HomeMy WebLinkAbout0802 princ~pal sum and accrued interest shall become due and payable w~thout notice at the option of the holde~ thereot. And shaU
duly, promptly, and tully pe~iprm, d~scl~arge, execute, e(fect, complete, and compty w~th and ab~de Dy each and every the st~pu-
tations, agreements, conditions, and covenants of said promissory note and th~s mortgage, then this mortgage a~d the estate
hereby created shall cease and he null and void.
Artd the Mortgagors turthe? covenant as tollows:
1. That they will pay the indebtedness, as hereinbetore provided.
2. That, i~ order more tully to protect the security oi this mortgage, the Mortgagors, together w~th and in addition to, the
monthly payments under the terms ot aoy notes secured hereby, on the tirst day of each month until said note is tully paid, will
pay to the Mortgagee the tollowing sums:
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(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 Mortgagors each month in a
single payment to be applied by the Mortgagee to the tollowing items in the o~der set forth:
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11. Interest on the note secured hereby: and
III. Amortization oi the principal of said note.
Any deticiency in ihe amount of such aggregate monthly payment shall, unless made good by the Mortgagors p~ior to the due
date oi the+~eut such payment, constitute an event of default under this mortgage. The Mortgagee may cotlect a"late charge"
not to exceed two cents (2C) tor each dollar of each payment more than tifteen (15) days in arrears to cover the extra ez-
pense involved in handling delinquent 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 insura~ce 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 monthly pay-
ments made by the Mortgagors under (a) of paragraph 2 preceding shal! not be sufticient to pay taxes and assessments and in-
surance p~emiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort-
gagee any amount ~ecessary to make up the deficiency, on or betore 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 Mo?tgagee in accorda~ce with ihe provisions of the
note secured hereby, full payment o/ the entire indebtedness represented lhereby, the Mo~tgagee shall, pay to the 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 oi the provisionS of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires
the property otherwise after default, the Mortgagee shall appty, at the time of the commencement of such proceedings or at the
time the property is otherwise acquired, the balance then remaining in the tunds 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, and other governmental or municipal charges, fines, or imposi•
tions, for which provis'ion has not been made hereinbetore, and in default thereot, the Mortgagee may pay the same and be
secured by the lien of the mortgage; and that they will promptty detiver the official receipts therefore to the Mortgagee.
' S. That they will permit, commit, or sufter no waste, impairment, or deterioration ot said property or any part thereoi; and
! +n the event of !he fail~re of tAe Mortgagors to keep the b~ildings or said premises and those to be erected on said premises, or
j improvements thereon, in good repair, the Mo~tgagee may make such repairs as in its disc~etion it may deem necessary for the
proper preservation thereof, and the full amount of eacti and every such payment shal( be immediately due and payable, and
shall be secured by the lien of this mortgage.
6. That they will pay atl and singular the 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 of the tailure on the paR of the Mortgagors promptly
and fully 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 of this mortgage. •
7. That they will keep the improvements nAw existing or hereafter e~ected 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 amounts -
and for such periods as may be requi~ed by Mortgagee, and wilt pay promptty, when due, any premiums on such insurance tor pay-
ment oi whiCh provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee
and the poiicies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor oi and
in form acceptabie to the Mortgagee. Renewal poticies shaN be delivered to MoRgagee at least 10 days prior to expiration of exist-
ing policy. In event of loss, they will give immediateiy 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 dii~eCted to make payment for
such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointiy, and the insurance proceeds, or any part thereof,
may be apptied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re-
pairs of the property damaged. In event of foreciosure of this mortgage or other transfer of title to the mortgaged 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 torce 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 havi~g jurisdiction thereoi
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 from whatever 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 habendum ctauses
hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted 6y a court to a receive~,
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 solvency 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 Martgagors, or (b) in the event ihat any
of said sums of money herein referred to be not promptly and fully paid without dema~d 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 mentioned in said note then remaining unpaid, with interest
accrued to that time, and all moneys seeurec! hereby, shall become due and payable forthwith, or thereafter, at the option of said
Mortgagee, as tully and compleiely as if all of the said sums of money were originally stipulated to be paid on such day, any-
thing in said note or in this mortgage ta the contrary notwithstanding; and thereupon or thereafte~, 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 matured prior
to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses, and altowances. In cases of partial torectosure
of this mortgage, the mo~tgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of the debt
not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by
the Mo~tgagee.
gn~28~ ~ ~96