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HomeMy WebLinkAbout0236 . ~ \ • ~ r'~ } . ~y ~ principal sum and accrued inte~est shall become due and payable without notic6 at ~e option of tl~e holde~ thereof. A~d ahal! duy, promptiy, aod (ully pe~iorm, discharge, axecute, e(fett, complete, and comply with and abide by eact~ and every the stipu- latio~s, agreements. co~ditions, and covena~ts of said promissory oote a~~d this mortgsge, thun this mortgage and tltie estate 1?ereby created shall cease and be null and void. _ Md the MortgaQon turthar covensot as tolbws: l. That they will psy tM indebtedness. as hereinbetore provided: 2. Thst, in order mo~e tutly to protect the security of this mortgage. the Mortgagors, together with and in addition to, the monthly payments under the terms of any notes secured hereby, on the fint day of each month until said note is tutly paid, will pay to the Mortgagae the following sums: • (a) A sum eQual to o~e~twelfth. (1/12) of lhe premiums that will next become due and payable on policies of flre and othsr hazaM insurance covering the mortgaged property, pl~s tsxea and assessments next due on the moAgaged propeRy (all as esti- mated by the Mortgagee). , . (b) All payments mentiooed in the prcceding substction of this paragraph and all payments to be made under any note secured hereby shatl be added together and the aggregate amount thereof shail be paid by the Mortgagon each month in a single payment to be applied by the Mongages to the toltowing items in the order set foKh: 1. Taxes~ assessments. fire. and haiard insurance promiums; • (1. Interoat on the note secured hereby; and ~ ' • ~ III. Amo~tizatbn oi the p~incipal of said note. ~ A~y deficiency in tha amount oi such aggregate monthy payment shall. unless made good py.the Mprtgagors prio~ to the due date ot the next such payment, constitute an event ot defauft unde~ this mortgage. The Mortgagee may collect a"Iate chirge" ~ot to exceed tvro cents (2t) for each dollar of wch paymeM more than fitteen (15) days in arrears to cover the ext~ra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) ot paragraph 2 precsding shall exceed tl~e amount . of payments adually made by the Mortgagee, for taxes and asseuments and insurance premium5, ~s the case ms~r be, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If. bowever, the~monthy pay- menis made by ihe Mortgagon under (a) of paragraph 2 preceding shall not be suNicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and puyaDle, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency. on or before the date when payment ot such taxes. assessments. or trtsur- ance premiums sha.tt be due. lf at~any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the - note secured hereby, full paymeM of the ,entiro indebtedness rep~esented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and iosurance escrorv atcouM held in co~nectioo with this loan. If therc shall be a defauft under any ot the p~ovisions of this mortgage resulting in a public sale oi the premises oovered hereby, or if the Mortgagee aoquiros the property othervvise aker default. the Morigagee sbat! apply, st the time of the commencement of such proceedings o? at the time the property is otherwise aoquired. the balance tl~en remaining in the fuods sccumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remai~ing unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and othe~ governmentsl or municipal charges, tines. or imposi- tions. for whkh provision has not been made hereinbefore. and in default thereof. the Mortgagee may pay the same and be sectrred by the lien of the mortgage; and that they will prompUy deliver the ofiicial receipts therefwe to the Mo?tgagee. 5. That they will permit~ commit. or suHer no wsste, Impalrment, or deterioration of said pwperty or any part thereof; and in the event of 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. the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the tull ambunt of each and every such payment shall be immediatey due and payable; a~. sball be secured by the lien of this mortgage. ~ 6. That they wil! pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and cosb ot - abstracts of title, incuRed or paid at any time by the Mortgagee becaus~ of the taiture o~ the paR oi the Mortgagors prompty and futiy to perform the agreements and covenants of said promissory note and this mortgage. and said costs. charges and ex• penses sha(1 be immediatety due and payabie and shall be secured by the lFen of this mortgage. _ 7. That they will keep lhe improvements now existing or hereafter erected on the mo?tgaged property insured as may be required from time to time by the Mortgagee against loss by fire or otherhazards, casuafties, and contingencies in such amounts • and for such ptriods as may be required 6y Mortgagee, and will psy promptly, when due. any premiums on such insurance for pay- ment of which provision has rlot been made hereinbefore. AI( insurance shall be catried in Companies approved bY Mortgagee and fhe poticies and renewats thereot shaN be heW by Mortgagee and have attached thereto loss payaWe clauses in favor of and in form atceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days priorto expiration of exist• ing policy, In event of loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proot of foss if not ~nade promptly by Mortgagors. and each insurance companv concemed is hereby authorized and directed to make payment for such toss directly ta Mortgagee instead of to Mortgagors and Mortgagee jarrtly, and the insurance proceeds. or aay paK thereof. may be applied by Mortgagee at its optioo.either to the reduttion of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or other traosier oi title to the mprtgaged property in ex- tinguishment of the indebtedness secured hereby, all right, titie and interest of the Mortgagors ia and to any insurance policies thert in force shall pass to the perrchaser or gra~tee. 8. That the Mortgagee may~ at any time pending a suit upon tAis mortgage, apply to the oourt having jurisdktion thereoi for the appoiMment of a receiver, and such couK shall torthwith appoint a receiver of the premises covered hereby alt and singu- lar, inctuding all and singular the income. profits. issues, and revenues from whatever wu~ce derived, each and every ot which, it being expressy understood, is hereby mortgaged as ff specificatty set forth and described in the granting and habendum clauses hereof, and such receiver shal! have a!! the brasd and effective functions and powers in anywise entrusted by a court to a receiver. and such appointmeot shall be made by,such court as an admitted equity and a matter oi absolute rigfit to said Mortgagee. and without reference to ihe adequacy or inadequacy of the value of the property mortg~aged or to the solvency or inwtvency of said Mortgagors or the defendants, and that such rents, profits, incame, issues and revenues shall be applied by suct~ receiver accord- irtg to the lien of this mortgage and pracilce o1 such couR. 9. That (s) irt the event af any breach of ihis mortgaga or defauit on the pan ot the Mortgagors, or (b) in the eveM that any of said sums of money herein rcterred to be not promptly and fully paid without demand or notice, or (c) in the eveM that each and every the stipulations, agreements, conditions and covenants ot said note and this mortgage, ane not duly, promptly and fully pe~formed; then in either or any such event, the said aggregate sum rtwntioned in said note ihen remaining unpaid, with i~erest accrued to that time, a+~d a!! moneys secured hereby, shall beoome due and payable foRhwith, or thereafter, at the option of said Mortgagee, as tuly end 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 the coM'rary notwithstsnding; and thereupon. or thereafter, st the optton of said Mort- gagee, without notice or demand, suit at law or in equity. may be prosecuted as if al! moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to tbe amount so Geclared due and payable, and the said premises shall be sold to satisy and pay the same together with costs, expenses, and allowances. In cases oi partisl foreclosure of this mortgage, the mortgaged premises shall be soW subject to the continuing lien oi this mortgage far the amount of the debt ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by ? the Mortgagee. . , :~ir!: 0 R ~ eoa~ 2~ PacE 2~ ~ _ - ~