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HomeMy WebLinkAbout0923 princ~pal sum and accrued interest sha11 becon~e due and payable wdhout notice at the opUon ol the holder thereoL And shall duty, pranptly, and fully pe~to~m, d~scharge, execute, eftect, comptete, and comply wdh and aDide by each and every the stipu• tations, ag~eements, condrtions, and tovenants of said p~omissory nute and this morigage, tl~en t1~~s rnortgage and the estate hereby created shall cease and be ~ull and void. And the MoAgagors tu~ther covenant as tollows: 1. That they will pay the indebted~ess, as hereinbetore provided. 2. That. in orde~ more tully to protect ihe securily ot this mortgage, the Mortgagors, together with and in addition to, the monthly payments u~der the terms oi any ootes secured hereby, on the first day ot each month until said note is tully paid, will pay to the Mortgagee the followir?g sums: (a) A sum equa! to one-tweltth (1~12) o! the premiums that wiU ~ext become due and payable on policies ot tire and other ~ hazard insurance covering the mortgaged prop@rty, plus taxes and assessments next due on the mortgaged p~operty (alt as esti- mated by t~he Mo~tgagee). ~ (b) Atl payments mentioned in the preceding subsection of this paragraph and all payme~ts to be made under any note ~ secured hereby shall be added together and the aggregate amount the?eof shall be paid ~y the Mortgagors each month in a single payment to be applied by the MoRgagee to the following items ~n the order set torth: ~ 1. Taxes, assessments, tire, and hazard insurance premiums; ~ (I. Interest on the note secured hereby: and ~ IU. Amortization of the p~incipal of said note. Any deticienty in the emou~t ot suCh aggregate rrwnthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event ot default under this mortgage. The Mortgagee may tollect a"late charge" not to exceed two cents (2C) tor each dollar oi each payment more than tifteen (15) days in arrears to cover the extra ex- pense iovolved in handling delinquent payments. 3. That if the total oi the payments made 6y the Mortgagors under (a) of paragraph 2 preceding shall ezceed the amount of payments actually made by the Mortgagee, tor taxes and assessments and insurance premiums, as the case may be, such excess sbal! be credited by the Mo~tgagee on subsequent payme~ts to be made by the Mortgagors. If, however, the monthly pay- ` 4 ~i~c~,ts nad~ ~y it~e ".cr!gaseK ~~RaPr r~~ nf naraaraph 2 oreceding 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 ~ayabie, then the Mortgagors si~aii pay the Mort- gagee any amount n¢cessary to make up the deficiency, 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. full payment of the entire inde6tedness ~epresented thereby, the Mo~gagee shall, pay to the Mo~tgagors all amounts then remaining in the tax and insurance escrow account held in connection witb 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. o[ if the Mortgagee acquires - the property othenrise atter dafaul2, the Mortgagep sha1? a~~ly, at the time of the commencement of such proceedings or at the time the property is othenvise acquired, the balance then remaining in the tunds accumutated under (a) of paragraph 2 preceding - as a credit against the amount oi principal then remaining unpaid under said note. ~ 4. That they will pay alt taxes, assessments, water rates. and other govemmental or municipal charges, tines, or imposi- tions, for which provision has not been made hereinbefore. and in defautt thereoi, the Mortgagee may pay the same and be - secured by the tien of the mortgage: and that they wilt prompty delive? the otticial receipts therefore to the Mortgagee. _ 5. That they will permit, commit, or suffer no waste, impairment, or dete~ioration 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 repair, the Martgagee may make such repairs as in its discretion it may deem necessary for the proper preservateon thereof, and the full amount of each and every such payment shall be immediately due and payable, and =rs shall be secured by the lien of this mortgage. ~ 6. That they will pay all and singular the costs, charges, and expenses, inctuding reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of tbe Mortgagors promptly and fu(ly to perform ihe agreements and covenants of said p?omissory note and this mortgage, and said costs, cha?ges 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 improvements 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 o~ other hazards, casualties, and contingencies in such amounts - and for such periods as may be required by Mortgagee, and will pay promptty, 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 policies and renewals thereof shall be hefd by Mortgagee and have aitached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delive?ed to Mortgagee at least 10 days prior to expiratio~ of exist• ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof oi loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor i such loss dlrectly to Mortgagee instead of to MoKgagors and Mortgagee jointly, and the insura~ce proceeds, or any part thereof, i may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the resioration or re- i ~,airs of the oroperty damaged. In event of foreclosure of this mortgage or oiher transfer of title to the mortgaged property in ex- ~ tinguishment ot the indebtedness secured hereby, all right, title and mterest oi the iviurtaagi,rs ir~ ar~ .o any ir.szsance then in torce shall pass to the purchaser or grantee. i 8. That the Mortgagee may. at any time oending a suit upon this mortgage, apply to the court having jurisdiction thereoi j for the appointment of a receiver, and such cou~t shall foRhw~th appoirrt a receiver of the premises covere~ nereby aii and singu- ~ lar, including all and singular the income, profrts. issues, and reve~ues lrom whatever source derived, each and every ot which, it ; ! being expressly understood, is hereby mongaged as if specitically set forth and described in the granting and habendum clauses ' i hereof, and such ~eceive~ shall have all the broad and eftective functions and powers in anywise entrusted by a court to a receiver, ~ and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and . j without refereoce to the adequaty or inadequacy of the value of tha prope?ty mo?tgaged or to the solvency or insolvency of said ~ Mortgagors or the defendants, and that suth rents, protits, income, issues and revenues shall be applied by such rece'rver accord• ing to the lien of this mortgage and practice of such court. ~ 9. That (a) in the eveM 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 herein referred to be not promptly and fully paid without demand or notice, or (c) in the event ihat each i and every the stipulations, agreements, cond'rtions and covenants of said note and this mortgage, are not duly, promptly and fully ; pertormed; then in either or any sucb 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 payaWe forthwith, or thereafter, at the option of said Mortgagee, as fulty and wmple:ely as ii alt of the said sums of money were originaNy stipulated to be paid on such day, any thing in said note or in this mortgage to the contra?y notwithstanding; and thereupon or thereafter, at the option of said Mort• gagee, without notice or demand, suit at law or in equity, may be prosecuted as if alt moneys secured hereby had matured p~ior ~ to its institution. The Mortgagee may foreclose this mortgage, as~to the amount w declared due and payable, and the said € premises shatl be sold to satisfy a~d pay the same togethet with costs, expenses, anQ allowa~ces. In cases of paRial toreclosure _ ~ of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mongage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of the~eafter from time to time by the Mortgagee. , ~ ' ~ ~ l : . ~ r,(~ Q . ~ ~ 6(;~r~~U fAl;t J~.)