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HomeMy WebLinkAbout0304 ~ • ~ ~ i r~ ~ s . p?incipal sum and accroed inte?est shall become due and psyable v~nthout notice st the option of the hoWer the~eof. And sf~sp duly. promptly. snd fully periorm, dt;charge, execute, etiect. canpleis, and comply with and a~ide by each and every the stipu• ` Iations. ag~eements. conditions, snd coven~nts ot said promissory not~ and this mo~tgage, then this mortgage and the estate M~eby croated shall c~sse and be null and void. And the Mortgsgors turther covetiaM as tollows: - l. That they will pay the i~deDtedness. as hereinbefore providad. 2. That, ln wder moro fuly to protect the secu~ity oi this mortgaQe. the Mortgagors. together with and in addition to, the ~ month ~ y parments u~de~ the tenns of any notes sacuqed hereby. on the ti?st day ot each month until said note is tully paid. will pay to the Mortgsgee ths tollowing sums: (a) A sum eqwl to o~e-twelRh (1/12) of the premiums that witl next become due and payaDla on policiss of tiro and othe~ hazard insurante caMeNng the moRgaged propeRy.. plus taxes and assessments ~xt due on the mortgsged property (all as esti• mated by the Mortgagee). ' (b) Atl payments mentioned in the preceding subsection of this parugaph and sll paymeMs to be mad~ under a~y note secured hereby shall be added together and the aggregate amount thereoi shall be psid by the Mortgsgors each month in s singte psyment to be applied by ths Mortgsgee to the toNowing items in the ordsr set foRh: 1. Taxes. assessments. firo, and hazsM insurance p~smiums; . _ !t. Interest on the note secu?ed hereby: and ~ L III. Amortizatioo oi the principsl oi said note. Any deficie~ecy in the amouM of such aggregate monthy psyment shatt. unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event o( defautt under tt~is mortgage. 7he Martgagee msy collect a"late charge" not to ezceed two cents (2~) for each dollar of each payme~rt more than iifteen (15) days in arnan to cover the extra ex- pense iovoMed in handling delirpueot paYments. 3. That It the totsl of the peyments made by the Mortg,sgors u~der (a) of psragraph 2 pmcading shall excsad the amouM of paymeMs actwlly made by the Mortgsgee. tor taxes and assessments snd insurance premiums. as the case msy be. suth exce5s shatl be credited b~r the Mortgagee on subsequent psyments to be made by tha Mortgsgors. If, hovrever, the mo~thy pay- ments mada by the Mwtgagon under (a) oi paragraph 2 preceding shall not be suHicient to pay taxas and assessments and in- surance premiums. as the case may be, when the same shall become due and payable; then the Mortgagors shall psy to the Mat- gagee any smou~rt necessary to mske up the deficiency. on or betore the date when payment of such taxes. assessmeMs, or insur. a~ce premtums shall be due. lf at any time the Mo~tgagors shall tender to the Mortgagee in accordance with the proWsions of the nots securod henty. full paymeM ot the entire indebtedness representcd thereby. the Mortgagee shall. pay to the Mortgagors all amounts then romaining in the tax and insurance escrow accouM held in con~ection with this loan. Ii there shalt be a defauR under any of the provisions of this mo~tgage resulting in a public saM of the pr~emises covered hereby, or H the Matgagee soquires the property otherwise atter detault. the Mortgagee shall appy, at tbe time ot the commencement of such proceedings or at the time tl~e pnopeRy is othenvise acquired. the balance then remaining in the tunds accumulated unde~ (a) oi psragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid u~der said rwte. 4. That they will pay all taxes. assessments. water rates. and other govemmeMsl or municipal charges. fines, or imposi- tions, tor whkh provision has not been msde hereinbefore. and in defauft thereof. the Mortgagee may psy the same and be secured by the liert of the mortgage; and lhat they will prompty deliver tha oif'~cial receipts theretoro to the Mortgagee. 5. That they wift permi~ commft. or wffer rw waste. ImpsirmeM, or deterioration of said property or s~? pa~t 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 MoRgagee may make such repairs as in its discoetfon it may deem necessary tur the ~ proper preservation thereof, and the tull amou~rt of each and every such payment shaN ba immediatNy due and payable, and a shatl be secured by the lien of lhis rqortgage. 6. That they will pay al! and singular the costs. charges, and expenses. including reasonable lawyers tees. and costs of abstracts oi titk, incurred or paid at any time by the Mortgagee because of the failure on the part ot the Mortgagors prompty and tuty to perform the agreemerns and covenants of said promissory note and this mortgage, and said costs, charges and ex- ~ penses shall be immediately due and psyable and shatl be secured Dy the lien of this mortgsg~e. ~ 7. That they will keep the improveme~s now existi~ or hereafter erected on !he rnartgaged property insured as may be required trom time to time by the Mortgagee against loss by fire or other hazards, casuakies, and cor~fingencies in such amounts ~ and for such periods as may be required by Mortgagee, and will pay prwnptly. when due, anr premiums on wch insurance ~or pay- meM of wfiich provision has not been made hereinbefore. All insurance shall be camed tn oompanies approved by Mortgsgee s and the policies and renewats thereof shall be held ~by Martgaqee and bave attsched thereto loss payable clauses in favor of and ~ in form acceptable to the Mortgagee. Rene~ra! policks shall be delivered to Mortgagee at kast 10 days priorto expiration of exist- : ing pol'icy. ln event of loss, they will give immediately notioe by mail to Mprt~ge~. and Mwtgagee may make proof of loss H not made promptly by MoRgagors. and each insurance company conc~med is hereby authorired and directed to make payme~rt for ~ such loss dirxty to Mortgagee instead of to Mortgagors and Mortgagee jaj~tly, and the insurance proceeds, or arry part thereof. may be applied by Mortgagee st its option either to the reduction oi-the indebtedness hereby secured or to the restoration or re- pairs of the prope~ty damaged, In eveM of foreclosur~e of this mortgage or other trsnster of titte to the mprtgaged property in ex- tinguishment oi the indebtedness secured hereby, all ~ght, title snd interest of the Mortgagors in a~d to any inwrance policies then in force shall pass to the purchaser or grantee. 8. That the Moitgagee msy. at any time pending a suit upon this mortgage, epply to the court having jurisdlction thereot for the appodntmeM of s receiver, snd such oou~t shall foRhwith appoiM a raceiver of the prcmises covered hereby all and singu- tar, including sll and singular the inoort~e. profits, issues. and revenues from whatever source derived, each and every ot which, it being expressy understood, is herob~r mortgaged ss H specificaly set forth and described io the granUng and habendum clauses hereof, and such receiver shsll hav~e alf the braad snd eHaetive tunetions and powars ln snywise eMnuted by a court to a receiver, and such appointment shall be made by such oouK as an admitted equity and s matter of absolute right to said Mortgagee, and ~ without reference to the adequacy or inadeQuacy of the value of the property mortgaged or to the solveney or inso(venty of said Mortgagors or the defendants, and that such reMs. profits. income, issues and revenues shaH be applied by such receiver accord- ~ in to the lien of this mo ~ # 8 rtgage and proctke of such couR. 9. That (a) in the eMent of any broech of this moKgage or defauR on the psrt of the Mortgagors, or (b) io the event that any of saM sums of money Nerein referred to be not promptly and fuly paid without demand or notice, or (c) in ttie event that each and every the stipulations, agrcements, conditions and covenaMs of said note and this mortgage, sre nat duly, prompty and full~ performed; then in either or arry such tvent. the said aggregate sum me~tioned in said note then remaining unpaid, witb IMerest accrued to that time, and all moneys secured hereby. shall become due and payable torthwitb, or thereaRer, at the option ot said Mortgagee, as futy and oompletely as ii all of the said sums ot money were originaly stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwithstsnding; and thereupan or thereafte~, at the option of said Mort- gagee, without notice or demand. suit at law or in equity. may be prosecuted as if aM moneys secured hereby had matured prior to its institution. The Mortgagee may loreclose this mortgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and atlowances. In cases ot paRial foreclosure oi this mortgage, the mortgaged premises shall be so{d subject to the continuing lien of this mortgage for the amount of the debt not theo due and unpaid. In such case the provisions ot this paragraph may again be availed ot thereatter hom time to time by the Mortgagee. i ~ P ~ ~ ~ PACE ~ _