Loading...
HomeMy WebLinkAbout0335 ~ , „ ~ .r; ,-:r`~ ~ principai sum and atcrued interest s~~all become due and payable w~thout notice at the op4on of tlte halder thereot. And shall duly, promptly, and tully pe~torm, discha?ge, execute, etfect, complete, and cnmply wifh and abide by each and every the stipu• iations, agreements, conditions, and tovenants of said oromissory note and ihis mortgage, ihen this mongage and the estate he~eby created shall ceasa and be null and void. ! . ~ And the Mo~tgagors funher covenant as tollows: 4 l. That they will pay ths i~debtedness, as hereinbefore provided. ~ 2. That, in order more fully.to protect the security of this mo~tgage. the Mortgagors, together with and in addition to, 1he monthly payments under the terms ot any notes secu~ed he~eby, on the first dayot each month until said note is tully paid, vrill pay to the Mortgagee the tollowing sums: (~2,~,~x~d~~fr,dt~c ~ ~~r~c~~e~~~k~i~e~~es~~eE~~~r~~4~ ba~~oybia~v~acra~xooami N~z~aiaaan~ee~ef~~tl~i?lal~kll+~t~~ l~~dhc ~ ~xld~etl~pthoclbt~c ~ (bj /UI payments me~tioned in the p~eceding subsection of this paragraph and all payments to be made under any note - # secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a t singte payment to be applied by the Mortgagee to the tollowing items in the orde~ set forth: # 1. 7aR'~c . 11. Interest on the note secured hereby; and { ~ (11. Amo~tization ot the principat of said note. ~ Any deficiency in the amount of such aggregate monthly payment shatl. unless made good by the Mo~tgagors prio~ to the due ~ date of the next such payment. constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" ~ not to exceed two cents (2~) for each dolla~ of each paymerit more than tifteen (15) days in arrears to cover the extra ex- ~ pense involved in handling delinquent payments. 3. That if the total ot the payments made by the Moirtgagors under (a) of paragraph 2 preceding shatl exceed the amount of payme~ts actualy made by the Mortgagee. for taxes and assessments and insurance pcemiums, as the case may be. such ~ excess shall be credited by the Mortgagee on subsequent payments to be made by the Mo~tgagors. If, however, the monthly pay ments made by the Mortgagors under (a) 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 Mo~t• gagee any amount necessary to make up the deficiency, on or betore the date when payment ot such taxes, assessments, or insur- ance premiums shall be due. Ii at any time the Mortgagors shall tender to the Mongagee in accordance with the provisions of the f note secured hereby. full payment of the entire indebtedness represented thereby, the MoRgagee shall. pay to the Mortgagors all amounts then remainiog in the tax and insurance escrow ac~unt held in connection with this loan. If there shall be a defauR unde~ any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgageaacquires the property otherwise after defauk, the Mongagee shal! apply, at the time oi the commencement of such proceedings or at the time the property is othenvise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 Preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they wiil pay all taxes, assessments, vrater rates, and other governmental or municipal charges. fines, or lmposi- tions, for which provision has not been made hereinbetore. and in default thereof. the Mortgagee may pay the same and be secured by the lirn of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. ~ 5. That. they will permit, commit. or suffer no waste. impairment, or deterioration.of soid prbpeRy or any part thereof; and in the event oi the failure oi the Mortgagors to keep the buildings or said premises and thOSe to he eracted o~ said premises, or impro~emenis thereon, in good repair, the Mortgagee may make such repairs as in its discretion, it mdy deem necessary for the proper preservation thereof, and the full amount of each and every suCh paymeot shall be irflmediately due and payable, and . shall be secured by the lien of tAis mortgage. . • " 6. That they will pay all and singular the costs, charges, and exp~nses, including reasonable lawyers fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee bec.ause of the failure on the part of the Mortgagors prompty ~ and fully to pe~form the agreements and covenants of said promiuory nate and this mortgage. and said costs, charges and ex- penses shall be immediately dus and payable and shatl be secured by the lie~ of this mortgage. - 7. That they will keep the improvements now existing or hereafter erected on ifie mortgaged prope~ty 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 required by Mortgagee, and will pay promptly, when due, any premiums on such insurance tor pay E ment of which provision has not been made hereinbefore. 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 loss payable clauses in tavor of and in form acceptable to the Mortgagee. Renewal pol"~cies shall be delivered to Mortgagee at least IO days prior to expiration of exist- { ing policy. In event of loss, they will give~ immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not a made promptly by Mortgagors, and each insuranoe company concerned is hereby authorized and directed to make payment for ? such toss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance proceeds, or any Rart thereof. may be applied by Mortgagee at its option either to the reduction~ oi the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of toreclowre of this mortgage or other transfer oi title to the mortgaSed. property in ex- tinguishm~nt of the indebtedness secured hereby, all rigM, title and interest of the Mortgagors in and 4o amr insurance policies then in force 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 having jurisdktion th8reof tor the appointment of a receiver. and such couR shall forthwith appoint a receiver oi the premises covered hereby all and singu- ~ lar, including a11 and singular the income, protits. issues, and revanues irom w~hatever source derived. each and every of which, it - being ezpressly understood, is hereby mortgaged as if specifically set forth and described i~ the granting and habendum clauses hereof, and such receiver shall have all the brosd and effective functions and powers in anywise entrusted by a couR to a receiver, ~ and such appointment shall be made by such~caurt as an admitted equity and a matter of absolute right to said Mortgagee, and i without reference to the adequaq 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 beapplied by such receiver accord- ing to the tien of this martgage and practice of such court: ~ 9. That (a) in the event of any breach of this mortgage or detautt on the paR of the Mortgagors. ~r (b) in the event that any I - of said sums of money herein reterrM to be not promptly and fully paid without demand 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 duy, promptty and fully ~ ~ performed; then in either or any wch event, the said aggregate sum mentioned in said note then remaining unpaid, with interest t ~ accrued to that time, and all moneys secured hereby, shall beeome due and payable forthwith, or thereafter, at the option of said ` Y Mortgagee, as (ully and completely 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 to the contrary notwithstanding: and thereupon or thereatter, 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 MoKgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisy and pa~ Ehe-sarne togethe~ with costs, expenses, and allowances. In cases of paRial toreclosure ~ oi this mortgage, the moRgaged premises shall be Sold subject to the continuing lien of this mortgage for 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 MoKgagee. ~ ~i a~, 287 ~E 333 ~ ; . . ~ - - _ - - _ , ~ ~ ~:r .~,,,~~.r~~ . . . ~ ~ ~