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HomeMy WebLinkAbout0172 " . ~rincipal sum and sccrued interest shatl become due and payaDlo witliout notice at ths option ot the holder the~eof. And shall - ' ; duly, promptly. and fully pertorm, discha?ge, execute. eifect, complete, and compty with and abide by each and every the stipu- lations. agreemeats, conditions, and covenants oi said p~omissory note and this mortgage, theo this mortgage and ihe estate hereby created shall cease and be null and void. Md the Mortgagors turther covenant es toUows: 1. That tf~ey will pay the irMebtodness. as hereinbefore provided. 2. That, in order more fully to proteCt the security oi this mo~tgage. the Mo~tgagors: together with and in addition to, the monthty payme~ts under the terms oi any ~otes secured hs~eby, on the tirst day of each month until said ~ote is lully paid, will ~ pay to th~ Mortgagee the iollowing sumx - . (~d7a 7~0~1f7p1~[11p0 ~ ~]~R~c ~ ~ JtllltRlC~~1A[9@R ~~X , - . . . , (D) Atl payments mentioned in the preceding wbsectlon of this paragraph and all payme~ts to be msde under any note ~ secured hereby shalt De added together and the agg~egate amount thereot shatl be paid by the Mortgagors each month in a ~ single payme~t M be applied by tl~e Mortgages to the tollowing items in the oMer set forth: . ; 11. Interest on the note secured hereby; sod 111. Amonizatbn of the principal oi said note. ~ ; Any deficieney io the ambunt of such aggrogate monthly payment shall. untess made good by the Mortgagors prior to the due i date oi the next such payme~t. constitute an eve~t of default under this mortgage. The Mortgagee may collect a"late charge" ; not to exceed two certts (2~) tor each dollar ot esch paymeM mo?e than tifteen (l5) days In arrears to cover the eztra ex- ~ pense tnvolved in handlir~g delinquent psyments. ~ ' 3. That if the total ot tNe psyments made by the Mortgagors under (a) of parag?aph 2 preceding shatl excesd the amount - of payments actuaty made by the Mortgagee. tor taxes and assessments and insurance pmmiums. as the case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made. by the Mortgagors: tf. however, cne moncny pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shal! 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 deticiency. on or before the date when paymeot of such tazes, assessments. or insur. ance premiums shall be due. lf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the ~ note secured hereby, tult paymer~t of the entire indebtedness represented theroby, the Mortgagee shall. pay to the Mortgagors all ' amounts then remaining in'the taz and insurance escrow accouM held in co~nection with this loan. If thero shall be a detault ~ uoder any of the provisions of thi3 mortgage resufting in a public sale of the premises oovered hereby, or ff the Mortgagee soquiros ~ ~ the property otherwise aiter default. the Mortgagee shall appty, at the time of the cor»mencement oi such proceedings or at the time the property is otAerwise ac~Q~ired. the balance then remaining i~ the tunds accumulated under (a) of paragraph 2 preceding as a credit against the amouM of principsl then remaining unpaid under ssid note. 4. That they will pay all taxes. assessments, water ?ates. and other govemmeMsl or municipal charges. fines. or imposi- tions, for whkh provision has not been made hereinbetore. 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 ihe oHicia! receipts therefore to the Mortgagee. i 5. That they will permit. commit, or suffer no waste, impairment, orcfeterioration of said properiy or any paR thereof; and in the event of the faiture of the Mlortgagors to keep the buildings or said premi5es and those to be erected on said premises, or t improvements thereon, in good repair, the MortgaRea may make such ~epairs as in its discretion it may deem necessary for the ' t p~oper preservation thereof, and the iull amount of each anA every such payment shatt be immediatety due and payable. and ~ shall be secured by the lien of this mortgage. 6. That they will pay all and singutar tAe costs, charges. and expenses, including.reasonaWe lawyers fees, and costs of absiraMs ot title, incurrM or paid at any time by tbe Mortgagee because of the failure on the paK of the Mortgagors promptly and tutty to pe~form the agreements and covanants of said promissory note and this mortgage. and said costs, cha?ges and ex- ~ penses shall be immediatey due and payable a~ shall be secured by the lien of this mortgage. # 7. That they will keep the improvements now existi~ or hereaRe~ erected on the mortgaged property insured as rr~ay be required from time to time by the Mortgagee against toss by fire or other hazards, casuaities, and contingencies in such amounts and tor such periods as may be required by Mortgagee, and will pay promptly. when due. sny premiums on such insurance for pay- ment of which provision has not been made hereinbefore. All insurat~ce shall be carried in companies approved by Mortgagee ~ and the poticies and renewals thereof shall be held by Mortgagee and have attached thereto toss payable clauses in lavor of and ~ in form acceptable to the Mortgagee. Renewal pol'rcies shall be delivrred to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they will give immediatey notice by mail to Mortgagee, ai~d Mortgagee may malue proof of loss if not ~ made promptly by Mortgagors, and esch insurance compamr concemed is hereby authoriied and ditected to make payment tor such loss directly to Mortgagee instead of to Mortg,agors and Mortgagee jointty, and the insurance proceeds. or any paR thereof, ~ may be applied by Mortgagee at its option either to the reduction of tbe indebteGness hereby secured or to the restoration or re- ~ pairs of the property damaged. In event of foreclowre of this mortgage or other transfer of title to the mprtgaged ~operfy in ex- tinguishment of the iadebtedness secured hereby, all right, tftle and interest of the Mortgagors in and ~o any insurance policies the~ in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage. appty to the cotirt having jurisdktion tbereot ' forthe appoiMmeM of a receiver, and such court shaN forthwitb appaint a receiver of the premises Covered hereby all and singu- ~ lar, inctuding all and singular the income, profits. issues, and tevenues irom wl~atever source derived, each and every of rrhich, it ~ being expressty understood~ is hereby mortgaged as if specificaly set forth and described in the granting and habendum ctauses hereof. and wch receiver shall have all the brosd and eNective functions and powers in anywise entrusted by a court to a receiver. ~ and such appointment shalt be made by stich oourt as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the vatue of the property mortgaged or to the solvency or insolvency of said Mortgagors or the defendants. end that wch rents, profits, income, issues and revenues shall be apptied by such receiver accord- ing to the lie~ of this mortgage.and practice of such court. 9. That (a) in the eveM of any broach of this mortgage or defautt an the part of the Mortgagors, cr (b) in tbe event that arry of said sums of money herein referrad to be not promptly and fully paid without demand or notice, or (c) in the event that each ancl e+rery the stipulatio~s, agreements, cooditions and covenarrts of said note and this mortgage, are not duy. promptly and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then romaining unpaid, with iMerest accrued to that time, and all moneys secured hereby, shall become due and payable tarthweth, or thereafter. at the option of said Mortgagee, as fuUy and comptetery as if all of ti~e saW s~ms of money were ariginally stipulated to be paid on such day, any- j thing in said note o~ in this mortgage to the coMrary notwithstanding, and thereupon or thereafter, at the option of said Mort• 1 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 forectose this moRgage, as to the amount so declared_due and payable, aod the said premises shall be sold to satisfy and pay the same together with costs, expenses. and allowances. In cases of pa~tial foreclosure of this mortgage. the rrtortgaged premises shall be sold subja;t to the continuing lien of this mortgage for the amount of the debt ` t not then due and unpaid. I~ such case the provisions oi this paragraph may again be availed ot thereafter from time to teme by the Mortgagee. ~ 0 Q 2V7 P~f 8001( . ~ . t . ' °^~'":mP 'S'a-.;.?' s .+s;--s:._ _ - . . . , ~ ~ . '._G _ _ " s ' . M. ii nC~ ~e .