HomeMy WebLinkAbout0003 prf~k~pa{ sum and accrued interESt snail DcYcos~~e d<re and ~rairir Mnthou! nuiice at th,e optiun of t~e holder thereot. And shati
duly, prompty, and fuliy pertarm, d~scharge, execute, etlect, complete, and co~t~piy nnih and ab~de by each and every th:, si~pu•
Fsi~a~s, ag?eemenis, cond,i~ons, and covrnants of said prornissory nole ~nd this mortgage, then this mo~tgage and th~ estate
hereby ueated shall crase and be nuli and vo~d. •
And tha Mortgagors furti~er covenant as toilaws:
- 1. Yhat they wili pay tne mct?viedness, as hereintietort provided.
2. That, m o:der moro fully to ~r~teet the sew~~ty of ihis monf~a~e. tn~ t,d~ri~ag~~, ;a~~{~=r Kith ire addition to, the
monthly payments under the temt~ of 8ny notes secu~sd herehy, on the f~rst day ot each ~nonth until sa~d note is tulfy paid, will
gay to the Mortgagec tollaw~ng sums: .
(a) A sum equai ta ooe•twelfth (1i12) of the premiums that wiil next become due and payabie on policies ot fire and other t
hazard insu~ance ta•~er~ng the moRgaged pr~~::p, p!~s iaxas aod assessrrie~ts ncxt due on the moRgaged ~roperty (alt as esii-
~~~ai~c! by the Alortgagee),
tb) Aft ~ay~sents rr,entionc~ ia the preceding subsection of th~s paragraph and al! payments to be made unde~ any nate
securet! hereby shall be added tofieth~~ and the aggregate arttousr! thereof shall be paid by !he Nlortgagc*s eac~ month in a }
single payment to be applied by ihe Mortgagee ta tho followi~g items in the order set tortn: `
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Taxes, assessments, fi?~, an~ h»zard insurance F:emiums: _
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Interest on the note secured he:eby; and
Ilt. /lmortization of ih~ prn~ipai of said note. ~ -
Any defic~ency in the amaunt ot such aggregate monthly payment shatl. unless made good by ti~e Mortgagors prior to the due '
r!a!Q oi the next such payrnent, constitute an event oi detautt under this mortgage. The Mortgag2e may collect a"late charge" ~
nat to excee~ :wo cents (2f) tor each dollar ct each payment mor~ than f+iteen (15) days in ar~ears to cove~ the extra ex•
pense involved in handt::~g ~a!•~oqoent payments.
3. That if the total of ihe paymeots made by the Et~t~~gc?rs under (a) ot paragraph 2 preced~ng shait exceed the ar»ount
ot payments actualy made by the ~tartgagee, tor taxes and assessme»ts an~ insvtarsce p•cmiums,- as the wse may be, such
excess sh$Il be cred~ted b~r the Mortgagee oo subsequent payments to be made by tbe kiortgagors. tf, i~ow~re;, the monthly gay
ments made by tbe Mortgagors unde~ (a) of paragrai,h 2 preceding sha!! not De sufi'Kient to pay taxes and assessments ancf im ~
surertce premiums, as thix case may be, vet~en the same s1~af1 become due and payabtc, tt:en ti~e irSartgagors shalt pa~• to ihe Mort-
gavee s;.y a.:w::~t necesso~y i~ mafee up ihe deftceency, ~a or belore the date when payment of sach taxes, assessmE~its, or insur.
ance premiesms cha!! !x aue> It at any time ih~ Mortgagars shall tender to the Mortgagee in accordance with the prowsions o[ the
note secured hereby, iuii payme:i! of the entire indebtedness represented tha~eby. the Mortgagee shalt, pay to the Mo~tgagors al1
a:naunts then remaining in the tax and insurance eurow dccount hetd 3n connsction wit~r titis loan. It thare shail be a detauR • -
under any ot thr ^r~v;s:o~~ of this mortgag¢ aesultinR in 8~,uui;c ~ste ~t th~ Fr~::~i~:.~ cavered hereby, or if tt?e MoKgagee acquires
the pro~erty othervrise afte~ d+af~uit, the Mo~igagee shaE: apply. at the iime oi the commencement of such proceedings o~ at the '
tirne the propeAy ic otherw~ce acq~s:red, Llee ~alancc thcn rG:r.air.8 0 4n the tunds ~ceumufated under (a1 of paragraph 2 precadirtg `
as A c~!u!;f aga+ns± the amount ot prinr,ioai then ~emaining un~ard urtJez sai~f note. ;
4. That they will pay all taxes, assessments. water rates, and ottee~ govemmar~tai or rnunl~i~,~,) ~',~,~g~~, i~nes, or irt~pos~• _
tions. for whirh pra~+seon t~as not Leei~ na~e hereinbcforc, aad in detauR t~?P~c,.:t.•il,~ ltcr~ee r,~aY Zqy the sacs~e ar~d ~e ,
secured by the lien of the mortgage; and that lhey wiil promptiy de~iv~r thr oflicial iece+pts iherefore to tnt t~4ertgagee. `
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5. That they wi11 permit. commit, or suffer no wastc: ir;~~alrrMe>>i. or de?~+rotion of sa~d Crere!~ or any rn~ .t:e:eot; and i
E in ihe event of the 4siiure cE !he Mortgagers to kee~ t~~ ~.•:!~!:rgs e~. sa~A premises and;hpse to be er~cted on said premises, w ;
~ imprc,':~...-„t= +t+Preen. in go~,ei rep4:r, thQ M~?tgs~r m.ty make such ~ega+rs as ~r, .ti ~rSCtCiivii ,t ~nay deeni necessary fo~ the '
~ ~rr,r~r orese:~~'~:^n !hose~f. ~nd'~e lull art~ourst each a~ every suc.n paY~~~e.,. ~.z,.R••n~~~~sy ~ue and payabte. and ~
~ ~.s2?i' s:!tj_ ~:Y - ~ i ai..s ~~:.rt.'." -
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~ +~we s wts. and casts ot
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" w, ~;i!•~ ! n3iG si e,r: - ~ _
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a' = fif .:',tti~s.te~~ElY 3`tK = . . ~"f 1 ~ vi tiz«? i::v+i-y'"e~. -
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rr.a~~:ithT i~sz~+ ~Lmr~ ' - - - _ _ ~=--i ?s: , ~':~~L•:, C23i"al2zts. B:~L '!g!f'.G'!S tR S7i1Gfit 3i110tiAtS -
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s i++ :`,"s~;~E.._ Ew i~iOr.gsg+!2: xi14 p~ Frunpti~?, rvhert due, ~tiy rt^:ur*s5 n~ SuCf! iRSts•~nr~ fgr p~y _
^•^±~s•~ ra~ o~: ~:.~de ~.err=nbefore_ F?ii inwrantt sha!! be carrieQ in corr.~~ies aPF~oved bI? MzrtSagee
~:.:r ~~s:~,~=. y~~ •s•^.~ats •.rer~:.~ s~~a~: ~,r!~! by 4sAortga~ee a:~ ~avs atUthed iP?trcto lass pa'~/iGe tlsuses in favoi M enA
ir. fosm scce~iauie ta i~?e ~+:.c:;s~~s. ftestcwat pc:x~ts snati ~ cri~vesFCf ta M.ortgagee at kas# 10 Oays pr'~u to eapi~at+an oi exYst =
i~g poilcy. !n eveni of ioss, they will give immediately notice by mail to M.artga.gea, and Mortgagee may mai;P ~.~1 oi loss it nfl;
made promptty by Mortgagors, arM each irtsurance company concerned is hercby authonzed and direeted ta maka payment for
such loss directty to Mortgagee instead of to Mortgagors anci Mo~tagee joiriiCy, and tiie ins~~rance proceeds, o~ any ps~'t t~+e?~of, °
~nay ve apMied 'oy MoRgagee at its option either to ihe reduction ot the !ndet~~+ness t~r~.`,~ st~u:~3 ~r t~ tt~e re~toration or re-
pairs of the property damaged. In event of forectowre of this mortgage or other transfer of titie to tha mortgaged property in ex-
tingurshmerrt af .h8 iredebtedness secured heseby, atl riqM, titk and inierest ot the Mortgagors in and to any insurance policies
i}sen in torce shall pass to the purchaser or gran*.ee.
8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdktion thereoi
for the appointment of a receiver. and sa:ch tourt shatl fo~thwith appoi~t a receiver of the promists covered ~Sereby ali ancf singu-
lar, including all an~ singular the inoom~, profiis, issues, and rcvenues irom wt~atever source derived, each and eves~ nf whicl~, it
being express!y understood, is hereby mortgaged as H spec~fiwlly set forth and described in the granting and habendum clauses ~
i~ereof, and such receiver shaii i~~ar ~!1 the broad and ef!et;"r:e ts::.t::vns and powers ir anywise eotrusted by a court to a receiver, }
and such appointment shatl be made by such tourt as an admittecf equity ancl a matter of abso(ute r+ght to said Mortgagee, and ;
Wi1h011~ !e1PtYt:Cti ;;s 's6:r rcleqc;acy or inadequacy oi tne vaiue M thc prc,perty martgage~ or ta !he so#vency or insotvency of said
tacri~agats o: the detPr,u'ants, and thai such rents, profiis, incone, issues and revenues shall be applied by such receiver accord-
ing to the iien of this mortgage and practice of such court.
9. i hat (a) in ~he Event of ariy breach of this ~^ortgage or defauft on the part of the Mortgagors, or (b) in tbe eveni :t~.a; azy :
of said sums of money herein teterred to be not promptly and fulty paid without demand or notiro, or (y in the event that each ~
an~ every the stipulatie~c, agreements, conditions and covenants ot sard note and inis mortgage, are not duly, prornptly and fully ~ ~
pertorrr~ed; ihen in either ~r any suth event, the said aggregate sum mentioned in said ~ote then remaining unpaid, with inter~i `
accrued to that time: ~nd rr.~~eys ser'~red here~;, shal: becam~ ~ue and payaDle forthwith, or ihereafter, at the a~tiQn ef said ~
iti~rga~~, as fuity and completety as it alf ot the said se~ms of rrroney were ong~aai'ry sti~niisieQ to be paE~ on svch day, arry- -
tni^~ t~~ wid note or in this mortgage to the conirary notwithstand'rng; a.-~d ihrrespon er thereaiter, at tt!e optwn of said Mort- ;
gagee, without n~tice cs tieman~, sui~ at lavr or in ~{uit)?, may b~ prusecuted as if all m4r. - ~
eys secured herebjl had matured prior j
t~ i25 institutwn. The Miortgagee may foreciose this mortga¢e;-RC to it~ amount so declared due a~d payable, and the said ;
premisPs shall be so!d to satisiy and pay the sama together with costs, ex~c .ses, and allowances. In cases of partial toreclosure ~
of this mortgage, the mo~tga~ed premises shall be sald subiect i9 the coniinuing uen of tbis mortRage for the amount ot the debt j
not then due and unpaid. In such case the pr~rri;;aa; ot lhis parag:apta r-~.sy again t~ alailed of thereafter from time to time by 1
ths Mortgagee. j
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