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Home My WebLink About0257 } principal sum and accrued interest shall become due and payable w~thout not~ce at the opt~on ol tiie holde~ thereol. And shall duly, prornptly, and tully pe~form, discharge, execute, ettect, complete, and comply with and ab~de by eacli and every ihe stipu- lations, agreements, co~ditions, and cove~ants o( said promissory note and this mortgage, then this mortgage and 11?e estate Aereby created shall cease and be null and void. 4 And the Mortgagors tunher tovenant as foltows: 1. That they wiil pay the indebtedness, as he~einbe(ore provided. 2. That, in order more fully to protett the security ot this mortgage, the Mongagors, together w,lh and ~n addition to, the mo~thly payments under the terms ot any not~3 secured hereby, on the f~rst day ot each month until said note is tully paid, will pay to the MoRgagee the tolbwing sums: ~x ~Q~~~~~~K~~X~xQ~x~~~~2{$~~~~~~~{~{ ~'~1~~~~ ~k~~x 4~{~C~i~ii}~d~?~~4~i~7~ifa3~dK~Y~O?6}t~f~f?4~f ~Xd~}~~~i~X~fik'}ttKX~K4Wt~44Cf(~t~t~l#~~~lQX@{4iX~?@p(~+K ?~t4~?dXX~?Qk~l4lk~4~?F (b) All payments mentioned in the preceding subsection of this paragraph aod ail payments to be made under any note secured hereby sbaU be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be apptied by the Matgagee to the following items the order set forth: ~X~{Q~~~$Ix~~1~f~~~~~i~{~1~{~~{1X1~{n1? , 11. Interest on the note secured hereby; and 111. Amo~tization of ihe principal oi said note. Any deticiency in tbe amount ot sucb aggregate monthty payment shall, untess made good by the Mongagors prior to the due date of the next such payment, constitute an event of default under this mortgage_ The Mortgagee may collect a"late charge" not to exceed two cents (2~) tor each doilar of each payment more tha~ fifteen (15) days in arrears to cover the extra ex- pense invotved in handting deli~quent payments. 3. That ii the total of the payments made by the Mbrtgagors unde? (a) of paragraph 2 preceding shall exteed the amount oi payments actually made by the Mortgagee, for taxes and assessments 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 monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sutiicient 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 Mort- gagee any amount necessary to make up ihe 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 shatl tender to the Mortgagee in accordance with the provisio~ oi the note secured hereby, tull payment of the entire indebtedness ~epresented thereby, the Mortgagee shall, pay to !he Mortgagors all amounts then rema+ning in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any of the pravisions oi this mortgage ~esulting in a public sale of the premises covered hereby, or if the Mo~tgagee aoquires the property othervvise after defautt, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the ' time the property is otherwise acquired, the balance then remaining in the funds accumulated ur~der (a) of paragraph 2 preceding as a credit against the amount ot principal then remaining unpaid unde~ said note. 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or imposi- tions, tor which p~ovision has not been made hereinbefore, and in defautt thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suNer no waste, impairment, or deterioration of said property or any part thereof: and in the event of the failure ot the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or improvements thereon, in good repair, tbe Mortgagee may make such repairs as in its diuretion it may deem necessary tor the proper preservation thereot, and the full amount of each and every such payment shatl be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay all and singular the costs, charges, and ezpenses, including reasonabie lawyer's fees, a~d costs of abstracts of title, incurred or paid at any t+me by the Mortgagee because af ihe iailure on the part of the Mortgagors promptly and fuUy~to periorm the agreements and covenants of said promissory note and this mortgage, and said costs. charges and ex- penses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the impcovements now existing or hereafter erected on the mortgaged property insured as may be - required irom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and wiN pay prompily. when due, any premiums on such insurance tor pay ment oi which provision has not been made hereinbetore. All insurance shall be carried in rnmpanies approved by Mortgagee and the policies and renewals thereof shall be held by Moirtgagee and have attached thereto loss payable tlauses in favor of and in torm acceptable to the Mortgagee_ Renewal policies shall be delivered to Mortgagee at least 10 days prior to ezp+ration of exis!- ing poticy. In event of loss, they will give immediately rwiice by mail to Mortgagee, and Mortgagee may make proof of bss if not made prompty by Mortgagors, and each insurance company concerned is he~eby authorized and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereoi, may be apptied by Mortgagee at its option either to the reduction oi the indebtedness he~eby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in ex- tinguishment oi the indebtedness secured hereby, all right, title and interest ot the Mo~tgagors in and to any insurance policies 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 couh having jurisdiction ther~eof for the appointmeM of a receiver, and such court shalf forthwith appoint a receiver of the premises covered hereby all and singu- lar. irtcludi~g atl and singular the income, profits, issues, and revenues from whateve~ 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 all the broad and etfective functions and powers in anywise ent~usted by a couR to a receiver, and such appointment shall be made by such court as an admitt¢d equity and a matter of absolute right !o said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insotvency of said Mortgagors or the de(endants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ing to the Iien of this moRgage and praMice of such court. 9. That (a) in ihe event of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the eve~t that any of said sums of money herein ?eferred to be not promptly and fuUy paid without demand w~otice, or (c) in the eveM that each and every the stipulatio~s, agreements, Conditions and covenants of said note and this mortgage, are not duly, promptry and fully per(ormed; 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 forthwith, or thereafter, at tht option of said Mortgagee, as futly and comptetety as it ait of the said sums of money were originaly stipulated to be paid on such day, any- thing in said note or in tbis mortgage to the cont~ary notwithstanding: and thereupon or thereafter, at the option ot said Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as ii all moneys secured hereby had matured prior to its institution. The Mortgagee may ioreclose this mortgage, as to the amount so dectared due and payable, and the said premises shall be sotd to satisfy and pay the same together w+th costs, expenses, and aUowances. In cases of partial foreclosure of tbis mortgage, the mortgaged premises shall be sotd subject to the continuing lien of this mbrtgage for the amount of the debt not then due and unpaid. In such case the pravisions oi this paragraph may again be availed of thereafter from time to time by the Mo~tgagee. BOOK ~7g PAGE 2~ _