Loading...
HomeMy WebLinkAbout0282 ~ ~ - • ~ . f . . . ~ . principal sum and accrued inte~est shall becorne due snd payable without notice at the option of the hoider thereot. And shsll duy, promptly, and tully periorm, discharge, execute, effect, cpmptete, and compy vrith snd sbide by each and svery the stipu• ~ lations, ag~aemenis, conditions. and cove~ants of said promissory note and this mortgage, then this moRgage and the estate Mreby created shsll cea~e and be null and vad. And the Mortgsgon turthe~ covenant ss tollows: 1. That thsy will pay the lndebtedness. as hereinbeto~e provlded. 2. That. in ards~ more fuUy to p?otect the security of this mo~tgage. the Mortgagon, together with a~d in additlon to, the monthly payme~ts unde~ the terms oi any notes secured hereby, on the tirst day ot each month until said ~ats is tuly paid. will pay to the Mortgagee ths tollowing aums: ( ~ (D) IU! psymeats mentlonsd in the preceding subsection of this ps?agraph and sll paymeots to bs mad~-under sny note secured hereby shsll be added together and the sggregate amount thereof shsll be paid by the Mortgagors aach month in s single payment to be applied by the Mortgagee to the tollowing items in the orde? set foRh: 11. Interost on tl~e note secured hereby: and 11l. AmoKization of the principal of ssld note. Any deficiency in the amourit ot such aggregate monthy payment shall, unless made good by the Mo~tgago?s p~ior to the due date of the next wch payment. constituta an event oi deiault under this mortgage. The Mortgagee may collect a"late charge" not to exoeed Mro cents (2t) for each dolla~ ot each paymer~t mom than tiiteso (15) dsys in sRears to co~er the extra ex- pense invohred in handling delitpueot payments. 3. That if the totsl of the payments made by the Mongsgors uoder (s) of ps?agraph 2 procedieg shall exo~ed the amouM of payments actualy made by the Moitgagee. for taxes and sssessments snd insurance promiums. as the casa may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, howeve~. !he monthly pay- ments made by the Mortgagors uncler (a) of paragraph 2 precedirtg shall not be suHicient to pay taxes and assessments and In- surance premiums, as the case msy be, when the same shall become due and payable, then the Mo~tgagors shall psy to the Mort- gagee any amount nacessary to make up the deficiency. on ~or betore the date when paymeM of such taxes, assassments. or insur. a~ce prcmiums shall be due, lf at any time the Mortgagors shall ttnder to the Mortgagee in accordance with the pro~risions of the note secured hereby. fuN psyment of tha enti~e indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tsx and insurance escrow accourK hefd in connection with this loan. H thare shall be a default under any of the provisions of~thi~t mo?tgage rosuRing in a public ssle of the premises coverod hereby. or iithe Mo rtga8ee acqujres the property otherwise aiter defauk, the Mortgagee stwN appty. at ihe time of the commencement of such proceedings or at the time the property is otherwjse acquired, the balance then remaining in the funds accumulated under (s) of paragraph 2 preceding as a cradit against the amount oi prinNpal then remaining unpaid under ssid note. . 4. That thay witf pay all taxes, assessments, water rates. and other governmental or municipal cliarges. fines, or imposi- tio~u. for whkh provision has not been made hereinbefore. aod in defauR thereof. the Mortgagee may pay the sarrte and be secured by the tien of the mortgsge; and that tbey will prompty deliver the ~official roceipts therefore to the Mortgagee. 5. Thst they witi permit, commit, ar wffer no waste. impairrr~ent. or deterioration of said property or any paK thereof: and in tt~e event ot tbe tailure of the Mortgagors to keep the buildings or said premises and thos~ to be erected on said premises, or improvements iheroon. in good ropai~, the Mortgagee may make such repairs as in its discretion it may deem necessary for tfie proper prosenation thereof. snd the full amount of each and every such psyment sbsH be immedistely due aed payable. and shatl be secured by the lien of this mortgaga. 6. That they will pay all and singular the oosts, cha?ges. and expenses, including reasonable lawyers tees. and coats of abst~acts of title, incurred or paid at any time by the Mortgagee because of the tailure o~ the paR ot the Matgagors promptly and fully to perform the agreements aod covenants of said promissory note and this mortgage. and said costs. charges and ex- penses shall be immediately due and payable and shall be secured b~? the lien of this mortgag~e. 7. That they will keep the improvements now existing or hereafter erecteQ on the mortgaged property insured as may be required irom time to time by the Mortgagee agaFnst loss by fire w other bs2ards; ~asuakies. and contingencies in such amounts and for such periods as may be requirecf by Mortgagee. and will pay prompty, when due. airy premiums on such insurance for pay- ment of which pr~ovision has rwt been made heroinbefora. All insurance sTwll be carried in compan'ias approved by Mortgagee and the policies and renewals thereof shall be heW by Mortgagce and have attached therMo loss payable clauses i~ favor oi and in torm acceptab{e to the Mortgagee. Rer~ewa! policies ahall be delivered to Mortgagee at least 10 days prior to expiration of enist- ing palicy. In event of lou, they will ~ive immediatey notice by mail to Mortgagee, and Mortgagee may mske proof of loss if not made promptly by Mortgagors, and each insuranoe comparry concernM is her~eby authorized and directed to make payment for such loss directly to Mortgsgee instead of to Mo~tgagors and Mortgsgee jointl~r. ar~A the insuranca proceeds, or sny psR thereof, may be applied by Mortgagee at its option eitber to the reduction of the indebtedness hereby secured or to the rcstoration or re- pairs of the propeRy damaged. In event of toreclosuro of this mortgage or othe~ transfer of title to tbe mPrtgaged property in ex- tinguishment of the indebtedness secured hereby, all rigM, title and Interest ot the Mortgagors in and to any insuranoe poli¢ies then in forc~ shatl pass to the pu?chaser o~ grantee. 8. That the Mortgages may. at any time pending a suit upon this moRguga, spply to the court hsving )urisdtction lhereot for tl~e sppolr~tmertt pf s recehrer, and wcb court shalt forthwith appoint a receiver of the premises covered hereby all and singu- lar. includir~ aH and singular the inc~mo, profits. issues. aod revenues from whatever source derived, each and every of which, it • ~~~8 ~P~ ~~derstood. is hereby mortgaged as if specificaly set forth and described in the granting and habendum ciauses hereof, and such recNver shall have aii the brosd and effectnro functions and powers in anywise entrusted by a court to a~receiver. and such appointmeni st~ali be made by such couR as an admitied equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequscy of the vatue of the property moitgasged or to the solvenq or insolvency M sald Mortgagors or the defendants. and that such ronts. p~rotits. income, issues snd revenues shalt be apptied by such receivar accord- ing to the tien of this mortgage and practke of such courG - 9. That (sj {n the everrt of airy bnach pf this moKgage or default on the pa?t ot the Morfgagors, or (b) in the eveM that any of said sums M money herein nferrod to bs not promptly and tully paid without demand or notice, or (c) in ti~e ~veM that each and every the stipulations, agroemerKs, oonditions and oovenants of said note and this moRgage. sre not duy, promptly and fully pe~(ormed; then in either or any such eveM, Me said aggregate sum mentioned in said note then remaining unpaid, with Interes! accrued to that time, and aH moneys secured hereby, shall become due and paysbte torthwith, or thereaRer, st the option of said Mortgagee, as fulq and completey as ff all of the said sums of money vrero originally stipulated to be paid on such day, s~ry- thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafte~, at the option ot said Mort- gagee, without notice or demand, suit at law or in equity. ~msy be prosecuted as if aN moneys secured hereby had matured prior to its institution. The Mortgagee may forecbse this mort~age, ss to the amount so declaro0 due and payabte, and the said premises shall_ be sold to satisfy and pay tha same together with cosb, ezpenses. and allowances. In cases of paRial toreclosure of this mortgage. the moRgsged premises shall be solQ subject to the continuing lien oi this mortgage for the amount of the debt not then due and unpaid. In such case the provisions M thk psragraph may again be availed of theresfter from time to time by the Mortgagee. ~{~.IYA,I°t f . • 0 R Z! s PAf?E ~ 800K