HomeMy WebLinkAbout0625 principal sum a~d accrued inte~est shall become due a~d payable without notice at the option ot the holde~ tl~ereot. And shall
duly, promptly, and (ully periorm, discha~ge, execute, eftect, complete, and comply with and abide by each and every the stipu•
lations, ag~eements, tonditions, and covenants of said promissory note and this mortgage, then this mortgage and the estate
hereby created shall cease and be null and void.
And the Mortgagon tu~ther covenant as tolbws: ~ .
1. That they will pay the inde~tedness, as hereinbefore provided. ,
2. That. in orde~ more tully to protect the security of this mortBage. the Mo~tgagors, together with and in addition to, the "
monthly paymants u~der the te?ms oi any notes securM hereby, on the first day oi each month until said note is lully paid, will :
pay to the Mortgagee the tollowing sums: ~
(b) 1111 payments mentioned in the p?eceding subsectio~ of this pa?agrnph and all payments to be made under any note
secured hereby shall be added together and the sggregata amount thereaf shsll be paid by the Mortgagors each month in a •
singte payment to be applied by the Mortgagee to the tollowing items in the wder.set to~th:
11. Interest on the note secured hereby; and
111. AmoKization of the p~incipsl of said eote.
Any deticiency in the amount of such aggrcgate monthy payment shall, untess made good by the Mortgagors prior to the due
date ot the ~ext such payment, constitute an eveot oi default under this mortgage. The Mongagee may collect a"late charge"
not to exceed two cents (2~) fo~ each dollar of each payment more than fifteen (15) days in a~rears to oove~ the extra ex-
pense invoNed in handli~g delinquent payments.
3. That if the total of the paymeots made by the Mwtgago?s under (a) of parag~aph 2 preceding shall exceed the amount
of payments actualy made by the Mo~tgagee, for tazes and sssessments and insurance premiums, as the case may be. such
excess shall be credited by the Mo~tgagee on subseQuent payments to be made by the Mortgagors. If. however, the monthly pay
ments made by the Mortgagors uoder (a) of paragraph 2 preceding shall not be suNicient to pay taxes and assessments and in-
surance premiums. as the case may be. when the same shatl become due and payable. then the Mortgagors shall pay to the MoK-
gagee any amount necessary to make up the de~ciency, on or before the date when payment oi such taxes. assessments, o~ insur•
ance premiums shall be due. lf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the
note secured hereby. full payme~t of the entire indebtednes3 representeii the?eby, the Mortgagee shall, pay to the Mortgagors all
amounts then remainir~g in the tax and insurance escrow accouM held in connection with this loan. Ii there shall be a defauR
under any of the provisions of this mortgage rcsulting in a public sale of the premises covered hereby, or if the MoRgagee acquires
the property othervvise aRer defauk. the Mwtgagee shall apply. at the time of the commencement of such proceedings or at the
time the property is otherwise acquired, the balance then remainiog in the funds atcumulated unde~ (a) of paragraph 2 pretedinB
as a credit against the amount of principal than remaining unpaid under said note.
4. That they will pay all tazes, assessments, water rates, and other govemmeMal o~ municipal charges. fines, or imposi-
tions, for which provision has 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 will prompRy deliver the ofticial receipts therefore to. the MoRgagee.
5.- That they will permit. commit. or suffer no waste. impaimient, or dete~ioration of said property o~ any part thereof; and
in the event of 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
proper presenration thereof, and the fult amount of each and every such payment shall be immecliaLely due and payable, and
shall be secured by the lien of this moKgage. ~
6. That they will pay alt and singular the costs, charges, and expenses. including reasonaWe lawyers fees. and costs ot
abstracts oi title. incurred or paid at any time by the Mortgagee because of the failure on the part of the MoRgagors promptty
and fully to pertorm the agreements and ~ovenants 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 mortgaga.
'i 7. That they will keep the improvements now ezisting or hereafter erected on the mortgaged property insured as may be
i required f~om 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 ~equired by Mortgagee, and w~u pay prompcy, when due, any premiums on such insurance for pay-
~ ment of which provision has not been made hereinbetore. All insurance shall be wrried in companies approved by Mortgagee
and the policies and renewals thereof shall be heW by Mortgagee and bave attached ihereto loss payable clauses 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 poliry. In event of loss. they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not
made promptly by Mortgagors, and each insurance company concemed is hereby authorized and directed to make payment for
sucb loss directy to Mortgagee instead of to Mortgagors and Mortga8~ jointy, and the insurance proceeds. or any paK thereof,
may be applied by Mortgagee at its option either to tl?e reduction of the indebtedness hereby secured or to the restoration or re-
pairs of the property damaged. In event of foreclosure of this mo?tgage or other transfer of title to the mortgaged property in ex-
tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any iASUrance policies
then in force shall pass to the purchaser or grantee.
8. That the Mo~tgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdktion thereot
for the appointmerK of a receiver. and such couR shall forthwith appo+nt a receiver of the premises covered hereby all and singu-
lar, including all and singular the ineome, profits, issues, and rcvenues irom whatever source derived, each and every of which, it
being expressy understood, is hereby moKgaged as if specificaly set forth and described in the granting and habendum clauses
hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a cou~t to a receiver,
at~d such appointment shall be made by such oouK as an admitted equity and a matter of absolute right to said Mortgagee. and
without reterence to the adequacy or lnadequacy of the value oi the property mortBaged or to the solvency or insolvency of said
Mortgagors o? tbe defenda~ts, and that such rents, profits, income. issues and revenues shall be applied by such receiver accord-
ing to the lien of tbis mortgage and practice of such court.
• 9. That (s) in the event of any brtach of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any
of said sums of money herein referred to be not prompty and fuly paid rrithout demand or notice. or (c) in the eveM that each
ano every ihe siipuiaiioos, agreemenis, condiiions and cavenanis oi ssid r~i~ a:.~ .hss mortgag~, are not duly. promptly and tully
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 ioRhwith, 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 notwithstanding: and thereupon or thereafter, at the option of said Mort-
gagee, without notice or demand, suit at law or in equity, may be prosecuted as it all moneys secured hereby had matured prior
to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said
premises shall be sold to satisiy and pay the same together vrith costs, expenses, and allowances. In cases of partial foreclosure
of this mortgage, the mortgaged premises sball be sold subject to the continuing lien of this mortgage for the amount of the debt
not then due and unpaid. In such case tbe provisions of this paragraph may again be availed of thereaiter from time to time by
the Mortgagee.
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