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Home My WebLink About0477 ~ ~ ~ pnncipai sum dnd accrued ~nterest ~1~ai1 lic<.~ine due and payahl~ w+U}out n~,!~ce .~t tlie opt~.,n ;~f the ht,lder there~ t AnU ~hnl~ duiy. {irrnnptly. ~nd (uily {~tlotnt. d~~,rhar{'e, execute. eitc•ct. coi~iplete. and cu~u~,ly witl~ an~t .~r,~dr by each and eve~ ~ tl~e sti?iu • I.+lions. a~ree~~ianlS: CondU~unS. and covenants ~t S.lid pfOntlSSCry note and tlus ~~~o?tp.agP. !~~.•~i +t~is !nortkatice and ti~e ~st~tc i~ereby c?eated shall Cease anJ be ~iui1 ana wid. ~ And the Mortsagors iurther covendnl ds toliows: 1. That they will pay the ~ndebtedness, as hereint,eture provided. 2. That, in order more tully to protect the security of this mort~~age, :lie Mortgasors, togetl~er w~th and in add~t~on to. tt~e n~unthly payments under the terms o( any notes securecl hereby. on the lust Jay o( each month unhl said note is tully paid. will pay to the Mo~tgagee the tollowinq sums: ib) All payments mentioned m the preted~ng subsection of th~s paragraph and aH payn~enls to be made una~ r anv note secured hereDy shall be added together and the agg~egate amount ttiereof shall be pa~d by the MortgaRors eac?~ rnonit~ in a s~ngle payment to be applied by the MoAgagee to the following items ~n the order set torth: 1. Taxes, assessments, fire, and hazard insurance ptemiums: 11. Interest on the note secured he~eby: and ~ 111. Amortization ot the principal oi said note. ~ Any deficiency in the amount of such aggreqate me~thly payment shall, unless made good by the Mo~tgagors n~~or ta the due date o( the next such payment, constitute an eve~t oi de(ault under this mortgage. The Mortgagee may collect a"Iate cliarge" not to exceed two cents (2C) for each dollar (s) ot each payment more than tifteen (15) days in arrears to cover tfie extra ex- . pense involved in handlinq delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 precedinq sha11 exceed tne amaunt of payments actualty made by the Mortgagee, for taxes and assessments and insurance prem~ums, as the case may be. such ezcess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. It, however, the monthly pay• ments rnade by the Mortgagors under (a) of paragraph 2 preceding sl~all not be suificient to pay taxes and assessments and in- surance premiums, as the case may be, when the sarne shall become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or befare the date when payment ot such taxes. assessments, or insur- ance premiums shalt be due. It at any time the Mortgagors shall tender to.the Mortgagee m accordance with the provisions oi the note secured here5y, tull payment of the entire indebtedness ~epresented thereby, the Mortgagee shall, pay to the Mortga~ors all amounts then remain~ng in the tax and insurance escrow account hetd in connection with this loan. If there shall be a detault ur.der any of the provisions oi this mortgage resultin¢ in a public sale of the premises tovered heteby. or if the Mortgagee acquires the property othervvise after default, the Mortgagee shall apply, at the tirt~e ot the commencement o( such proceedinqs or at the time the property is oth~nrise atquired, the batance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges. fines, or imposi- tions, tor which provision has not been made hereinbetore, and in default thereof, the Mortgagee may pay the same and be secured by the (ien of the mortgage; and that they will promptly defive~ the otficial receipts therefore to the Mortgagee. 5. That they witl permit, commit, or sutfer no waste, impairment, or dete~ioration of said property or any pa~t thereot: and in the event of the faiture 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 p?eservation thereof, and the full amount of eac11 and every such payment shall be immediately due and payable, and sh~tl be secured by the lien of this mortgage. 6. That they wilt pay all and singular the costs. tharges, and expenses, including reasonable lawyer's tees, and tosts of ~ abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the paR of the Mcrtgagors promptly and fully to perform the agreements and covenants of said promisso 'ry note and this mortgage, and said costs. charges and ex- penses shall be immediatety due and payable and shall be secured by the lien of this mortgage. ' ' 7. Tha2 they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be ~ required from time to time by the Mo~tgagee against loss by f~re or other hazards. casualties, and continqencies in such amounts and tor such periods as may be required by Mortgagee, and will pay promptly, when due, any prem~ums on such insurance tor pay- E me~t of which provision has not been made hereinbefore. All insurance shall be carried in companies appreved by Mortgagee 4 and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in tavor of and ; in form acceptable to the hlortqaqee. Renewal poticies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event of !oss, they will give immediately notice by mail to Mortgagee. and Mortgagee may make proof of loss if not made Qromptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make p`a.~,m~ent for ~ such loss directly to Mortgagee instead of to Mortgagors and MoRgagee jointly, aod the insuiari~'~pr ~o~ee~ff5~~~ ~r~p~R thereof. ~ may be applied bv Mortgagee at its option either to the reduct~on of the indebtedness hereby se~r,~c~ ~~oration or re• pairs ot the property damaged. In event of foreclosure of this mortgage or other tr~nsfSr ot tiUQ tF,~ tinguishment of the indebtedness secured hereby. all rigfit, title and interest ~ the Mortga~ors ~n~an~v"~~~~l~~~p~ then in force shall pass to the purchaser or g~antee. ju~ f~w~v ~ 8. That the Mortgagee may, at any time pending a suit upors this mortgag .~~~the court havi~g~ju sdiction ~e~eof for the appointment of a receiver, and such court sha~l forthwith appoint a receiver of the premises covered hereby all and singu- lar, inctuding all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the qranting and habendum clauses r~ hereof, and such receiver shall have all the brosd and effective functions and powers in anywise e~trusted by a court to a receiver. ~ and such apFointment shalt be made by such court as an admitted equity and a matter of absolute right to sa+d Mortgagee, and ~ without reference to the adequacy or inadequacy of the value oi the property mortgaged or to the solvency or insolvency oi said ~ Mortgagors or the de(endants, and that such rents, protits, income, issues and revenues shall be appl~ed by such receiver accord- ing to the lien of this mortgage and practice of such couR. a 9. That (a) in the eveM of any breach of this mortgage or default on the part of the MoRgagors. or (b) in the event thaf any of said sums of money herein referred to be not promptly and fully paid•without demand or notice, or (c) in the event that each a and every the stipulations, agreements, Conditions and covenants of said note and this mortgage, a?e not duly, promptly and tully ~ performed: then in either or any sLch event, the said aggregate sum mentioned ~n said note then re?na~n~ng unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable torthwith, or thereafter, at the option oi said Mortgagee. as fully and completely as ii all of the said sums of money were originally stipulated to be paid on such day, any- thing in sa~d note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- ~ gagee, without notice 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 amount so declared due and payable. and the said ~ premises shall be so~d to satisty and pay the same together with custs, ezpenses, and allowances. In cases of partial toreclosure ~ oi th~s rnortgage, the mortgaged premises shall be sold sub~ect to ttie continuing lien of this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paregraph may~again be availed oi thereaiter from time to time by r~.~ the Mortgagee. ~ • ~ ~ ` s~~2?8 476 ~ . ~ ~ . . _ ~ . _ . _ . . _ , . -