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HomeMy WebLinkAbout0170 + principai sum and accrued interesf shall become due and payable w~tt?out not~ce at the option of the holde~ thereof. And shall duty, promptly, and fuliy pe~form, discF~arge, er.ecute, ettect, complete, and comply w~th and ab~de by each and every the stipu• lations, agreements, tonditions, and covenants of said promissory note and this moNgage, then this mortgage and ti?e estate. he~eby created shall cease and be nulland vo~d. And the Mortgagors (urther covenant as tollows: l. That they will pay the indebtedness, as he~einbefore provided. 2. That, in order more fully to p?oteCt the security oi this mortgage, the Mortgagors, together with and in addition to, the ~ monthly payments under the terms of any notes secured hereby, on the first day oi eath month until said note is tully paid, will pay to the Mortgagee the tollovAng sums: (a) A sum equal to one twelfth (1i12) oi the p~emiums that.will next become due and payable on policies ot fire and other hazard insurance covering the mortgaged property, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsection o( this paragraph and all payme~ts to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be paid by the Mortgagors each month in a single payment to be applied by tha Mortgagee to the following items in the order set torth: I. Taxes, assessments. fire, and hazaM i~surance premiums; ~ II. Interest on the note secured hereby; and III. Amortization of the pri~cipal of said note. Any deficiency in the amount of such aggregate monthty payment shall, unless made good by the Mortgagors prior to the due ~ date ot the next such payment, constitute an event oi default under this moNgage. The Mortgagee may collect a"late charge" not to exceed two cents (2¢) for each dotlar oi each payment more than tifteen (15) days in arreaa to cover the extra ex- pense involved i~ handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of paymeots actuatly made by the Mortgagee. tor 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 Mo~tgagors. I(, however, the monthy pay- ments made by the Mongagors under (a) of parag~aph 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- 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. lf at any time ihe Mortgagors shall tender to the Mortgagee in accordance with the provisions ot the note secured hereby, tull payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mongagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shal! be a default under any of the provisions oi this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is othenrise acquired, the batance 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 note. ~ 4. That they wilt pay all taxes, assessments, water rates. and other govemmental or municipal charges, ~nes, or imposi- ~ tions, for whkh 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 promptly deliver the official receipts therefore to the Mo~tgagee. 5. That they will permit, commit, or suHe~ no waste, impairment, or deterioration of said property or any part thereof; and in 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 repai~, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation the~eof, and the full amount of each and every such payment shail be immediately due and payable. and shall be secured by the lien of this mortgage. ~ 6. That they vritl pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi abstracts of titte, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors prompUy ; and fully to periorm the agreements and covenants of said promissory ~ote and this mortgage, and said costs, charges and ez- ~ penses shall be immediately due and payable and shell be secured by the lien of this mortgage. 7. That they will keep the imp~ovements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by fire or oth2r hazards, casualties, and contingencies in such amounts and tor such periods as may be required by Mortgagee. and will pay prompty, when due, any premiums on such insurance for pay- ; ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee ~ and the poticies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and ` in torm acceptabfe to the MoRgagee. Renewal policies shall he delivered to Mortgagee at least 10 days priorto expiration of exist• t ing policy. In event of loss, they will give immediately notice by mai) to Mortgagee, and Mortgagee may make proof of toss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any pa?t thereof, ; i 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. Irs event of foreclosure oi this mortgage or other transier of title to the mortgaged property in ex- i tinguishment oi 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. f 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof - ~ for the appointment of a receiver, and such cou~t shall forthwith appoint a receiver oi the premises covered hereby all and singu- lar, including all and singular the inwme, profits, issues, and revenues irom whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specificaly set forth and described in the granting and habendum clauses ~ ~ hereof, and such receiver shall have all the broad and eHective functions and powers in anywise entrusted by a court to a receiver, ; and such appointment shall be made by suth 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 eveM oi any b~each of this mortgage or default on the part of the Mortgagors, or (b) in the event that a~y of said sums of money herein referred to be not promptly and futly 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, prompty 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 fully and completely as it all of the said sums of money were originally stipulated to be paid on such day, any- ~ thin in said note or in this moR a e to the contra notwithstandin and thereu ~ B~ B B ry g: pon or thereafter, a2 !he option of said Mori• gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior f to its institution. The Mortgagee may foreclose 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, and allowances: In cases of partial foreclosure 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 provisions of this paragraph may again be availed of thereafter irom time to time by i the Mortgagee. i ; ~ F r;[ 254 PacE 170 ~ E • ~ ~ s'~~-~„-''"tt , _ ; - ' ~Y . , v. ~ ~-~..?;'.°T'~~"`;~31 "`.~~~a'~'~ z