Loading...
HomeMy WebLinkAbout0888 : ~ ~ principsl sum a~d acCrued interest shall become due and payable without notice at the option of the holder the~eot. And shall ~ duly, promptly. and luly pe~form, discharge, execute, efiect, compiete, and compry with snd abide by each and every the stipu• ; lations, ag~eements. tonditiqns, and covenants of said promissory note and this moAgage, then this mortgage and ths estate ~ he~eby created shsll cease and bs null and void. ~ Ilnd the Mortgagon tunher covenant as folbws: 2. That they will pay the indebtedness. as hereinbstore p?ovidsd. 2. That. in order more fu~y to protect the seci;rity of this mortgage. the Mortgagors. togethe~ with and in addition to. the ~ monthy payments under the terms oi any notes sacured he?eby, on the ti?st day oi each month untit said note is fuly paid, will ~ pay to the Mortga~ee tha iollowing sums: ' ~ s r 1 . a ; . 3 (b) AN paymeots meMioned in the preceding subsectbn ot this paragraph and sll paymeots to be made under any note } secured hereby shall be added together and the aggrcgate amount thereoi ahsll be paid by tha Mortgsgors each month in a ; single payment to be applied by the Mortgagee to the following items i~ the order set foKh: ' i . . . ~ t 11. laterost on the ~ote secu?ed heroby; aod ~ 111. Mwrtization of the principal of sald note. Any deficiency in the amount of such a~regate monthy payment shall, unless made good Dy the Matgagors p?ior to the due t date of the ~ext such payment, constitute an event of defauft under this mortgage. The Mongagee msy collect a"tate charge" . not to exceed two cents (2t) tor each dolla~ (t) oi each paymeot more than fifteen (15) days in anears M cover tbe extrs ex- pense invohred in handling delinquent payments. . ~ 3. That if the total of ths payments made by the MortgaQors under (s) of psragraph 2 prcceding shaH exceed the amount ~ of payments adualy made by the Mortgagee. tor Wxes and assessments and insurance premiums, as the. case msy be. such excess shall be credited by the Mortgagee on subsequent payme~ts to be made by the Mortgagors. If. however..the monthly pay ments made by the Mortgagors undar (a) of paragraph 2 preceding sha11 rtot be sufficient !o pay taxes and assessments and in= surance premiums, as the wse may be, when the same shall become due and payable. then the Mortgagors shall pay to the Mo~' gagee any amount necessary to make up the deficiency. on or before the date when payment of such taxes, assessmeMs. or insur- ance pr+emiums shall be due. If at any time the Mortgagors shall ter~der to the Mortgagee in accoMance with the provisipns of the note secured hereby. tull payrt~eat oi the entire indebtedness represenied thereby, the Mortgagee shall, pay to the Mo~tgagas all amounts then remaining in the tax and insurance escrow accouM held in connection with this loan. N them shall be a default under any of the provisions of this mortgage resuRing in a publk sale of the premises covered hereby, or if the Mortgagee aoquiros the property otherwise atter detault, the Mortgagee shall appty. at the time of the commencement of such p?a~aedings or at the time the property is otherwi,e acquired. the balance then remaining in the funds aocumulated uoder (a) of paragraph 2 preCeding as a credit against the amouM oi principal then remaining unpaid under said note. - 4. That they will pay all taxes, assessments, water rates. and other govemmentsl or munkipsl charges. finas, or impoai• tions, tor whkh 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; snd that they will prompty deiiver the officia! receipts therefore to the Mortgagee. 5. That they will pertnit~ commft. or suffer no waste. impaim~ent. or deteriaration ot said property or sny part theraof; and ~ in the eve~t of the failura of ihe Mortgagon to keep the buildings or said premises aod thos:. be erected on said premises, or { improveme~ts thereon, in good repair. the Mortgagee may make such repairs as in its discretion it may deem necessary for the ~ prope~ preservation thereof. and the full amow~t of each and every such payment shall be immediatey due and payabte. and ~ shall be secured by tt~e lien of this mortgage. t 6. That they wilt pay all and singutar the costs. charges. and expenses, including reasonable lawytts tees, and costs of s abstracts of title. incu?red w paid at any time by tl~e Mortgagee because of the failure on the part of the Mortgagors RrompUy i and fully to pe~form the agreemeMs and covenants of said promissory note and this mortgage, and said costs, charges and ex- 3 nses shell be imtnediat due and ' Pe ely payable and sliall be secured by the lien of this mortgage, j 7. That they will keep the improvements now existing or hereafter erected on the moRgaged property insured as may be ~ required trom time to time by the Mortgagee against loss Dy tire or othe~ hazaMs, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompRly, when due, any premiums on such insurance for pay- ; meM of which provision has not been made hereinbefore. All insurance shall be camed in companies approved by Mortgagee ~ and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payabte ctauses in favor of and ~ in form acceptable to the Mortgagee. Renewal policies shap be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. !n eveM of loss, they will give immediately notice by mail to Mortgagee. and Mortgagee may make proof of loss if not ~ made prompty by MoRgagors, and each iosurana company concemed is hereby authorized and directed to make payment fo~ ; such loss direrty to Mortgagee instead oi to Mortgagors and Mortgagee jointly. and the inwranos 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 foreclosure of this mo~tgage or other transfer of title to the mprtgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all right, Mle and interest of the Mortgagors in and to any iesurance policies ~ then in iorce shall pass to the purchaser or graMee, f 8. That the Mortgagee may~ at any time pending a suit upon this mortgage, appy to the oourt hsving jurisdictfon thereof ~ for the appairttrnent of a receiver~ and such oouri shall toRhwith appoint a recei+rer of the premises carered hereby all and singu- ' lar. including all and singutar the income, profits, issues, and revenues from whatever source derived. each and every of which, it ; being expressy unde~stood, is hereby mortgaged as if specifically set fo~th and described in the granting and habendum clauses ~ hereof, and such receiver shaU have"all tl~a brosd and effective functions and powers in anywise erttrusted by a court to a r~+ceive?. and such appoirrtment shall be rr~ade by such caurt as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without refere~ce to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said s_ Mortgagoa or the defendants, a~d that wch rents, profits. income, issues and revenues shatl be applied by such receiver accord-. ~ in to the lien of this mo ~ 6 rtgage and prsctice of such court. - 9. That (s) in the everrt of sny breach pf this mortgags or defauk on the part of the Mortgagors, or (b) in the eveM lhat any ; of said sums of money herein rcterred to be not promptly and fully paid witf~out demand or notice, or (c) in the eveM that each ~ and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duy, promptly and fully ~ perionned; then in either or arry such event, the said aggregate wm meMioned in said note tben remaining unpaid, with irrterest ~ accrued to that time, and all moneys secured hereby, shall become due and payable forthwith. or thereafter. st the option of sald Mortgagee, as fully and completely as H aq of the said surru of money vrere originally stipulated to be paid on such day, any ~ thing in said note or in this moKgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mort- gagee, without aotice or demand, suit at law or in tqu'rty. may be prosecuted as if all moneys secured hereby had matured prior } to its i~stitution. The Mortgagee may toreclose this mortgage, ss to the amount so declared due and payaWe. and tbe said premises shall be sold to satisy and pay tbe same together with costs, expenses, and allowances. In cases of partial foreclosure a of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not the~ due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter trom time to time by the Mortgagee. . ~ - # ~~~i!V ~ V~ - _ _`-`="`m_""..~;' r~;-' - - . _ . . - -