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HomeMy WebLinkAbout0979 Page 2 principal sum and accrued interest sl:at! becor:~c dese and paya~le w~thout noNCe at tl?e ophon of the holder thereof. And shall duly, promptly, and lulty pertorm, discharge, eaecute, ellect, cuiUptete, and co~nply w~th and ab~de by eacl~ and every the stipu lat~ons, agreements, cond~t~ons. and tovenants of said promissory ~o1e and th~s mortgage, then Ih~s mortqage and the estate hn?ghy erwafn~l chall reacw and M n~Jl anrl y~~~A, And the Mortgagors funher covena~t as tollows: 1. That they will pay the ~ndebtedness, as tie~einpelore provided. 'L ~hat, m order more iuuy to proteCt the secur~ty of th~s mongage, the lvfongagors, iogeti~ar wiii~ and iu ouu~i~~~~ tu, ti~a monthly payments under the terms oi any notes secured he~eby, on tlie tirst day of each month untit said note is tully paid, witl pay to the Mortgagee the tollowing sums: ( (b) All payments mentioned in the preceding subsection ot this paragraph a~d 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 singte payment to be applied by the Mortg~gee to the tolbwing items in ihe order set torth: . . . . . 11. Interest on the note secured hereby; and Ili. Amortization of the principal oi said note. Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) tor each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex• pense involved in handling delinquent payments. . 3. That if the totat of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount oi payments actualy made by the Mortgagee, fo? taxes and assessments and insurance premiums, as the case may be, such excess shall be tredited by the Mo~tgagee on subsequent payments to be made by. the Mongagors. If, however, the monthly pay ments made by the Matgagors under (a) of paragraph 2 preceding shall ~ot be sufticient 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 MoKgagors shall pay to the Mort- gagee any amount necessary to make up the defitiency, on or before the date when payment ot such taxes, assessments. or insur. ance premiums shall be due. If at any time the Mo~tgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, fuU payment of the entire indeDtedness representea thereby. the i~iortgagee snali, pay to the Mortgagors aii amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault under any ot the provisions oi this mortgage resulting in a public sale of the premises covered hereby. or it the Mortgagee aoquires the property otherwise after defauR, the Mortgagee shall apply. at the time oi the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a credit against the amount oi printipal then remaining unpaid under said note. 4. That they will pay aIl taxes, assessments, water rates, and. other governmental or municipal charges, tines, or imposi- tions, for which provision has not been made hereinbetore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they witl promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit. or suHer no waste, impai~ment, or deterioration of said property or any part thereof; and in the event oi the failure 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 for the p~oper preservation thereof. and the full amount oi eath and every such payment shall be immediateiy due and payable, and sball be secured by the lien of this mortgage. 6. That they will pay atl and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the paR of the Mortgagors promptty . en.~ /..11.. s.. ..e.in.... ~i.s e an~. e..d s..~.~ ns ~~:d ee.fa a.v1 fb:c mn?fanen ~rvl eaid Pnefe rharaPC AM1 PY- n~aam w..ew ......:se~~v , _o•_~'..~..... _-_-'o_o'• _ _ _ _ - penses shall be immediately du~ and payable and shall be secured by the lien ot this mortgage. ~ 7. That they wil! keep the improvements now existing or hereaRer erected on the mortgaged property insured as may be ~ required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts E and tor such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance tor pay- ~ ment of which provision has not been made hereinbefore. All insurance shatl be carried in companies approved by MoRgagee E and the policies and renewals thereof shalt be held by Mortgagee and have attached thereto loss payable clauses in tavor of a~d ` in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss ii not made promptly by Mortgagors, and each insurance compaoy co~cerned is hereby 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 of the indebtedness hereby secured or to the restoration or re- ~ pairs of the property damaged. In event of toreclosure of this mortgage or olher trar?ster af title to Lhe mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all right, title 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 mo~tgage, appy to the court having jurisdiction thereoi for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby alt and singu- lar, including all and singular the income, profits, issues, and revenues irom whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specificalty set forth and described in the granting and habendum clauses hereof, and suth receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such couR as an admitted equity and a matter oi absolute right to said Mortgagee, and ~ without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or inwlvency of said Mortgagors or the defendants, and that such rents, profits. income, issues and revenues shall be applied by such receiver accord- a ~ ing to the tien of this mortgage and practice of such court. 9. That (a) in the eveM of any breach of this mortgage or default on the part of the Martgagors, or (b) in the event that any ~ of said sums of money herein referred to be oot promptly and futly 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, promptly and fufly x ~ pe?formed; 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 fully and completely as if all of the said sums of money were originaly stipulated to be paid on such day, any ~ ~ thing in said note or in this mortgage to the contrary notvrithstanding; and thereupon or thereafter, at the option oi said Mort- g 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 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 of partial toreclosure ~ ~ of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi 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 from time to time by the Mortgagee. ~ Ge r ~ ~c~ 9 - ~ . - _ . : _ . . _ .