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HomeMy WebLinkAbout0529 ; . s principal sum and acc~uec! interest sl~all beco~iie due and ~ payable w~thout nut~ce ai !he option of the hotder lhercot And shall duly, p?omptly, and lully per}orm, discharge, execute, eltect, cornplete, and compty wdh and ab~de by eath and every the stipu• lations, agreements, co~d~tions, and covenants of said promissory note and it?is mo?tgage, lhen this morlQage and tlie estate ~ hereby created shall cease and be null and vo~d. And the Mortgagors tunher covenant as iotlows: • ~ 1. That they will pay the indebtedness, as hereinbefo~e p~ovided. 2. 7hat, in order more tully to protect the security of this mortgage, the MoAgagors, together with and in addition to, the i monthly payments u~der the terms of any notes secured hereby, on ihe tirst day ot each month until said nota is tully paid, will pay to the Mo~tgagee the tottowi~g sums: ~ (b) All payme~ts mentioned in the preceding subsection of this pa~agraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be paid by the MoRgago?s each month in a single payment to be applied by the MoRgagee to !he following items in the order set torth: • . . . , 11. Interest on the note secured hereby: and 111. Amortization of the principa! of sald note. Any deticienty in the amount oi such aggregate monthy payment shall. unless made good by the Mortgagors prior to the due date ot the next such payment, constitute an eveot oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two tenLs (2e? !or each dolla~ of each payment more than fifteen (15) days in arrears to cover the eutra 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 shall exteed the amount of payments actualy made by the Martgagee, for taxes and essessments a~d insurance premiums, as the case may be, such excess sha!! be credited by tbe Mortgagee on subsequent payments to be made by the Mortgagors. If, however. the monthy pay ments made by the Mo~tgagors 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 Moet- gagee any amount necessary to make up the deficiency, on or be~ore the date when payment oi such taxes, assessments, or insur- ance premiums sball be due. lf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, tull payment of the entire indebtedness represented thrreby, the Mongagee shall, pay to the Mortgagors atl amounts then remaining in the tax ar?d incura~ce escrow account hetd in connection with this loan. If there shall be a detault under any of the provisions ot this mortgage resulting in a public sale of tbe premises cove~ed hereby. or if the Mortgagee acquires the property otherwise after defauR, the Mongagee shall apply. at the time of the tommencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated unde~ (a) of paragraph 2 preceding as a credit against the amount oi principal then remaining unpaid uoder said note. 4. That they will pay atl taxes,~assessments, water rates, and other govemmental or municipal charges, fines, or imposi- tions, for which provision has noi been made hereinbefore, and in detault thereof, the Mortgagee may pay the same and be , secured by the lien of the mortgage; and that they will promptly deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impai~ment, or deterioration of said property or any pa~t thereof: and in the event of the failu~e 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 tor the proper preservatiort thereof, and the tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien ot this moRgage. 6. That they will pay all and singular the costs, charges. and expenses, including reasonabte lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because.of the failure on the part of the Mortgagors promptly and futly to perform the agreements and covenants oi said promissory note and this mortgage, 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 imp?ovements now exlsting or hereafter erected on the mortgaged property insured as may be ; required irom time to time by the Mortgagee against loss by fire or other ha:ards, tasuafties, and contingencies i~ such amounts and for such periods as may be required by Mortgagee, and vrill pay promptly, when due, any premiums on such insurance for pay- ' ment of which provision has not been made hereinbetore. All insurance sha~t be carried in companies approved by Movtgagee ; and the policies and renewals thereof shall be held by Mortgagee aod have attached thereto loss payable clauses in favor of and ~ in 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 toss, they will give immediately notice by mail to Mo~tgagee, and Mortgagee may make proof of loss if not j made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for ` sucb loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied py Mortgagee at its optioo either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs ot the property damaged. In event of foreclosure of this mortgage or other transter of tiNe to the mortgaged property in ex- tinguishment o( the indebtedness setured hereby, all right, title and interest ot the Mortgagors in and to any insurance policies f ther :r. t~:~e s!:sl. ~ss La L!:~ ,^.Sittl85Pf Qf gf3flL~. ~ 8. That the Mortgagee may. at any time pending a suit upon this mortgage, appfy to the court having jurisdiction thereof € for the appointment of a receiver, and such court shall fo~thwith appoint a receiver of the premises covered hereby ail and singu• lar, including all and singular the income, prpfits. issues, and revenues from whatever source derived, each and every of which, it being expressty understood, is hereby mortgaged asif specifically sei tortb and described in the granting and habendum clauses ? hereof, and such receiver shall have all the broad and effective tunctions and powers in anywise ent~usted by a court to a receiver, { and such appointment shall be made by such court as an admittea equity and a matter of absolute right to said Mortgagee, and ! without reference to the adequacy or inad~quacy of the value of the property mortgaged or to the wtvertcy or +nsolvency of said ~ Mortgagors or the defendants, and thai such rents. profiis. income, issues and revenues shall be applied by such receiver accord- ing to the lie~ of this mortgage and practice of such couR. ' _ 9. That (a) in the everrt 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 teferred to be not promptly and fully paid without demand or notice, or (c) in the event that each i and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and lully performed; the~ 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 ot said Mortgagee, as fully and completely as if alt of the said sums of money were originally stipulated to be paid on such day, any thing in said note o~ in this mortgage to the tontrary notwithstanding: and the?eupon or thereafttr, at the option of said MoR• f gagee, without notice or demand, suit at law or in equity, mey be prosecuted as ii aii moneys setured here~y had sr.a;ured priQr to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sotd to satisfy and pay the same tagether ~ilh custs, expenses, a~~ allowances. In cases ot partial toreclosure oi this mortgage, the mortgaged premises shati be sotd subject to the continuing lien of this mortgage tor the amount of the debt not then due and unpaid. !n such case the provisions of this paragraph may again be availed of thereafter irom time to time by the Mortgagee. * i ~ g~pK PACE 5~~ ~ x _