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Home My WebLink About0893 ? ~ • 1 a! i , li ~ principsl sum ani accrued interest shalt become due and payaWe without ~otice at the option oi the holder thereot. Md shall ; duly, promptly, and tuly perform, discharge, execute, eftect, complete, and compy with and abide by each and every the stipu• lations, agreemants, conditions. and covenants oi said promisspry note and this mortgaga. the~ this mortgage and the estate ; hereb~l Croated shail cease a~d be null and void. i And the Mortgago~s tu~tM~ covenant as iplbws: . f 1. That they wiil pay the iodebtedness, as heroinbetore provided. ~ 2. That, in order more tully to protect the security ot this morigage. tha Mortgagors, together with and in addition to. the . monthy payments under the temns of sny notes securod hereby, on the tirst day ot each month until said rtote is tully paid. will ` pay to the Mortgagee the folbwing suma: ` . i ~ jr i . ' ~ (b) All payme~ts mentionsd in the proceding wbsectbn of this paragrepb and all paymeMs to be made unde~ any note ? securod he?eby sl~sll be added together and the aggregate amount thereof shatt be paid by the Mortgagws each month In s ~ siagb payment to be applied by the Mortgagee to the idbwing items in ihe order set foKh: F t • . t i N. Mierost on the note secured hemby; snd . _ # 111. Amortiiation of the principal ot said nots. ~ My de~ciency in the amount ot such aggregate rtwMhly psyment shalf, un~ess made good by the Mo?lgagors prior to the due ~ date of the oext wch payment. constitute an avent of default unde~ this mortgage. The Mortgagee may collect a"late charge" not to enoeed two cents (2t) for aach dollar of each paymeM more than tifteen (15) days in aRears to oover the extra ex• 3 pense involvecf in handling delinquent psyments. ~ ` ~ ' = 3. That ii the total of ths paymenis macle by the M ~ ortgagors under (s) of psragraph 2 preceding shatl exceed tha amouot of payments actwlly made by the Mortgagse. for taxes a~d assessments and insurance p?emiums. as the case msy be, such . excess sl~all be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If. however. the monthly pay ments made by the Mortgagors under (a) of paragrapF~ 2 preceding shall not be suNicieM to pay taxes and assessmeots and in• surance premiums, as the case may be. when the same shall become due and payabte. then the MoRgagors shali pay to the Mort- gagee any amou~ nacessary to make up the deficiency. o~ or before !he date when payment oi such taxes, ~ssessments, or (nsur- ance premiums shall be due. If at any ttme the MoRgagors shall tender to the Mortgagee in accordance with the provisions of the ~ note secured hereby. tull paymeM of the entine indebtedness rep~esented thereby. the Mo~tgagee si~all, psy to the Mbrtgago?s all ~ amounts theo remaining in the tax and insurance escrow aecouM heW in connection with this loan. N thero shall be a deiault under any ot the provisions of this mortgage resulting in a public sale of t1~e premises co~vered hereby. or H the Mwtgagse acQuiros ~ the property otherwise atter defauR. the Mortgagee shall apply. at the time of the commencement of such procesdi~~ or at ths + time the property is othenvise aoquircd, ihe balance the~ temaining in the funds accumulated under (s) of paragraph 2 pnceding : as s aedit against the amouM of principal then remaining unpaid under saW note. 4. That they will pay all taxes, assessme~s. water rates. and othe~ govemmental or municipal charges, fines, w lmposi- • tions. tor whkh provislon has rtot peen made hereinbefore, and in default thereof, the Mortgagee may ~pay the same and be s~ured bY the ~b~ of the mo~tgage; and that they will prompty deliver the oHicial receipts iherefom to the Mortgagee. 5• That they witl pemnit. commit, or suHer no waste. impairment, or dsterwration of said property or any part thereof: and ; io the event of the failure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises. w improvements thereoo, in_ good repair. the Mortgagee may make such repairs as in its discretion ii may deem necessary for the j proper preservation thareoi, and the fuU amouat of esch and every such payment shal) be immediatey due and payable, and ~ sball be secured by the lien of this mortgage. . ~ 6. That they will pay all and singula~ the costs, tharges, and expenses, including reasonable tawyer's fees. and costs of ~ abstracts of title. incurred or paid at any time by the Mortgagee because of the failure on the pa~t of the Mortgagors promptfy and fully to perform the agreements and covenants of said promissory note anci i~,:~ .;.r. ~~e. and said costs, cF~arges and ex- ~ penses shal! be immediatety due and payable and shall be secured by the lien of this mortgage, # 7. That they will keep the improvements now euisting or hereafter erected on ihe mortgaged property insurcd as may be ~ ~equired from time to tfine by the Mortgagee agai~ct toss by fire or other hazards. casualties. a~d contingencies in such smounts r and for such periods as may be requi~ed (r~t Mortgagee, and will pay prompty. when due, any premiums on such insurance tor pay ment of which provision has noR been made hereinbefore. /tN insurance shall be carried In companies approved by Mortgagee and tbe policies and renewals thereof shalt be held by Mortgagee and have attached thereto bss payat,i~ clauses in favor of and . in form aaeptabk 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 wil! give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if ~ot made promptty by Mortgagors; and each insurance comparry concemed is hereby autborized and directed to make paymeM tor ; such loss directly to MoKgagee i~atesd oi to Mortgagors and Mortgagee jointy. aod the insnrance proceeds. or am? part thereof. may be applied by Mortgagee at its option either to the reducGon of ihe indebtedness hereby secured or to the restoration or re- ~ pairs of the property damaged, ~n event of foreclosure of this mortgage o~ other transfer of title to the rr~rtgaged property in ex• f tirtguishmer~t of the indebtedness secured hereby. all righ~ tiUe and interest of the Mortgagors in and to any inwrance policies then in torce shall pass to the purthaser or graMee. 8. That the Mo~tgagea may, at am? time pending a suit upon this mortgage, s~r to the oourt naving jurisatccion u~e?eot = for the appointmeot of s receive~, and such oourt shall forttiwith appoi~ a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the intome. profits, issues, and rev~enues from whatever source derived, each and every of which. it ~ ~~°6 ~P~ssh~ +~~?stood. is h~rebY mortga8ed as if speciiicaly set forth and d~cribed ln the granting and habendum clauses ~ hereof, and wch recei~rer shaU have all the broad and eHadive functions and powers in anywise eMrusted by a court to a receiver. and such appointment shall be made by such eouR as an admitted equity and a matter of absolute right to said Mortgagee, and ~ vrithout reference to the adequscy or inadequscy of tNe value of the property mortgaged or to the sdvency or insolvency of said t Mortgagois or the detendants. a+~d that such-rents. profits, income, issues and revenues shall be applied by such receiver aocord- ing to the lien of this mortgage and practke of such court. 9. That (a) in the event of any b~ach of this mortgage or defauR on the pa~t of the Mwtgagors, or (b) in the event that any ~ ~ of said sums of money herein referred M be not promptly and fuly paid without demand or notice. or (c) in the event that each ~ and cwery the stipulations. agreements, conditions and covenaMs of said note and this mortgage, are rtot duly, promptlyand fully perfora?ed: then in either o~ arry such evcrn. !he said aggregate sum mentioned in said note then remaining unpaid, with iMerest accrued to that time, and all moneys secured hereby, shall beoome dua snd payable forthwith~ or thereaRer, at the option M said ~ Mortgagee, as fully a~d completely as if all ot the said sums of money were originally stipulated to be paid on such day. any- thi~g in said note or in this mortgage to tbe coMrary notwithstanding; and thereupnn or thereafter, at the opiion of said MoK- ~ gagee. withou! notice or demand, suH at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payabk, and the said ~ premises shall be sold to satisiy snd pay the same togett~er with costs. enpenses, and atlowances. tn cases of partiat foreclosure ot this mortgage. the mortgaged premises shall be sold subject to ihe corttinui~g lien of this mortgage for the amaunt of the debt ~ ~ not then due and unpaid. !n such case the provisions of this parag~aph may again be availed of thereafter from time to time by the Mortgagee. ~ ; b~0!( pjICE