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HomeMy WebLinkAbout0357 principal sum and acc~ued interest shall beco~ne due and payai,le w~Uiout nohce at tlie optiun of the ho.der thereul And sh;,ll duly, promptly, and tutly perforn?, d~scharge, execute, elfecl, com{~lete. and com{,ly wdh and ah~de by each and every the stipu lations, agreements, tond~huns, and covenants ol said proin~ssory note and tlns mortgage, then this mortgage and the estate herroy created shall cease and be~null and vu~d. And the Mortgagors further covenant as!ollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in orde~ more fully to protect the security oi this mortgage, tlie Mortgagors, tuqetlier with and in addition to, the monthly payments under the terms oi any notes secured hereby, on the 1~rst day ol each month until said note is tully paid, will pay to the Mortgagee the lollowing sums: (a) A sum equal to one•tweNth (1: 12) 01 tha premiums that will next bzcome due and payable on policies of tire and othe~ ' tiazard insurance covering the mortgaged property, plus taxes and assess~ti~ents next due on the mortgaged property (all as esti• ' mated by ti~e hSortgagee). (b) All payments mentioned in the preceding subsection o( this parag~aph and all payments to be made under any note secured hereby shall be added together an~ the aggregate amount thereoi shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the following items m the order set fo?th: 1. Taxes, assessments, tire, a~d hazard insurance premiums; 11. Interest on the note secured hereby; and ~ II1, Amortization of the princ+pal of said note. Any deficiency in the amount oi such aggregate monthly payment shall, uNess made good by the Mortgagors prior to the due date of the next such payment. constitute an event of detault under this mortgage. The Mortgageg may tollect a"late charge" not to exceed two cents (2C) tor each dollar (s) ot each payme~t more than tifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amaunt of payments actually 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 MoRgagors. If, however, the montbly pay- ments made by the Mortgagors under (a) of pa~agraph 2 prececiing shall not be suNicient 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 oi such taxes, asses,ments, or insur. . ance premiums shall be due. Ii at any time the Mortgagors shatl tender to the Mortgagee in accordance with the provisions of the note secured hereby, tull payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mo~tgagors alt 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 of this mortgage resulting in a public sale of the premises covered hereby, or ii the Mortgagee acq~ires ; the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proCeedinas or at the ~ time the property is othenvise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a credit against the amount of printipal then remaining unpaid under said note. 4. That they will pay atl taxes, assessments, water rates, and other governmental or municipal charges. fines, or imposi- t tions, for which provision has not been mzde hereinbetore, and in default thereoi, the Mertgagee may pay the same and be secured by the tien of the mortgage: and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairme~t, or deterioration of said property or any paR thereoi; and in the event of the failure oi 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 discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall 6e 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 Tees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the fajlure on the paR of the Mortgagors promptly and fully to pe~form the agreements and cove~ants of said promissory note and this mortgage, and said costs, charges and ex- penses shatl be immediateiy due and payable and shall be secured by 9he lien ot this mortgage. I 7. That they will keep the improvements now existi~g or hereafter erected on the mortgaged property insured as may be ! required irom time to time by the Mortgagee against loss by fire or other ha2ards, 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 such insurance tor pay ~ ment of which provision has not been made hereinbefore. All iosurante shail be carried in companies approved by Mo~tgagee j and the palicies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable tfauses in favor of and t in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event oi loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by MoRgagors, 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 proceeds, or any 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- pairs of the property damaged. In event of foreclosure oi this mortgage or other transfer 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 any insurance polic9es then in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appty to the court having jurisdiction thereoi for the appointment of a receiver, and such court shall torthwith appoint a receiver of the premises covered hereby all and singu- far, including alt and singular the income, profits, issues, and revenues from whatever source darived, each and every of which, it ~ being expressly understood, is hereby moRgaged as if specifically set forth and described in the granting and habendum clauses ~ hereoi, and 9uch receiver shall have all the broad and efiective tunctions and powers in anywise entrusted by a court to a receiver, ~ " and such appointme:?t shall be made by such court as a~ admitted equity and a matter of absolute right to said Mortgagee, and without reterence to the adequacy or inadequacy of the value of the property mortgaged or ta 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 actord- : ~ ing to the lien of this mortgage and practice of such court. ~ ~ 9. That (a) in the eveM of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any ~ oi said sums of money herein referred to be not promptly and fully paid witha:st demand or notice, or (c) in the event that each ~ and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptlyand tully ~ pertormed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest ~ ; ~:~rued to that time, and all moneys secured hereby, shall become due and payaWe forthwith, or the~eafter, at the optioq of said ~ Mo tgagee, as (ully and completely as if all of the said sums ot money were originally stipulated to be paid on such day, any- thi~~o 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 ~ts instituti~n. The Mortgagee may foreclose this mortgage, as to ihe amount so declared due and payable, and the said ` ~ pre~~is:•s shall be sotd to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure ~ 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 prov~sions oi this paragraph may again be availed of thereafter from time to t~me by ~ ~ the Mortgagee. ~ ~ ~ . ~ gU~K 247 P~~~ ~~~T E ~ ~ ~ , 5 ~ . _ ~,s~~"`~~~~~~t .