Loading...
HomeMy WebLinkAbout0656 , , r. , . . • p~incipal sum and accrued interest s1ia11 becon~e due and payable w~ll~out not~ce at tl~e option of the I~older thercal And shall duly, promptly, and tully pertorm, discharge, exewte. effect, tomplete, and comply with and ab~de [,y each and every the st~pu lations, agreements, tond~t~ons, and cpvenants of said promissory note and this rnortgage, then this ~nortgage and tl~e estate hereby created shall cease and be null and void. And the Mortgagors turthe~ covenant as foltows: 1. That they will pay the i~debted~ess, as hereinbefore provided. 2. That, in order mo~e tully to protect the security ot this mortgage, the Mortgagors, together with and in addition to, the monthly payments under the te~ms of any notes secu~ed hereDy, on the t~~st day of each month until said ~ote is tully paid, will pay to the Mortgagee the iollowing sums: (a (b) All payments mentioned in the preceding subsection oi this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be paid by the MoRgagors each month in a singte payment to be applied by the Mortgagee to the (ollowing items ~n the order set torth: 11. Interest on the note secured hereby: and ~ 111. Amo~tization oi the prin~ipal ot said note. ~ Any de(icienty in the amount of such aggregate monthly oayment shall, unless made good by the Mortgagors prior to the due date oi Lhe next such payment, constitute an event of default under !his mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) for each dollar (S) oi each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That it the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exteed the amount ot payments actually made by the MoRgagee, for taxes and assessme~ts and insurance premiums, as the wse may be, such excess shall be credited hy the Mortgagee on subsequent payments to be made by the MoRgagors. If, however, the monthly pay- ments made by the Mortgagors under la) of paragraph 2 preceding shall not be sufficient to pay taxes 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 amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secu~ed hereby, tull payment of the entire indebtedness represen.:d thereby, the Mortgagee shall, pay to ihe Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires the property othenvise after default, the Mortgagee shall apply, at the time of t~ commencement of such proceedings or at the time the property is othenvise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a credit against ihe amount of principal then remaining unpaid under said note. - 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, 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 promptly deliver the oifiQ~al receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof: and in the event of the failure of the MoRgagors to keep the buildings or said premises and those to be e?ected on said premises, or improvements thereon, i~ good repair, the Mortgagee may make sucti ~epa~rs as in its discretion it may deem necessary for the proper presenration thereof, and the /ull amount of each and every such payment shall be immediately due and payable, and ; shall be secured by the lien of this mortgage. E 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's tees, and costs oi [ abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the paR of the Mortgagors promptly i ar.d tully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, ch~rges and ex- i penses shai! be immediately due and payable and shall be secured by the lien of th~s mortgage. = 7. That they will keep the improvements now existing or hereafter erecied on the~rnortgaged propeRy insured as may be required frorn time to time by the Mortgagee against loss by fire or other hazards, casualt~es, and contingencies in such amounts ~ and for such periods as may be required ~y Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay ~ ment of which provision has not been made herei~before. All insurance shall be carried in companies approved by Mortgagee r and the policies and renewals thereoi shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and ~ in form accepta6le to the Mortgagee. Renewal policies shall be delivered to Mortg,agee at least 10 days prior to expiration of exist- ~ ing policy. In event of loss, they will give immediate~y notice b/ 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 tor Y such toss directly to Mortgagee instead of to Mo~tgagors and Mortgagee 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. In event of foreclosure of this mortgage or other transier oi title to the mortBaged property iR ex- ; tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurante policies ~ then in force shatl 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 shall torthwith appoint a receiver of the premises covered hereby all and singu- lar, including aIl and singular the income, profits, issues, and revenues irom whatever source derived, each and every oi wfiich, it ~ being ezpressly understood, is hereby mortgaged as if specificaliy set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a court to a receiver, and such appointment shalf be made by such court as an admitted equiry and a matter oi absotute right to said Mortgagee. and ~ w=thout reference to the adequacy or inadequa.:y 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 couR. _ " 9_ That (a) in the event of any breach of this mortgage o~ default on the part of the Mortgagors, o: (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 st~pulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully ~ perturmed; then in either or any such event, the said aggregate sum mentioned ~n said note then remaining unpaid, with interest accrued to that time, a~d aIl moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said MoRgagee.'as fully and completely as ii all of the said sums of money wcre originally stipulated to De paid on such day, any- th~ng in said note or ~n this mortgage to the contrary notwithstandi~q: and thereupon or thereafter, at the option ot said MoR- gagee, w~thout notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured pr~or to its ~nstitutio~. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable. and the said~ ; prem~ses shatl be sold to satisfy an~ pay the same together with costs, expenses, and allowances. In cases of pa~tial foreclosure or th~s mortgage, the r:iortgaged premises shall be sold subject to the continuing I~en of this mortgage for the amount o( the debt not then due and unpaid. In such case the provisions of this paragraph may again be ava~led ot thereafter (rom time to time by ~ the Mortgagee. ~ , Y~~ ~ J~~ 28f ~54 X=