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Home My WebLink About0140 . p?incipl wm and sccrued interest shsN bscon~ dus and payable w~lhout notice al the opt~on of th~ holde~ thereof. And shsll duly, p~omptl~?, and tuHy ptrform, discha~g~, txttut~, eflett, co~~plete, and comply with and abide by each and every Il~e stipu latio~s, st~ee~r~nts, cond~tions, and covenants ot said promissory note and this moNgage, then this rnortgage and the estate . h~roby cnat~d shaN cease and M null and void. And th~ MatgaQon tunher cove~ant as toltows: _ . 1. That thhr will psy tM indebtedness. ss hereinbetore provided. 2. That. In orde? more_fully to protect the secu~ity oi this mortgage, the Mortgagors, togethe? with and in addition to. the monthly payments under the te~ms oi any notes secured he~eby, on the tirst day of each month until said ~ote is tuly paid, will pay to th~ Mortgsgee the tollowing sums: (lt~t~~t8klA~ktaooa~eX~lftitXirdd'lft~ Yie~~oaiaoll~~bc~ft~oOt~C~cl~td~oAttidX~l~o[f~ltAiRxR6thf~~ R1hltic ie~aeoodc~ ~ovld~ 7d~t~cAR~bACOmla~et~fpQlatlt~t9ik~Ad~Mcx (b) Att payments mentioned in the p~eceding subsection of this paragraph and all payme~ts to be made unde? any note secured hereby shAlt De addcd together and the aggregate amount thereof shall be psid by the Mortgagors each month m a single payme~t to be applied by the Mortgagee to the folbwing items in the order set fonh: I. illi~u00~1~c1~Iq~OK 11. Interest on the note secured he?eby: and . 'lll. Amo~tization of the principal oi said note. Any deficiency in the amount oi such aggregate monthy payment shall, unless made good by the Mo~tgagors p~ior to the due date of the next such payment, constitute an event of default under this mo?tgage. The Mortgagee may collect a"late charge" not to exceed tvro cents (2t) for wch dollar oi each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in haqdling delinquent payments. . ~ 3. That if the total of the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payments actualy made by the Mortgagee. tor taxes a~d assessments and insurance p?emiums. as the case may be, such excess shall be c~edited by the Mortgagee on subsequeat payments to be made by the MoKgagors. Ii, however, the monthy pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sutficient to pay taxes and assessments and im surance premiums, as the case may be, when the same shall become due and payabie, thzn the Mortgagors shal! pay !o the Mort- gagee any amount necessary to make up the de(iciency, on or before the date when payment of such tazes, assessments, or insur- ance premiums shatl be due. ~f at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full'payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow actount held in connection with this loan. If there shall be a default . under any oi the provisions ot this mortgage resulting in a public sa{e of the premises covered hereby, or if the Mortgagee acquires, the property othervvise aker default, the Mortgagee shall appy. at the time of the commencement of such prceeedings or at the time the property is otherwise acquired, the balanu then remaining in the~fu~ds accumulated under (a) of paragraph 2 tueceding as a credit against the amount of principal then remaining unpaid under said note. . , 4. That they will pay all tazes, assessments, water rates, and other govemmental or municipal charges, tines, or imposi- tions, tor which provision has not been made hereinbefore, and in deiault thereof, the Mo~tgagee may pay the same and be secured by the lien of.th¢ mortgage; and that they will promptly deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or dete~ioration of said property or any part thereof; and Ifl ifl@ EW@OI O1 [~IC 1811UfC Oi iOe MORgagOfS t0 KCCP LO6 DUIIUItlgS of Sdip ptemiSeS antl tiWl~ W t3C eicCQcu Oi~ So~u' y~c~id'aEb. 'v: improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. - 6. That they will pay all and singutar the costs, charges, and expenses, including ~easonable lawyer's tees, and costs oi . abstracts of title. incurred or paid at any.time by the Mortgagee because of the failure on the part of the Mortgagors promptty and fully to perfomn 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 shalf be secured by the lien of this mortgage. 7. That they will keep the improvements now existing or he~eafter erected on the mortgaged property insured as may be i required irom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts f and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance tor pay- ~ ment of wfiich provision has not bee~ made hereinbefore. All insurance shatl be carried in companies approved b~ Mor*tgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto toss~payabte clauses In fiavairof and ~ in form acceptabte to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days D?br.to expintion of exist- ~ ing poticy. In event of loss, t6ey will give immediately notice by mail to Mortgagee. ~nd Moctgagee rpay, rnake proof of, bss if;sp~ • made promptly by Mongagors, and each insurance compamr concerned is hereby,authorized and directed to make payrpeot ~or such loss directly to Mortgagee instead ot to Mortgagors and Mortgagee jointy, and Zfie insurance proceeds, o? any part thereof~ may be applied by Mortgagee at its option either to the reduction of the indebtedn~3~'tre~r~Dy secured or to the restoration~ or'n.? pairs of the property damaged. In event of foreclosure of this mortgage or other transfer oi title to the mortgaged property in ex- tinguishment of the indebtedness secu~ed hereby, all right, title and interest of the Mortgagors in and to any insurance policies tpen in foice shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mo~tgage, appy to the court having jurisdiction thereoi for the appointment of a receiver. and such court shall torthwith appoint a receiver of the premises covered hereby all and singu- - lar, including all and singular the income, profds, issues. and revenues irom whatever source derived, each and every of vrhich, it being expressly understood, is hereby mortgaged as if specifically set torth and described in ihe granting and habendum clauses hereof, and such receiver shall have all the bread and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said MoKgagee. and without reference to the adeguacy or inadequacy oi 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 suth receiver accord- ing to the lien of this mortgage and practice of such court. • ' ~ 9. That (a) in the eve~ of any brcach of this mortgage or default on the paK of the Mo~tgagors. or (b) in the event that any ~ ~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each ; ~ and every the stiputations, agreements, conditions and covenants oi said note and th'is mortgage, are not duly, promptly and tully ~ performed: then in either or any such event. the said aggregate sum mentioned in•said note then ~emaining unpaid, witb interest accrued to that time, and aIl moneys secured he~eby, shall become due and payable forthwith. or thereafter, at the option of said 4 Morlgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, any- i thing in said note or in this mortgage to the contrary ~otwithstanding: and thereupon or thereafter, 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 foreclose this mortgage, as to the amount so dectared due and payable, and the said ; premises shall be sold to satisiy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing iien of this mortgage for the amount ot the debt not then due and unpaid. fn such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. ~ ` . . ~ ~ ~ ~o~kK~~~ ;r~~~ 140 - ~ - ~ ~ ~~w y u ~ - . . - - - - - . ~ _ ~ _ n