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HomeMy WebLinkAbout0311 - ~ _ , ~ _ ~~t''i ' , p?Incipal sum and sccrued interest shalt become due and payable without notice at the option of the Aolde~ theroof. And shall duy, prompty, and,fuly peKorm. dtscharge, execute, etiect, complete. snd compy with and sbide by each and every the stipu• lations, ag~eements, conditions, and covenants oi said p~omissory note and this mortgage, then this mo~tgsge and !he estats he~eby created shall cease and tAS nuN and vad. And the Mortgagon furthe~ covenant as tollows: l. That they will pay the indebtsdness. as hereiobstom provided. 2. That. in order mon fuly to Wptect tha security ot this mo~tgage. the Mortgagors. togaiher with and in additton to, the monthy paymertts under iha terms of any notes securod hereby, on the tirst day ol each month until said nots is tuly paid. will pay to ihe Mo~lgagee tM tollowing sums: . (a) A sum equsl to onq-twelith (1/12) of the premiums that will next become due and payable oo policies oi tire and othe~ hazard insurancs cove~iog the mortgaged propeRy. plus bxes and assessme~ts nezt due on the moRgaged property (ail as esti- mated by the AAoRgagee). (b) All payments mentbned in the p?eceding subsactioo M this paragraph.arM ali psyrr~ts !o be made under any note securcd hereby shall be sdded logether and the aggregats emount thereof shall be psid by the Mortgagon esch month in a single payment to be applied by ths Moitgagee to the tollowing items in the oMer set forth: 1. Taxes. sssessmeots. ~iro. aod hazsM insunnce p~emiums; ~ 11. Interost o~ the note secured hereby; snd . III. AmoKization oi the principal oi said note. , - Any deficiency in the, amount of such sggregate monthly payment shall, untess made good by the Mortg~gors p~ to the due date oi the next such payme~t, co~stitute an event oi detauR under this mortgage. The Mortgagee may collect a"Iste Fh~~ge" not to exceed two ce~ts (2~) tor each dollar ot each paymeM more than fiReeo (15j days in anears to ~wrer the eutrs.ex- penss ievohred in handil~g detinqueM psymertts. , , 3. That it the total of the payments msde by the MoRgagors under (s) of psrag?aph 2 pr~ec~ding shall ~xceed the amount of payments actuaiy msde by the Mortgagee, for taxes and assassments and insurance premiums. ~ss the case msY be, syth excess shall be credited by the Mortgagee on subsequent payme~ts to be made D~? the MoRgagors. If. howevsr. the mo~thiy p~y ments made by the Mortgagoa under (a) of paragraph 2 preceding shati not be wfRcknt to pay taxes and assessmertis and in- surance p~emiums. as tNe case may be. when the same shail becorr+e due and payable. then tNe Mortgsgors shall pay t6 th~ Mo~t- gagee any amount necessary to mske up the deficiency, on or betore the date vrhen payfient of such taxes. assessmeMs. or insu~- ance premiums shail be due. li at any time the Mortgagors shatl tender to the Mortgagee in accordance with the~ pnovisions ot the note secured hereby. full payme~rt of the entire indeDtedness represented theroby. the Mortgagee sAall. psy to the Mortgagors al! amounts then ~maining in the tax and insurance escrow account held in connection with this losn. If thera shall be a default under any of the provisioos of this mo~tgage resulting in a Dubiic sale of the premises oovernd herepy, w N the Mortgagee aoquires the property otherwise aftar default. the Mortgagee shall appy. at the time oi the oommencement of such proceedirigs or at the tfine the properh~ is othervrise aCquired. the bafance then remaining in the funils attumulated under (a) oi parograph 2 preCeding as a cnedit against the amou~t ot principal then remaining unpaid under said note, 4. That they wil! pay al! laxes. asseuments. water rates, and otNer govemmerrtsl or munkipal charges. fines. or imposi- tions, for whkh provision has not been made hereinbetoro. and in default thereof. the I~ortgagee may pay the same and be secured by the lien of the mortgage; and that thay will promp~ly deliver the otTicial receipts therefom to the Mortgagee. 5. That. they witl permit. commit. o~ wNer_ no waste. impairrt~en~ or deterioration ot said prope~t~1 or ~rry part thereot; and in the event of the tailure of the Mortgagors to keep the buiidings or said premises and those to be erected on said premises, or improvements thercon, in good repair, the Mortgagee may make such rcpairs as in its discretion it may deem necessary for the proper preservation thereof, and the tull amount of each and every such payment shall be immediately due and payable. and shall be setured bylhe lien of this mortgage. 6. That they wili pay all and singular the costs, charges, and ezpenses, including reasonable lawyer's fees. and c.osts of 1 abstracts of titte. incurred or paid at soy time by the Mortgagee because of the tAilu?e on !he pa~t of the Mortgagors prompty ~ ar~d fu!!y to pertorm the agreemenis and covenants of said promissory note and this mortgsge, and ssid costs, charges and ez- penses sNall be immediately due and payabk and shall be secured by the lien of this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected bn the mortgaged propeRy insured as may be # required irom time to time by the Mortgagee against loss by fire or othe~ haza~ds, casuatties, and contingencias in such amounts ; and for such periods as may be required by Mortgages, and will psy promptl~r, wfien dye. any p?emiums on such insurance tor pay- ' ment of whith pro~sion has not been made hereinbefore. A{I insurante shall D4 ~anied in companies spprovsd b~l Mortgagee # and the policies and renewats thereof shall be held by Mortgagee and have{aftschM thereto loss payable clauses in favor of and t in form acceptable to the Mortgagee. Renewat policies sl~all be delivered to Mortgagee at kast 10 days prior to expiration of exist- - ~ ing pot:..^y. (n event at tass, they wift give irtimediatety rtotice by mail to Mortgagee, aad Mortgagee may maks proof of bss if not ~ made prompty by Mortgagors, and each iosurance compsny concemed is hereby suthorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointl~r. snd the insurance proceeds, or anr part thereof. may be applied by Mortgagee at its option either to the reduction of ti~e irsdebtedness hereby secured or to ihe restoration or re- pairs of the property damaged. In evertt oi foreclow~e ot this mortgage or other transfer of title to the rrwrtgaged property in ex- tinguishment of the indebtedness secured hereby. all ~ght, title and interest oi the Mortgagors in and to aoy insuranCe policies then in force shall pass to the pnrchaser or grantee. 8. That the Mortgagee may~ at any time pending a suk upon this mortgage, apply M the eourt havin~ Jurisdktion thereof . for the appointme~ of s receirar. and such court shall fo~thwith appoiM a nceiver of the premises oovered hereby all and singu- ~ lar, inNuding all and singular the inoon~ profits, iswes. and revenues from whstever wurce deri+red, each and every of which, it -being expressly understood, is hereby mortgaged as ff specificaly set fo?th and desc~bed in the granting and habendum clauses hereof, and such receiver shall have all the broad and effeCtive functions and powers in snywise e~rusted by a couR to a receiver, ~ and such appointment shall be made by such aourt as an admitted equity and a matter oi absolute rigM to said Mortgagee, and without reterence to the adequacy or inadequscy of the value of ihe p?operty mortgaged or to the solvency or insolvency of said ~ Mortgagors o~ the detendants, and that such rents. profits, inwme, iswes snd revenues shsll be applied by wch raceiver accord- ing to the lien of this mortgage and practice of such courL ~ 9. That (s) in the event of any bre~,ch of this mortQsge or d~fauk on the paK of the Mortgagors. or (b) in the event that any of said sums of money herein referred to be not promptly snd tuly paid without demand or notice. or (c) in the eve~t that each and every the stipulatiorts, agreements, conditbrts and cavenants of said note and tbls mortgage, are not duy, prompty and fully pertormed;~hee in either or any such event. the said aggregate sum mentioned in said note tbe~ remaining unpaid, with interest accnied to that time, and all moneys secured heretry. shall become due and paysble forthwith, or thereaRer, at the option of said Mortgagee, as fully end completely as if atl of the said sums of money wem originalhr stipulated to be paid on such day, any- thing in said note or in this mortgage to the co~rary notwithstanding; and theroupon or thereafter, at the optioo of said Mort- gagee, without notice or demand, suit at Iaw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its +nstitution. The Mortgagee may forcdose this moRgage, as to the amount so declared due and payaWe, and the said premises shall be sokt to satisfy and pay the same together witb costs, expenses, and allowances. In cases of partFal foreclosure of this moKgage, tha mortgaged premises sbaU be sold subject to the co~tinuing lie~ of this mortgage for the amount of the debt ~ot then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereafter irom time to time by the Mortgagee. EtCt ~ P11CE J1O _ ~ . E