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Home My WebLink About0696 ~ ~•,t JI~ '~~r ~ princ~pal sum a~A accrued mte~est sha~l become due and payable w~thout ~ohce at the opUon of the hotder thereot. And shall duly, promptly, a~d tuly pe~form, discharge, execute, ellect, cnmpiet~, and taniply vinth and aD~de by each and every tl~e st~pu• lat~ons, agreements, cond~tions. a~d tovenants of said promissory note and th~s mortgags, then th~s moAgage anA tf~e estate he~rby created shsll cease and Ae null and vad. And the Mortgagon funhe~ cove~a~t as folbws: 1. That they will pay ihe indebtedness, as hueinbelore provided. 2. Thaf, in orde~ more lully to p~qt~ct the secur~ty of this mortgage, ths Mortgagors, together with and in additio~ to, the monthly payments under the te~ms ol any notes securcd hereby, on the lust day ot each month until sa~d note is lully paid, will Wiy to the Mongagee the tollowing sums~ (a) A sum eqwl to one•twetfth (1 ~ 12) ot the premiums thst wdl neat become due and payable on policies of fire and other ; hazard ~nsurance cove~ing the mortgaged p~operty, plus taxes and assessments ~ext due on the mortgaged property (all as esti- ~ mated by the Mortgagee). 1 (b) All payme~ts mentioned in the pmceding subsettion ot this paraq?sph and all payments to be made under any note ~ secured hereby shall be added tol~ethe~ and the sgg~egate amount thereof shall be pald by the Mo~tgagors each month in a • single payment to be applied by the Mortgagee to the following items the order set forth: i 1. Taxes, assessments. tire, and hszard insurance premiums: 11. Inte~est on the ~ote secured hereby: and 111. Amorti=ation of the printipal of said note. ~ i r Any deficiency in the amount of such agg~egate monthly payment shslt, unless made good by the Mortgsgors prior to the due j date of the next such psyment, tonst~tute an eve~t of detault unde~ this mortgage. The Mortgagee may cotlect a"late chsrge" f not to exceed two cents (2C) for each dollar ot each payme~t more than tifteen (15) days in arrears to cover the extrs ex- # pense involved in handling delinquent psyments. i 3. That if the total of the payments made by the Mortgagon unde~ (a) of paragraph 2 preceding shall ezceM the amount : of payments actuatly made by the Mortgagee. for taxes and sssessmeots and insurance premiums. as the csse may be, such i excess shall be credited by the Mongagee on subsequent payments to be made by the MoRgagors. If, howeve~. the monthy pay- i ments made by the MoRgagors unde~ (a) of parag~aph 2 preceding shall not be sufficient to pay tazes and assessments and in- ~ surance premiums, as the case may be. when the same shall become due and payable, then the MoRgagors shall psy to lhe Mo~t- gagee any amount necessary to mske up the deficiency, on or be(ore ihe date when payment of such taxes, assessments, or insur- 1 ance premiums shsll be due. It st any time the Mortgagors shall teoder to the MoAgagee in atcordance with the provisions oi the ~ note securcd he~eby, tull paymeot oi the entire indebtedness ~epresented tbereby, the Mortgagee shall, pay to the Mortgago?s all ~ amounts then remaining In the tax and insurance escrow atcount heM in connectbn vrith this loan. If thero shall be a defautt under any oi the provisions ot this mo~tgage resulting in a pubtic sale of the premises covered he?eby, or if the Mortgagee acquires j tAe p~operty otherwise after default, the Mortgagce shall apply. at the time of the commencement oi such proceedings o? at the ~ time the property is otherwise acpuired, the balante then remaining in the funds actumutated under (a) oI paragtaph 2 preteding as a credit aga~nst the amount of principal the~ remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates. and other governmeotal or municipal cbarges. fines, or imposi- tions, for which provision has not bee~ made hereinbetore, and in detault thereot, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty delrver the official receipts therefore to the Mortgagee. 5. That they will permit. commit, or suHer no waste, impsi?ment, or deterio~ation oi said property or sny paR thueof; and in the event ot the faiture of the Mortgagors to keep the buildings or said premises and those to be erected on ssid p~mises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its diurotion it may deem necessary for the proper preservation thereoi, and the tull amount of each and every such payment shall be immediately due and payable. and t shall be secured by the lien ot this moAgage. ~ 6_ That they w~ll pay all and singular the costs, charges, and expenses, inctuding reasonaWe Iawyers fees, and costs ot abstracts of title, incurrM or paid at any time by the Mortgagee because of the taiture on the paR oi the Mortgagors promptly and fully to pe?form the agreements snd tovenants oi said promissory note and this moRgage, and said costs, charges and ex• pe~ses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements now existing or hereaRer eretted on the mo~tgaged propeRy insured ss may be I, required (rom time to time py the Mortgagee against loss by fire or other hazards, wsualties, and contingencies i~ such amounts ; and fo~ such periods as may be required by MoRgagee, snd will psy promptly, when due, any premiums on such insurance tor pay- i ment of which provision has not been made hereinbetore. All insurance shall be csrried in companies approved by Mortgagee and the policies and renewats thereof shall be held by Mortgagee snd have attached thereto loss payable clauses in tavor of and ~ in form acceptable to the Mortgagee. Renewal policies sMall be delivered to Mo~tgagee at least la days prior to expiration oi exist- ~ ing policy. In event ot loss, they will give immediatey notice by msi) to Mortgagee, and Mortgagee may make proof oi loss if nof ~ made promptty by Mortgagors, and each insurance compsny cencemed is hercby authorized and di?ected to make payment for such loss directly to Mortgagce instead oi to MoRgagors and Mortgagee jointly, and the insurante proceeds, or any paR thereot. ~ ~ may be applied by Mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restoration or rr °f pairs oi the propert~r damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged p~operty in ex• { tinguishment of the indebtedness secured hereby, all right, title and interest of the MoRgagors in and to any insurance poticies i i then in force shall pass to the purchaser or grantee. ~ ~ 8. That the MoRgagee msy, at any time pending s suit upon this moRgage. apply to the court having jurisdiction thercoi ~ for the appointment oi a receiver, and such couR shall foRhwith appoint a receiver oi the premises covercd hercby all and singu- lar, includmg all and singular the income, profits, issues, and revenues irom whatever source derived, wch and every of vrhith, it ~ being expressly understood, is hereby mortgaged~as if speciticaty set toRh and described in the granting and hsbendum clauses = hereoi, and such receiver shall have alt the broad and efiectiva tunctions and powers in anywisa entrusted by a couR to a receiver, ¢ and such appointment shall be made by such cou~t as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without reierence to the adequacy or inadequacy oi the vatue of the property mortgaged or to the solvency or insolvency ot said Mortgagors or the defendants, and that such rents, profiis, income, issues and revenues shall be applied by such receiver accord- ~ ing to the lien of this mortgage and practice ot such court. E 9. That (a) in the eve~ oi am? breach of this moKgage or default on the part oi the Mortgagors, or (b) in the event that any r of said sums ot money hercin referred to be not promptly and tully paid without demand or notice, o~ (c) in the event that each and every the stipulations. agreements, conditions and tovenants ot said note and this mortgage, are not duty, promptly and tulty peNormed; then in either o~ any such event, the said aggregate sum mentioned in said note then remaining unpaid, vrith interest accrued to that time, and all moneys secured hereby, shalt become due and payable fo~thwith, or thereafter, at the option of said Mortgagee, as fully and tompletely as ii all of the said sums oi money were originalty stipulated to be paid on such day, any- ` thing in said ~ote or in this moRgage 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 hereby had matured prior to its institution. 7he Mortgagee may foreclose this mortgage, as 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 ot partial foreclosure ~ ot th~s mortgage, the moRgaged premises shall be sold subject to the continuing lien ot this mortgage for the amount oi the debt ~ not then due and unpaid. In such CasE the provisions of this par~rapb may again be ava~ted of thereafter trom time to time by a ~ the Mortgagee. i cF i • ' 1 i ~ o~~~~ ~ s~ ~ ~ . _ ~ '3>'~i+_'e.S~a'° . ~,l . _ iGR` *y.+, _