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Home My WebLink About0673 principsl sum and accrued interest shall tw:ome due and payable w~thout notice at the option of the holde? ihereot. And shatl duly, promptly, and tully pe~form, d'+scharge, execute, eNect, complete, and comply with and abide by each and every the stipu- lations, agreemenis, conditio~s, and covenants ot safd promissory note and this moNgage, then this morigage and the estata hereby c~eated shall ceass and be null and void. And the Mortgagors iu~ther cove~ant as tollows: l. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order mom fu11y to protect ihe security of this mo~tgage, the Mortgagors, together with and in addition ta, the monthly payments under the tenns oi any ~?otes secured hereby, on the first day oi each rnonth until said note is tuly paid, will pay to the Mortgagee ths following sums: ~ (a) (D) NI payments mentioned in the preceding subsectfon of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to tha following items in the order set fo?th: I. Tazes, assessments, fire. and hazaM insurance prcmiums; 11, Interest on the note secured hereby; and • III. Amortization of the printipal of said note. ' . ~ Any de(iciency in the amount ot such aggregate monthy payment shall, unkss made good by the Mortgagors pHot to the due dafe oi the nezt such payment. constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar ot each payment more than fiiteen (15) dsys in arrears to cover•the extrs ex- pense involved in ha~dling delinquent payments. _ 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 precedi~8 shall exceed the amount ot payments actualy made by the Mortgsgee, tor taxes aod assassments and insurance premiums. as the ~ase may be. wch ezcess sha0 be creditcd by the Mortgagee on subsequent payments to be made by ihe Mortgagors. If, however, the monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient 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 shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or before the date when paymeM of such taxes. assessments, or lnsur- an~e premiums shall be due. If at a~y time the Mortgagors shslt te~der to the Mortgagee in sccordance with the p~ovisions oi the note secured hereby, (ull payment oi the entire indebtedness represented the~eby, the Mortgagee shall. pay to the Mortgagors all amounts then remaining in the tax and insurance escrow accouM held in connection with this Ioan. If there shall be s defauft under any oi the provisions of this mortgage resutting in a public sale of the premises covercd hereby, or ii the Mortgagee aoquires the property otherwise after default. the Mortgagee shall apply. at the time of the commencement ot such proceedings or at the time the propeRy is othervvise acquired. the batance then remaining in the tunds accumulated under (a) oi paragraph 2 precedin8 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, fines. or imposi- tions, tor whkh provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the oNicial receipts therefore to the Mortgagee. 5. Tbat they will permit. commit. or suffer ~o waste, impairment, or deterioration of said property or any paR thereof: and in the event oi the tailure oi the Mortgagors to keep the buildings or said premises and those to be erected on said premises. or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amovnt oi each and every such payment ahall be immediatefy due and payable, and shall be secured by the lien of this mortgage. - 6. That they will pay alt and singular the costs, charges. and experists?fnduding reasonable lawyers fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee becay f the failure 6n the p~rt of the MoRgagors promptly and fully to pe~form the agreements and covenants of said promissory ~idtb~s mo?t~sge, a~d slsid~tosts, charges and ex- penses shall be immediatey due and payable and shall be secured ~r_ .Ifen of ~i~~~iNg~E.~•« ~ 7. That they will keep the improvements nvw existing or hereafter erected on t~ie~Rlt~d pr~~le~?'insu:ed as may be required from time to time by the Mortgagee against loss by tire or other hazards, casualties, a ~MtiA~enfi~~uch amounts and for such periods as may be required by Mortgagee. and will psy prompty, when due. any premiums on suc rance for pay- ~ ment of which provision has not been made hereinbefore. All insurance shall be wrried in companies app~oved by Mortgagee F and the policies and renewels thereoi shall be held by Mortgagee and have attached thereto loss payaWe clauses in favor of a~d j in form acceptable to the Mortgagee. Renewat policies shatl be delivered to Mortgagee at least 10 days prior to expirotion of exist- ~ ing policy. In event oi loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss ii not made prompty by Mortgagors, and each insurance company concerned is hereby suthorized and directed to make payment tor ~ such Ioss directly to Mortgagee instead of to Mortgagors and MortgaBee jointty, and'the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or other transter of tftle to the m~ortgaged property in ex- tinguishment of the indebtedness secured hereby. all right, titk and interest of the Mortgagors in and to any insurance policies then in force shalt pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this moRgage. apply to the court having ju~isdiction thereof for the appointmeM of a rec.eiver. and wch court shall fo~thwith appoint a receiver of the premises covered hereby al{ and singu- lar, including all and singular the income. protits, issues, and revenues irom vrhatever source derived, each and every ot which, it being expre'ssly understood, is hereby mortgaged as if spetifically set forth and described in the grantirtg and habendum clauses hereoi. and such receiver shall have all the broad and effectivs functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such couK as an admitted equity and a matter oi absolute right to said Mortgagee, and without reference to the adequa~7r or inadequacy o( the value of tbe property mortgaged o~ to the solvency or insolvency of said Mortgagors or the defendants, and that such ~ents, profits, income, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such cou~t. 9. That (a) In the everrt of any bresch of this moRgege or default on the paK ot the Mortgagors, or (b) in the event that any ~ of said sums of money herein refe?red to be not prompty and fulty paid without demand or notice, or (c) in the event that each ~ and every the stipulations, agreements, conditions and covenants oi said note and this mortgage, are not duly, prompty and tully ~ performed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest ~ accrued to that time, and all moneys secured hereby, shall become due and payable forthwith. or thereafter, at the option of said ~ Mortgagee, as fuly and completely as if all of the said sums of monry were originalty stipulated to be paid on such day, any- thing in said note or in this mortgage to the cont~ary notwithstanding; and thereupon or thereafter, at the option of said Mo~t- ~ gagee, without notice o? demand, suit at Jaw or in equity. may be prosecuted as if all moneys secured heroby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial foreclosure oi this mortgage, the martgaged premises shall be sold subject to the continuing lien of this mortgage for the amount oi the debt not then due and unpaid. In such tase the provisions oi this paragraph may again be availed oi thereafter from time to time by the Mortgagee. ~ • ~ ~l1GE 6~ ~ . ~ BUOK ` .'-2'Y_...oiY ar-~ rn.~t. ~ z ~ _ _ . ..r3'1c~'v+o-s'i~..r