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HomeMy WebLinkAbout0656 ~ . ~ principal sum and accrued interest shall become due and payable w~thout notice at the option ot the holder thereof. And shall duly, prornptly, and fully perform, discharge, execute, etfett, complete, and compty wlth and ab~de by each and every the stipu- tations, agreements, conditions, and covenants of said p?omissory ~ote and this moAgage, ihen ttiis mortgage and tl~e estate hereby created shall cease and be null and void. And the Mortgagors fuKher covenant as tollows: 1. That they will pay the indebtedness, as he~einbeto~e provided. ~ 2. That. in order more (ully to p~otect the security of this mohgage, the Mortgagors, together with and in addition to, the :f monthty payments under the terms ot any notes setured hereDy. on the first day of each month until said note is tuly paid, will ~ pay to the Mortgagee the tollowing 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 ; haza~d insurance covering the mortgaged property. plus taxes and assessme~ts next due on the moRgaged property (all as esti• ? mated by the Mortgagee). (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added togethe~ and the aggregate amount thereof shall be paid by the Mortgago?s each month in a single payment to be applied by the Mortgagee to the fottowiog items in the orde~ set foRh: ~ 1, Tazes. assessments, fire, and hazard insurance premiums; ~ 11. Interest on the note secured he?eby; and 3 ~ . _ -s~ ~ - 7 111, Amortization of the principal of said note. Any deticiency in the amount of such aggregate monthly 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 collect a"late charge" not to exceed two cents (2C) tor each doltar (s) of each payment mo~e than fifteen (15) days in arrears to cover the e~ra ex- pense involved in handling delinquent payments. ' 3. That if the total of the payments made by the Mortgagors under (a) oi paragraph 2 precedi~g shall exceed the amount ~ of payments actualy made by the Mortgagee. tor taxes and assessments and insurance premiums. as tl?~ case may be, such ~ excess shall be credited by the Mongagee on subseQuent payments to be made by the Mortgagors. If, hovrever, the monthy pay- ments made by the Mortgagors under (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 Mo~t- gagee any amount necessary to make up the deficiency, on or betore the date when payment of such taxes, assessments. or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby, tull payment 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 default under any of the provisions of ihis mortgage resulting in a public sale of the premises covered hereby. or if the Mortgagee scquires the property otherwise atter 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 oi principal then remaining unpaid under said ~ote. 4. That they will pay all taxes, assessments. water rates, and other govemmental or municipal charges. fines, 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 official receipts theretore to the Mortgagee. ~ 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or sny part thereof; and in the evant of the failure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises, o~ ~ 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 tull amount of each and every such payment shatl be immediatey due and payable. and -shall be secured by the lien of this mortgage. 6. That they will pay all and singular the casts, charges, and expenses, including reasonable lawyers fees, and costs ot ! abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mongagors promptly ~ and fully to perform the agreements and covenants oi said promissory note and this mortgage, and said costs, cnarges and ex- ~ penses shall be immediately due and payable and shall be secured by the lien of this mortgage. ~ E 7. That ihey will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be j required trom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts ~ ! and for such periods as may be required by Mortgagee, and vrill pay promptly, wben due, any premiums on such insurance for pay- s ° ment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee = ~ and the poticies and renewals thereof shall be held by MoKgagee and have attached thereto loss payable clauses in favor of and ~ ~ in form acceptabte to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing poticy. In event oi loss, they will give immediately notice by mail to MoRgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors. and each insurance company concerned is hereby authorized and directed to make payment tor such loss directly.to MoKgagee instead of to Mortgagors and MortgaBee jointly, and the insurance proceeds, or any part thereof, may be apptied 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 of this mortgage or other transier of title to the morigaged Property in ex- . ~ tinguishment of the indebtedness secured hereby, all right, title and interest of 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 cauK having jurisdiction thereoi for the appointment of a receiver, and sucb court shall forthwith appoint a receiver of the premises covered hereby all and singu• ~ lar, incfuding all and singular the income, proi'rts, issues. and revenues from whatever source derived, each and every of which, it ~ being expressy understood, is hereby mortgaged as if specificaly set forth and destribed in the granting and habendum clauses ° hereof, and such receive~ shall have aIl the broad and eHective tunctions and powers in snywise entrusted by a couR to a receiver. ~ ~ and such appointment shall be made by such coun as an admitted equity and a matter of absolute right to said Mo~tgagee, and ~ without reference to the adequacy or inadequacy of the value of the property mortgaged or to the sotvency or insolvency of said ~ ~ Mortgagors o~ the defendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ~ ing to the lien of this mortgage and practice of such court. ; 9. That (a) in the eveM of any breacb of this mortgage or default on the paR 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 event that each ~ ~ and every the stipulations, agreements, conditions and covenants of said ~ote and this mortgage, are not duy, prompty and fully ~ periormed; 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 aIl moneys secured hereby. shall become dut and payable forthwith, or thereaRer, at the option of said ~ Mortgagee, as fully and completely 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 MoR- ~ 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 toreclose this mortgage, as to the amount so declared due and payabte, and the said ~ premises shall be sold to satisfy and pay the same together with costs, expenses, a~d allowances. In cases oi partial foreclosure oi this mortgage, the mortgaged premises shall be sold subject to ihe continuing lien of this mortgage for the amount of the debt ~ not then due and unpaid. In such case the provisio~s ot this paragraph may again be availed oi thereaiter from time to time by the Mortgagee. ~ f~~V ~AGE f:"~ ~ ~ . ~ - ~ ~ ~ ~ ~ ~.y-~.~~.~ - ~