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HomeMy WebLinkAbout0142 ~=r! +3;; : . ~ ? p?incipsl sum and acc~ued interest shall become due and psya~le witAout notice at the option of the liolder thereof. And shall duly, p~omptty, and fully pe~torm, discharge, execute, efiect, cornplete, and compy v~nth end abide by each and every the stipu- lations. sgreemeets. conditions, s~d covena~ts of said promissory note ahd lhis mortgage, then this mortgaqe and the estate hereby created sha!! cease ar?d be null and vad. And the Mortgagors further covenant as follows: l. That they will pay the indebtMness, as hereinbetoro provided. ~ 2. That. in orde~ mo~e (ulty to p~oteCt the security af this mortgage. the MoRgagors. together with and in addition to. the ~ month s y psyments under tha terms o1 any notes secured hereby, on the tirst day ot each month until said note is tully paid, will pay to the Mortgagee the tollowing sums: • ~ . 's . a s es - ~ (b) All payrttents mentionad in the preceding subsection of this paragraph snd all payments to be mada unde~ am not~ ~ secured hereby shall be sdded together and the aggregate amount thereof shall be paid by tha Mo~tgagors each mo~th in a # single payment to be spplied by the MoKgagee to the following items in the oMer set foKh: 11. Interast oo the note secured hereby; snd • ill. Amo~tizatbn of the p~incipal ot sald note. Any deficieocy in the amount oi such aggrogate monthy paymeot shall. unless made good by the Mortgago~s p~ior to the due date of the next such payment. constitute an event of defauR under this mortgage. The Mortgagee may cotleM a"iate charge" not to exceed two ceots (2t) for each dollar oi each payment more than fifteen (15) days in ar?tan to Fover the extra ex• pense invohred in t~andling delinquent payments. Y 3. That if the total of ihe paymeots made by the Mortgagors under (a) oi paragraph 2 preceding shall ~xceed the art~ount of paymeets actually-made by the MoRgagee. (or taxes and assessments and insurance promiums. as the csse ms~? be. sucA excess shall be credited by the Mortgagee o~ subsequent paymerKs to be made by the Mortgagors. Ii, howaver, the monthy pay- ments made by the Mortgagors unde~ (a) of parag~aph 2 precedi~g shall not be sufficieot to pay taxes and assessmants and in- surance premiur?~s, as the case may be. when tbe same shatl become due and psyable. then the Mortgagors shalt pay to the Mort- gagee any amount necessary to make up the deficiency. on or before the date when payme~t of such taxes, assessmerKs. or inwr. ance premiums shall be due. Ii at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisioos of the note secured hereby. full paymeM of the entire indebtedness represenisd the?eby. the Mortgagee shall, pay to the Mortgagors all amounts then rcmaining In the tax and insurance escrow accouM held in connection with this loan. If thero shall be a defauit under any of the provisions of this mortgage resultiog in a puDlic sak of the premises covered hereby, o~ if the MoRgagee aoquiros the property otherwise after defsult. the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in tl?e lunds sacumulated under (a) of paragraph 2 preaeding as a credit against the amourn of principal theo remaining unpaid under said note. 4. That they will pay all taxes. assessments, water rates. aed other govemmeMal or munkipal charges. fines, or imposi- tions, for whkh provision has not been made hereinbefore. and in default tbereof. the Mortgagce may pay the same and be secured by the I'~en of the moKgage: and that they will prompty deliver the official receipts therefore to the Mortgagee. 5. That they will permi~ commit. or suffer no waste, impairment. or deterioratan of said property or any paR thereof; and in the event of the failure of the Mo?tgagors to keep the buiWings or said premises and those to be erected on said prcrriises. o~ improvements 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 fult amount of each and every such payment shall be immediately due and payaWe. and shall De secured by the lien of this mortgage. , 6. That they will pay all and singular the costs. charges. and expenses, including reasonable tawyer's fees, and costs of abstracts of title, incurred or paid ai any time by the Mortgagee because of the failure on the part of the Mortgagors prompty and fully to perform the agreements and covenants of said promissory note and this mortgage. and said costs, cha~ges and ex- penses shall ba immediately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improwements now existi~g or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against toss by ~re or other hazards, casualties, and contingencies in sucN amourHs and (or such periods as may be required by Mortgagee, and will pay prompty, when due. a~y premiums on such insura~ce for pay- ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved b~? MoRgagee and the policies and renewals thereof shall be held by Mortgagee and have attached the~eto loss payable ctauses in fav~or of artd in form acceptable to the Mortgagee. Renewal policies shalt be detivered to Mortgagee at least 10 days prior to expiration of exist- ing policy, In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make ptoof oi {oss if not made prompty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make paymeM for such bss directy to Morfgagee instesd of to Mortgagors a~d Mortgagee jointly. and the insuranoe proceeds, or amr psR the~eof. may be applied by Mortgagee at its option either to the reduction of the indebtedr~ess hereby secured or to the restoration or re- pairs of the property damaged. !n event of foreclosure of this mortgage or other transfer of titte to the m~Rgaged property in ex- tinguishme~t of the indebtedness secured hereby, all rigM, title and interest oi the Mortgagors in and to any insurance policies then in force shall pass to the purchase~ or grantee. ~ 8. That the Mortgagee may, at any time pending a suit upon this moKgage. apply to the oourt having jurisdiction therooi for the appointment of a receiver, and such couR shall forthwith appoirrt a receiver of the premises covered hereby all and singu- lar, including aU and singular the inoome, profits, issues, and rovenues irom vrhatever source derived, each and every of wfii~h, it being exp~ss~y understood, is hereby mortgaged as if specificaly set fortb a~ described in the granting and habendum dauses hereof, and such rece'rver shall have all the broad a~ effective functions and powers in anywise entrusted by a oourt to a receiver. and such appointment shatl be made by wch court as an admitted equity and a matter of absoluie rigM to said Mortgagee, and withou! reference to the adequary or inadequacy of the value of the property mortgaged or to the solvency or insohrency of said Mortgagors or the defendants, and that such rcMs, profits, income, issues and revenues shall be applied by wch receiver aooord- ing to the lien of this mortgage a~d practice of such court. ~ 9. That (a) in the eve~rt uf airy breach of this nwKgage or detauR on the part of the Mortgagors, o~ (b) in the eveM tf~at anr of said sums of money herein reterred to be not pramptfy and fuly paid without demand or notice, or (c) in the eve~t thst each and every the stipulations. agreements, condfions and covenants of said oote and this mortgage, are not duy. promptly and fully performed; then in either or any such eveM, the said aggregate sum mentioned in said note then remaining unpaid, with inte~est accrued to that time, and all moneys secured hereby, shall become due and payabte torthwith. or thereafter, at the option of said Mortgagee, as fuly and completely as if all of the said sums of mor~ey were originaly stipulated to be paid on such day, am?- thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the optio~ of said Mort• gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had mafurcd prior to its institution. The Mortgagee may forectose this mortgage, as to the amount so declared due and payaWe, and thr said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. ln cases of partisl toreclowre of this mortgage, the mortgaged premises shal! be sola subject to the continuing lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avaited of thereafter from time to time by tfie Mortgagee. ~ ~ ~ ` ~ ' a~ ~75 ~~f 14~