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HomeMy WebLinkAbout0788 ' principal sum and actrued interest sl?all Decome due and payable w~tliout ~otice at the option ot tiie holder tliereof. And shall duly, promptly, snd tully pertorm, disct~arge, execute, eftect, complete, and comply w~th and abide by each and eve~y the stipu• tations, agreemeMs, conditions, and covenants oi said prom~ssory note and this mo?tgage, then this mongage and tl~e estate hereby created s~all cease and be null and void. And the Mortgagors tunhe~ covenant as tollows: • 1. ?hat they will pay the indebtedness, as hereinbefore provided. 2. That, in order more fully to protect the security of th~s mortgage, the Mortgagors, together with and in addition to, the monthly payments under the terms oi any notes secured hereby, on the first day oi each month until said note is tully paid, will pay to the Mortgagee the following sums: (a) A sum equal to one•twettth (1 ~ 12) oi the premiums that will next become due a~d payable on policies oi fire and other hazard insurance covering the moRgaged property, plus taxes and assessments next due on the mortgaged p~operty (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsectioo of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount the~eof shall be paid by the Mortgagors each mo~th in a single payment to be applied by the Mbrtgagee to the following items in the order set fo~th: I. Taxes, assessments, fire. and hazard insurance premiums; 11. Interest on the note secured hereby: and III. Amo~tization of the prEncipal ot said note. Any deticiency in the amount of such aggregate monthty payment shall, unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event oi detault under this mortgage. The Mo~tgagee may coltect a"late charge" not to exceed two cents (2C) tor each dollar (s) of each payment more than fifteen (15) days in arrea?s to cover the extra ex- pense involved in handling delinquent payments. 3. That ii the total of the payments made by the Mortgagors unde? (a) of paragraph 2 preceding shall exceed the amount of pay~e~ts actually made by the Mortgagee, for taxes and assessm2nts 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. If, however, the monthty pay ments made by the Mo~tgago?s under (a) of paragraph 2 preceding shall not be suf(icieni to pay taxes and assessments and in- surance premiums, as the case may be, when the seme shal! become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on o: before 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 accorda~ce with the provisions of !he note secured hereby. full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mo~tgagors all amounts then remaining in the tax a~d insurante escrow account held in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mo~tgagee acquires the prop~rty otherwise after default, the Mo!rtgagee shall apply, at the time of the commenceme~t of such proceedings or at the time the p~operty is othenvise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principa! 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 wF?ich provision has not been made herei~betore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will pramptly deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration oi said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buitdings or said premises and those to be erected on said premises, or improvements thercwn, in good repair, the MoRgagee 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 paymeni shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay all and singula~ the costs, charges. and expenses, including reasonable tawyers fees. and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to periorm ihe agreements and covenants of said promissory note and this mortgage, and said costs, charges and ez- penses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against {oss by fire or other hazards, casualties, ~nd contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay promptty, when due, any premiums on sucb insurance fcr pay ment of which proviseon has not been inade hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewats the~eof shall be held by Mortgagee and have attached thereto loss payabte clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at leasi 10 days prior to expiration of exist- ing policy. In event of loss, they wili give immediatety notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and eath insurance company concemed is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness he~eby secured or to the restoration or ~e- ~~rc nf the orooerty damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in ex- tiaguishment of the indebtedness secured hereby, all right, title ana interesi oi ii~c i.~v~ ~ga.~ :r, s.^.~! ?^v incurance oolicies then in torce shall pass to the purchaser or grantee. 8. Thet the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereo! for the appointmeM of a receiver, and such court shat( forthwith appoint a receiver of the premises covered hereby all and singu- f lar. inc(uding att and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the brosd and effective tunctions and powers in anywise entrusted by a court to a reeeiver. ~ and such appoi~tment shall be made by such couK as an admitted equity and a rriatter of absotute rigbt to said Mongagee, and without reference to the adequaty or irtadequacy of the value of tbe property mortgaged or to tbe solvency or insolvency of said i Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- , ing to the lien oi this mortgage and prattice of~such couK. ~ 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money he~ein referred to be not promptty 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, shaii become due and payable foRhvrith, or thereafter, at ihe 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, _a~y thing in said note or in tnis moRgage to the contrary notwithstanding; and thereupon or thereaiter, at the option of said Mort- gagee, without notice or demand, suit at law or in equity, mey be prosecuted as if all moneys secured hereby 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 soid to satisfy and pay the same together witb cosls, expenses, and allowances. In cases of paRial toreclosure ~ oi this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this moRgage 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 from time to time by the Mortgagee. i ~ . . . ~ F~~~ f?'•