HomeMy WebLinkAbout0029 {~rmc~pal sur~t .lrid .t"cruF•d 77NF•ft'tif ~~•.,1! ::e~ ui~u' d„~ anil ~~.~ydl~lP v:~U~out nut:~ e.it th^ o~it~.;n o! +t~r '~i.t~lt:r t'i~•~rni A~~i1 ~t~„II
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l~ercby created sha11 cease anJ be nu~l and vc,~d.
And the Mort~;aqors further cuvenant as tollows:
1. That they will pay the ~ndebtedness, as i~ere~nt~tore provid~d.
2. That, in order more tuily to proteCt the securfty of this mort~;age, tt~e Atortgagors, t~:f;ether w:th and ~n add~tion to, the
monthly payments under the terms o( any notcs secured he?eby. on tl~e 1~rst d~y of earh ~nonth u~til Sa~d note ~S tully paid, will
piy to the MoAgagee the totlowing sums:
Q~}AC70~0( .
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(b) All payments mentioned in the preceding subsection oi th~s paragraph and aIl payrnents to Ge made under any note
secured hereby shalt be added together and tlie agg~egate amount thereof Shall be {:aid by the Mortgagors each rnonth in a
single payment to be apphed by the Mortgagee to the toltowing items m the orde~ set torth:
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Il. Interest on the note secured hereby: and
!!1. Amortization of the principal oi said note.
Any def~ciency in the antount oi such aggregate monihly payment shatl, unless ~~ade good by ttie Mortgagors prior to the due
date of the next such payment. constitute an event ot detault under th~s mortgage. Tl~e Mortgagee may collect a"late charge" -
not !o exceed two cents (2C) for each doliar (S) oi each payment ~nore than (ifteen (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 u~der (a) oi paragraph 2 preceding shall exceed the amount
of payments aciually made bY the Mortgagee, for taxes and assessme~ts and ~nsurance premiums, as the case may be, such
excess shall be cred~ted by the Mortgagee on subsequent payments to be made by the Mortgagors. It, however, the monthly pay
ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in-
surance premiums. as the case may be, vnhen the same shal! become due and payable, then the Mortgagors shall pay to the Mort-
gagee any amcunt necessary to make up the deticiency, on or before the date when payrnent of such taxfs, assessments, or insur-
ance premiw~ts shall be due. If at any time the hlortgagors shall tender to the Mortgagee in accordance with the provisions of the
~ote secured heraby, tull payment ot the entire indebtedness repcesented thereby, the Mo~tgagee shall, pa~to
~he Mortgagors all
amounts then remaining in the tax and insurance escrow accou~ held it~ connection with this loan. If there sha11 be a default
unde? any of the provisions of this mortgage resuttinR in a public sale oi th~ premises covered hereby.-or ifthe Mortgagee acquires
the property othervvise after default, the Mortgagee shall apply, ~fiL+~tth?i of the calnmencemeot of. such proGe~ings or at the
time the property is otherwise acquired, the balance then remaining in the tunds accumulated under (a) ot paragraph 2 preceding
as a credit against the amount of principa! then remaining unpaid unde~ said note.
4. That they witl pay all taxes, assessments. water rates, and other goveromental or municipal charges. fines, or imposi-
tions, for which provision has not been made hereinbetore, and in default the~eof, the Mortgagee may pay the same and be
secured by the lien of the mortgage: and that they will promptly detiver the oif~cial receipts therefore ~o the Mortgagee.
5_ That they will permit, commit, or sufter no waste, impairment, or deterioration of said proGerty or any part thereof; and
in the e~ent of the (ailure oi the Mortgagors to keep the buildings or said prem~ses and those to be erected on said premises. or
ir!iprovements thereon, in good repair, the ~Wortgagee may nlake such repairs as in its discretion it may deem necessary for the
preaer preservation thereof, and the full amount ot each and every such payment shall 6e immediately due and payable, and
shall be secured by the tien of this mortgage. . .
6. That they will pay all and singular the costs, charges, and expenses, inciuding reasonable lawyer's lees, and costs of
abstracts ot title, incurred or paid at any time by the MortgaBee because of the iailure on the part of the M~ortgagors promptly
and tutly 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 oi this mortgage. ~
7. That they will keep the improvements now existing or hereaite~ erected on the mortgaged property insured as may be
required from time to time by the Mortgagee against loss by tirear other hazards. casualties, and contingencies in such amounts
and tor such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay-
ment of which provision has not been made hereinbefore. All Msurance shall be carried in companies approved by Mortgagee
and the policies and renewals the~eof shatl be held by Mortgagee and have attached thereto loss payable clauses in favor of and
in form acceptable to the Mortgagee. Renewal policies shatl be delivered to Mortgagee at teast 10 days prior to expiration of exist-
ing policy. In eveot of Ioss, they wili give immediately notite by mai! 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 Ioss directly to Mortgagee instead of to MoRgagors and MortgaBpe jointly, and the insurance proceeds, or any part thereof.
may be applied by Mortgagee at its option either to the reductio~ o( the indebtedness hereby secured or !o the restoration or re-
pairs of the property damaged. tn event of foreclosure of this mortgage or other transfer oi title to the mo~tgaged 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 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 court having jurisdiction thereof
for the appointment of a receiver, and such court shafl forthwith appoint a receiver of the premises covered hereby all and singu-
i tar, induding all and singutar the income, profits, issues, and revenues (rom whateVer source derived, each and every of which, it
being expressly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses
hereof, and such receiver shall have all the broad and eftective funttions and powers in anywise entrusted by a court to a receiver,
and such appointment shall be made by such court as an admiited equity and a matter of absolute right to said Mortgagee, and
w~thout reference to the adequacy or inadequacy of the value oi the property mortgaged or to the solvency or insolvency of said
Mortgagors or the de(endants, and that such rents, profits, income, issues and revenues shall be applied by suCh receiver accord-
ing to the lien of this mo~tgage and practice of such court. -
9. That (a) in the event of any b~each of this moRgage or default on the part of the Mortgagors, or (b) in the event that any
of said sums of money herein reterred to be not promptly and fully paid withovt demand ar notice, or (c) in the ever.t that each
and every the stipulations, agreemertts, conditions and covenants of said note and this mortgage, are not duly, promptly and fufty "
' pe?formed: then in either or any such event, the said aggregate sum mantioned in 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 of said
MoRgagee, as fully and completely as if ali of the said sums of money were o?iginally stipulated to be paid on such day, any
thing in said note or in this mortgage to the contrary notwithsta~ding: and thereupon or thereafter, at the option of said MoR-
gagee, without ~otice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior
to ~ts institution. The hlortgagee may foreclose this mortgage, as to the amount so dectared due artd payable, and the said
prem~ses shall be sofd to satisfy and pay th~ same tagether with costs, expenses, and allowances. In cases of partial foreclosure
of thrs mortgage, the mortgaged p?emises shall be sold subject to the continuing I~en of this mortgage for the amount oi ±he debt
~ not then due and unpa+d. In such case the provisions of this paragraph may again be availed oi thereatter from time to time by
the Mortgagee_
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