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HomeMy WebLinkAbout0023 principal sum and accrued interest shall Aecunie due and payable w~thuut not~ce at the opt~on ol the holder thereoi. And shall duly, prontptly, and tutiy perlorm, discharqe, execute, etfect, co+nplete, and c~~n~ply with anA ah~de by each and every the st~pu~ tat~ons, agreements, co~d~tions, and tovenants o1 said promissory n~te and th~s mo~tgaqe, t+~en th~s rno?tqaqe :+~id the estate hereby c~eated shall cease and be null and vo~d. And the Mortgagors furthe~ covenant as toitows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in o~der morp fully to proteCt lhe security oi this mortgage, tt~e Mortgagors, togetf~er w~th and ~n add~tion to, the rnonthly payments under the terms ot any notes secured hereby, on the first day o1 each month until said note ~s tully paid, will pay to the Mortgagee the Tollowing sums: (a) A sum equal to one•twelfth (1: 12) ot the premiums that w~Il next become due and payable on pol~cies oi tire and other hazard insurance tovering the mortgaged property, plus taxes and assessnient~ next due on the mortgaged propeAy (all as esti- mated by the Mortgagee). (b) All payments mentioned in the preceding subsection ot this paragraph and ~all payn~ertts to be made under any note secured hereby shall be added tagether and ihe aggregate amount ttiereof shall be paid by the Mortgagors each month in a sin~le payment to be applied by the Mortgagee to the following items m the order set toAh: ~ ~ II. Interest oo the note secured hereby; and 111. Amortization ot the principal oi said note. . Any deficiency in the amount of suth aggre ate month w g y payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event ot detault under this mohgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar (s) oi each payment more than fiftee~ (15) days in arrears to cover the extra ez- pense involved in hartdling deli~quent payments. , 3. That if the totat of the payments Rrade by ihe Mortgagors under (a) of paragraph 2 preceding shall ezceed the amount ot payments actually made by the Mortgagee, tor taxes and assessments and insurance prem~ums, as the case may be, such excess sha~l be credited by the Mortgagee on subsequent payments to be r~ade by the Mortgagors. It, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be su(ficient to Ray taxes and assessments and in- surance premiums, as the case may be, when the same shal! become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or beto~e 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 Mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the MoKgagors al~ amounts then remaining in the tax and insurance escraw account held in connection with this loan. If there shall be a detault under any ot the provisions of this mortgage resulting in a public safe oi the premises covered hereby, or it the Mortgagee acquires the property otherwise atter detault, the Mortgagee shall apply, at the time oi the commencement of such proceedings or at the time the property is othervrise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against tbe amount of principal then remaining unpaid under said note. 4GX3~10 ~g(?~~(~O! }~C~ ~Rf}t2fdC ~ ~ 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event ot the faiiure of the Martgagors to keep the buildirtgs 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 prope~ preservation thereof, and the full amount oi each and every such payment shall be immediately due and payable, and shatl be secured by the lien oi this mortgage. ' 6. That they will pay all and singular the costs, charges, and expenses, including reasonabte lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by ihe 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 and payable and shall be secured by the lien of this mortgage. 7. That they wil! keep the improvements ~ow existing or hereafter erected on the mortgaged property insured as may be required from time to time by ihe Mortgagee against loss by fire or other hazards, casuafties, and contingencies in sucA amounts and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay me~t 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 loss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at teast 10 days prior to expiration pf exist- ing policy. !n event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make procf ot toss 's! made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor such loss directly to Mortgagee instea ~ ui to Mortgagors 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 irtdebiedness hereby secured or to the restoration or re- pairs ot the property damaged. In event of toreclosure of this mortgage or other t~anster of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in torce shalt pass to the purthaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereot tor the appointment of a receiver, and such court shafl forthwith appoint a receiver of ihe premises covered hereby all and singu- lar, including all and singular the intome, protits, issues, and revenues from whatever source derived, ea~h and every of wfiich, it being expressly understood, is hereby mortgaged as it specifically set forth and described in the granting and habendum clauses hereot, and such receive~ shall have all the broad and effettive functions and powers in anywise entrusted by a court to a receiver, and such appointmeni shail tse made by such court as an admitted equity and a matter ot absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvenCy or insolvency of said Mortgagors or the defendants, and that such rents, profiis, income, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such court. 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of maney herein referred to be not promptly and tully paid without demand or 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 pertormed; then in eifher or any such event, the said aggregate sum mentioneii in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payabie forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as ii a!! of the said sums of money 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 thereatter, at the option of 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 torectose this mortgage, as to the amount so deciared due and payable, and ihe said premises shal! be sold !o satisfy and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure 01 this mortgage. the mortgaged premises shall be sold subject to the continuing tien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of the?eafter i~om time to time by the Mortgagee. ~i ~ ~ ~ • ~ Fd!'{