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HomeMy WebLinkAbout0460 . t.. . .1~ r i3 y-: , '.~'s" . ~ principal surn and accrued inte~est shall become due and payable without notice at the option of tl~e holder tt?e?eof. And shall duty, promptly, and tully pe~form, discharge, executp efiect, tomplete, and comply with and abide by each and every the stipu• ; latlons, agreements, conditions, and cove~a~ls oi said p~omissory note a~d this mortgage, then this mortgage and the estate ~ he?eby c~eated shalt cease and be null and void. ~ t_ Md the Mo~tgagors tunhor covenant ss tollows: 1. That they will pay the indebtedness, as hereinbe(ore p?ovided. ~ 2. That, in order more fully to p~otect the security of this mortgage, the Mortgago~s, together with and in addition to, the ~ monthly psyments under the terms oi any notes secured hereby, on the tirst day oi each month uretil said note is fully paid. will pay to the Mortgagae the tollowing sums: ( (b) IUI payments mentioned in the preceding subsection of this paragraph aad all payments !o be made under any note ' secured hereby shall bs added together and the aggregate amount tbereof shall De paid by the Mortgsgors each month In a single payment to be spplied by the Mwtgagee to the tollowing items in the order set toKh: 11. Interest on the ~ote secured heroby: and 111. Amortization of the principal of said note. Any deficiency in the amouni of such sggngate monthy psyment shall. unless made good by the Mortgagors p~ior to the due date of the nezt such payment, constitute an event ot default under this mortgage. The Mortgagea may coltect a"late charge" ~ot to exceed two cents (2~) tor each dollar oi. e~ch payment more than fifteen (15) days i~ arrears to cover the extra ex- pe~se involved in handling delinquent payments. ' • 3. That if the totat oi the payments made by the Mortgagors unde? (a) of paragraph 2 preceding sball exceed the amount of paymeots actualy made by the Mortgagee, tor taxes and assessmeots and insurance prcmiums. as the case may be, such excess shatl be credited by the Mortgagee on subsequent payments to be made by the MoRgagors. If. however. the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- surance premiums, as the case may 6e. when the same shall become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deGciency, on or before the date when payment of such taxes. assessments. or insur- ance premiums shall be due. lf at any time the Mortgagors shall tender to the Morigagee in accordance with the provisions of the ~ote secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors al! amounts theo remaining in the tax and insurance escrow aocouM held in connection with this loan. Ii there shall be a default under any of the provisions of tbis mortgage resulting in a puWic sale of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after defauR, the Mortgagee shall apply, at the tirr~e of the commenceme~t of such proceedings or at the time the property is othervvise acquired. the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against ihe amount of p?incipal then remaining unpaid under said ~ote. 4. That they will pay aN taxes, assessme~ts. water rates, and other govemmental or municipal charges, ~nes, or imposi• tions, tor whkh provision has not been made hereinbefore, and in default thereof, the Mor[gagee may pay the same and be ; secured by the lien ot the mortgage; and that they will promptly delive~ the officiat ~eceipts therefore to the Mortgagee. ~ 5. That they will permit, commit, or suffer oo waste, impairment, or deterioration oi said property or any part thereot; and in the event oi 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, !he Mortgagee may make such repairs as in its diuretion it may deem necessary for the proper preservation thereof, and the tult amount of each and every such payment shall be immediately due and payable, and shatl be secured by the lien of this mortgage. - 6. That they witl pay all and singular the costs, charges, and expenses, including ~easonable lawyer's tees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failere 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, charges and ex- penses shall be immediatety due and payabte and shall be secured by the lien of this moRgage. 7. That they vrill keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounis and for such periods as may be required by Mortgagee, and will pay prampiy, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefore. All insurance shall be canied in companies approved by Mortgagee and the policies and renewals thereof shall be hetd by Mortgagee and have attached thereto loss payable clauses in favor of aod in form acceptable to the Mortgagee. Renewal policies shall be delive~ed to Mortgagee at Ieast 10 days prior to expiration of exist- ing policy. In event of loss. they vrilt give immediatety notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made prompily by Mortgagors, and each insurance company concemed is hereby authorized and di?ected to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointy. and the insurance 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 oi the property damaged. In event of foreclosare of lhis mo?tgage or other transfer of title to the rr~prtgaged property in ex- tinguishment of the indebtedness secured hereby, all rigM. title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction thereof for the ~ppointmerrt of a receiver, and such couK shall forthwith appoint a receiver of ihe premises covered he~eby all and singu- tar, including all and singular the inoome, profits, iuues, and revenues irom whatever source derived, wch and every of which. it ~ being expressy understood, is hereby mortgaged as ff specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the brosd and effective functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such court as an admitted equity and a matte~ of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagors or the defendants, and that such reots, profds, income, issues and revenues shall be applied by such rece'nrer accord- ing to the lien of this mortgage and practice of such court. ! 9. That (a) in the eveM of any broach of this mortgage or defauR on the psrt of the Mortgagors. or (b) in the event that any ~ of said sums of moory herein referred to be ~ot promptly and fully paid withaut demand w notica, or (c) in the event that each and every the stipulations, ag~eemenis, condilions and covenants of said note and this mortgage, are not duly, promptly and fuly perFormed: then in either or any such +event, the said aggregate sum mentioned in said ~ote then remaining unpaid, with interest accrued to that time, a~d alt moneys secured hereDy, sball become due and payable torthwith, or thereafte~, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stiputated to be paid on such day, any thing in said note or in this mortgage !o the contrary notwithstanding; and thereupon or thereafter, at the option of said Mo~t- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The MoRgagee may forectose this mortgage, as to the amount so declated due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expe~ses, and allowances. In cases of partial foreclosure of this rr~ortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt f not then due and unpaid. In such wse the provisions oi this paragraph may again be availed of thereafter from time to time by i the Mortgagee. I i ~o~ 2?5 ~ 46p ~ . - :