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HomeMy WebLinkAbout0324 ~ ~ principal sum and accrued interest shall become due and payabte w~thout notice at the option ot the holder ihereo(. And shall duiy, promptly, and fully per(orm, discharge, execute, effect, complete, and comply with and abide by each and every the stipu• lation~, ag~eeme~ts, conditions, and covenants ol ssid promissory note And ihis mortgaga, then th~s mortgage and the estate hereby created shall cease and be null a~d void. And the Mortga~ors tuKher covenant as tolbws: l, That they will pay the indeMedness, es hereinbetore p~ovided. 2. That, in order more tuly to protect the security of this mortgage, tha Mongagors, together with and in addition to, ihe ~ monthy payments uoder the terms oi any notes setured hereby, on the tint day oi each mooth until said note is luly paid, will pay to the Mortgagee the tollowing sums;_ ba~ml~rqoo~t 7uao~oauc~ak~loie~obtlt~te~c~ ~ ~ x il~t~dt . r~tynt#ihecY~pndac (b) All psyments mentioned in the preceding subsection of this parag~aph and all payments to be made under any note secured hereby shall be added together and the aggregate amount the~eof shall be paid by the Mortgagors each month in a single payment to bs applied by the Mortgagee to the following items in the o~der set forth: ~ I. ' ~ • ~ ~ II. Interest on the note secured hereby; and ~ III. Amo~tization of the principal ot saW note. ~ Any deficieney io the amount of such aggregste monthy payment shall, unless made good by the Mortgagors prior to the due ' date oi the next such payment, coostitute an event ot detault under this mortgage. The Mortgagee may collect a~"late charge" not to exceed two cents (2t) to? each dollar. ot each psymeM more than lifteen (15) days in arrea?s to cover the extra ex- pense invoNed in handling delinquent payments. ~ 3. That if the total oi the payments made by the Mortgagors under (aj of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, for taxes and sssessments 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. I(, t~pw~ever, the monthly pay- me~ts made by the Mortgagors under (a) of pa?agraph 2 preceding shall not be suNicient 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 Mongagors sh~ll pay to the Mo~t• gagee any amount necessary to make up the deficie~cy. on or betore the date when payment of such taxes, assessments. or insur- ance premiums shall be due, tf at any time the Mortgagors shaU tender to the Mortgagee in accordance with the provisions of the note secured heroby, tull payment of the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts theo remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault unde~ any of the provisions oi this mortgage resulting in a puWic sale of the premises covered he[eby, or if the Mortgagee acquires the property otherwise atter default. the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is othervrise ecquired, the balance then romaining in the funds acCUmulated under (a) ot paragraph 2 preceding as a credit against the amouM of pri~cipal then remaining unpaid under said note. - , 4. That they witl pay atl taxes, assessments. water rates. and other govemmental or municipal charges. ~nes, or imposi- tions. To~ whkh provisbn has not been made hereinbefore, and in defauit thereof. the Moi[tgagee may pay the same and be secured by the tie~ of the morfgage; and that they will prompty deliver the.officf~l receipts theretom to the Mortgagee. 5. That they wilt permit~ commit, or suffer no waste. impai?ment, ~ deterioralion of saFd prope?ty or any part thereot; and in the event of the tailure of the Mortgagors to keep the buildings or said premises and those to be erected on said premises. or improvements thereon. in good repair, the Mortgagee may make such repairs as in its disc.~etion it may deem necessary for the proper presenration the?eof, and the tull amount of each and every such paymeot shatl be immediatey 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, inctuding reasonable lawyers fees, and costs ot ! abstracts of titte, inCUrred or paid at any time by the Mortgagee because of the failure on the paR of the Mortgagors promptly i and fuly to perform the agreements and covenants of said promissory note and this mortgage, aod said costs, c~arges and ex- ~ penses shall be immediatey due and payable and shall be secured by the lien of this mo ` ~Be• . 7. That they will ke~p tbe improvements now existing or hereafter erected on the mortgaged property insured as may be ~ required from time to time by the Mortgagee agairtst lass by fire ar other bazards, casualties, and contingencies in such amounts and for such periods as may be required by Mflrtgagee, and will pay promptly, when due, any premiums on such insurance for pay ment of which provision has not been made hereinbefare. All insurance shall be carried in companies approved by Moitgagee and the policies and renewals thereof shall be hNd by Mortgagee and have attached thereto loss payaWe clauses in favor of and in form acceptabte to the Mortgagee. Renewal polic;es shalJ be delevered to Mortgagee at least 10 days prior to expiration of exist- ing policy, In event of loss, they will give immediately notlce by mail to Mortgagee. and Mortgagee may make proof of loss if not made promptly by Mortgagors~ and each insurance comparry concemed is hereby authorized and dirccted to make paymer?t for i such bss directly to Mortgagee instead of to Mortgagors and Mortgsgee jointty, and the +nsurance 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 property damaged. In event of foreclosure of this mortgage or othe~ 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 force shall pass to the pu~haser or grantee. ~ ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage. apply to the~ court having jurisdktion thareot tor ihe appointmeM of a receiver, and suct~ court shall forthwitn appoint a receiver of the premises covend hereby all and singu• ; lar. including all and singular the income. profits, issues~ and rovenues t~om whatever source derived, each and every oi which, it ~ being expressy understood. is hereby mortgaged as it speciflcaly set tonh and described in the grantf~g and habendum ctauses hereof. and such receiver shall hava atl the bro~d and effective functions and pow~ers in anywise ent~usted by a court !o a receiver, and sucb appointment shall be made by wch court as an admitted equity and a matter of absolute rigM 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, prof'Ks, income, issues and revenues shat( be apptied by such receiver accord• ing to the lien of this mortgage a~ practioe of such court. 9. That (aj in ihe eveM ot any broach of this mortgage o~ default on the part of tbe Mortgagars. cr (b) in tbe event ibat any of said sums of money herein referred to be not promptly and fuly paid without demand or notice, or (c) in the event that each a~d every the stipufations. agreements. Conditions and covenants of said note and this mortgage, are not duly, promptly and tully ~ performed; then in either or arry such event, the said aggregate sum mentioned io said note then remaining unpaid, with interest ~ accrued to that time. and aN moneys secured hereby, shaN beoome due and payable foKhwitb, or thereafter, at the option of said ! Mortgagee, as fuly and completely as if all ot the said sums oi money were originsly stipulated to be paid on wch day, any- ~ thing in said note or in this moRgage to the contrary notwithstanding; and thereupon o~ thereafter, at the option oi sai~ Mo~t- ' ir gagee, without notice or demand, suit at law or Fn equity, may be prosecuted as if alt moneys secured hereby t?ad matured prior to its institution. The Mortgagee may foreclose this mo+tgage, as to the amount so declared due and payable, and the said premises shall be soW to satisfy and pay the same together with costs, expenses, and atbwances. In cases of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of ihis mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragrapb may again be avaited of thereafter trom time to time by the Mortgagee. ~ " ~~~U.~ ~ ~ w ~ - _ - - _ - ~ - , ° _r~