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HomeMy WebLinkAbout0823 Y + ~ . • f'., • i ~ ~.li principal sum and accrued ~ntecest shall becorne due and payable w?tl?out not~ce at the option ot the holder tiie~eal. And shall ~ duly. promptly, and fully perform, dischatge, execute, etlect. tomplete, and compry with and ab~de by each and every thc a!ipu• ? latiods, agreements, condit~unS. s~d tovena~is of said promissory note a~d t~iis mortgage, thcn thls mortgaqe and tlie estate ! hereby creoted shall cease and~be null and vo~d.~ ~ . ~ And the Mortgagora turther covena~t as iollows: ' ~ t t 1. That they will pay the indebtedness, ss hereinbefore provided. ~ - ~ ~ 2. That. in o?der moro tuly to protect the secu~ity of this mortgage, the Mortgagors, together with and in addition to. the ~ monthy payments under the terms oi any notes secured hereby, on the tirst day of each month unii! said note is fully paid, will pay to the Mortgagee the following sums: ~ t ( ~ i ~ (b) All payments mentioned in the precediog subsection of this paragraph and all payments to be made undcr any nete secured hereby shall be added together and the aggregata amount thereof shall be paid by the Mortgagors each month in a single paymant to be applied by the Mortgagee to the following items in the order set tohh: 1. Taxes. assessments, fire. and hazard insursnce premiums; It. Interest on the ~ote secured hereby; and 111. Amortization of the principal of said note. Any deficiency in the amourt c: such aggregate monthly payment shall. unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of default unde~ this mortgage. The Mortgagee may collect a'•late charge" not to exceed two cents (2t) tor each dollar ~f each payment more than fifteen (15) days in arrears to cover the extra ex- peose invotved in handling delinquent payments. 3. That if the total of the payments made by the McKtgagors ~nde~ (a) of paragraph 2 preceding shali exceed the amount ot payments actuslly made by the MoRgagee. for Wxes and assess?r~enis and insurance premiums, as the case may be, such excess shal! be credited by the Mortgagee on subsequent payments to be made by the MoKgagors. If, however, the monthy pay ments made by the Mwtgagors under (a) of paragraph 2 preceding shall not be sufficient to pay tazes and assessments and in- surance premiums, as the case may be. when the same shall become due and payaDle, the~ the Mortgagors shall pay to the Mo~t- gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments. or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mongagee in accordance with the provisions of the note secured hereby, full payment of the entire iodebtedness rep~esented thereby, the Mortgagee shall, pay to the Mortgagors atl amounts thee remaining in the tax and insurance esc~ow account heW in connection with ihis toan. If there shall be a detauft under any sf the provisions of this mortgage resu!ling in a public sa~e of the premises covered hereby. or if the Mortgagee aoquires the property otherwise after default. the Moitgagee shall apply. at the time of the commencement of such presceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a) of pargraph 2 preceding as a credit against the amount of pri~cipal then remaioing unpaid under said note. 4. That they wit! pay all taxes, assessments, water rates. and other governmentat or municipal charges. ~nes. or impasi• tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the official receipts therefore to the Mortgagee. 5. That they will permit. commit, or suffer no waste. impairment, or deterioration of said p~operty 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 crected on said premises. or improvemeats thereon, in good repai~. the Mortgagee may make such repairs as in its dist~etion it may deem necessary for the proper preservation thereof. and the full amount of each and every Such payment shall be immediatey due a~d payable, and shall be secured by the lien of this mortgage. 6. That they Mritl pay ali and singular the costs, charges, and expenses, including reasonable lawyers fees, and costs of abstracts of title, incurred or paid at any tirr~ by the Mortgagee because of the failure on the part of the Mortgagors promptty and fully to perform the agreements and covenants of said promissory note and ihis mortgage, and said cosis, charges and ex- penses shall be immediatey due and payable and shall be secured by the lien of this mortgage. 7. That tbey will keep the improvements now existing or hereafter erected on the mo a ro ~ rtg ged p perty insured as may be required fram time to time by the Mortgagee against loss by tire or other hazards, casualties, and contingencies in such amounts i and for such periods as may be required by Mortgagee, and will pay.prompty, when due, any pcemiums on such insurance for pay- j ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee j and the policies and renewals thereof shatl be held by Mortgagee and have attached thereto loss payable clauses in favor of and in fo?m acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least YO days prior to expiration of exist- ing policy, In event of ioss, they will give immediately ootice by mail to Mortgagee, and Mortgagee may q~alc~ pr of los~-if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and direcied ~o m~e payment for such toss directly to lulortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance pr , or any part thereof, may be applieA by Mortgagee at its option eithe~ to the reduction of the indebtedness hereby securec~ ~to~ (Kx~fn or re- pairs of the property damaged. In event of foreclosure of this mortgage or other transfer ot titlrtatll~~~~ ex- ; tinguishment of the indebtedness secured hereby, aN right, title and interest of the Mor~gotsin~er~~~~ je policies ; then in force shall pass to the purchaser or grantee. i+oM ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having junsdiction thereof i for the appointment of a receiver. and such court shalt forthwith appoint a receiver of the premises covered hereby all and singu- ~ iar, including all and singular the income. profits, issues, ar.d revenues from whatever source derived, each and every of which. Ft ~ being expressly understood, is hereby mortgaged as ff specitically set forth and described in the granting and habendum clauses hereof, and such rereiver shall have all the broad and effective functions and povrers in anywise entrosted by a court to a receiver, - and such appointment shall be made by such court as an admitted equity and a matter of absolute rigF~t to said Mortgagee, and without refere~ce to the adequacy or inadequacy of the value of the property mortgaged or to the sofve~~cy or insolvency of said Mortgagors or the defendants. arW that such rents. prnfits, income, issues and revenues shall be anp~ied by such receiver accord- ing to the lien of this mortgage and practice of such court. 9. That (a) in the everrt of arty breach of this mortgage or defauR on the part of the Mortgagors, or (b) En the event that any of said sums of money herein referred to De not promptly and fully paid without demand or ~otice, or (c) in tne eveM that each and every the stipulations, agreements, c~nditions and coveoants of said oote and !his mortgage, are not duly, prompty and tulfy perfortned: then in either or ar~y such event, the said aggregate sum mentioned in said ~ote then remaining unpaid, with interest accrued to that time, and all morieys secured hereby, shall become du~ and payable fa?thwith, or thereafter, at the option of said t Mortgagee, as tully and comptetely as if a!I of the said sums of money were originaly stipulated to be paid on such day, any- : thing ia said nofe or in this mortgage to the contrary notwith3tanding: and thereupon or thereaRer, at !he option of said Mort- ~ gagee, withou! no'tice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior } to its institution. The Mortgagee may foreclose this mortgage, as to the amo~nt w declared due and payable, and the said ~ premises shall be sold to satisfy and pay t'~e same together with costs, expenses, and allowances. In wses of partial toreclosure ' of this mo~tgage. the mortgaged premise: si~all be sotd subject to the continuing tier of this mortgage for the amount of tbe debt not lhen due and unpaid. !n such case the ~::ovisions of this paragraph may again be availed of thereafter from time to time by ~ the Mortgagee. - . ' ~ : f . ~ ~ . ~ ` ~~c2'7'1' ~ - .