HomeMy WebLinkAbout0110 pnncipal sum and accrued intzrest shall becor~le due and payable w~U~ou! nut~ce at the opt~o~ ot the holder thereof. And shalt
duly, promptly, and (ulty pe~form, discharge, execute, elfect, cmnpleie, and comply w~th and aGlde by each and every ihe stipu•
lations, agreements, Cond~tions, and covenants ot sa~d p?emissory note and this moNgage, the~ th~s rnorlgage and tl~e e~fate
tiereby created shall cease and be null and void.
And the Mortgagors turther covenant as lollows:
1. That they will pay the indebtedness, as hereinDefore provided.
2. That, in order more (uliy to protett the security ot this mo~tgage, the Mortgagors, toqeiher with and ~n addition to, the
monthly payments under the te~ms of any notes secured hereby, on the lirst day o! each month until sa~d note is tully paid, will
pay to the Mortgagee the tollowing sums:
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(b) All payments mentioned in the preceding subsection ot this paragraph and all payments to be made under any note
secured hereby shall be added together a~d the aggregate amo~nt thereof sl~all be pa~d by the Mortgagors each month in a
singte payment to be applied by the Mortgagee to tha following items in the order set torth:
11. Inlerest an the note secured hereby; and
fll. Amo~tezation oi the principal of said note.
Any deficiency io the amount o/ such agQregate monthly payment shall, unless made good by ihe Mortgagors p~ior 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 (2S) for each dollar (s) oi.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) of paragraph 2 preceding shall exceed the amount
ot payme~ts actuaUy made by the Morigagee, for laxes and assessments and insurance premiums, as the case may be, such
excess shall be credited by the MortgageP on subsequent payments to be made by the Mortgagors. H, however, the monthly pay-
ments made by the Mortgagors uoder (a) of paragraph 2 preceding shall not be suificie~t 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 amaunt necessary to make up the deficiency, on or betore the date when payment of such taxes. assessments. or insur- -
ance premiums shall be due. Ii at any time the Mortgagors shalt tende? to the Mortgagee in accordance with the provisions of the
note secu~ed he~eby, tull payment oi the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors a!1
amounts then remaining in the taz and insurance escrow account t~eld in connection with this loan. If there shall be a default
under any of the provisions oi this mortgage resulting in a public sate of the premises covered hereby, or if the Mortgagee acquires
the propeRy othervvise after detautt, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the
time the property is otherwise acquired, the batance then remaining in the funds accumutated under (a) oi paragraph 2 preceding
as a tredit against the amount oi principat then remaining unpaid u~der said note.
~ 4. That they witl pay all taxes, assessments, water rates, and other guvernmental or municipal charges, fines, or imposi-
tions, tor which provision has not been made hereinbefo?e, and in default thereoi, the Mortgagee may pay the same and be
, setured by the lien of the mortgage; and that they will prompty deliver the ofiicial receipts therefore to the Mo~tgagee.
5. That they will permit, commit, or suNer no waste, impairment, or deterioration of said property or any pavt thereof; and
in the event of the failure of the Mortgagors to keep the buildings 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
proper p~eservation tbereof, and the full amouat of each and every such payment shall be immediately due and payable, and
shall be secured by the lien of this rreortgage.
6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyers fees, and costs ot
abstracts ot title, incurred or paid at any time by the Mortgagee because ot the faiiure a~ tAe paR of the Mortgagors promptly
and tulty to perio?m the agreements artd 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 tbey will keep the improvements now existi~g or hereafte~ erected on the mortgaged propeRy insured es may be
required trom time to time by the Mortgagee against loss by fire or otber hazards, casualties, and continge~cies in such amounts
and for such pe~iods as may be required by Mortgagee, and witl pay promptly, when due; any premiums on such insurance tor pay
ment of which provision has not been made hereinbefo?e. All insurance shall be carried in companies approved by Mortgagee
and the policies and renewals thereot 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 least 10 days prior to expiration of exist-
ing policy. In event of loss, they will give immediately notite by mail to Mortgagee, and Mortgagee may make proof of loss if not
made promptty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payrnent for
such loss directly to Mortgagee instead ot to MoRgagors and Mortgagee jointy, and the insurance proceeds. or any part thereof.
may be applied by Mortgagee at its option either to the reduction of the indebtedness he~a.`,-~ sacured or t~ ths resto!3!i!+n c+! re-
pairs of the property damaged. In event oi toreclosure of this martgage or other transfer of title to the mortgaged property in ex-
tinguishment ot the indebtedness secured bereby, all right, title and interest of the Mortgagors 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 ~ourt having jurisdiction thereoi
for the appointment of a receiver, and such court shall forthwith appoint a receiver oi the premises covered heretfy all and singu-
• lar, including all and singular the inwme, p~ofits, issues, and revenues irom whatever source derived, each and every of which, it
being expressly undentood, es hereby mortgaged as ii speCitically set forth and described in the granting and habendum clauses
hereof, and such receiver shatl have aH the broad and effective functions and powers in anywise entrusted by a court to a receiver,
and such appointment shall be made by such court as an admitted equity and a matter of absotute right to said Mortgagee, and
without reterence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency ot said
Mortgagon or the defendants, and that such rents, profits, income, issues and ~evenues shall be applied by such receiver atcord-
ing to the lien of this mortgage and practice of such court.
9. That (a) in the everrt 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 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 mortgage, are not duly, promptly and fully
perlormed; then in eithe~ or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with inte~est -
accrued ta that time, and all moneys secured hereby, shall become due and payaDle forthwith, orthereafter, at the option of said
Mortgagee, as fully and completely as if all of the said sums of money were originatly stipulated to be paid on such day, any
thing in said note or in this martgage to the tontrary nolwithstanding; and thereupon or thereafter, at the option of said Mort-
gagee, without nntice or demand, suit at law or in e~quity, may be prosecuted as if all moneys secured hereby had matured prior
to its institution. The Mortgagee may toreclose this mortgage, as. to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses, artd allowances. !n cases of partial foreclosure
of this mortgage, the mortgaged premises shall be soid subject to the continuing lien 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 oi the~eafter trom time to time by
the Mortgagee.
. °~R~~82 F~d~E 110
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