Loading...
HomeMy WebLinkAbout0234 ' . .1. , p~i~cipal sum snd acuued interec~ sha11 become due and payaDle w~tt~out notice at 11~e option ot the hotder thereol. And shall duly, p~omptly, and lully pe~form, d~xharge, e:ecute, etfect, complete, a~d comply with and abide by eacl~ and every tlie stipu• lalions. ag~eements, conditions, aUd covefwnts ot Said p~omissory note and this mortgage, then tl~is ~nongage and the eslate he~eby created shall cease and be null and void. • " Md tbe Mortgagors iu~ther coveosnt as idbws: 1. That they wilt pay the indebtedness. as l~ereinbetore~provided. 2. That, in orde~ more tuly to protett~he security of this mortgage, the Mortgagors, together with and in addition to, the monthly paymeots unde~ the tem~s ot aoy notes secured hereby, on the first day ot each month until said note is tuly paid. will pay to the Mortgagce the tdlowing sums: (b) 1111 payments mentia~eil in the p~stedi+i6 wbsection oi this paragraph and all payments to be made u~der any ~ote secured hereby shall be added togethe? pnd the a~te amount thereoi shall be paid by the Mortgagors each month in a single payment to be applied b~r the Mo~ee to the foliowing items in the oMer set torth: 11. IMerest oe the note securEd hereby: and 111. Mw?tization of the principsl of said note. , Any deficicncy in the amou~ ot wch a~egate monthty psyme~ shall, unless made good by the Mo~tgagors prior to the due date ot the next wch paymen~ ca~siitute an eYe~t ot default under this mortgage. The Mortgagee may collect a"late cfiarge" not to exceed two cents (2C) for each dollsr (f) af each paymeM more than fiReen (l5) days in arrean to cover the extra ex- pense i~volved in handling ddinqueM pa~?ments. 3. That if the total of the psyments rt~fe by the Mortgagors unde~ (s) of paragraph 2 preceding shall exceed the amount of payments actuslly n~de b~? the Mortg,egee, for tsxes and sssessments a~ insurance premiums, as the case may be, such excess shall be credited try the Mortgagee on wbsequent payrt~eots to be made by the Mortgagors. If, however. the monthly pay- ments made by the Mo~tga~ors under (a) of pamgraph 2 preceding shall not be suNicient to pay taxes and assessments and in• surance premiums, as the case msy be, when ihe same shall become due and payaWe. the~ the Mortgagors shall pay to the Mo~t• 4 gagee arry amaur~t r~ecessary to make up Me defiaenc~l. an os betore the date when payment ot such taxes, assessments. or insur- ~ ance premiums shall be due. lf at arry time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payrtient of the entire indebtedness represented the?eby. the Mortgagee shall. pay to the Mortgagors all _ amounts then remaini~ in the tax and iinurance estrow aocouM held in connection with this losn. If there shall he a defauR ; under any oi the provisions of this nwrtgage rewlting in a pudic sale of the prem'~ses covered hereby, or if the Mortgagee soquires ; the property otl?erwise after defauK. the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the propeRy is otherwise aoquired, tAe balanoe then remaining in the funds accumulated under (a) oi paragraph 2 preceding as a credit against the amouM of prinapal tt~ ~emaining unpaid under said note. _ _ 4. That they will pay all taxes, assessments, water rates. aed othe~ govemmental or municipal charges. fines, or imposi- tions, tor which provision has oot been made hereinbeforc. and in default thercof, the Moitgagee may pay the same aod be secured by the lieo of the mortgage; and that the~? will promptly deliver the official receipts therefore to the Mortgagee. ~ r 5. That they will permit~ commit, or suffer ra nrast~, impairment. or deterioration of said property or any part thereof; and ? in the event of the failure af the Mo~tgagors to kcep ttu buildings or said premises and those to be erected on said premises, or ; improvements thereon, in good repair, the Mortg,agee ma~? make such repairs as in its discretion it may deem necessary for the proper preservation thereof, arM the full amouM oi each and every such payment shall be immediatety due and payaWe, aod t shall be secured by the lien of this mort~age. ` 6. That they will pay all and singular the oo~ts, charges, and expenses, inctuding reasonable lawyers fees, and costs ot i E abstracts of title, intuRed or paid at arry time by tNe Mortga8ee because of the tailure on the part of the Mortgagors prornptly ; and fully to perform the agreert~eMs and oorenaMs of said promissory note and this mortgage, and said costs, charges and ex- : penses shall be immediatdy due and pa~rable and shall be secured by tbe lien of this mortgage. 7. That they will keep the imprarements naw existing or hereafter erected on the mortgaged propeRy insured as may be ~ required from time to time by the Mortgagee against bss b~? ~re or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee. and will pay promptly. when due, any premiums on such insurance for pay ment of which provision has not been rnade hereinbefore_ AN insurance shall be carried in wmpanies approved by Mortgagee f and the policies and renewak thereof. shall be held by Mortga~gee and have attached thereto loss payaWe clauses in favor of and ~ in form acceptable to the Mortgagee. Renewal poticies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- . ing policy. In eveM of loss, the~? will ~ive immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made prompty by MoAgagors, and each inwranoe compan~? concemed is hereby authorized and directed to make payment for such loss directy to Mortgagee ir~stead of to 1Aort~ors and MoRgagee janthl. 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 everK of foreclowre of this mortBage or other transfer of title to the mortgaged prope~ty in ex- tinguishmeM of the indebtedness sewred hercby, all ri~t, title and interest oi the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or graMee. 8. That the Mortgagee may, at any time pending a wit upon this mort8a$e. apply to the oouR having jurisdiction thereof for the appoinMieM of a receirer, and wd~ oouR shall forthwith appoirK a receiver of the premises covered hereby all and singu- lar, including all and singular the inoome. profits, issues, and rerenues from whatever source derived, each and every of which. it ~ being expressly understood, is i~eaby mortgaged as if spetifically set forth and described in the granting and habendum clauses ` hereof, and such receiver shall have all tbe bosd and eHectiee functions and powers in anywise entrusted by a court to a receiver. - and such appointment shap be nwde by wch oouR as an admitted equity and a matter of absolute right to said Mortgagee, and = without reterence to the adequscy or irwdequacy of tbe value of the property moRBaged or to the solvency or insolventy of said 5 Mortgagors or the defendaMs, aod that wd~ rcMs, prof'ds, inooo~e, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgag~e and practioe of such oourt. a ~ ~ 9. That (a) in the erent d aay b~each of this mortg,ag~e or default on tt~e part of tbe Mortgagors, or (b) in the event that any , s of said sums of nwney hereio reterred to be not prompty and fully psid without demand or notice, or (c) in the event that each ? ~ and every the stipulations, a~reertients, oaKtitions and cavena~Ks of said note and this moRgage, are not duly, p~omptly and tully i ~ performed; then in eithet or airy wch event, the said aggreg,ate wm menta~ed in said note then remaining unpaid, with interest ~ accroed to that time, and all naneys secured bereby, shall becane due and payaWe foRhwith, or thereaRer, at the option of said j Mortgagee, as fuly arM completeiy as it all of the said wms of money were originaly stipulated to be paid on such day. any- $ thing in said note or in tbis mortgage to the ~ootrary notwithstandin~ and thereupon or thereafter, at the option of said Mort- t ~ gagee, without notice or demand, wit ~t law or a~ equitp. may be prosecuted as if all moneys secured hereby had matured prio~ s to its institution. The Mortgagee may forcclose this rtaR~e, as to the amou~t so declared due and payable, and the said premises shall be sold to satisty snd pay the same togathr wi ~ costs, expenses, and atlowances. In cases of partial foreclosure of this mortgage, the mortgaged premises shall be sold wbjed to the continuing lien of this mortgage for the amount of the debt ~ not the~ due and unpaid. In such case the pro~visions oi this psra8?aph mar again be availed of thereafter irom time to time by - the Mortgagee. 3 1 aooK 272 ~ ~E_ 2~34 _ _ _ - _