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HomeMy WebLinkAbout0659 p~incipal sum and actrued interest shall Aecome due and payable w~tl?out notice at the opt~on of tlie holdcr thereof. And shatl duly, promptly, and tully pe~form, discharge, execute, eliect, comptete, and comply w~th and abide by each and every the stipu- lations, agreements, tonditions, and covenants ot said promissory note and this moNgage, then th~s mortgage and the estate he?eby created shalt cease and be ~Ltl and void. And the Mortgagors fuRhe~ covenant as tollows: 1, That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more fully to protect the security ot this mo~tBage, the Mongagors, together with and in addition to, the monthly payments under the terms of any notes secured hereby, on the tirst day ot each month until said note is futy paid, will pay to the Mortgagee the tollowi~g sums: (a) A sum equal to one•tvrelfth (1/12) of the premiums that wilt next become due and payable on policies oi fire and other haza~d insurance co~ering the moRgaged property, plus taxes and assessments next due on the mo~tgagrd property (all as esti- mated by the Mortgagee). (b) All payments mentioned in the precediog subsection of this pa?aB~aph and all payments to be made unde~ any note secured hereby shatl be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in the order set fonh: 1. Tazes. assessments, fire. and haza?d insurance premiums; • ' 11. Interest on the ~ote setured hereby; and ~ III. Amortizatio~ oi the p~incipal oi said note. Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar oi each payment more than fifteen (15) days in arrears to cover the ext~a ex- • pense involved in handling delinquent payme~ts. 3. That ii the total of the payments made by the Mortgagors unde? (a) oi paragraph 2 preceding shall exceed the amount of paymeots actualty made by ihe Mortgagee. for taxes and assessments and insuraoce premiums, as the case may be, such excess shall be credited t!y the Mortgagee on subsequent payments to be made by the Mortgagors. If, h~wever, the monthy pay- ments made by the Mo~tgagors under (a) oi paragraph 2 preceding 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 Mo~t• gagee any amount necessary to make up the deficiency, on or betore the date when payment oi 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, full payment of the entire indebtedoess represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insu~ance escrow account held in connection with this loan. If there shall be a default under any oi the provisions of this moRgage resulting in a public sale of the premises covered hereby, or it the Mo?tgagee aoquires the property otherwise after default, the Mortgagee shall appty, at the time oi the commencement of such prceeedings or at the time the property is otherwise acquired, the balance then ~emaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 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 tien of the mortgage; and that they will promptly detiver the official receipts thereiore to the Mortgagee. 5. That they will permit, commit, or sufter no waste, impairment, or deterioration of said property or any part thereof; and in the event oi 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 discretion it may deem necessary for the proper presenation thereof, and the iull amount of each and eve~r such payment shall 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, sharges, and ezpenses, induding reasonable lawyers fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because oi ihe failure on the part of_the Mortgagors promptly ' and fully to periorm the agreements and covenants of said promissory note and this moRgage, and said costs, tharges and ex-~ ' ; ; penses shall be immediately due and payable and shall be secured by the lien of this mortgage. { 7. That they will keep the impravements now existing or hereafter erected on the mortgaged property insured as may be ~ required from time to time by the Mo~tgagee against loss by fire or other hazards, casuaRies, and contingencies in such amou~ts s and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance tor pay- ~ ment oi which 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 payable tlauses in favor of and ~ 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 of loss, they will give immediately notice by mail to Mortgagee, and MoRgagee may make psoof of loss if not ~ made promptly by Mortgagors, and each insurance company 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 pan 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. (n event of foreclosure of this mortgage or other transier of title to the mortgaged property in ex- tinguishment oi the indebtedness secured hereby, all right, title and interest of the Mo?tgagors 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, appty to the court having jurisdiction thereot for the appointment of a receiver, and such court shall forthwith appoint a receive~ ot the premises covered hereby all and singu- ~ lar, including all and singular the income, profits, issues, and revenues irom whatever source derived, each and every of which, it being expressy understood, is hereby mortgaged as if specifically set toRh and described in the granting and habendum clauses hereoi, and such receiver shall have all tbe broad and effective functions and powers in anywise entrusted by a court to a receiver, i and such appoiniment shall be made by such court as an 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 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 of this mortgage and practice of such court. ~ 9. That (a) in the event of arry breach of this mortgage or default 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 event that each ~ and every the stipulations, agreements, conditions and covenants of 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 payable forthwith, or thereafter, at the option of said ~ Mortgagee, as tully and completely as if all oi 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 ii all moneys secured heretr~ 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 satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial foreclosure ~ of this mortgage, the mortgaged premises shall be sold subject to the continuing lien ot this mortgage for the amount of the debt ~ not then due and unpaid. In such case the provisions of this paragraph may again be avaited of thereafter from time to time by ~ the Mortgagee. ,1 I~ • ~~Q ~ F':~ PACE Uc~O ~ ' . . • , ~ _ . ' ~ ~ ~ u _ ~ ~ e. . _ ~ .