HomeMy WebLinkAbout0640 principal sum and accrued mterest shall becon?e due and payable w~thout not~ce at !he opt~oo 01 tt~e holJer the~eof. And sha!!
duly, promptly, and tully pertorm, discharge, execute, eftect, coenplete, and comply vnlh and abide by each and every th~ stlpu•
latiores, agreements, condilions, and covenants of said promissory note and this morlgage, lhen this mortQage and tt~e estate
hereby created shall cease and be null and void.
And the Mortgagors turthe~ covenant as tollows:
l. Triat they will pay the i~debtedness, as hereinbetore provided.
2. 7hat, in order more fully to protect the security of this mortgage, the Mortgagors, together w~th and in addition to, the
monthly payments under the terms ot any notes secured hereby, on the first day ot each month until said note is fulty paEd, will
pay to the Mortgagee the followi~g sums:
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(b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made unde~ any note
secured hereby shall be added together and the agg~egate amount thereof shall be paid by the Mortgagors each month in a
single payment to be applied by the Mortgagee to the following items in the order set fo~th:
1. Taxes. assessme~ts, fire, and hazard insuranca premiums;
11, tnterest on the note secured hereby: and .
111. Amortization ot the principal oi said note.
Any deficiency in the amount of such aggregate monthy payment shall, unless made go~d by the Mortgagors prior to the due
date of the next such payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge"
not to exceed two cenis (2~) for each doltar (s) of each psyment more than fiReen (15) days in a~rears to cover the eztra ez•
pense involved in handling delinquent payments.
3. That it the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount
oi payments actualy made by the Mortgagee, tor tazes and assessments and insurance premiums, as the case may be, such
excess shall be credited by the Mortgagee on suDsequent payments to be made by the Mortgago?s. If, however, the mo~thty pay-
ments made by the Mortgago?s under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in-
surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort-
gagee any amount necessary to make up the deficienq, on or betore the date when paymeat of such taxes, assessments, or insur.
ance premiums shalt be due. If at any time the Mortgagors shall tende? to the Mortgagee in actordance witb the provisions of the
note secu~ed hereby, full paymeot of the entire indebtedness represented thereby. the Mo~tgagee shall, pay to the Mo~tgagors all
amounts then remaining in the taz and insurance escrow account held in connection with this loan. If there shall be a default
under any oi the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires
the property otherwise a(ter defauft, the Mortgagee shall apply, at tbe time of the commeocement of such proceedings or at the
time the property is othenrise acQuired, the balance 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 municipat charges, tines, or imposi-
tions, tor which provision has not been made hereinbefore. and in defauft thereof, the Mortgagee may pay the same and be
secured by the iie~ of the mortgage; artd that they wili promptly deliver the official receipts therefore to the Mortgagee.
5. That they will permit, commit, or suHer no waste, impairment, or deterioration ot said property or any paR thereof; and
in the event of the failu~e of the Mortgagors to keep the buildi~gs 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
p~oper preservation thereof, and the full amount of each and every such payment shall be ±mmediaiely due and payable, and ~
shall be secured by the lien of this martgage.
6. That they will pay all and sirtgular ihe costs, charges. a~d expenses, including reasonable lawyer's tees, and costs ot
abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the paR of the MoKgagors promptly
and fully to perform the ag~eements and covenants oi said promissory note and this mortgage, and said costs, charges and ex- '
penses shall be immediately due and payabte and shalt be secured by the lien of this mortgage.
7. That they wilt 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 fire or other hazards, casualties, and contingencies in such amounts
and tor such periods as may be required by Mortgagee, and wilt pay promptly, when due, a~y premiums on such insurance tor pay-
ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee
and the policies and renewals thereof sha8 be held by Mortgagee and have attached thereto loss payable clauses in favor of a~d
in Eorm acceptaDle to the Mortgagee. Renewal policies shalt be delivered to Mortgagee at least 10 days prior to expiration of exist-
ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgsgee may make proof of loss if not
made promptly by Mortgagors, and each insurance tampany concerned is hereby authorized and directed to make payment !or
such loss directty to Mortgagee instead of to Mor'.gagors and Mortgagee jointly, and the insurance proceeds, or any part thereof.
may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby seCUred or to the restoration or
pairs of the property damaged. In event of toreclosuse of this mortgage or other transfer of title to the moRgaQed property in ex-
tinguishment of the indebtedness secured hereby, all right, title and intereSt oi tt~e Mortgagors in artd to,arry insu?ance poticies
then in force shall pass to the purchaser or grantee.
8. That the Mortgagee may, at any time pending a suit upon this mortgage, appfy to the court having jurisdiction thereof
for the appoiniment of a receiver, and such cou~t shall forthwith appoint a receiver oi the premises covered hereby all and singu-
lar, including 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 granting and habendum clauses
hereof, and such receiver shall have alt the broed and effective'functions and poweis in anywise entrusted by a court to a receiver,
and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and
without reference to the adequaty or ioadequacy of the vatue oi the property mortgaged or to the solvency or insolvency of said
Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shail be applied by such receiver accord-
ing to the lien of this mortgage and practice of such couR.
9. That (a) in the event of any breach of tAis mortgage or default on tAe part of tbe Mortgagors, or (b) in the event that any
of said sums of money herein referred to be not promptly and fully paid without demand w notice, or (c) in the event that each
and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully
periormed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest
accrued to that time, and all moneys secured hereby, shatl become due and payable forthwith, or thereafter, at the option of said
Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, any-
thing in said ~ote 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 alt 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 sold to satisfy and pay the same together with costs, expenses, and allowances. In cases ot partial foreclosure
of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt
not then due and unpaid. In such case the provisions oi this paragraph may again be availed of thereafter irom time to time by
the Mortgagee.
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