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HomeMy WebLinkAbout0984 ~ ~ ~ ~ ~i~ ~ c :1 ~ principal sum snd accrued interast shall become due and payable nrithout notice at tha~option of the holder thareot. Md shall ~ duy, prompty. and tuly pe~form, dischatg~, exeCute, eftect. complete, and compy with and sbide by each and every the stipu- lations. agreements, conditions. and covenants ot said p~omissory note and this mortgags. then this mongage a~d the estate hereby created shall cesse a~d be null a~d void. Md the Mort~~gors tu~ther covenant as tolbws: ~ 1. That they will pay the indebtedoess. as hemi~beto~e provided. 2. Ths~ in ord~r moro fuly to protect the sacurity of this mortgage. the Mortgagon, together with and io additioo to. the monthy psyments undtr the t~rtns ot a~r nMes secured hereby. on the tint dsy ot esch month until said oote is tuly pafd. will pay to th~ Mo?tgagee th~ tollowtng wms: r ~ , (p) All payments msntion~d in the proceding wDs~ction of this paregraph snd all paymenb to M msd~ under amr not~ secured hereby shall be added tog~ther and ths sggrogate amount tMmof shsll bs paid by ~ha MortgaQors each month in a single psyme~t to bs applied b~? ths Mo~ to the iolbwing ittms io tM orde~ set toRh: ~ i 11. IMKest on the note sacurod heroby: ~nd - 111. Amortizatbn oi the principsl of said ~wt~. Any detkiency in the amouM ot such sggrogate monthly psyment shall, unless made good by the MoKgagas prior to the due date oi the next such payment. constitute an event ot defauR under this mortgage. The Mortg~agee may coltect a"lat~ chsrge" not to exceed two cents (2!) tor each doilar of each payment more than fiReen (15) dsys in arresn to cover the extra ex- pense involvsd In handlinQ dNi~quent p~yments. . 3. That if the total of ths psyments made by the Mo~tgagon uoder (a) of pangrsph 2 preceding shall exoeed,the amount of payments actwlly rr~sde by the Mortgaga~. for taxes snd assassments and insurance promlums, as the case may be. such excess sAall bs credited by the Mwtgagee on subsequent paymeots to be made by the Mortgagors. If. however..the monthy ~ ments made by the Matgsgors under (a) of paragraph 2 proceding shall nat be sufficient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and psyabie, then the Mortgagors shall pay to the Mort- gagee any amouM necessary to make up the deficfency. on or before the date when payment of such taxes, assessments, or i~sur. ance premiums shsll be due. lf at amr time tha Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payme~t of the entiro ir~debtedness represented theroby. the Mortgagee shall. psy to the Mortgagors ail ~rt~pts t~,rotuain~n~,io the tax and insurance escrow aocourtt. ~leld in connection with thls loan. If there shall be a default ~n~ter~py„p h~ of this mortgage resuRing i~ a puWic sale oi the premises covered f~ereby. or~if the Mortgagee aoquires ,~~1q~~,~ auit. the Mortgagee shall apply. at the time of the commencement of such prooeedings or at the . time the prope~ty is ~herwise aoquired, the balance then remaini~ in the tunds aocumulated under (s) oi paragraph 2 preceding ss a cnedit against the ampurK of principal tben remaining unpaid unde~ said note. :r • - ' That t~iey will psy ail taxes. assessments. water rates, and other govemmental or municipal charges. fines. or imposi- ; tbns, for whkh provision hss not bnen made hereinbefore. and in default thereof, the Mortgagee may pay the same ar~d be ~ ~ secured by the lien of the mortgage; snd that they will pr~mptly deliver the oHicial receipts therefore to the Mortgagee. - 5. That they will permit. commit. w suffer no waste, impaim~ent, or deterioration of ssid propeRy or any paR thereof; and in the event of the failure of tt~e Mo~tgagors to keep the buildings or said premises and those to be erected on said premises.. or improvements thereon, in good repsir. the Mortgagee may malce wch repairs as in its discretion it may deem r~ecessarY for the proper preservation thereof. and the fuli amount of each and every such paymeM shall be immediatey due and-payable. and shall be secured by the lien of this mortgage. f. That they will pay all and singular the costs. charges. and expenses. including reasonsble lawyers fees. and cosis of abstracts of tiUe. incurred or psid at any time by the Mortga8ee because of the failure'on the part of the Mortgagors promptly and fully to pe?fonn.the agreemeMs and covenants M said promissory note and this mortgage, and said costs, charges and ex- - penses shall be immedistely due and peyable a~d shall be secured by the lien of this mo~gsge. 7. That they wili keep_the improvements now euisting or hercafter erected on the mortgaged property insured ss may be required from Ume to time by the Mo?tgagee against bss by fire or other hazards, cssualties. and contingencies in such amounts ' a~d for such periods as may be required by Mortgagee. and wil! pay promptly. whee due, a~r promiums on wch insurance tor pay- ~ me~ oi which provision has not been made hereinbefore. All insurance shall be canied in compan'ies approved by MortBaBee and the policies and reoewals theseof shsll be heW by Mortgagee and have attached thereto loss psyabls clauses in favor of and ~ in torm acceptabk to the Mortgagee. Renewal policies sF~all be delivered to Mo~tgagee at least 10 days p~ior to expiration of enist- ~ ing poliry. In eveat of bss. they will give immediatNy notioe by mail to Mortgagee. and Mortgsgee may make Rroof of bss if rwt made prompty by Mortg,agors, and each insuranoe comparry concemed is hereby authoraed and directed to make psymeM for such loss directty to Mortgagee instead of M Mwtgsgors and Mortgsgee joiMb, and the insuranoe proceeds. or am? part thereof. may be applied by Ma~tgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs W the proNerty damaged. In everK M foreclowre of this mortgage or othe~ transfer of titk to the^'~rtgaged property in ex- ti~guishmeM of the indebtedness secured hereby, all right, titb and interest of the Mortgagors in and to any inwranoe policies then in torce shall psss to the purthaser or grantee. 8. Thst tha Mortgagee msy, at any time pending a suit upon this mortgsgs, spply to the court hsving ju~isdiction ther+eot for the appolntment of a re~r. and such oourt ahall foRhwith appoint a receiver of tfie premises oovered hereby all and singu- lar, including aIt and singulsr the inoome, profits, issues, and revenues from whatever source derived. each and every of whkh. it being exprossly undeatood, is hereby mortgsged as N spscifically sat forth and described in the granting ar~d habendum clauses hereof, aod seich receiver shall have a!I the br~wd and eNectivs tunctions and powers in anywise entrusted by s court M a receiver, and such appointment shatf be made by suth oourt as an admitted equity and s matter of absolute ~ight to said Mortgagce. and without referenoe to the adequscy or inadequacy of the vslue M the property mortgaged or to the solvency w insohrency of said Mortgagors or the defenda~ts. and that such reMs, profits, income. issues and revenues shall be applied by such receiver aooord- ~ ing to the lien of this rtwrtgage and prattioe of such court. ~ 9. That (a) in the eveM of s~y broach M this mortgage or defauR on tF~e part of tF~e Mortgagors, w(b) in the eve~ that am? of saW sums of money herein rsferrod to be not promptly snd fulty psid without demand or notics. or (c) in the everK that each and every the stipulations, agreements, oonditbns a~d covenants oi said note and this mortgsge, are not duy, promptly and fuly perfoRned; then in either or any such eveM. the said aggregate wm mentioned in said note then remaining unpaid, with interest accrued to that time. and sll moneys secured hereby, shall become due and paysbte forthwith, or Mereafte~. st the opRion of said Mortgagee, as fuly and oompletely as if all of the said sums of money were originally stipulated to be paid on such day, any- thing in said note or in Mis moRgage to ttie coMrary notwithstanding; and thereupon or thereafter. at the option of said Mort- gagee, without notice or demand. suk at law or in equity. msy be prosecuted as ii all moneys secured hereby had matured prior , to its institution. The Mortgagee may foreclose this mortgage. as to the amount so dectared due and payable, and the said ~ premises shalf be sotd to satisty and pay the aame together with costs, expenses, and albwances. In cases of partial foreclosure i" of this mortgage, the mortgaged premises shall be sold wbjsct to the oontinuing lien of this mortgage for the amount of the debt not the~ dus and unpaid. In sud'i case the provisbns of this paragrapb may again be availed of thereafter irom time to time by the Mortgagee. ~~~74 982 ~ _ ~ ~ -