HomeMy WebLinkAbout0394 ~~r:~;f~pJl St!t~t ,lnd .lcCt~~~•~I ~i•r~.,~.:~ ~!i.=1t ?~rio~:~~~ .1:it~ :~ni1 (~.f~.~l~li vy~fli~::~t ~ii,i,te ,~t tLr i~~~hun :~t +I~i• h~,Iilet Ih. h•ul A;.,. ~,f~.~ll
i1~~ly. prottt~itly. lnd lully {~erfo~~r.. d~zc~~:+~~~,r, ~.e:•uee. . u~~~~t. ~.~,~~i~,it~tr. ;~nd cur~F~,ly w+!h .ind <~t~+elc• I,y r.~c!~ ~,nd ~~..•tti 11~~• •.h{:.i
i.itiUnS. dE;tNClrtent5. cu11tL'hurl5. :ind CuvPll.tltts ti1 Sdh~ !~ruiu~ssOfj• nolN .lnd th~S n1urtP,:~';C, the•~~ t~n~ +rr;~iF;df!~ dnd it.e c11FftP
hr.rrby creatrd shall cease and be nuU antt v.::d. ~
And !he Mort~~agors further covenant as tollows:
l. That ihey w,ll pay the indeLtedness, as here~nbetore provided.
2. Yhat, in order more fully to proteCt the secunty of this mortaage, ihe hlurtga~ors, together w:th and ui adclitiun to, the
nionthly payn~ents under the terms of any notes securecl hereby, on the tnst day of each inoidh unt~l said nute ~s 1u11y paid, will
pay to U~e Mortgagee the folluw~ng 5ums;
(bl All payments mentioned in the preceding subsection of th~s paragraph and all payn~ents to be rnade unde~ a~y note
secured hereby shall be added together and the aggreqate amount thereof shall be pa~d by the Mortgagors each rnoMh ~n a
s~ngte payment to be appGed by the Mortgagee to the tollowing items ~n the order set toRh:
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II. Interest on the note secured hereby: and
III. Amortfzation o( the principal ot said note. ~
Any def~ciency in the amou~t ot such aggreRate monthly payment shall, unless made good by tlie MoRgagors prio~ to the due
date of tlie next such payment, constitute an event ot de(ault under this mortgage. The Mortgagee may cotlect a"late charge"
not to exceed two cents (2C) for each doNar (s) of each payment more than fifteen (15) days in arrears to cover the extra ex-
pense involved in handling delinquent payments.
3. That ii the total of the payments made tiy the Mo~tgagors under (a) oi paragraph 2 preceding shall exceed the amount
of payments actually made by the Mortgagee, tor taxes and assessments and insu~ance premiums, as the case may be, such
ezcess shall be credited by the Mortgagee on subsequent payments to be made by the Martgagors. If, however, the monlhly-pay-
ments made by the Mortgagors under (a) ot paragraph 2 preceding shall not be sufficient to pay taxes and assessme~ts and in-
surance premiums, as the case may be, when the same sliall become due and payable. then the Mortgagors sl~ail pay to the Mort-
gagee any amount necessary to make up the deficiency, on or be(ore the date when payment ot such taxes, assessments, or insur-
ance premiums shal! be due. (f at any time the Mortgagars shall tender to the Mortgagee in accordance with the Grovisions ot the
noie secured hereby, full payment of the entire indebtedness represente~ thereby, the Mortgagee shall, pay to the Mortgagors all
arnounts then remaining in the tax and insurance escrpw account held in connection with this loan. Ii there shall be a detault
under any ot the provisions of this mqrtgage resulting in a public sale oi the premises covered hereby, or if the Mortgagee acquires
the property othervvise aiter defautt, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the
time the property is otnerwise aCQuired, the balance then remaining in the funds accumulated 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, a~d other governmental or municipal charges, fines, or imposi-
tions, for 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 promptly deiiver the offlcial receipts therefore to the Mortgagee.
5. That they wilt permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof: and
;n the event oi the failure of the Mortgagors to keep the buildings or said ~prem~ses 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 preservation thereot, and the full amou~t of each and every such payment shati be immediately due and payable, and -
shaN be sew~ed by the lien of this mortgage_
6. That they will pay all and singular ihe costs, charges, and expenses, including reasonable lawyer's fees, and costs of
'abstracts of title, incurred or paid at any time by the Mortgagee because oi the failure on the part of the Mo~tgagors promptly
and tully to perfo~m the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex-
penses shall be immediatety 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 tire or 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 prevision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee
and the policies and renewats thereof shall be hetd by Mortgagee and have attached thereto toss payable clauses in favor ot and
in torm acceptable to the Mortqagee. 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 ~otice by mail to Mortgagee, and Mortgagee may make proof of toss if not
made prompity by Mortgagors, and each insurance company concerned is here~~thorited and directed to make payment tor
such loss directty to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof,
may be applied by Mortgagee at its optfon eiiher to the reduction oi the indebtedness hereby secured or to the restoration or re-
pairs of the property damaged. In event of foreclosure of this mortgage or otheq:tansfer of title to the mortgaged propertp in ex-
tinguishment of the indebtedness secured hereby, all right, title and interest ~,~e Mortgagors in and to any insurance potiCie~.
then in force shall pass to the purchaser or grantee.
1~c,~,.~
8. That the Mortgagee may, at any lirne pending a suit upon this mortgage, apply to the court having junsdiction thereo`t
for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu-
lar, including all and singular the income, profits, issues, and revenues (rom whatever source derived, each and every of which, it
being expressly understood, is hereby moRgaged as if specitically set torth and described in the granting and habendum clauses
hereof, and such receiver shalt have all the"broad and effective functions and powers irt artywise entrusted by a court to a receiver,
and such appo~ntment shalf be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and
without reterence to the adequacy or inadequacy of the vatue ot the prpperty mortgagetl o~ ta the solvency or insolvency of said
Mo~tgagors or the detendants, and that such rents, protits, 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 paR of the Mortgagors, or (b) in tbe event that any
of said sums of money herein ~efe?red to be not promptly and tully paid wiEhout 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
pe?formed: 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 ail moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said
Mortgagee, as fully and campletely as if alt of the said sums of money were originafly stipulated to be paid on such day, any-
thing in said note ar 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 hereby had rtiatured prior
to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
prem~ses stiall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial forectosure
of this rtiortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount ot the debt
not then due and unpaid. In such case the pravisions of this paragraph may again be avaifed of thereafter from time to time by
the Mortgagee.
g~Rx~84 PA~ 3~4
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