HomeMy WebLinkAbout0690 principal sum and accrued mterest shall hecome due and payable w~thout notice at the opUon o1 the holde~ thereot. And shall
duly, promptly, and (ulty pe~fo~m, discharge, execute, ellect, complete, and cumpty w~th and abide bv each and every the stipu~
lat~ons, agreements, conditions, and covenants ot said promissory note and this ~no~tgags, lhen tl~is ~noNgage and the estate
hereby created shall cease and be null and void.
Md the Mortgagors further covenant as lollows:
1. That lhey will pay the indebtedness, as hereinbe(ore provided. .
That, in orde~ mo~e tully to p~otett the security of this mortgage, the Mortgago~s, together wilh and in addition to, the
monthly payments under the terms oi any notes secured he~eby, on the f~rst day of each month until said note is tully paid, will
pay to the Mortgagee the following sums:
(b) All payments mentioned in the preceding subsettion o( this paragraph and all payments to be made under any note
secured hereby shall be added toqethe~ and the aggregate amount thereof shall be paid by the Mortgagors each month in s
single payment to be applied by the Mortgagee to the following items in the order set fonh:
t. Taxes. sssessments, fite. and hazard insurance promiums;
II. Interest on the note secured hercby: and
III. Amortizatlon of the principal ot said note.
Arry deficiency in the amount of such aggrcgate monthy pnyment shalt, unless made good by the Mortgagors prior to the due
date of the nezt such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge"
not to exceed two cents (2t) for each dollar ~t ~ach payment more than fifteen (15) days in arrears to cove~ the eztrs ex-
pense involved in handling delinquent payments.
3. That if the total of the payments made by the Mortgagors under (a) of parograph 2 preceding shall exceed the amount
of payments actualy made by the Mortgagee. to~ taxes and assessments and insurance premiums, as the case may be. such
excess shall be credited by the Mortgagee on subsequent payments to be made by ihe Mo~tgagors. If, however, the monthy pay-
ments made by the Mortgagon under (a) of paragraph 2 p~eceding shall not be sufiicient to pay taxes and assessments and in-
su~ance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort-
gagee a~y amount necessary to make up the deficiency, on or before the date when payment oi such taxes, assessments, or insur-
ance premiums shall be due. If at any time the Mortgagors shall tende~ to the Mortgagee in accordance with the provisions of the
note secured hereby, tull paymeM of the entire indebtedness represented thereDy, the Mo~tgagee shall, pay to the Mortgagors all
amounts then remaining in the Wx and insu~ance escrow account held in connection with this loan. If there shatl be a detault
under any of the provisions of this mortgage resulting in a public sale oi the premises coverod hereby, or ii the MoRgagee acquires
the property otherwise after defautt, the Mortgagee shall apply, at the time o! the commencemen! of suth proceedings ot at the
time the property is otherwise acquired, the balance then remaining in the funds acCUmulated under (a) of paragraph 2 precedinH
as a credit against the amount oi principal then ~emaining unpaid under said note.
4. That they witl pay atl taXes, assessments, water rotes, and other governmental or municipal charges, fines, or imposi-
tions, for which provision bas not been made hereinbefore, and in default thereoi, the Mortgagee may pay the same and be
secured by the lien of the mortgage; and that they vrill prompty deliver the ofiicial receipts therefore to the Mortgagee.
5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and
in the event oi the tailure ot 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 fo~ the
proper preservation thereot, and the full amount ot each and every such payment shatl be immediately due and payable, and
shall be secured by the lien of this mortgage.
6- That they will pay all and singular the costs, charges. arx! tx~er!~!~, ~~!'~~~~~o reasonahle lawyers tees, and costs of
abstracts of title. incurred or paid at any time by the Mortgagee because of the failure on the pa~t oi the Mortgagors prompty
I and tully to perform the agreements and covenants of said promissory note and this moRgage, and said costs, tharges and ex-
~ penses 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 hereafter erected on the mortgaged property insured as may be
E required irom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts
~ and for such periods as may be required by Mortgagee. and will pay promptly, whe~ due, any premiums on such insurance tor pay-
~ ment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee
~ and the policies and renewals thenwf shall be held by Mortgagee and have attached the~eto loss payaWe clauses in tavor ot and
~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to ezpiration of exist-
ing policy. In event of loss, they will give immediately notice by mail to Mo?tgagee, snd Mortgagee may make proof of loss H not
R made promptly by Mortgagors, and each insurance company concerned is hercby authorized and directed to make payment for
such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointy, 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 transfer oi title to the rr~rtgaged property in ex-
tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurante policies
tiien i~? fu+ce shaii pass te lhe purchaser or grant~e.
8. That the Mo~tgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof
tor the appointment of a receiver, and such court sball foKhwith appoint a receiver of the premises covered hereby aIl and singu-
lar, including atl and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it ;
being expressly understood, is hereby mortgaged as if specifically set torth and described in the granting and habendum clauses i
hereof, and such receiver shall have all the brosd and effective functions and powers in anywise entrusted by a court 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 inadequscy ot the value of the property mortgaged or to the solvency or insolvency of said
Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shatl be applied by such receiver accord-
~ ing to the lien oi this mortgage and practice of such court.
~
a 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagea, or (b) in the event that any
of said sums of money herein reterred to be not promptly and fully 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
~t 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 oi said
~ Mortgagee, as fully and completely as if all of tbe said sums of money were originally stipulated to be paid on such day, any ;
~ thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- r
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. The Mongagee may toreclose 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 of partial toreclosure
of this mortgage, the moRgaged 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 case the provisions of this paragraph may again be availed of thereafter irom time to time by ;
the Mortgagee. t
sOCx26~ PrrE 6 p
~Q
_
. ~
~ _ . . _ _ . ~ - -
_ _ s_ . -