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HomeMy WebLinkAbout0026 prlncipal sum and acc~ued inte~est shau becon~e due and payable w~thuut nut~ce at t1~e opt~on of the holder thereol And shatl duly. pro~nptly. and fully ~~e?furm. disctiar~e, ~~eCUte. elfect. coin~,iete. and corn~:ry w~th a~uf :?t:ide I,y each and every Ihe st~pu IaUUns, ag~eements, cond~tiuns, and covenants o( said ~ro~nissory note and this niortgage, thc~n ttus rnortE;a~e and tlie estate hereby c~cated shaN cease a~d be nu~l and vo,d. And the Mortgagors turther covenant as follows: 1. That they wilt pay the indebtedness, as hereinbefore provided. 2. That: in orde~ more tutty to protect lhe security of this mortgage, the Mortgagors, togetlier w+th and in addition to, the nTOnthly payments unde~ the terms ot any notes secured hereby, on the (~rst day oi each month until sa~d note is fully pa~d, will pay to the Mortgagee the tollowing sums: ~f11SiO~QG~a~!@QQ~Q~El4( ~ (b) All payments mentioned in the preceding suDsection ot this paragraph and all payn~ents to be made under any note secu?ed hereDy shal! be added together and the aggregate amount•thereof shal~ be paid by the Mortgagors eacli month in a single payment to be applied by the Mortgagee to the following items in the order set forth: 1~C II. Interest on the note secured hereby; and . 111. Amortization of the pri~cipat oi said ~ote. • Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date oi the next such payment, canstitute an event of detault under this mortgage. The Mor+gagee may coltect a"late charge" not to exceed two cents (2C) tor each dollar (s) of each payment more than fifteen (15) days in arrears to cover the e~ctra ex- pe~se involved in handling ~etinquent payments. • 3. That i( the tota! oi the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payrrients actuatly made by ihe MoRgagee, for taxes and assessments and insurance premiums, as the case may be. such excess shall be cred~ted by the Mortgagee on subsequent payments to be made by the Mprtgagors. If, howcwer, the monthly pay- _ ments made by the Mortgagors under (a) of parag~aph 2.preceding shatl not be sufticient tp pay taxes and assessments and in- surance premiums, as the case may be, when !he same shall become due and•payable, then the Mortgagors shail pay to the Mort- gagee any amount necessary to make up the deticiency, on or before the date when payment of such taxes, assessme~ts, or insur- ance premiums shall be due. It at any time the Mortgagors shall tenden~aNpe~ I~lortgagee in accordance with the provisions of the note secured hereby, futl payment of the entire indebtedness represented thereby~ the Mor~gag~6l~t~yp~~o the Mortgagors aU amounis then remaining in the tax and insurance escraw account held in connectioR wtt~~tt~i f there shall be a default under any of the provisions of this mortgage resutting in a public sale~f fTi@ pre~nises op~tCre~~e~g ~r, r it the Mortgagee acquires the pioperty otherwise after default, the Mortgagee shall apply, at tV time_qt ~he commen~ rri~o~'s6~lt:~r~ggdings or at the time the property is othervuise atquired, the batance then remaining~ e funds accumuH~tL7d eNffdr?~(a) of pa~agrap~$~ p~eceding as a credit against the amount oi principal then remaining unpaid under~said~note. , 4. That ihey wil! pay all taxes, assessments. water rates, and uther governmental or municipal charges, fi~es; or imposi- tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be - secured by the lien of the mortgage: and that they will promptty deliver the official receipts therefore to tfie Mortgagee. 5. That they will permit, commit, or sufier no waste, impairment, or deterioration of said property or any part thereof; and in the event of the faiture 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 ~epairs as in its disc~etion it may deem necessary for the proper preservation thereof, and the fufl amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortqage, . 6. That they will pay aII and singular the costs, charges, and expenses, including reasonabte tawyer's fees, and costs of abstracts o( titte, incurred or paid at any time by the Mortgagee because of the failu?e on the part ot the Mortgagors promptly and ful{y to pErtorm 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. T' 3t they will keep the improvements now existing or hereaiter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amourtts and (ar such periads 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. Atl 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 least 10 days prior to expiration of exist- ing policy. Irt event of loss, they wil! 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 Mo~tgagee instead of to Mortgagors and MortgaBee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the p?operty damaged. !n event of foreclosure of ihis mortgage or other transfer oi titte to the mortgaged propeKy in ex- tinguishment of the indebtedness secured hereby, alt right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi for the appointment of a receiver, and such court shait torthwith appoint a receiver ot the.premises tovered hereby ap and singu• tar, including a!I and singular the income, profits, issues, and revenues from vehatever 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 ha6endum clauses hereof, and such receiver shall have aIl the broad and efiective tunctions and powers in anywise entrusted by a court to a receiver, and such appointment shatl be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and w)thout refe~ente to !he adequacy or inadequacy of the vatue of the property mortgaged or to the sotvency or insolvency of said Mortgagors or the defendants, 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 default on the part of the Mortgagors, cr (b) in the event that any of said sums of money herein refer~ed to be not promptly and (ully 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 performed; then in either or any such event, the said aggregate sum me~tioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secu~ed hereby. shall become due and payable forthwith, or thereafter, at the option of said - Mortgagee, as futty and completety as if att 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 of said Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured here~y had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, aRd the said premises shall be sold to satisfy and pay the same together with costs, expenses, and altowances. In cases of partial foreclosure oi this mortgage, the mortgaged premises shall be sotd subject to the conti~uing 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 avaited of thereafter trom time to time by the Mortgagee_ OnRx 284 ~,~~F ~ . , ~ _ - - - _ , ~ _ ~