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HomeMy WebLinkAbout0188 ~ • principal sum and accrued mterest shall beconie due and payaGle w~lhout not~ce at the optwn ol ihe holder thereol. And shall duty, promptly, and (ully pertonn, discharge, execute, eifect, con~plete, and compty w~th and aA~de by eacl+ ar~d every ihe st~pu lat~ons, ag~eements. tond~Gons, and covenants of said p~ornissory note and th~s mortgage, then th~s inortgage and ihe estate hereby created shall cease and be null and vojd. And the Mo~tgagors further covenant as tollows: 1. That they wiN pay the indebtedness, as he?einbefore provided. 2. That, in order more tulty to protect the security of this mortgage, the Mortgagors, togetlie~ with and in add~tion to, the monthly~payments under the terms ot any notes secured hereby, on the t~rst day of each rnonth until said note is fully paid, wil: pay to the Mortgagee the tollowing sums: ( h (6) Atl payments mentioned in tha preceding subsection of this paragraph and all payments to be made under any oote 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 forth: i 11. Interest on the note secured hereby: and (II. Amortization oi the principal of said note. Any deficienty in the amount oi suth aggregate monthty payment shall, unless made good by the Mo~tgagors prior to the due date o( the ne~ct such payment, constitute an event ot defautt under this mortgage. The Mortgagee may collect a"late cha~ge" not to exceed two cents (2~) for each do~tar (s) o( each payment more than fefieen (15) days in arrears to cove~ the extra ex- pense involved 'en handling delinquent payments. 3. That if the total o! the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount oi payments actually made by the Mortgagee, for taxes and assessments and insurance premiums, as tht case may be, such excess shall be crLdited by the Mortgagee on subsequent payments to be made by the Mo~tgagors. Ii, however, the monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufiicient 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 deficiency, on br beto?e the date when payment of such taxes, assessments, or insur• ance premiurns shall be due. If at any time the Mo~tgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, tuil payment oi the entire indebtedness ?epresented thereby, the Mortgagee shall, pay to the Mongagors all amounts then ~emaining in the tax and insurance escrow account held in connection with this loan. If there s~fl be a default under any of the provisions ot this mortgage resulting in a public sale of the premises covered hertby, or if fha Mo~tgagee acquires the property otherwise aRer detault, the Mortgagee shall apply, at the time of the commencement of such pro~eedinQ qr at the time the property is otherwise acQuirecf, the balance then remaining in the tunds accumulated under (a) of patagraptf f~~eceding as a credit against the amount ot principal then remaining unpaid under said note. • 4. That they will pay all taxes, assessments, water rates, and other governmentat o~ municipal charges, tines, 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 lien oi the mortgage: and that they will promptiy 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 tf~e failure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises, or improvements thereon, in good r8pair, the Mortgagee may make such repairs as in its discretion it may deem necessary (or the proper preservation thereof, and the tull amount ot each and every such payment shatl be immediately due and payable, and shaU be secured by the lien of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, includi~g reasonable lawyer's fees, and costs ot abstracts of title, inturred or paid at any time by tbe Mortgagee because of the tailure on the part of the Mortgagors promptly and fuily to pe?torm 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 improveme~ts now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against toss by lire or other harards, casualties, and contingencies in such amounts and tor such periods as may be required by Mortgagee, and will pay promptly, when due, any presniums 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 shatl be held by Mortgagee and have attached thereto toss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal poticies shalt be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. !n event of loss, they will give immediately notice by mait to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor such loss directy to Mortgagee instead of to MoRgagors and Mortgagee jointiy, and the insurance proceeds, or any pari thereof, may be apptied by Mortgagee at its option either to ihe reduction of tbe indebtedness hereby secured or to the restoration er re- pairs of the property damaged. In event of toreclosure of this mongage or other transier ot 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 shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suif upon this mortgage, apply to the court having jurisdiction thereoi tor the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- tar, 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 spetifically set torth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anyvrise entrusied by a court to a receiver, and such appointment shatl be made by such court as an admitted equiry and a matter of absolute right to said Mortgagee, and w~thout reference to the adequacy or inadequacy of the value of the property mortgaged o~ to the solvency or insolventy of said Mortgagors or the detendants, and that such rents, profits, 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 defautt on the part of the Mortgagors, or (b) in the event that 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 and every the stipulations, agreements, conditions and covenants of said note and this morigage, are not duly, promptly and fully performed: then in either or any such event, the said aggregate sum mentioned ~n 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 the option oi said Mortgagee, as fully and completely as if aQ 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 thereafter, at the option ot said Mort• gagee, without notice or demand, suit at law or in equity, may be prosecuted as ff all moneys secured hereby had matured prior io ~ts institution. The Mortgagee may torectose thcs mortgage, as to the amaunt so declared due and payable, and the said premises shatl be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure 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 ot thereafte~ from time to time by tt~e Mortgagee. ' 8001(~~~ PAtE 10~ ; ,r', ~i ~