Loading...
HomeMy WebLinkAbout0993 principal sum and accrued inte~est sl~all becor~ie due and payable w~tt?oul notice at the option ot tlie holder the~eoi. And shall du1y, promptiy, and tully pe~toim, d~sciiar~e, execute, effect, complete, and comply with and abide by eacl~ and every the stipu• lations. agreements, conditions, and covenants ot said promissory note and this ~~ortgage, tl~en tlus mortgaqe and N,e estate hereby created shall cease and be null and void. And the Mortgago~s furthe~ covenant as tollows: ~ 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in o~de~ more tully to protect the security oi this mo~t8age, the Mortgagors, together with and in addition to. the monthly payments under the terms of any ~otes secured hereby, on the first day of each month unti! said note is tully paid, will pay to the Mortgagee the toUowing sums: (b) All payments mentioned in the preceding subsection oi this paragraph and all payments to be made under any note secured hereby shell be added together and the aggregate amount thereot shall be paid by the MoAgagon each month in a single payment to be applied by the Mortgagee to the following items in the order set foRh: 1. Taxes. assessments. fire, and hazard iosurance premiums; II. Interest on the note secu~ed hereby; and 111, Amartization of the principal of said note. Any deticiency in the amount of sucl~ aggregate monthly payment sfiall, unless made good by the Mortgagors prior to the due date oi the nent such payment, coostitute an event of default unde? tbis mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) fo~ each dollar {s) o( each payment more than fiftee~ (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shalt exceed the amount of payments actually made by the Mortgagee. tor taxes and assessments and insu~ance premiums. as the case may be, such ; excess shall be credited by the Mortgagee on subsequent payments to be made by the MoKgagors. It, howeve~. the monthly pay ments made by the Mortgagons unde? (a) of paragraph 2 p~eceding shall not be suificient to pay taxes a~d assessments and in• surance premiums, as the case may be, when the same shall become due and payable. then the Mortgagots shall pay to the Mort• gagee any amount ~ecessary to make up the deficiency, on or before the date when psyment oi such taxes, assessments, or insur. ance premiums shall be due. If at any time the Morigagors sha!! tender to the Mo~tgagee in accordance with the provisions of the note secured hereby, tul! payment of the entire indebtedness represented thereby, the Mo~tgagee shall. pay to the Mortgagors att amounts then remaining in the tax and insurance escrow account held i~ connection with this loan. ii there shall be a detault under any oi the provisioos oi this mortgage ~esulting in a pubtic sale of the premises cove?ed hereby, or if the Mortgagee acquires the property otherwise after detauR, the Mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is othervrise acquired, the balance then remaining in tha funds accumutated unde~ (a) oi paragraph 2 preceding as a credit against the amount of principal then ~emaining unpaid 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 hereinbefore, and in default thereof, the MoKgagee may pay the same and be • secured by the lien of the mortgage; and that they will promptly deliver the oNiciat receipts therefore to the Mortgagee. 5. That they will permit, commit, or suNer no waste, impairment, or deterioration of said property or any p~aR thereof; and in the event of the lailure of 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 to?the proper preservation thereof, and the full amount of each aod every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. - S. That they wilt pay all and singutar the costs, charges, and expenses, inctuding reasonable IawyePs tees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the paR of the Mortgagors promptly and fully to perform the agreements a~d covenants of said promissory note and this moRgage, and said costs, charges and ex- penses shatl 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 hereafter erected on the mortgaged propeRy insured as may be ~equired from time to time by the Mortgagee against loss by fire or othe? hazards, casualties. antl contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay promptly, wfien due, any premiums on such insurance for pay- ment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee and the poticies and renewals thereof 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 Mortgagee at teast 10 days prior to expirotion of exist- ing poticy. fn event of 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 insurante company concerned is hereby authorized and directed to make payment for ~ such toss directly to Mortgagee instead of to Mortgagors and MoRgaBee jointy, 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 foreclosure of this mortgage or other transier of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby. all right, tit{e and interest oi 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 having jurisdiction thereof for the appointmertt of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- la~, inctuding all and singular the income. profits, issues, and revenues irom whatever sou~ct derived, each and every of wfiich, it being expressly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereof, and such receiver shall have atl the broad and effective tunctions and povrers in anywise entrusted by a couR to a receiver, . and such appointment shall 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 vatue of the property mortgaged or to the solvency or insolvency of said Mortgagors or the detendants, and that such rents, protits, income, issues and revenues shall be apptied by such receiver accord- ing to the lien of this mortgage and practice of such cou~t. 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and fulfy paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully 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 torthwith. or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originatly stipulated to be paid on such day, any ; thing in said note or in this moKgage to the cont~ary notwithstanding: and thereupon or thereafter, at the option of said MoK- ~ gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior s to its institution. The Mortgagee may foreclose this mongage. as to the amou~t so declared due and payable, and the said _ premises shall be wld to satisfy and pay the same together witA costs, expenses, and allowances. In cases of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing tien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of theresfter from time to time by the Mortgagee. ~ ~~~x 268 PAG: 992 I