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HomeMy WebLinkAbout0662 +f+ . . . - ~ ~ ~ ~3i ~ • - . N t'3 * ' ' • . prl++c3pN wm sod sccrued iotenst ~au becane aue~~d psya~ withp~~llotice at the option ut the holder thereot. And shall ; duy, p.omay. and fuly perfom~, discharge, execute. efiect, complete. and compy vr~th and abide by each and every the stipu• % btions. sg~eements. conditio~s. and covensnts of saW promissory note arni this mongaga, ther~ this mo?igage and tha estate { hereb~r c~eated sha11 cease snd be ~ull and void. And the Mo~tgagors tu~ther tovenant as tollows: ~ ~ l. That the~? will pay the indebtedness. ss hercinbetore provided. 2. Tha~ in oMer more tuly to protcct the security ot this mongage, the Mortgagors, togethe? with and in addition to. the monthy psymeats under tAe tem~s of arty notes secured hereDy, on the first day oi each month until said nota is tully paid, will pay to the Matgagee the fdlowiog wms: (s) A sum eqwl to one-twelttb (1/12) of the promiums that will next become due and payabte on policies of firo and othe~ hazaM insurance coveriog the mortgaged property. plus taxes 3nd assessmeats next due on the mortgaged property (all ~s esti- mated b~/ the Mortgagee). (b) All paymenh mentioned in the prccedi~ subsettion oi this paragraph and a!! paymenls to be made unde~ any note securM he~by shall be added together ar~d the aggregate amount the~eof shall be paid by the Mortgagors each month in a single payment to be apptied by the Mortgagce to the tollowing items in the oMer sst fo~th: 1. Taxes. sssessmenta. aod hazard insu?ance premiucns: 11. I~terost on the note secured hrreby: ard 11l. Martizatian of the principal of said note. My defitier~ty io the amouM of such aggregaUe monthly paymeot shall. unkss made good by the Mortgagors p~ior to the due date of the next such payment. constitute an event of default under this moAgage. The Martgagee may co~lect a"late charge" oot to exceed two cents (2t) tor each dollar ti) of each paymeM moro than fifteen (i5) days in amears to oover the extrs ex• pense involved in handting dNinquent paymeots. 3. Triat if the toWl of the payments made by the Mortgagors under (a) of paragrapt~ 2 preceding shall excced the amount of payments actwlly made by the MoAgagee, for taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subse~uent payments to be made by the Mo~tgagors. If. however, the monthy pay ~ ments made by the Mortgagors under (a) of paragraph 2 preceding shatl not be suif'~cient M pay tazes and assessmeMs snd in- wrance premiums. as the case may be. when the same shall become due and payable, then the Mortgagon shall pay to the Irlort• gagce amr amount necessary to make up the deficPency, on or before the date when payment oi such taxes. assessments, or insur. . ance premiums shall be due. If at aMr time the Mortgagors st~all tender to the Mortgagee in accordance with the provisions of the note secured hec~eby. full paymeM of the entire indebtedness represented thereby. the Mortgagee shall. pay to the Mortgagors all - amounts then remaining in the tax and insurar~ce escrow account beld in connection with this loan. If thero shall be a defauit under arnr of the provisions of this rtwrtgage rewRing in a puWic safe of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after defauK. the MoKgagee shaN a~.ply. at the time ot the commencement of such proceedings or at tl~e time the property is df~twise atqnired. the batance then remaining in the tunds accumulated under (s) of paragraph 2 preteding as a tredit against the amouM of prirtcipal then remaining unpaid under said oote. 4. That th~y will pay al! taxas. assessments, water rates, and other govemmeMal or municipal charges, fines. or imposi- tions, tw which provision has not been made he~einbefore, and in detauR thereof, the Mortgagee may pay the same and be secured 6y the lien of the mortgage; and that they will prompUy deliver the official receipts therefore to the Mortgagee. 5. That they will permit~ commit, or wffer no waste, impairment, or deteriorai~ion of said property or any part ther~.wf; and in the event of tt~e faifure of the MoKgagors to keep the buiWiags or said prem+ses and those to be erected on said premises, or improvements the~eore, in good repair, the Mortgagee may make such repairs as in its discretion it may deem_ necessary for the proper preservation thercof, and the full amou~ of each and every such payment shall ~e immediatNy due and payable, and st~all be securcd by ihe lien of this mortgaga. 6. That the~r will pay all and singular the oosts. charges. and expenses, including reasonable lawyer's fees. and cosis of abstracts oi title. incumed or paid at a~?.time by the Mortgagee becausa of the failure on the part oi the MoRgagors promptly and luly to pe~form the agreemeMs and covenants ot said promissory note and this mortgage. and said costs, charges and ex- penses shall be immediatey due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements now exisdng or hereafter erected on the mortgaged property insured as may be required from time to time by the Mohgagee against loss by fire or other hazards, casuaRies. and contingeocies in suth amounts and for wch periods as may be required by MoRgagee. and will pay promptly. when due, aey premiums on wch insurance for pay- - ment oi which provision has rwt been made hereinbefore. All insurance shail be carried in companies approved by Mortgagee ared the policies and renewats thereof shall be held by Mortgagee and have attached thereto loss payable tlauses in favor of and in iwm aoceptable to the Mortgagee. Renewal policies shall be delivered to ~lortgagee at least 10 days prior to expiration of exist- ing polic~r. In event of bss. tbe~r will giv~e immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not n~de promptly by Mortgagors, and each insurance company concerned is hereby authorizwi and directed to make payment ~or such bss dirocty to Mortgagee instead of to Matgagors and Mortg,agee jointy. and the insurance proceeds. or any part thereof, may be applied by Martg,agee at its opRion eithe~ to the raluction oi tAe indebtedness hereby setured or to the restoration or re- r pairs oi the property damaged. In everrt of foreclosure of this morigage or other transfer of title to the mortgaged property in ex- ? tinguishment oi the indebtedness secured hereby~ all rigtd. title and iMerest of the Mo~tgagors in and to am? inwrar~ce policies } i then in force shall pass to the purchaser or grantee. ` - ~ That the Mortgagce may, at a~ry time peading a suit upon this mortgage, apply to the oeurt having (urisdiction thercot _ for the appointrt~ent of a n~ceive~. and wch oourt shall forthwith appoiM a roceiv~er of the premises cavered hereby all and singu- far, induding all and surgular the income. profits, issues. ar~ revenues from whatever source derived, each and every of whicb. it bein8 acpressly understood, is hereby mortgaged as ii sp~ifically set foRh and described in the granting and habendum clauses i hereoi; and such receiver sha11 have all the broad ancl eHective functions and pow~ers in anywise erKrusted by a court to a reoeiver, and such appointment shall be made by such oourt as an admitted equity and a matter of absolute ngM to said Mortgagee, and without refere~oe to the adequacy or inadequacy o! the value of the prope?ty mortgaged ot to the solvenCy or insolvency of said Mortgagas or the de!endants, and that such rents. profits, income, issues and revenues shall be applied by such receiver accord- ing to the tien M this morigage and practice of such oouR. i 9. That (a) in the event of an~l breach of this mortgage or defauR on the pa~t ot the Mortgagors, or (b) in the eve~ th.at any j of said wms of srwnry berein referred to be ~~ot prompty and fully paid without demand or notice, or (c) in ihe eve~t that each ; arM erery the stipulations. agreerr~eMs, ocnditions and covensrns of said note and this mortgage, are not duly. prompty and fulfy pertormed; then in either or arry suth event, the said aggregate wm mentioned in said note then remaining unpaid, with iMerest ~ aocn~ed to tNat 6me, and all monrys secured hereby, shall beoome due and payaWe forthwith, or thereafter. at the option of said = Mortgagee, as fuly and eompletely as ii att of the said sums of money w~ere originally stipulatcd to be paid on such day. any- thing in said note or i~ this mortgage to tAe contrary rr~twithstandiog: and thereupon ~x thereaRer, at the option of said MoR- BaB~, a demand, wit at law or in equity, may be prosecuted as if all moneys secured hereb~r had matured prior to its institution. The Mortgagee may foreclose this mo~tgage, as to the amount so declared due and payable, ar~d tt~e said premises shall be sold to satisy and pay the same together with costs, exper~sPa, and allarrances. In cases of paKial toreclosure , of this mortgage, the mortg,aged premises shall be sold subject to .he conbnuing lien oi this moRgage for the amount of the debt rwrt then due and unpaid. In such case the provisions of this paragraph msy again be availetfof therea!ter from time to time by the Mortgagee. - ` BQOK ~ ! ~ PACE ~ • ~ 0 R~ ? ~ ao~~7~ ~~~736 .