the payments made by the Mortgagors unde~ (a) of paragraph 2 preceding shall exceed the amou~t ~,f payments actualy made by the Mortgagee, for taxes and assessments and insurance premiums, as the case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagars. I(, however, the monthly pay- ments made by the Mortgagors unde~ (a) of paragraph 2 preceding shall not be sufiicient 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 of such taxes, assessments, or insur. ance premiums shall be due. lfi at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the i ~ote secured hereby, full paymeM ot the entire indebtedness represented thereby, the Mo~tgagee sball. 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 f under any of the provisions of ihis mortgage resufting in a public sale of the premises covered hereby, or if the Mortgagee acquires ~ the property otherwise after default, the Mortgagee shall appy, at the time of the commencement of such proceedings or at the f time the property is othenvise 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 oote. i 4. That they will pay all taxes, assessments, water rates. and other governmental or municipal charges, ~nes, or imposi- ? tions, for v?fiich provision has not been made hereinbefore, and in deTault thereof, the Mortgagee may pay the same and be j secured by the lien of the mortgage: and that they will promptly detiver the oNicial receipts therefore to the Mortgagee. ~ i 5. That they will permit, commit. or suffer no waste, impairment, or deterioration of said property or any part thereof; and ; i~ 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 discretio~ it may deem necessary for the proper preservation thereoi, and the full amount oi each and every such payment shalt 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 expe~ses, including reasonable lawyers tees, and costs ot abstracts of title. incurred or paid at any time by the Mortgagee because of the failure on the paR ot the Mortgagors promptly ~ and fully to perform the agreements and tovenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediatety 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 propeirty insured as may be , required from time to time by the Mortgagee against loss by fire or othe~ hazards, casualties, and contingencies in such amounts ; and for such periods as may be required by Mortgagee, and will pay promptly, when due. any premiums on cuch insurante for pay i ment ot wfiich 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 payabte clauses in tavor of and ~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mongagee at least 10 days prior to expiration of exist- ; ing policy. In event of loss. they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof oi loss if not ` made promptty by Mortgagors, arui each insura~ company concerned is hereby au!horized and di:ected to rnakt paymer~t !or ' such loss directty to Mortgagee instead of to Mortgagors and MortgaBee jointy, 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 restoration or re- . [ pairs of the property damaged. In event of toreclosure of this mortgage or other transier ot title to the mprtgaged property in ex- € tinguishment of the indebtedness secured hereby, all right, title and interest of the MoRgagors 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 couR having jurisdiction thereot j ~ for the appoiniment of a receiver, and such court shall forthwith appoint a receiver oi the premises covered hereby a!I and singu• t ~ far, including 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 specifically set forth and described in the granting and habendum clauses ~ he~eof, and such ~eceiver shall have al~ the broad and efiective functions and powers in anywise entrusted by a couK to a receiver, ~ and such 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 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 oi this mortgage and practice of such court. ~ _ 9. That (a) in the everrt of arry breach of this moRgage or default on the paR of the Mortgagors, or (b) in the event that any - of said sums of money herei~ referred to be not promptly and fully paid vrithout demand or notice, or (c) in the eveM that each a and every the stipulations, agreements, conditions and,coveri3~it5-of said note and this mortgage, are not duly, prompty and fully c 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 payable forthwith, or thereafter, at the option of said ~ Mortgagee, as fully and completey as if all of the said sums of money were originally stipulated to be paid on such day, any- ~ 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 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 partial toreclosure ~ ~ oi this mortgage, the mortgaged premises shall be sold subjett to the continuing lien ot this mortgage tor the amount of the debt ~ ~ not then due and unpaid. In such case the p~ovisions of this paragraph may again be availed ot thereafter from time to time by 3 ~ the Mortgagee. e' 5 a sc~K~Y~ r~cE 4~~j ~ § , ~ ~ ~ a - ~ , '....=y .;s _ . ' u w~-• " _ . . _ ~l.: a,~s.:.