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Home My WebLink About0319 -1 - - - - - ~ , t ~ _ i 1(-`~ ' p~incipsl sum and accrued interest shall become due and payaDle without notice at the option ot the holder thereot. And shall j duy. promptly, snd tuty pe~torAt, disch~?Be, ezecute, effect. complete, and comply wiih snd abide by esch and every the stipu• l Istions, ag~eements. conditions, and covenants oi said promissory note snd this moKgage. then this mo~tgaBe snd the. estate { . hereb~r croatad shall ceas~ and be null snd void. ~ And the MortgsQors tuKhe~ covensnt as lolbws: 1. That they will pey the indebtedness, ss heroinbefore providad. 2. That. in orde~ moro tuly to protect ths secu~ity oi this mo~tgage. the Mortgagon, togethe~ with and in additioo to. the i monthy paymeMs under the tenns of any notes securod hereby. on th~e fint day of each month unlil said note is tutly paid. vrip ; i pay to the Mortgagee the tollowi~ sums: ' (a) A sum equal to one~twelfth (1/12) of the premiums that will next become due and payable on policies of tire and other hazard insurance cove~ing the mortgaged prope~h?. P~us tsxes and assessments next due on the mort8aged DropeR~r (all as esti- mated by the Mortgagee). (b) All psymeots mentioned in tM praceding wb~actio~ ot this paragrsph snd all psyments to be made under any note secured hereby shsll be added together arM the aggrogate amouot thereot shsll be paid by the MoRgagon each month in a single payment to bs applied by the Mortgagee to the following items in the order set to~th: 1. Taxes. auessments. firo. and hazard i~urance promiums; 11, tnterest on the note secured hereby: and 111. Mw~tizatbri of the principsl ot said note. ~ ~ Any deficiency in the amou~t of such aggregate moMhy payment shall, unless msde good by the Mortgsgors p~ior to tM due date oi the next such paymen~ constituta an eveot of default under this mortgags. 'the Mortgagce may co~~ett a"IaM chsrge" not to exoeed two cents (2~) for each dollar (t) of each paymeot more than tiiteen (15) days in anean to cnve~ the extrs ex- pense involved in handling delinqueM psyments. 3. That if the total of the payments made by the Mortgsgors under (a) of paragaph 2 prcceding shsll exceed the anlo~nt~ of psyments actusiy mads by the Mo~tgaB~. for tazes and assessments and iosurance premiums. as the case may be. such excess shall be credited by the Mortgagee on subsequent paymeMs to be made by the Mortgagors. Ii. however. Ne mo~thl~? p~a~l- ~ ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be wHicient to psy taxes and assassments and M• _ : surance premiums. as the case may be, when the same shalt bscome due and payabls. then the Mortgsgors shail pay to the Mo~t- ~ gagee aMr amount necessary to make up the deficlency. on or before the date when psymeM of such taxes, assessments. or insur. ance premiums shall be due. lf~st any time the Moirtgagors shsll tender to the Mortgagee in accoMance with the provisions of the ! note secured hereby, tull payment af the entiro indebtedness represented theroby. the Mortgagee shall, pay to the Mortgagors all ; amounts then ~emaini~ in the tax and insurance escrow account hetd in conn~ction.with this loan. Ii there shall be a default ` under a~r oi the provisbns oi this mortgage resulting in a public sale of the premises covered hereby. or if the MorfBagee so4uires ~ the property otherwise site~ defauit. the Mortgagee shall apply, at the time of the commencement of wch proceedings or at the ~ time the property is otherwise acquired. the bala~ce then ~emaining in the /unds accumulated under (s) of psroBraPh 2 P~~~~B as a credit against the amount ot p~incipal then rcmaining unpsid under said noRe. 4. That they will pay ail taxes, assessme~ts, water rates, and other governmentai or municipal charges. ~ines. or imposi- tions, for whkh provision hss noR been made hereinbefo?~e, and in default thereof. the Mortgagee may psy the same and be secured b~r the lien ot the mo~tgage: and that they will p~omptly deliver the oificial receipts therefore to the Mortgagee. 5. That they will pem~it. commit. or suffer.no waste. impaim~en~ or dete?bration of satd property or any paK thereof; and in the event of the failuro of the Mortgagors to keep the buildings or said premises and those to be eracted on said premises. or improvements thereon, in good repsir, the Mortgagee may make such repairs as in its discretion it may dcem necessarl? ior the proper presen?ation thereof, and the full amouM oi each and every such~payment shatl be immediately due and payaAle. snd shall be securod by the lien of this mortgage. ? 6. That they will pay all and singular th~ costs. charges. and expeoses. including reasonable Iawyers fees. and costs of ~ abstracts of title. incurrM or paid at any time by the Mortgagee because of the failure on ths part of the Mortgagors promPthl and iully to pertorm the agreemeots'and cavenants of said promissory note and this mortgage. and said costs. charges and ex- penses shall be immediatey due and psysble and shall be secured by the lien of this mortgage. ~ f i 7. That they vrill keep the improvements now existing or hereaRer erocted on the mortgaged property insured as may be ~ required irom time to time by the Mortgagee against bss ty fire or otber haxsrds. casuaiZies. and oonti~encies in wch amounts ~ and for such periods as may be required by Mortgagee. and will pa~y prompty. when due, aA~l premiums on such insurance for pay- ~ ment of whid~ provision has not been made hereinbeiore. /UI insurance shall De canied in companies spproved by Mortgagee ; ~ and the policies and renewals thereot sball be hNd by Mortga~ee and have attached thereto toss payaWe clauses in favor of and ~ in form acceptabk to the Mortgagee. Renewal polkies shall be deliyere~ M Mortgagee at least 10 dsys prior to expiration of exist- ~ i~g poiicy. In event ot ioss. they wiil give immediateiy noiks by raait ta Mortg3gee, a~! Mortgagee may make proof oi loss if ~ot ~ made promptly b~r Mortgagors, and each insuranoe compar~y concerned is hereby autiw?ized and direeted to make payment for ~ such loss directly to Mo~tgsgee instead ot to Mortgsgors and Mortgsgee janty, and the insurance proceeds, or any paR 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 propeRy damaged. In eveM ot toreclosure of this mortgage or other transier of title to the rr~rtgaged proPerh? in ex- § tinguishmeM of tha indebtedness secured hereby, all right. title and interest oi the MoRgagors in and to aml inwrance policies ~ then in force shall pass to the purchaser or grantee. ~ q 8. That the Mortgagee may, at amr time pending a suit upon this mortBags. aPPh~ to the oourt having ju~isdidion thereat ~ for the appolMme~ of a rcceiver. and ~such court shall forthwith appoint a receiver of the premises co~verod herebf~ all and singu- lar, including sll and singular the inoome, profits, issues. and revenues from whatever source derived, each and every of which, it ~ being ezpressy understood, is hereby morCgaged as H speciiicaly set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all tha broad and effective functions and powers in anywise entrusted by s court to a reoeiver, and such appointment shall be made by wch court as an admitted equity and a matter of absolute rigM to said Mortgagee, and ~ without reterence to the adequacy or inadequacy oi the valus of the property mort8a8ed or to the sohrency or insolvency of said ~ Mortgago~s or the defendants, and that such ronts, profits, income, issues and revenues shall be applied by wch reuiver accord- ~i ~ ~ ing to the lien of this moRgage artd proctice of such courL ~ 9. That (a) in the eve~ of an~l broach of this moKgage or defauR on the pa~t of the Mortgagors, or (b) in the a+rent that any ~ of said sums of money herein ret4~d Lp be not prompth? and fully paid vrithout demand or notice. or (c) in the eveM that each ~ and every the stipulations. agreements, conditions and covenaMs ot said note and this moRgage, are not duy, prompty and tully w performed; then i~ either or any such event. the said sggregate sum mentioned in said note then remaioing unpaid, with iMerest ? accrued to that time, and atl mooeys secured hercby, shall become dus and payaWe fathwith, or thereatter, st the optbn of said ~ Mortgagee, as fully and completely as if atl of tS~e said sums ot money were originaly stipulated to be paid on such day. amr• thing in said note or in this mortgage to the contrary 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 all moneys secured fiereby had matured prior to its institution. The Mortgagee may toreclose this mortgage. as to the amount w declared due and payable, and the said ; premises shall be sold to satisfy and psy the same together with costs. expe~ses, and allowances. In cases of partial ioreclosure 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 case the provisions oi this paragraph may again be availed of thereafter from time to time by ? i the Mortgagee. ~ w E~(~ ~ PACE ~1S