HomeMy WebLinkAbout0571 principaf sum artd accrued interest shall beconie due and nayable w~thout not~ce al U~e optiun ot the holder thereoi. And shall
duly, p~omptly, and fully pe~form, d~scliarge, execute, etlect, coinplete, and co~iiply with a~d aL~de t~y eacl~ and every the stipu•
lations, agteements, tonditions, and cove~ants of said promissory nafe and this mortgage, then fh~s mongaqe and the estate
hereby created shatl cease and be ~ull and void. .
And the Mortgagors further covenant as tollows:
1. That they will pay the mdebtedness, as hereinbefore provided. '
2. That. in order more tully to p~oteCt the security of ihis mongage, the Mortgagors, together weth and in addition to, the
moothty payments under the terms o( any notes secured he~eby, on the tirst day ot each month until said note is fully paid, will
pay to the Mortgagte the tollowing sums: t
7ClA~t~XI~~~°1~1bC .
(b) All payments mentioned in the preceding subsection of this parag~aph a~d aH payments to be made unde~ any note
secured hereby shatl be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a
single payment to be applied by the MoRgagee to the following items in the order set torth:
11. Interest on the note secured hereby: and
111. Amortization of the principal ot said note.
Any deficiency in the amount ot such aggregate monthy payment shall, unless made good by the Mo~tgagors prior to the due
date ot the next such payment, constitute an event of detault under this moRgage. The Mortgagee may collect a"late charge"
~ot to exceed two cents (2C) for each dollar oi each payment more than tifteen (15) days in arrears to cove~ the extra ex-
pense involve~ in handling detinquent payments. ~
3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount
of payments actually made by the Mortgagee, for taxes and assessments and insurance premiums, as the case may be, such
excess shall~be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthy pay
ments made by the Mortgagors under (a) of paragraph 2 preceding shall not bc sufficient to pay taxes and assessments ar~d in-
surance premiums, as the case may be, when the same shatl become due and payable, then the Mortgagors shall pay to the Mo~t-
gagee any amount necessary to make up the deticiency, on or Detore the date when payment ot such taxes, assessments, or insur-
ance premiums shall be due, li at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the
note secured he~eby. full payment of the entire indebtedness represented thereby, the Mortgagee shalt, pay to the Mortgagors all
amounts then remaining in the tax and insu~ance estrow account held in connection with this loan. If there shall be a detault
under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires
the property othervrise after default, the Mortgagee shall apply, at the time of the tommencement of such proceedings or at the
time ihe property is othervrise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding
as a credit against the amount o1 principa! then remaining unpaid under said note.
4. That they wilt pay all tazes, assessmerrts, water rates, and other governmental or municipal charges, fines, or imposi•
tions, for which provision has not been made hereinbetore, and in default thereoi, the Mortgagee may pay the same and be
secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee.
5. That they will permiY, commit, or suffer no waste, impairment, or dete~ioration of said property or any part thereoi; and
in the event of the failure of the Mortgagors to keep the buitdings or said premises and those to be erected on said premises, or
improvements the~eon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary tor the
proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and
shall be secured by the lien of this mortgage. _
6. That they will pay alI and singular the costs, charges, and expenses, inctuding reasonable lawyer's fees, and costs ot -
abstracts of title, incurred or paid at any time by the Mortgagee because of the faiture on the part of the Mortgagors promptly
and fu11y to perlorm the agreements and covenants of said promissory note and this mo?tgage, and said costs, charges and ex-
penses shall be immediately due and payable and shall be secured by the tien 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 for such periods as may be required by Mortgagee, and will pay promptly, when due, ~ny premiums on such insuraoce for pay- -
meot of which provision has noi been made bereinbetore. All insurance shall be carried in companies approved by Mortgagee
and the policies and renewals thereof shall be held by Mortgagee and have attached thereto Ioss 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.po(icy. In event of toss, they will give immediately notice by mai! to Morigagee, and MoRgagee majr meke (Sr~Abf•di~ lo~ if not -
made promptly by Mortgagon, and each insurance company concer~ed is hereby authorized and directed to ~nake payment tor
such loss directly to Mortgagee instead of to Mortgagors and Mortga8ee jointly, and the insurance proceeds, or any paR thereof.
may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or toTh! resioration or're-
pairs ot the prope~ty damaged. In event of foreclosure of this morigage or other transfer of title to the moftga~ed property in ex-
tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and teeny inSUrance policies
then in torce shall pass to the purchaser or g~antee.
8. 7hat the Mortgagee may, at any time pending a suit upon this morEgage, apply to the court having jurisdiction thereoi
for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered he~eby al! and singu-
far, including all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it
being expressly understood, is hereby mortgaged as if specifically set forth dnd described in the granting and habendum clauses
hereof, and such receiver shall have all the broad and effective fu~ctions 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 absolute right to said Mortgagee, and
without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvenq 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 cou~t.
9. That (a) in the eveM of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any
of said sums of money herein refe~red to be not promptly and fully paid without dema~d or notice, or (c) in ihe event that each
and every the stipulations, agreements, conditions and covenar~ts of said note and this mortgage, are not duty, promptly and fully
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 a11 moneys secured hereby, shall become due and payable forthwith, or thereaRer, at the option oi said ~
Mortgagee, as iully and completely as if all of the said sums ot money were originatly stipulated to be paid on such day, any ;
thing in said note or in this mortgage to !he contrary notwithstanding: and thereupon or thereafter, at the option of said Mort• ;
gagee, without notice or demand, suit at taw 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 the amount so declared due and payabte, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses. and allowances. In cases of partial toreclosure
ot this mortgage, the mortgaged premises shalt be sotd subject to the continuing lien of this mortgage for the amount of the debt
not then due and unpaid. In such case the provisions oi this paragraph may again be availed oi thereafter irom time to time by *
the Mortgagee.
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