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HomeMy WebLinkAbout0976 principal sum and accrued interest shall become due and payable w~thout ~wlice at the opt~on ot the holder tl~ereof. And shall d:ily, promptly, and tully pe~io?m, discharRe, execute, e((ecf, comptete, and cu~~?uly with and abide by eacl~ and every the stipu• lations, agreements, conditions, and covenants ol said p~omissory note and Ih~s mrNgage, then this mortgage ai~d tt~e estate I,ereby created shalt cease and be null and void. And the Alortgagors fuhher covenant as lollows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more tully to protect !he security of this mo~tgage, the Mortgagors, together with and in add~tion to, the ~ionthly payments under the terms ot any notes secu?ed he?eby, on the tirst day ot each month until said note is (ully paid. witl pay to the MoKgagee 1he tollowing sums: ~ ~ 1 }(7NCxlO!!~!( (b) AN payments mentioned in ihe preceding subsettion of this paragraph and all payments to be made under any note secured hereby shall be added together and the agg~egate amount the~eof 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 toRh: (1. Interest on the note secured hereby: and , 111. Amortization of the principal of said note. - Any deficiency in the amount of such agg~egate monthly payment shall, unless made good by the MoRgagors prior to the due date of the next such payment, constitute an eve~t ot detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed tvro cents (2~) for each dollar (s) of each payment more than tifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payments actually made by_ the Mortgagee, tor taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subseque~t payments to be made by the Mortgagors. !f, however, tbe monthly pay- ments made by the Mortgagors under (a) of parag~aph 2 p~eceding shalf not be sufiicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall beceme due and payable, then the Mortgagors shall pay to the MoR- gagee any amount necessary to make up the deticiency, on or betore the date when payment of such taxes, assessments, or insur. ance premiums shall be due. li 2t any time the Moirtgagors shatl tender to the Mortgagee in accordance with the provisions oi the note secured hereby, full payment of the enti?e indebtedness represented thereby, the Mortgagee shatl, pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account held in connection with this loan. If there shall be a defautt under any oi the provisions of this mongage resulting in a public sale of the premises covered hereby, or ii the Mortgagee acquires the property oth~rwise aiter default, the Mortgagee shall apply, at the time o! !he commencement of such prceeedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumutated 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 o~ municipal charges, fines, or imposi- tions, for wfiich provision has not been made hereinbefore, and in detault 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 theretore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration ot said propeRy or any part thereoi; and in the evertt of the failure of the Mortgagors to keep the buildings or said p~emises a~d those to be e~ected 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 proper preservation thereof, and the full amount of each and every such payment shalt be immediately due and payable, and shall be secured by the lien ot this mortgage. 6. That they will pay all and singutar the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi abstracts of title, incurred or paid at any time by the Mortgagee because of the fai{ure on the pa~t ot the Mortgagors promptly and fully 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 will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by fire or other liazards, 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 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 shall be hetd by Mortgagee and have attached ihereto loss payable clauses in favor of and in torm acceptable to the Mortgagee. Rertewa! polFcies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they vill give immediately notice by mail 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 for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance proceeds, or any part thereof, • may be apptied by klor~gagee at its opiion eiiher 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 transfer of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, alI right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. 7hat the Mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisd'+ttion the~eof for the appointment of a reteive?, and such touR shall foRhwith appoint a receive~ of the premises covered hereby all and singu- lar, including all and singular the income, profits, issues, and revenues from whatever source derived, each a~d every of which, it bei~g expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and s~ch receiver shafl have alf the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointmertt shall be made by such court as an admitted equity and a matter of 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, pro(its, income, issues and revenues shatl be applied by such receiver accord• ing to the lien of this mortgage and practice of such court. 9. That (a) in t6e everrt of any breach of this mortgage or default on the part of the Mortgagors, o~ (b) in the event that any of said sums of mor~ey herein refe?red to be not promptly aod 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 moRgage, are not duly, promptly and fulty performed; 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 becorne due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and comptetely as if all 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 thereaiter, at the option oi said Mort- gagee, without ~otice 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 foreclose this mortgage, as to tAe amount so declared due and payable, and the said p~emises shall 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 11en of this mortgage for the amount oi the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. ?~rf 974