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HomeMy WebLinkAbout0646 ' ~ ~ ~ ~ f t . p~~nc~pal sum a~d accrued interest shatl Aeco~ne due and payaWe w~lhout notece at lhe opt~on ot Ihe hoWer thereof. And shall duly, promptty, snd futly pe~fo~m, d~scharge, e.ecute, efletl, complete, and comply w~th snd ah~de Gy eath and every the slipu• Iat~ons, agreen~enls, cond~tions, and tovenants uf said prom~ssory nofe and th~s mo?igage, then th~s ~~~ortgage and the estale hereby c~eated shall cease •~d ~e null and vo~d. And the Mo~tgagors iunher covenant as follows: l. That they will psy the ~ndebtednoss, es hereinbatore ~uovided. 2. That, in orde~ more tully ta p~otett the security o1 this mohgage, the Mohgagors, together w~fh and in addit~on to, the menthly payments unde~ tl?e terms ol any notes secured he~eby, on the I~rst day ot each month until said note is tully paid, will pay fo ihe Mortgagee the tollowing sun?s: (a) A sum equal to one•twelfth (l; 12) of the prem~ums that wHl next become due and payable on policies o1 fire and othe~ harard insurance covering the moKgaged propeny, plus taxes and assessments next due on the mortgaged property (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsection ot this parag~aph and all payinents to be made under any ~ote secured hereby shall be added toqether and the aggregate amount the~eol shall be pa~d by the Mortgsgon each month in a s~ngle payment to be applied by the MoAgagee to the followiog items m the order set foRh: I. Taxes, assessments, tire, and hazard insurancR premiums; 11. Interest on the note secured he~eby; and 111. Amo~tization of tl~e principal of said ~ote. AnY deficiency in the amount of suth aggregate monthy payment shall, unless made good by the Mortgagors prior to the due date ot the next such payment, constitute an event ot default unde~ this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) tor each dollar ol each payment more than tiReen (15) days in arrears 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) ot paragraph 2 preceding shall exceed the amount of payments actualy made by the Mortgagee. tor taxes and assessmenis and insurance premiums, as the case may be, such eacess shatl be credited by the Mortgagee on subsequent payme~ts to be made by the Mortgagors. Ii, however, the monthly pay- ments made by the Mortgagors under (a) of parograpb 2 preceding shall not be suifitient to pay taxes and assessments and in• surance premiums, as the case may be, when ihe same shall become due and payable, then the MoRgagors shall pay to the Mort• gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments, or insur- ance premiums shall be due. li at any time the Mortgagors shall tender to the Mortgagee io accordance with the provisions oi the note secured. hereby, tull psyment of the entire indebtedness represented thereDy, the Mortgagee shall, pay to the Mortgagon all amounts then remaining in the tax and insurance esc~ow account held in connection with this loan. It there shall be a detault under any oi the provisions oi this mo~tgage resulting in a publlc sale ot tbe premises toverM hereby, or ii the Mortgagee acquires the property otherwise after default, the Mortgagee shall appfy, at the time ot the commencement of such proceedings or at the time the property is otherwise scquired, the balance then remaining in the tunds accumulated under (a) oi paragraph 2 preceding as a credit against the amount ot principal then remaining u~paid under said note. ~ 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- tions, tor which provision has not been made he~einbeiore, and in deiault thereof, the Mortgagee may pay the same and be secured by the lien oi the mortgage; and that they will promptly det~ver the ofticial receipts there(ore to the Mortgagee. 5. That they will permit, commit, or suHer no waste, impairrreent, or deterioration of said property or any paK thereoi: and in the event of the tailure oi the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or ~mprovements thereon, in good repair, the MoRgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereot, and the tutl amount of each and every such payment shall be immediately due and payable, and shall be secured by the Iien of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fess. and costs of abstracts oi titte, incurred o~ paid at any time by the Mortgagee Decause of the tailure on the paR ot the Mortgagors promptly and tully to pertorm the agrcements and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediately due and payable and shall be secured by the lien oi this moRgage. 7. That they will keep the improvements now existing or hereafter erected on the mortgaqed property insu~ed as may be required irom time to time by the MoRgagee against loss by i~re or other hazards, casualties, and tontingencies in such amounts and for such periods as may be required by MoRgagee, and will pay promptly, when due, any premiums on such insurance tor pay- ' me~t of which provision bas not been made hereinbefore. All insurance shall be carried in tompanies approved by Mortgagee I~ and the policies and renewals thereot shall be held by Mortgagee and have attached thereto Ioss payaWe clauses in tavor of and i~ torm acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event oi loss, they will give immediately notice by mail to Mo~tgagee, and Mortgagee may make proof ot loss if not j made promptty by MoRgagors, and each insurance company concerned is hereby authorized and diretted to make payment tor ~ ~ such loss directly to Mortgagee instead o( to Mortgagors and Moitgagee jointly, and the insurance proceeds, or any paR thereoi, i ~ may be apptied by Mortgagee at its option either to the reduct~on of the indebtedness hereby secured or to the restoration or re- ' , pairs of the property damaged. In event of toreclosure oi this mortgage or other transter of title to the moRgaged property in ex• F ~ tinguishment of the indebtedness setured hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court hsving jurisdktion thereoi ~ for the appointment oi a receiver, and such couR shall forthwith appoint a receiver oi the premises covered hereby all and singu• ~ lar, inctud~ng all and singular the income. protits, issues, and ?evenues from whatever source derived, each and every ot wfiich, it ~ being expressly understood, is hereby mortgaged as ii specitically set forth and described in the granting and habendum clauses ! hereof, and such receiver shall have all the broad and effective tunttions and povrers in anyw~se entrusted by a court to a receiver, y and such appointment shall be made by such court as an admitted equity and a matter oi absotute right to said Mortgagee, and f without reterence to the adequacy or inadequaty of the vatue oi the p~operty mortgaged or to the sofvency or insolvency ot said f Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be applied by suth receiver attord- ; ing to the lien ot this mortgage and practice of such cou~t. 9. That (a) i~ the eveM of any breach ot this mortgage or default on the part of the Mortgagors, or (b) in the event that any ; of said sums ot money herein re(erred to be not prorreptly and tutly paid vrithout demand or notice, or (c) in the event that each and every the stipulations, ag~eements, conditions and covenants of said note and this mortgage, are not duly. promptly and fully ~ periormed; then in either or any such event, the said aggregate sum mentioned ~n said note then rema~mng unpaid, with interest acc?ued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option oi said Mortgagee, as tully and completely as if all ot the said sums of money were originatly stipulated to be paid on such day, any- s thing in said note or m th~s mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option ot said Mort• ~ gagee, without notice or demand, suit at law or~in equity, may be prosecuted as if a(I moneys secured hereby had matured prior s ; to ~ts institut~on. The Mortgagee may forectose this mortgage, es to the amount so declared due and payable, and the said ; ! prem~ses shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial forectosure ° oi th~s mo~tgage, the mortgaged prem~ses shall be sold subject to !he continuing I~en oi this mortgage tor the amount oi the debt ~ € not then due and unpaid. In such case the provisions oi this paragraph may again be avaited o( thereaiter irom time to time by ~ s the Mortgagee. ~ 5 I = ' S } ~oox ~;b ~ r~ 6~J ~ ~ ~ 1 ' ~ • t 2°3.~~4 ~'"Y"+,:o ,..v._..~-a.......~`' ..a. _ ,u~_.. .-t-"