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HomeMy WebLinkAbout0319 ~ ~ ~t~ , p~incipa) sum and accrued i:+terest shall beca~fe due and paYabk untfwut ~otice at the optan of the nolder tnereol. And shatf ~ duy, prornpty, and fully perfo~m, dischsrge. rxecute. etiect. cairMete, and comply w~th snd aD:de b1r each and every the st:pu ~ • lat~ons. ag~eements. cond~lw~s. and cove~ar.ts of said [KUmissory rtote and th~s nwrtgage, then th~s morigagr and tha estate ~ hereby created shall cease and be ~null and roid. ti ~ A~d the Mottgagors tuAher covenaot as lolbws: ~ 1. That they will pay the indebtedness. as hereinbetae provided. 2. That. i~ otde~ rtwre futly to jxotect the security ot this mo?igage. lhe Martgagors, together w~th and in add~tioo to. the f rtsonthy payments under the tem~s of any ~wtes secured he?eby, on the tirst dar ot exh rtw~th until sa~d rate ~s tuly paid, will ~ pay to the MoKgagee ths fotbwi~ wms: (b) /Ui payments meritioned in the p~eceding subsection oi this paragraph. aod a11 pa~lments to be made under any note secured hereby shall De added togNher and the aggregate arteount thereof sl~all be paid by the MonBaqors each month in a single paymeot to be applied by the Mortgsges to the follaw~og items in the order set foRh: 1. Taxes. assessments. fire. sr~d hazard iosurance p~emiums; ~ 11. loterest on the note secured hereby: and ~ 111. Amoni=atan ot the priocipal ot said note. Arry deficienty ia the amount of sath agg~egatt monthly payment shall, uoless a~ade Bood ~f the Mortgagors P~ to the due date of the ~e+ct such payment, constitute an eveot of detauft under this Rwrtgage. The MortBagee ~raY collect a'~~ate charge" not to exceed two oeots (2C)~tor each do1Wr of ead: payment more thao ~iheen (15) days in arrears to cover the extra ex- pense involved in handling delinque~t payments. 3. Tbat ii the total of the payments made by the Mortgagws under (a) of paraBraph 2 precedinK shaU exceed the amouM oi payments actually nwcfe by ihe Mortgagce. for taxes and ssstssrt~ents and insurance premiunu, as the tast mar be. such excess shall be credited by the Matgagee on subsequent payments to be made by the IiAwtgagors. If, lawever. th! !'~~onthly ply- - me~ts made by the Ni-oRgagors under (a) of paragraph 2 precedi~ st~all not be sufficient to pay taxes and assessments and in- e surance premiums, as the case may be. ~+hen the same shall become due and payable. then the Mortgagors shafl pay to the Mort- 1 gagee any amount necessary to make up the deficiency, o0 or betore the date wf:en payment of such taxes. assessments. or insur- ante premiums shall be due. lf at aoy time the MoRgagors shall tender to the Matgagee in attoNance with the provisions of tha note secured hereby, full paymeM of the entire inde~edness rePresented thereby. the Mongagee shatl. pay to the MortgaBas aU ! a:nounts then remainiig in tfie taz and i~nurance escrow account held co~necta^ w~th this loan. If the?e shall be a defauR ~ un.ie~ any d tha provitans of this rtwrtgage resufting in a pubtic sale of the premises savered herebY. or if the Mwt6a8ee ao4uires the property dherwise at#er ~etauR; the Mortgagee shall appy, at the time of the oommencement of wch proceedings o~ at the ~ time the property is othervrise aoquired, the balante then rcmaining in the funds accumulated under (a) of paragtaPh 2 preceding i t as a ciedit a~ainst thq amount d prinapal then :emaining unpaid under said note. ; 4. That they will pay al! tazes, assessme+its. M?ater rates. and other 8~ovemmental or municipai charges. tines. or imPosi- } tions. ior ~hich provision has not been made hereinbetore. and in default thereof. the MortgaBee maY PaY the same ard be : secured by the lien ot the mortgage: and that they will prempty deliver the official receipts therefore to the Martgagee. ~ 5. That they will permR. commit. or wNer no waste. impairmen~ or deterioration ot said property or anI? PaR thereof: and ~ in the eveot of the taiture of the Mortgagors to keep the buildiogs w said premises and tlase 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 netessary for the proper preservation thereaf, and the fuii amount ot each and everl? such payment sliali be immeidiately due and paYable, and ~ shall be secured bj the lien of this mortgage. ~ ~ 6. That they will pay afl and singular the costs. charges, and expenses. includ~n8 reasonaD~e lawyers fees, and costs af abstracts of title, incorred or paid at any time Dy the Mortgagee because of the tailurc on the part of the Mortgagors PromPUY and fully to perfonn tiie agreert~ents and covenants of said promissory note and this mo~tgage. and said costs, charges aod ex- ~ p om~sso penses shall be immediately due an~l payable and shall be secure~i ngi the lien-of this nwrt~age. ~ ' - 7. That they will keep the improvements norr patistirtg or hereatter eretted on ti~e mortgaBed P~~~I? insured as ts~ay be ~ I required from time to time by the Mo~agee against loss 6y tire or othe~ hazards, tasualYies, and contingencies in such amounts i and forsuch periods as may be required by Mortgage¢. and will pay (xolnPth?. when due. any premiums on wch inwrancP for paY- ( a men! o~ which provision has not been madp hereinbetore. iVl i+~surance shall be wRied in companies aFproved M~ MoriBaBee ' I and the poiicies and renewals thereof shall be hefd by Mortgagee and have attached thereto loss payable cl~uses in favor of artd ` j in form acceptaWe to the Mortgagee. Renewal policies sha8 be dNivered to Mortgagee at least 10 days prior to expirat+on of exist- ~ ~ ing poGcy. In event of loss, they will give immediately notioe by mail to Morfgagee. and Mortgagee may make proof of loss if not ; made promptly by Mortgagors, and each iosurance compaoy concerned is Nereby authorized and directed to make payment for s~ch bss directly to Mortgagee instead of to Mortgagors and Mort~agee janty, and the insurance proceeds. or arry paR thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness herebY s^=ured or to the restoraiion or te- ~ pairs of the propeRy damaged. In event of toreclosure of this mortBage or other transte~ of title to the rtwrt$aged proPeRY m ex- ' tinguishment oi the indebtedness secured hereby. ati nght, title and interest of the MortgaBors in and to any inwrance policies then in foroe shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage. apply to the cour! having jurisdiction thereof for thE appointment of a receiver. and such oourt shaU foKhwith appoiM a receiver of the premises covered hereby all and singu- lar. including all and singular the income, profits. issues, and revenues from wtwteve~ source demred, each and every of vrhich. it ~ being expressfy understood, is hereby moRgaged as if spec~f~ica~~Y set ~orth and desc~be~ in the grant~ng and habendum clauses ` ' he~eof, and such receiver shap have all the brosd and effedive functio~s and powers in anywise eMnnted by a couri to a receiver. and such appointment shalf be made by such couR as an admitted equity and a rtwtter of absotute ngh! to said Mortgagee. and a without reference to the adequacy or inadeQuacy of the value af ihe ProPerh? mortSaBed a to the sMve^h °r °^sd~~Y of said ~ Nortgagors or the detendants. ~nd that wch rents, profits. income. issues and teveoues sha~~ be applied 6y such receive~ aocord- ing fo th~ lien of this mortgage :~nd practice of such tourt. 9. That (a) in the eve~ of arry brcach of this mortgag~e or detault on the part of the Mo~tgagors, or (b) in the everd that any ` ~ of said sums of rtwne~? herein reterred to be not prompth? as~d fuly Paid without denw^d °r ~tice. or (c) in the rfent that each and every the stipulatio~, agreements, oonditions and covena~s oi said note and this rr~o~age, are noR duy, promPtht and tully performed; ihen in either or any wch event, the said a~regaie wm mentioned in said note•then remaining unpaid, vrith iMerest . accrued to that time, and all nwneys secured hereby, shall bcux~ due and payaWe forthwith. or thereafter, at the optioo of said Mortgagee, as fully and completely as if all of the said wms of nwney we~e originalyr stipufated to be paid on sucb daY. a~Y- thing in said note or in this mortgage to the corrtrary notwithstaodio8: a~id thereupa~ or thereafter, at the option of said Mort- ~ gagee, without notice or demand, suit at law or in equity. may be P~osecuted as if all moneys secured he?eby had matured prior to its instE*.~tion. The Mortgagee may foreclose this mortgage, as to the amount so deciared due and paYaWe,~ and the said premises shall be sold to satisfy and pay the same togetbef with c~sts, expenxs: and ailowances. In wses of par~ial foreclosure of this rteortgage, the morigaged premises shall be sold wbjett to the continuing lien of this moKgage for the amount of the debt not then due a~d unpaid. ir. wch case the provisi~s oi this Pa~agraPh mar again be availed of thereafte~ from time t~time bY the MoRgagee. ~ ~ ~ c.: ~ - 3 ~Y~ 7 ~ ' j - . ~ . . _ . - - . 'i~ . - .