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HomeMy WebLinkAbout0091 • c ~ ( n `1 ~ - . e • ~ i . ~ principai sum and accrued Interest shatl beconro due and payaDle without notice at the option ot ths holder thercwt. And shall ~ duly, promptly, pnd fully pertorm, discharge, execute. eltect. complete, and comply wif1~ and abide by each and every ihe stipu• ' lations. ag~eements. conditions, and tovenants of said promissory note and this mortgage, tlien this mortgage and the estate ~ herebY crcated shall cease and be null and void. ; Md the Mortga$ors tuKher coveoant as iollows: k 1. That thay will psy the indebt~ness. ss hereinbefo?e provided. # 2. That. in order mo~e tully to protect the security oi this mortgage, the Mortgagors, together with and in addition to. the ~ monthy paymenb unde~ the temts ot any notes secured hereby, on the tirst day ot each moath until said note is fully paid, wil! pay to the Mortgagee the following wms: ( . (b) All payments mentioned in the preCedi~g suDsection of this paragraph and all payments to be made unde~ any oote securad hereby shatt-be added together and the aggregate amount tbe~eof shaH be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the folbwing items in the order set tonh: 11. Interest on the ~ote secured hereby; and , (ll. Amortization oi the principal of ssid note. Any deiiciency ia the amount of such aQgregate monthly payment stisll, unless made good by the Mo~tgago?s prFw to the due date of ihe next such payment. constitule an.event of default under this mortgage. The Mortgagee may collect a"late cha?ge'' not to exoesd twc oe~ts (2t) for aach dollar ot each payment moro than tifteen (15) days in arrears to cover the extra ex- peose involved io handling delinquent payrt?ents. ' 3. 7twt if the total of the payments made by the Morigagors under (a) ot pa?agraph 2 preceding shall exceed the amount of payments actusly made by the Mortgagee. for taxes and assessments and insurance prcmiums. as ths case may be, such excess shall be credited by tl~e Mortgagee on subsequent payments to be made by the Mortgagors. If, however. the manthy pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall ~ot be sufficient to pay taxes and assessments and in- surance premiums, as fhe case may be, when the same shall become due and payable, then the Mortgagors shall pay tu the Mort- gagee any smount necessary to make up the de~ciency. on or before ihe date whe~ payme~t oi such taxes, sssessments,'or insur. ance premiums shall be due, li at any time the Mortgagors shsll tende~ to the Mortgagee in accordance with the provisions of the note secured hereby. 1u11 paymeM of the entire indebtedness ?epresented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax_and insu?ance estrow account held in connection with this loan. It there shall be a default under any oi the provisions of thFs moKgage rewlting i~ a public sale of the premises covered bereby, or ff the Mortgagee aoquires the property otherwise after default, the Mortgagee shall apply, at the time oi the oommencement of such procesdings or at the time the property is otherwise acquired, the balance then remaining io the tunds socumulated unde~ (a) of paragraph 2 p~eceding as a credit against the amount ot prioctpal then remaining uepaid uoder said note. 4- That they will pay all tazes, assessments, water rates, and other governmental or municipal charges. fines. or Imppsi- tions, for whkh provision hss rrot been made hereinDefore, and in default thereaf, the Mortgagee maY pay the same and be secured by the Ibn of the mortgage; and that they will prompty deliver the official receipts therefore to the Mortgagee. 5. ~That they will permk. commit. or suffer no waste, impairmeat, or deterioratbn oi said property or any part thereof; and in tbe event oi the failure of the Mortgagon to keep the buildings or said premises and those to be ereCted on said ptemises, o~ improvements thereon, in good repair, the Mortgagee may make such repairs as in iis discretion it may deem necessary for the proper p?eservation the?eof, and the full amount of each and every such payment shatl be immediatey due and paysble. and shall be~ secured by the lien of this mortgage. 6. That they will pay aIl and singular the costs. charges, and expenses, including reasonable lawyers 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 promptty ~ and fully to perform the agreements and covenants oi said promissory ~ote and this mortgage, and said costs, charges. and ex- penses shal! be immediately due and payable and sball be secured by the lien of this mortgsge. 7. That they will keep the improvements now ezisting 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, casuaRies, and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompty. whe~ due, any premiums on such insurance for pay ment oi which provision has not been made hereinbefore. Ali insurance shaN •be carried in companies approved by Martgagee and the policies and renewals thereof shall be beld by Mortgagee and have attached the?eto Idss payabte clauses in favo~ of.and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration M exist- ing policy. In event of loss, they witl give immediately notke by mail to Mortgagee, a~d Mortgagee may make proof af toss if not ' made prompty by Mortgagors. and each insuranoe oompany concemed is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointty, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its optio~ either to the reduction of the indebtedness hereby secured or to the restoratioo or re- pairs of the property damaged, In event of foreciosure of fF~is mortgage or other transier oi titte to the r~ortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to tha purchaser or grantee. 8. That the Mortgagee may, at any time pending a suft upon this mortgage, appy to the court having jurisdiction thereol for the appoinimerrt of a receiver, and such coun shall torthwith appoiM a oeceiver of the premises oovered hereby all and singu- lar. including all and singular the income, profits, iswes, and rovenues irom whattver source derived, each a~d every of which, it being expressty understood, is hereby mortgaged as if specificaly set lorth and described in the grariting and habendum clauses hereof, and such receiver shall have all the brosd a~d effeative functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such cou~t as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of tbe property mortgaged or to tha soivency o~ insotvertcy of sa+d Mortgagors or the defendants. and ihat siich rents. prof+ts. incame, issues and revenues shall be applied by such rece"nrer aa:ord- ing to the tien of this mortgage and practice of such court. 9. That (s) in the eve~ of any broach of this rrartgage a~fault on the part of the Mortgagon, or (b) in the eveM that any ef said sums of money herein teferred to be noR promptly and lully paid without demand pr notice, or (c) i~ the eveM that each and every the stipulations, agreement~ conditions and covenants of said note and this mortgage, are not dufy, prompty and tuly per(omsed: then in either or any s~ch event, the said aggreg,ate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, sball become due and payaWe fonhwith, or thereatter. at the option of said Mortgagee, as tully and completely as if all of the said sums of money were originaly stipulated to be paid on such day, any- thing in said note or in this mortgage to tf~e contrary notwithstanding; a~d thereupon or thereaRer, at the option of said Mort- ' gagee, without notice or demand, suit st !aw or in equity, may be prosecuted as if atl mor~eys secured hereby had matured prior to its institution. The Mortgagee msy foreclose this mortgage, as.to the amount so declared due and payaWe. and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partiat foreclosure of this mortgage, the mortgaged premises shalt be sold subject to the continuiog lien of this mortgage for the amount ot the debt rwt then due and unpaid. !n such case the provisions of this paragraph may again be availed of thereafter trom time to time by the Mo~tgagee. • ' ' 3 . ~s~' , d0ox ~76 D~CE ~ ~ . _ _