The URL can be used to link to this page

Home My WebLink About0520 Principal sum and accrued inte~est sltall become due and payable w~thout notice at the option oi tl~e hol~er thereot. And shall duy, promptly, and lully perform, discharge, execute, effect, complete, a~d comply with and abide by each and every the stipu• lations, sg~eements, conditions, and covenants of said promissory note and this moMgage, ihen this mortgage and the estste ~ he~eby created shall ~eass and bs null and void. w llnd the Mortgagors tuRhe~ covenant as folbws: . ~1 1. That they will pay the indebtedness, as heminbefore provided. ~ 2. That. in orde~ more tully to protect the security oi this mortgage, the Morlgagors. together with and in addition to, the monthly payments under the terms o( any notes sacured hereby. on the tirst day ot each month untll sald note is tuly paid. will pay to !hs Mortgages ths idlowing sums: , s- - haz ~ ' (b) All psyme~ts mentioned in the procediog subsectio~ of this paragraph and sll payments to be msde uoder a~y note securcd hereDy shati be added together and the sgg~egate amourtt thereof shall be paid by ths Mortgagors each month in a single psymeot to bs applied by the Mortgagae to the tollowing items in the oMe~ set fonh: r~1'~xiet ~~±±a+ntE /ifw_ and h tAfd jfl~Llal1CR DfQ1171Uf113~ Interest on the note secured hereby: and 1!!. Amatization of the principsl ot sald note. ' Any deficiency in the amount of sucA aQgregate monthy paymeot sAall, untess made good by the Mortgagors prio~ to the due date ot the next such payment. constitute an event ot detault under this mortgage. The Mortgagee may collect a"late charge" not to exoeed two cents (2~) for each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. Triat if the total of the payments made by the Mortgagors unde~ (a) oi paragraph 2 preceding shall exceed the amount ot paymertts actualy made by !he MOrtgagae. for taxes and assessments and insurance promiums, as the case may be, such excess shalt be credited by the Mortgagee on subsequent payments to be made by the Mo~tgagors. If, howeve~. the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suHicient to pay taxes and assessments and in- surance premiums, as the case may be, vrhen the same shall become due and payable, then the Mortgagors shall pay to the Mo?t- gagee any amount rtecessary to make up the deficieacy. on or before tha date when paymeM of such taxes, assessments. or insur. ~ aoce premiums shall be due. Ii at any time the Mortgagors shall tender to the Mprtgagee in accoMance with the provisions of the note secured hereby, full payment of the entire indebtedness represented the~eby. the Mortgagee shall, pay to the Mo~tgagors atl amounts then remaining in the tax and insurance escrow account held in connection with this loan. If thero shall be a default under any of tlee provisions ot this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after defsult, the Mortgagee shall appy. at the time ot the commencement of such proceedings or at the time the property is otherwise aoquired, 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 nole. 4. That they witt pay att taxes, assessments, water ~tes. and other governmental w inunicipa! cbarges. tines, or imposi- tions, for whkh provision has not been made hereinbefore, and in default thereof. the Mortgagee may pay the same and be secured by the lien of the mo~tgage; and that~they will prompty deliver the official receipts•therefore to the Mortgagee. 5. That they will permit, commit, or suffe~ no waste, impairment, or dete~ioration ot said property o~ any part tbereof; and in the event of the failure ot the Mortgago?s to keep the buildings or said premises and those to be erecteQ on said premises, or improvements thereon. in good repair, the Mortgagee may make such repairs as in its distretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payaDle, and shall be secured by the lien of this mortgage. - • 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the pa~t of the Mortgagflrs promptly and fully to perform the agreements and covenants of said promissory note and this mo?tgage, and said costs, charges and ex- penses shall be immediately due and payable and shall be secured tiy the lien oi this mortgage. ' ~ 7. That they will keep the improvemenis now existing or hereafter erected on the mortgaged property insured as may be required trom time to time by the Mortgagee against loss by fire or other hazards, casuaRies, 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 insuranca for psy- ~ ment of which provision has not been rrtade hereinbefore. All insurance shaU be carried in companies approved by Mo~tgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in fomn acce able to the Mort a ee. Renewal t ~ B B policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may r»ake prooi oi loss if not made promptly by Mortgagors. and each insurance company concemed is here~j? authori~ed and direc:ted to ~taka;p6ymeM for 3 such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly. ~ind the insurance proteeds1~~~c.~ny part thereof. ~ may be applied by Mortgagee at its option either to the reduction of ihe indebtedness hereby secureif br to the~_ce~~ol tio .or re- re Q pairs of the property damaged, In event of toreclosure of this mortgage or other_transfer of title tb'the mpr~gt~'pr 'rfyin tinguishment of -!he indebtedness secureQ hereby, all rigM, title and interest-of thq Mortg~gors in aM ~b d~ ~ol~cies then in torce shall pass to the purchaser or grantee. ~v -w~ut 4:. ' b~.,:.ti5. ~ ; 8: That the Mortgagee may, at any time pe~ding a suit upon this mortgage. spply to the oou~t having jurisdktion theroot ~ for the appointmeot of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- j lar, including ali and singular the incame, profits, issues, and revenues from whateve~ source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificaly set fonh and described in the granting and habendum ctauses hereof, and such receiver shall have all the broad and effective functions and powers in any~rise entrusted by a court to a ~eceive~, and such appointment shall be made by such 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 !o the wlvency or lnsolvency oi said Morigagors or the defendants, and tbat such rents, proifts, 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 evertt ot any breach of this mortgage o~ default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and lully paid without demand w notice, or (c).in the event that each ~ and every fhe stipuiations. agreements. conditions and covena~ts of said note and this mortgage, are not duly, prompty and tully t performed; tlien in eitner or any such event, the said aggregate sum meritioned in said note then remaining unpaid, with interest ' accrued to that time, and all moneys secured hereby, shall become due and payaWe fo~thwith. o~ thereafter, at the option of said Mortgagee, ss futly and completey as if aN 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 notwithsianding; and ihereupon or thereafter, at the option of said Mort- gagee, without notice or demanc(, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagee may~foreclose this mortgage, as to the amount w declared due and payable, and the said premises shatl be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure ot this mortgage, the mortgaged premises shall be sold subject !o the continuing lien of this mortgage for tbe amount of the debE 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 Mortgagee. . ~ ~ - f . ~ . a~28? ~ 516 ~ _ ~ , ~ ~ . _ _ - , _ ~ _ ;F~ . _ . n~