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HomeMy WebLinkAbout0844 . . f i ~ ~ i : ! u . . a'~ ' prencipal sum and Accrued interest shall ~eco~~e due~nd payable without ~otice at the option of the hotder thereof, A~d shail duly, promptly, and tully pe~torm, discharge, exec~te, ettect, tomplete, and compty with snd abide by eath and every ihe stipu- ` lations. agreeme~ts, to~ditions, and Co~onants ~f said promissory note and this mortgage, the~ ihis mortgage and the estate ' i hereby c~eated shalt cease and be ~uN and vord. ~ And the Mortgagon furthe~ covenant as ioitows: 1. That they will pay the indebtedness, as he~inbefore provided. 2. That. in o~der mom fully to protect the security of this mortgage, the Mortgagon, together with and in addition to. the mo~thty ppyments under ihe tarms ot any Rotes secured hereby, on the tirst day ot each month until said oote is tully paid, will pay to the Mortgagee the tolbwing sums: ~ ( (b) All psyments mentioned in the preceding subaection of this paragmpA snd al! payments to be made under any note secured hereby shsll De added together and the aggregate smount thereof thall be paid by the Mortgagors esch month i~ a single payment to be applisd by the Mortgagee to the following items in the order set ioRh: I ' II. Interost on the note secured hereby; and - III. Ma~tizatio~ of the principal oi saW note. Art~r deficiency in iha amouni of such aggregste monthly psyment shalt, unless made good by the Moltgagars p~ior to the due date of the next such payment. constitute an event of default u~der this mortgage. The Mortgagee may collect a"late charge" not to exceed iwo cents (2;) tor each dollar of each paymeM moire than fifteen (15) days in amears to cover the extra ex• pe~se invotved in handling delinquent payments. ' 3. That it the total oi tNe payments made by the Mortgagors ander (a) of paragrapF~ 2 preceding shall exceed the amount of payments attusly made by the Mortgagee, tor taxes and sssessments and insurance prcmiums. as the case ~nay ~be. such excess shall be c~edited by the Mortgagee on subsequent payme~ts to be made 6y the Mortgagors. If. howeve~, the monthy pay- ments made by the Mortgagors under (a) of parag~aph 2 preceding shalt~not be suf(icient to pay taxes and assessmeats and !n- su?ance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shatl pay to the Mort• ~ gagee any amount necessary to make up the deTiciency. on or betore the date when psymeet of such taxes. assessments, or insur- f ance premiums shalt be due. lf at any time the Mortgagors shall tendar to the Mortgagee in accordance with the provisions oi the note secured hereby. tull payment of the entire indebtedness represenied thereby. the Mortgagee shall, pay to the Mortgagors all ~ amounts then remaining in the tax and insurance escrow account held in connec8on with this loao. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covercd hereby. or if tha MoRgagee acquires . the property othervvise atter default. the Mo~tgagee 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 the fu~s accumulated unde? (a) of paragraph 2 preceding as a credit against tha amount of principal then remaining unpaid under said note. 4. That they will pay a!1 taxes. assessrRents, water rates, and other govemmental or municipal charges. ~ines. or imposi- tions. for whkh provision has not been made hereinbetore. and in default thereof, the Mortgagee miy pay the same and be secured by the lien of the mortgage; and that they witl promptly deliver the official receipis the~efore to the Mortgagee. ~ 5. That th will ~ ey permi~ commit, or suffer no waste. impairment, or deterioration of said property or any part thereof; and ~ in the event of the faiture oi the Mortgagors to keep the buildings or said premises and those !o be erected on said premises, or improvements thereon. in good repair. ihe Mortgagee may make such repairs as in its discretion it may deem necessary for the pro~er presenration thereof, and the full amount of each and every such payment shalt be immediatey due and payaDle. and shalt be secured by the lien of this mortgage. 6. That they will pay all and singula~ ihe costs. charges, and expenses, including reasonaWe tawyee's fees, and oosts of abstracts of title. incurred or paid at any time by the Mortgagee because of the iailure on !he part of the Mortgagors prompUy and faly to perfo?m the agreements and covenants of said promissory note and this mortgage. and said costs, charges and ex- penses shall be immediately due and payabte and shall be secured by the lien of this moRgage. 7. That they will keep the improvements now existing or hereafter erected on the mortgaged propeRy insured ss may be required from time to time by the Morigagee against loss by fire or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and wilt pay promptly, when due. »ny premiums on such insurance for pay- meni of which provision has not been made hereinbetore. All insurance shall be carried in cosnpanies approved by MoRgagee and the policies and renewals thereof sh~ll be held by Mortgagee and have attached thereto loss payable tlauses in favor of and in form acceptabk to the Mortgagee. Renewal policies shall be detivered to Mortgagee at teast 10 days prior to expiration of exist- ing poticy. In event of loss. they wiN give immediatefy notice by mail to Mortgagee, and Mortgagee may make proof of loss if not - made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directiy to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurance proceeds, or any part thereoi. may be applied by Mortgagee at its option eithe~ to the reductio~ of the indebtedness hereby secured or to the restoration or re- pairs of the propeRy damaged. In event of loreclosure of lhis mortgage or other transfer of title to the mortgaged 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 suft upon this mortgage, apply to the court having jurisdiction thereoi for the appointment of a receiver, and such oourt shall forthwith appoiM a receiver of the prerriises covered hereby all and singu- lar. including all and singular the income, prot'its, issues, and revenues from whatever source derived, each and every of which, it being expressiy understood, is hereby mortg,aged as if specifically set foRh and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and efiective functions and powers io anywise entrusted by a court to a receiver, and such appointment sball be made by such court as an admitted equity and a matter of absolute right to said Mortgagee. and without rcference to the adequacy or inadequacy of the vafue of the property mortgaged or to the solvency or insolvency of said Mortgagors or the defendants. and that such rents. profits. income, issues and revenues shall be applied by such receiver actord- ing to the lien of this mortgage and practice of such courL 9. That (a) in the eve~ of any breach of this moRgage or defauR on the paK of the Mortgagors. or (b) in the event that any of said sums of money herein refened to be not promptty aod fully paid without demand or notice. or (c) in the eveM that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, a?e not duly. promptly and fully pe~formed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable torthwith. or thereafter, at the option of said Mortgagee, as fully and completety as if all of the said sums of money vrere originaly stipulated to be paid on such day. any- thing in said note or in this mortgage to the contrary rwtwithstanding; and thereupon or thereafter, at the option of said Mort- gagee, without notice or demand. suit at law or in equit~?. may be prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagee may foraclose this mortgage. as to the amaunt so dectared due and payabte, and the said premises shall be sofd to satisfy and pay the same together with costs, expenses. and atlowances. In cases of partial foreclosure of this mortgage. !he mortgaged premises sball be sold subject to the continuing lien of this mortgage for the amount of the debt not tben due and uopaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. , _ ~ , . : - SO~l2~ PA6E - - _ _ _ , x _