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HomeMy WebLinkAbout0644 pri~cipal sum and accrued interest shall become due and payable w~thout not~ce at the opt~on of the holde~ lhereof. And shall duly, p~omptly, and tutty pe~to~m, disct~arge, execute, eflect, cornplete, and compy with and abide by each and every tt~e stipu- lations, ag~eements, tonditions, and covenants of said promissory note and this mortgage, then this moAgage and the estate he~eby created shall ceau and be null and vad. ~ And the Mongagors luhher covenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. ~ 2. That, in order more futly to p~otect the secu~ity oi this mortgage, the Mo~tgagors, toQether with a~d in addilion to, the i monthly payments under the terms ot any notes secured hereby, on the tirst day ot each month until said note is fully paid, will ~ pay to the Mo~tgagee the tollowing sums: (a) A sum equal to onttwelfih (1: 12) of the premiums that will next become due and payable on policies ot tire and other hazard insu~ante covering the mortgaged property, plus taxes and assessments next due o~ the mo~tgaged property (all as esti- mated by the Mortgagee). (b) All payments mentioned i~ the preceding suDsection of this paragraph and all payments to be made unde~ any note ~ secured hereby shall be added together and the aggregate amount thercof shall be paid by the Mortgagors eacA month i~ a t single payment to be applied by the Mortgagee to the tolbwing items in the order set foRh: ~ 1. Tszes. assessments, firo. and hazard i~surance premiums; ~ (I. Interest o~ the note secured hereDy; and ~ III. Amortization of the printipal oT said note. , S Any deficiency in the amount oi such aggregate monthy payment shall, unless made good by the Mo~tgago?s prior to the due = date of the next such payment, constitute an.eveot of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2!) for each doltar (s) of each payment more thao fifteen (15) days in ar~ears to cover the extra ex- pense invoNed in handling delinquent payments. ~ 3. That if the total oi the payments made by the Mongagors unde~ (a) of paragraph 2 preceding shall exceed the amount } oi payments actually made by the Mortgagee. tor taxes and assessments and insuronce premiums. as the case may be, such excess shall be credited by the Mortgagee on subsequent paymenis to be made by the Mortgagors. Ii, however, the monthy pay- ments made by the Mortgagors under (a) oi paragraph 2 precedi~g shall not be sufiicient to pay taxes and assessments and in- surance premiums, as the case may be; when the same shall become due and payable, then the Mongagors shall pay to the MoK• gagee any amount necessary to make up the deficiency. on or 6efore the date when payment oi such taxes, assessments, or insur- ance p~emiums shall be due. lf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby. full payment of the entire indebtedness ~ep~esented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account hetd in connection with this loan, If the~re shatt be a default under any of the provisions of this mortgage resulting in a pubtic sale of the premises covered hereby, or Ii tf~e Mortgagee acquires the property otherwisa aftrr default. !he Mortgagee sbafl apply, at the time of the commencement of such proceedings or at the ! time the property is otherwise aoquired, the balance the~ remaining in the tunds accumulated under (a) of paragraph 2 preceding as a c~edit against the amount of principal then remaining unpaid u~der said note. ~ 4. That they will pay all tszes. assessments. water ?ates. and othe~ govemmental o~ municipal charges, itnes, or imposi- tions, tor which provision has not been made hereinDctare, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the oificial receipts therefore to the Mortgagee. 5. That they will permit, commit, or sutfer no waste, impairment, or dete~oration oi said property or srry paut thereof; and y in the event of the tailure of the Martgagors to keep the buildings or said premises and those to be erected on said pnmises. or improvements thereon. in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper presenration thereol. and the tult amaunt of each and every such payment shall be immediatey due and payable, and shaU be secured by the lien of this mortgage. 6. 7hat they will pay all and singular the costs, charges, and expenses, including reawnable tawyer's fees, and costs of abstracts of title. incurred or paid at any time by the Mortgagee Decause of the tailure on the part of the Mortgagors promptty and fully to perform the agreements and covenants oi said promiuory note and this mortgage, and said costs, cha?ges and ex- penses shall be immediatety due and payable and shall be secured by the lien of this mortgage. 7. That they wili keep the improvements now existing or hereafter e?ected on the mortgaged propeRy insured as may be required trom time to time by the Mortgagee against loss by fire or other hazards, casuaRies, and contingencies in such amounts and (or such periods as may be required by MoRgagee, and will pay prompty, when due, a~y premiums on such insurance tor pay- ment of which provision has not been made hereinbefore. All insurance shatl be carried in companies approved by Mortgagee and the policies and renewals the~eof shall be held by Matgagee and have attached thereto loss payaWe clauses in favor of and in form acceptable to the Mo~tgagee. Renewal polic'~es ahall be delivercd to Mortgagee at least 10 days priorto expiration of exist- ing policy. In event of loss, they will give immediately ootice by mail to Mortgagee, and Mortgagee may make prooi of ioss if not made promptly by Mortgagors. and each insurance company concemed is hereby authorized and d'erected to make paynent tor such loss directty to Mo?tgagee instead ot to Martgagors and Mortgagee jointy, and the insuraace proceeds. or any part thereof. ~ may be applied by Mortgagee at its option either to the reduction of the indebtedness he~eby secured or to the restoratio~ or re- pairs of the p~operty damaged. In event of toreclosure of this mortgage or other transfer oi title to the m~rtgaged property in ex- tinguishment oi the indebtedness secured hereby, all rigM, title and interest of the Mortgagors in and to any insurance policies then irt torce shall pass to the purchaser or grantee. 8. That the Mortgagee may. at any time pending a suft upon this mortgage. apply to the court having jurlsdiction thereot for the appointmeM of a receiver, and such court shal~ fo~thwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the inoome, profits, issues. and revenues irom whatever wurce derived, each and every of which, it being expressly understood, is he~eby mortgaged as ii specifically set fo?th artd desc?ibed in !he granting and habendum clauses hereoi, and wch receiver shall have all the broad and effective functions and powers in anywise entrusted by a couR to a receiver. and such appointment sball 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 inadequscy oi the value of the property mortgaged or to the sotvency ar inwlvency of said Mortgagors or the defendants, and that such rcnts, profits, income, issaes and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice ot such cou~t. 9. Tha! (a) in the eve?rt of any breach of tbis mortgage or default on the part of the MoKgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and fuly paid without demand or notice, or (c) io the eveot that eath and every the stipulations. agrcements, conditions and covenants of said note and this mortgage, are not duly, promptyand futly performed; then in either or any such event, the said aggregate sum mentioned in said oote 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 all oi the said sums oi money were originally stipulated to be paid on such day, any- t thing in said note o~ in this mortgage to the contrary notwithstanding: and thereupon or thereaRer, at the option of said Mort- gagee, without notice or demand, suit at law or i~ equity, rrfay be prosecuted as ii all moneys secured hereby had matured prior to ;ts institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be wld to satisfy and pay the same together with costs, expenses, and allowances. In wses of partial toreclosure ~ oi this mortgage, the mortgaged premises shall be sold subject to the continuing lien of th'rs moRgage for the amount of the debt j ~ not then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereatter from time to time by ~ the Mortgagee. ` ~ ~~~kY~by Nr~: ~4~ . ~ ~ ~ .