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HomeMy WebLinkAbout0780 p~incipal sum and actrued interest s1?all beco~~~e due and payable w~thout notice at the option at the lialder tt?e~eof. And shall du1y, p?omptly, and tully pertorm, discharge, execute, etfect, co~nplete, and comply w~th and abide by each and every the stipu• lations, agreements. conditions, and covenants of said ~romissory note and this mortgage, tt~en this mortgage and li~e estate hereby created shall cease and be null and vo~d. And the MoRgagors turther covenant as follows: 1. That they will pay the indebtedness, as hereinbeto~e p~ovided. 2. That, in order more tully to protect the security of this moRBage, the Mortgagors, togeiher with and in addition to. the monthly payments under the terms of any notes secured heieby, on the first day of each month until said note is fully paid, will pay to the Mortgagee the following sums: (a) A sum equal to one-twelfth (1 ~ 12) of the premiums that will next become due and payable on policies of ti~e and olher hazard insurance covering tl~e mo~tgaged property, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payments m~^!:~ned in the preceding subsection ot this paragraph and all payments 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 apptied by the Mortgagee to the following items in the order set torth: I. Taxes, assessments, tire, and hazard insurance premiums; 11. Interest on the note secured hereby: and Ill. Amortization of the principal of said note. Any deticienty in the amount oi such aggreQate monthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) tor eacA dollar ot each payment more than iifteen (15) days in arrears ta cov~r the extra ex- pense involved in handling deli~quent payments. 3_ That it the total of the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, tor tazes 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 Mortgagors. lf, however, the monthly pay- i ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in• ~ surance premiums, as the case may be, when the same shall become due and payable, then the MoRgagors shall pay to the Mort- gagee any amount necessary to make up the deticiency. 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 of the note secured hereby, tull payment of the entire indebtedness represe~ted thereby, the Mortgagee shall, pay to the MoKgagors aU 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 ot the premises covered hereby. or if the Mortgagee acquires the property othervvise after default, the Mortgagee shal{ apply. at the time of the commenceme~t of such proceedings ot at the time the property is otherwise acquired, the balance then remaining in the funds acCUrr~ulated under (a) of paragraph 2 preceding as a credit against the amount of principa! then remaining unpaid under said note. 4. That they witl pay alt taxes. assessments, water rates, and other governmental or municipal charges, ~nes, 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. 7hat they will permit, tommit. or suffer no vraste, impairment, or deterioration of said propeirty or any pa~t thereof; and in the event of the failu~e of the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or improvemeots 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 be immediately due and payable, and 3 shal! be secured by the lien of this mortgage. ~ ~ 6. That they will pay all and singular the costs, charges, and expenses, including reasonable Iawyer's fees. and costs ot ' abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly and fuity to perform the agreeme~ts and covenants ot said promissory note and this mortgage, and said costs, charges and ex- ` penses shall be immediately due an~ payable and shall 6e secured by the lien of this mortgage. 7_ That they will keep the improverpents now existing 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 hazards, casualties, and contingencies in suCh_ amounts and for such periods as may be required by Mortgagee. and witt pay promptly, when due, any premiums on such insurance for pay- ment of which provision has noi been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mo~tgagee and have attached thereto loss payable clauses in tavor of and in torm acceptable to the Mo~tgagee_ Renewal policies shall be delivered to Mortgagee at (east 10 days prio~ to expiration of exist- ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof ot loss if not made promptly by Mortgago?s, and eacb insurance company concerned is hereby authorized and directed to make payment for i such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurance proceeds, or any pa~t 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. In event of foreclosure of this mortgage or other trensfer of title to the mortgaged property in ex- ~ tinguishment of fhe indebtedness secured here . all n ht title ana interesi oi ine mu~''a-or a~~~ iv .~i::~~ MI1('~p.C ~ g ~ ~!S K f F then in torce shall pass to the purthaser or grantee. i - ~ 8. That the Morigagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction the~eof - ~ for the appointmeM of a reteiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- o lar. including all and singular the income. profits, issues. and revenaes from whatever souree derived, each and every of wt~ich, it ; being expressy underslood, is hereby mortgaged as if specificaly set forth and described in the granting and habendum clauses ~ he~eof, and such ~eceiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, ~ and such appointment shall be made by such couR as an admitted equity and a matter of absolute right to said Mortgagee, and f without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Morigagors 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 any breach of this mortgage or default on the pan of the Mortgagors, or (b) in the event that any , of said sums of money herein rete~red to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the stiputations, agreements, conditions and covenants of saed note and this mortgage, are not duy. prompty and fully performed; ihen 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 thereaHer, at the option of said Mortgagee, as fully and completely as if all of the saic~ sums of money were originaily stipulated to be paid on such day, any- thing in said note or in this mortgage to the conirary notwithstanding; and thereupon or thereaRer, at the option of said Mort• ; gagee, witbout notice or demand, suii at law or in eQuity. may be prosecuted as 'if all moneys secured hereby had matured prio~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so decla~ed due and payabie, and the safd ; premises shall be sold to satisty and pay the same together with costs, expenses, artd allowances. In cases oi panial foreclosure E of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt ~ not then due and unpaid. In such wse the provisions of this paragraph may again be availed oi thereafter from time to time by _ the Mortgagee. ~ ( ~ ` ~ ~ r ~~0 77fi ~