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HomeMy WebLinkAbout0719 ~ , ~ ; :t ~ ~ principal sum and acc~ued i~terest shall become due and payable without notice at ihe option of the holder the~eot. Md shall duy. promptly. and fully perto?~r?. discharge, execute. et(ect. complete, and comply with and sbide by each and every 1he stipu• lations. ag~eements, tonditions, and cove~ants of said promissory note and this mortgage, then this mo~tgage a~d the estste hereby created shall cease and be null and void. ~ • Md the Mortgago?s tuKher covenant as toltows: 1. That they will psy the indebtedness as hereinbeto~e provided. 2. That, in order more tully to protect the security oi this mortgage, the Mortgagors. together with and in addition to. the monthly payments underthe tertns ot any notes secured hereby, on the ti?st day of each month untit said note is tuly paid, will pay to the Mortgagee th~ tollowing sums: - (s) A surti equal to one-twetith (1/12) ot the premiums thst wi11 nezt become due and payable on policies oi tire and other hazard insurance covering the mortgaged p~operty, plus taxes and assessments next due on the mo~tgaged prope~ty (all as esti- mated by the Mo~tgagee). (b) All payments mentioned in the preceding subsection of this paragraph and all payme~ts to be made under any note secured hereby sl~all be added together snd the aggregate amount thereoi shall ba paid by the Mongagors each month in a sfngle payment to bs applied by the Mortgages to the toliowinQ items in the o~der set torth: 1. Taxes. assessments. iire, and hazard insurance premiums; 11. Interost on the note secured hereby; and •111. Amo~ti=ation of the principsl of said note. Any deficie~cy in the amouM ot such aggregate monthy payment shall. unless made good Dy the Mortgagors prior to the due date ot the next such payment, constitute an event of defauR under this mortgage. The Mortgagee may collect a"Iate charge" not to exceed two cents (2!) fo~ each dollar of each payme~ moro thsn fifteen (15) days in aRears to cover the extra ex- pense involved in handling delinquent payments. 3. That ii the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actualy made by ths MortQagee. tor taxes and assessments and insu~ance premiums, as the case may be. such excess shall be c~edited by the Mortgagee on subsequent payments to be made by the Mottgagors. Ii. however. the monthy pay- ments made by the Mo~tgagors under (a) of parag~aph 2 preceding shatl not be suff'~cient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shalt pay to the Mo~t• . gagee any amount necessary to make up the deficiency, on or betore the date when payment of such taxes. assessments, or insur- ance premiums shall be due. ii at aoy time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secu?ed hereby, tull paymeM of the entiro indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in coonection with this loan. If there shall be a defauR under any of the provisions of tbis mortgage resulting in a public sale of the pmmises covered hereby. or N the Mortgsgee aoquires the property otherwise aftar default. the Mortgagee shall apply. at the time of the commencement oi such proceedings or at the time the prope~ty is otherwise acquired. the balance then rerttaining in the tuntls accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay all taxes. assessments. water rates, and other govemmental or municipal charges. flnes, or imposi- tions, for vrhkh provision has not been made hereinbetore. and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly detiver the officiat receipts theretore to the Mortgagee. 5. That they will permit, commit. or suHer no waste. impairmeot. or deterioration 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 improvemenis thereon, in good ?epair. the Mortgagee may make such repairs as in its discretion it may deem necessary tor the ~ proper preservation thereof, and the full amouM of each and every such payment shall be immediately due and payabte. and shall be secured by the lien of this mortgage. ~ 6. That they will pay sll and singut8r the costs, charges, and exp~nses. including reasonaWe lawyer's fees, and costs of ~ ~ abstracts of title. incurred or paid at any time by the Mortgagee because of the fa[lure on the pa~t of the MoRgagors prompRy } and fully to perform the agreements and covenants oi said promissory oote and this tnoKgage, and said costs, chatges and ex- ; penses shall be immediatey due and payaWe and shall be secured by the tien of thi3 mortgage. 1 ~ 7. That they will keep the improvemeots now existing or he're~iter er~cted on the mortgaged property insured as may be ~ a required from time to time by the Mortgagee against loss by Tire or other hazards, casualties, and contingencies in such amounts ~ ~ and for such periods as may be required by Mortgagee, and will pay promptly. when due, any premiums or~ wch insurance for pay ~ ment of which prov_(gion has not been made he?einbefore. All insurance shalt be carried in companies approved by Mortgagee ~ and the policies and renewals thereot shall be held by Mortgagee and have attached thereto loss payable clauses in tavor of and ~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mo~tgagee at least 10 days prior to expiraUon M exist- ~ ing policy. In event ot loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not ~ , made promptly by Mortgagors. and each insuraoce company concerned is hereby authorized and directed to make paymeirt for ~ such loss directy to Mortgagee instead of to Mortgagors and MoRgagee jointly, and the insurance proceeds, or any part 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 property damaged. In event of toreclosure of this mortgage or other transfer of title to the mortgaged property in ex- ; tinguishment of the indebtedness secured hereby, all right. title and interest of the Mortgagors in and to arry insurance policies ~ I then in force shall pass to the purchaser or grantee. C ` 8. That the Mortgagee may, at any time pending a suR upon this mortgage. appy to the court having jurisdktion thereof t for the appointmerrt of a receiver, and such court shatl forthwith appoint a receiver of tbe premises covered hereby all and singu- lar, including all and singular the income, profits, issues, and revenues trom whatever source derived. each and every of wf~ich, it ' being expressy understood, is hereby mortgaged as if specifically set fortb and described in the granting and habendum clauses ~ hereof. and such receiver sball have all the brosd and eHective functions and powers in anywise entrusted by a court to a reoeiver, and such appointment sha11 be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without reference to the adequacy or inadequacy of the value of the property mo~tgaged or to ths solvency or insoMency 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 of this mortgage and practice of such court. i i 9. That (a) in the eve~ of arry breach of this mortgage or default on the part ot the Mortgagors, or (b) in the event that amr ~ ' of said sums of money herein referred to be nat promptly and fuly paid without demand or notice, or (c) in the event that each i ; and every the stipulations, agreements, conditions and.oovenarrts oi said note and this mortgage, are noR duy, prompty arM fuly . f performed; then in either or arry such event. the said aggregate sum mentioned in said note then remaining unpaid, vrith interest accn~ed to that time. and all moneys secured hereby. shall become due and payable forthwith, or thereafter. at the option of said Mortgagee. as fully and completely as if all of the said sums of money were originaly stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwitbstanding: 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 ii all moneys secured hereby had matured prior to its institution. The Mortgagee may toreclos~ this mortgage, as to the amount so declared due and payaWe, and tbe said ~ premises shall be sofd to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial forectosure oi this mortgage, the mortgaged premises shaN be soW subject to the continuing lien oi this mortgage (or the amount of the debt ~ not then due and unpaid. In such case the provisiom of this paragraph may again be availed of thereafter from time to time by ` the Mortgagee. ~ ~ ` . ~ R ~ ,I . E P _r i ~ PACE 7~~ ~ •