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HomeMy WebLinkAbout0720 principal sum and accrued i~terest shall become due and payable w~tl~out notice at the option of tl~e hol4er tt~ercol. And shall duly, p?omptly. and tully pe~torm, d~scharge, execute, etlect, complete, and comply with and ab~de by each and every the stipu- lations, ag~eements, tonditions, a~d covenants ot said promissory ~ote and this mo~tgage, tlien tl~is moNgage and the estate hereby created shall cease and be null and void. And the Mongagors tuRhe~ covenant as lollows: 1. That they_witl pay the indebtedness, as he~einbe(ore provided. 2. That. in orde~ more tully to protect the security o( this mo~tgage, the Mortgagors, together with and in addition to, the monthly payments under the terms ot any notes secured hereby, on the first day o( each month until said note is fulry paid, will pay to the Mortgagee the tollowing sums: • ~ao~c~aacuc~a~~• (b) All payments mentioned in the preceding subsection of this paragraph and all payments to De made under any note secured hereby shsll be added together and the aggregate amount thereol shall be paid by tha Mongagors each month in a single payment to be applied by the Mortgagee to the following items in the o~der set fo?tis: 1, Taxes. assessments. fire, and hazard insurance premiums; * 11. Interest on the note secured hereby: and 111. Amo~tization of the principal oi said note. Any deficiency in the amount of such a~rcgate monthy payment shall, unless made good by the Mortgagors prio~ to the due date oi the next such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" not to exce~d two cents (2~) for each dollar (s) of each paymeM more than ifReen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the totat of the payments made by the Mortgagors unde? (a) ot parograph 2 preceding shatl exceed the amount of payments actually made by the MoRgagee, tor taxes and auessments and insurance premiums. as the case may be, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthy pay ments made by the MoRgagors under (a) of paragraph 2 p~eceding shall not be suNicient to pay tazes 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 MoR- - gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments. or insur- anse premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. tull payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mort~agors atl amounts then rcmaining in the tax and i~surance escrow account heW in connection with this loan. If there shall be a default nnder any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires the propeRy otherwise afte~ detault. the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise atquired, the balance then remaining io 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 tazes, assessments, water rates. and other govemmental or municipal cha?ges, fines, or imposi- ~ tions, for which provision has not been made hereinbefo~e, and in default thereof, the Mortgagee may pay the same and be secured by the I'~en of the moKgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit. or suHer no waste. impairment, or deterioration oi said property or aoy pa~t thereof; and in the event of the tailure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or imp~ovements thereon, in good repair, the Mortgagee may make such repairs as in its disc~etion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediatety due and payable, and shall be secured by the lien oi this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyers tees, and costs oi abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and tully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ~ penses shall be immediately due a~d payable and shall be secured. by the lien of this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be i required irom time to time by the Mortgagee against loss by iire or other hazards, casualties, and contingencies in such amounts ~ and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for 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 shall be held by Mortgagee and have attached thereto toss payable clauses in favor of and : in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event ot loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may nfaKd proo~ of ybss if not ~ made prompty by Mortgagors, and each insurance company eoncemed is hereby authorized and diretted to make payment fos such loss directty to Mortgagee instead of to Mortgagors and MortgaB~ )ointly, and the insurance prceeeds, or any pact thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- , pairs of the property damaged. In event of foreclosure of this mortgage or other transier of title to the mbrtgaged property in ex= tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance politles then in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such couR shall forthwith appoint a receiver of the premises covered herehy all and singu- lar, including all and singular the 'inwme, profits, issues, and revenues irom whatever source derived, wch and every of which, it being expressy understood, is hereby mortgaged as if speciticatly set forth and described in the granting and habendum tlauses ~ hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a cou~t to a ~eceiver, ~ and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without refe~ence to the adequaq or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors o~ the defendants, and that such rents, profits, income. issues and revenues shall be applied by such receiver accord- ing to the lien oi this moRgage and pradice oi such couR. - 9. That (a) in the event of any breach of this mortgage or default on the pa~t of the Mortgagors, or (b) in the event that any ~ of said sums of money herein referrcd to be not promptly and fuly paid without demand or notice, or (c) in the event that each ~ and every the stipulations, ag~eements, conditions and covenaMs of said note and this mortgage, are not duly, prompty 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, shall become due and payable fo~thwith, or thereafter, at the option of said ~ Mortgagee, as fully and completely as if all of the said sums•of monty were originally stipulated to be paid on such day, any- ~ thing in said 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 toreclose this moRgage, as to the amount so declared due and payable, and the said z~_ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of paRiat ioreclosure ~ of this mortgage, the moRgaged premises shall be sold subject to the continuing lie~ of this mortgage tor the amount ot the debt . ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereaRer irom time to time by ~ the Mortgagee. ~ ~ BGJ~2 JO PAGE /~9 ~.~'~'i ,:j ~ ~ ~