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HomeMy WebLinkAbout0493 . , ~ ~ principal sum snd accrued interest sliall become due and payable without notice at the option of the holder tf~ereot. And shall duly, promptty, and fuily perform, discharge, executa, eflect, complete, and comply with and abide by each and every the stipu• lations, ag~eements. conditions, and covenants of sald promissory note and this mortgago, then this mortgaQe and ihe estate hereby created shall cease and ta null a~d void. And the Mortgagors further cove~ant as tollows: . 1. That they will pay the indebtedness, as hereinbetore provided. ' 2. That. in oMe~ more fully to protect the security of this morl8age, the Mortgagon, together wiih and i~ additioo to. the monihy psyments under the terms of any notes secured hereby, on the t~rst day ot each month until said note is tuly paid, will pay to the Mortgagee the tollowing sums: ~ i ~ ~ (b) All psyments mentioned in the proceding subsection of this parograph and all payments to be made under any ~ote ~ secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagars each month in a single payment to be applied by the Mortgsgee to the tollowing items in the order set fo~th: . . ~ 11. Interost o~ the note secured heroby: and ~ 111. Ama~tization oi the principal of said note. ~ Any deiiciency in the amount ot such aggregate monthly payment shatl, unless made good by the MoRgagors prior to the due ~ date of the next such payme~t, constitute an event ot detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2!) for each dolla~ of each payment mom than tifteen (15) days in arrears to cove~ tha extra ex• i pense invotved in handling delinquent payments. . ~ 3_ That ii the total ef the payments made by the Mortgsgors under (s) oi paragraph 2 prccedi~H shall exceed the amount ' of payments actualy made by the Mortgagee. for taxes and assessments and insurance premiums. as the csse may be. such excess shall be credited by the Mortgagee on subsequent payrnents to be made by the Mortgagors. If. however, the~monthy psy- ments made by the Mortgagars 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 Mo~t- ~ gagee any amount necessary to make up the deficiency, on or before the date whe~ payment of such taxes, assessments, or insur- ~ ance premiums shall be due. It at any time the Mortgagors shall ter?der to the Mortgagee in accordance with the provisions of the note secured hereby. full paymeM of the entire indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all ~ amounts then remaining in the tax and insurance escrow account held in connection with this loan. Ii there shall be a defauft under any of the provisions oi this mortgage resufting in a public sa~e of the premises covered hereby, or if the Mortgagee soquires ; the property otherwise after defauR, the Mortgagee shall app1Y. at the time of the commencement of such proceedings or at the t~ time the property is otherwise aoquired. the batance then remaining in the funds accumulated under (a) of paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said note. ? 4. That they will pay all taxes, assessments. water rates. and other govemmental or municipal charges, fines. o~ imposi- ; tions. tor which provision has not been made hereinbefore, and in defauR the?eof. the Mortgagee may pay the same and be ` secured by the lien of the mo~tgage: and that ihey will promptty deliver the official receipts therefore to the Mortgagee. 5. That they will penni~ commit, ar sufter no waste, impairment. or deterioration of said propeRy o~ any part thereoi; and = in the event of the tailure of the Mortgagors to keep the buifdings 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 proper preservation thereof, and the full amount of each and every such payment shall be immediatefy due and payable. and shall be secured by the lien of this mortgage. 6. That they will pay all and singutar the costs, charges. and ezpenses. including reasonaWe lawyer's fees. and costs of abstracts of title, incurred or paid at any time by the MoKgagee because of the failure on the part of the Mortgagors promptly ' and fuUy to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ` penses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That the~r will 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 and fo~ such periods as may be required by Mortgagee, and will pay promptly, when due. any premiums on such insura~ce for pay- ment of which provision has not been made hereinbetore. Atl insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be heW by Mortgagee and have attached thereto loss payable ctauses in favor of and 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 eve~t of loss, they rrill give immediatey notice by mail to Morigagee, and Mortgagee may make proof of loss H not . made promptly by Mortgagors. and each insurance company wncerned is hereby authorized and directed to make payment iw such loss directy to Mortgagee instead oi to Mortgagors and Mortgagee jointy, and the insurance proceeds, or any psrt thereof, ~ may be applied by Mortgages 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 foreclosure of this mortgage or other transfer of title to the mprtgaged property in ex• tinguishmeM of the indebtedness secured hereby. all ~ight, Mle and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purcha~r or grantee. 8. That the Mortgagee may. st any time pending a suit upon this mortgage. apply to the court having jurisdktion thereof ; for the appointmerrt of a reoeiver, and wch court shall fo~thwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the incame, proTits. issues, and rovenues from whatever source derived. each and every of which, it = being expressly understood, is hereby mortgaged as if specitically set torth and described in the g?anting and habendum clauses ~ hereof, and such receive~ shall have all the broad and effective functions and powers in anywise entrusted by a oouK to a receiver. ~ and such appointment shall be made by such court as an admitted equity and a matter of absolute rigM to said Mortgagee, and ; without reference to the adequary w inadequacy of the value ot the property mort8a8ed or to the solvency or insolvency of said ' Mortgagors or the de(endants, and that such reMs, profits, income. issues and revenues shall be applied by such receiver accord- ~ ing to the lien of this mortgage and practice of such_court. _ ~ 9. That (s) in the event of srry brcach •of this moRgage or defauR on the part of tbe Mortgagors, or {b) in the eveM that any ~ k of said sums of money herein refe~ed to be not prompty and ful{y paid without demand or notice, or (c) in the event tbat each r ~ and every the stipuiations, agreements, condftions and covenants of said note and this mortgage, are not duly, prompty and fully ~ ~ performed; then in either or any suth event. ~he said aggregate sum meMioned in said note then remaining unpaid, with interest ~ ~ accrued to that time, and all moneys securod hereby, shall b~tome due and payable forthwitb, or ihereafter, at the option of said ~ ~ Mortgagee, as fully and completely as if atl of the 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 notwithstaoding: and thereupon or thereaiter, at the option of said Mort- gagee, without notice or demand, suit at Iaw or in equity, msy be prosecuted as 'rf all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payab{e, and the said ~ premises shall be sold to satisiy and psy the same together with costs, expenses, and allowances. In cases of partial foreclosure Y of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of the debt ~ not then due and unpaid. In such case the provisions oi this paragraph may again be availed of thereafter irom time to time by ~ the Mortgagee. ~ ~ ~ • * ; : : ' 1 BooK 272 ~A~E 4~3 j„ 4~ ~ ~ ~ . - - _ ~ c. _ ~w~~a