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HomeMy WebLinkAbout0415 . p?incipu) sum and sccrutd interest shall become due snd payable wilhouc-??otice at the option of the holde~ thareot. A~d shail duly, prompity. 8nd tuliy pe~torm. di3char~a. execute, etiect, complete, and comply with and ab~de by each and every the stipu- lations. ag?eemsnts. to~dilions, and tovenants ot said promissory note end this mortgage, then this mortgage and tha estate hereby c~eated shall cease and be null and void. And the MoRga~ors funher covenaM as fotbws: 1. That they will pay the indebtedness. u heminbeforo providad. 2. That, in oM~r more tully to protect the security oi this mortgage. the Mo~tgagors, together with snd in addition to, the mohthly payments unde~ the tttms of aoy notes secured hereby, on the first day oi each month u~til said note is tully paid, will. pay to the Mortgagee th~ following sums: (~X~4~~~7~ixR mK1oo~~Ot~aacltalK~elmae~m~ntao~RY~aan~peotsd~6~c~oc~olloes~kiboe~poOi~oM~eht ~ts~sc ~ ~c~+~d~ooopie~q~t~a~ec~eooi~as~cml~dt~uwt~~0ioxloecaloltsaoadix~ccQmd~c~tltHnl~cltitic ~oorrtedcroidta~l~alx (b) . All psym~nts mentioned in tM preceding subsectlon of this paragroph and all psyme~ts to be made under any note secured hereby ahall bs sdded together and the sggmgste amount thereof shall be paid by the Mortgagors each month in s single payment to be appQed by the Mortgagae to the tolbwing items in ths ordet set forth: . • I. ~~nto~pc II. Interost on the note secured hereby; and ~ 111. AmoKization of the principal of sald note. Any deficiency in the emouM of such sggrogate monthy payment shall. unless made good by the Mortgagon prlo~ to the due date of Me n,ext such payment. constitute an event ot defauR under this mortgage. The Mortgagee may collsct a"late charge" not to exceed two cents (2t) foi each dollar of each psymeM morc than .tiiteen (15~ days in arrcars to cover the extra ex- pense i~volved in handling delinque~t payments. ~ 3. That if the total oi the psymsnts made by tha Mortgagon under (s) of paragraph 2 preceding shall exoeed tt~e amount of payments actualy made by the Mortgagee. tor taxes and assessments and insurance premiums. ss the case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. H, however. the monthly psy- ments made by the Mortgagors under (a) of parag~aph 2 preceding shall ~ot be suHicient to Ray taxes and assessments and in- surance premiums, as the case may De. when the same shall become due and payable, then the Mottgagors shall pay to the Mort- gagee any amount necessary to make up the det'icie~cy, on or before the date when payment oi such tazes, assessments. or insur• ance premiums shall be due. lf at sny time the Mortgagors shatl tender to the Mortgagee in accordante with the provisions of the note secured hereby. ful4 payment ot the~eatire indebtedness represented thereby. the Mortgagee shall, pay to the MoRgagors all anwunts then remaining in the tax and insurance escraw account held in connectio~ with this loan. Ii there shalt be a detault unde~ any oi the provisions of this mortgage resutting in a puWic sale of the prem'~ses covered hereby, or if the Mortgagee aoquires the property' othe~wtse after defauR. the Mortgagee shall appty. at the time of the commencement of such proceedings or at the time the property is otherwise acquired. the balance then remaining in the tunds accumulated u~der (a) of paragraph 2 precedinB as a credit against the amount oi prinNpal then remaining unpaid under said note. . 4. That they will pay all taxes, assessments, water rates. and othe~ govammental or municipal charges, fines, or imposi- tions, tor whkh provision has not been made hereinbetoro, and io default thereof. the Mortgagee msy pay the same and be secured by the lien of the mortgage; an~ that they will prompty deliver the official receipts therefwe to the Mortgagee. 5. That they will pertnit. commit. or suffer no waste, impairment, or deterioration of said property or any paR thereof; and in the event of the failure of the Mortgagors to keep the buildings o~ 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 discretion it may deem necessary tot the proper preservation thereof. and the full amount of each and every such payment shall be immediately due and payaWe, 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 lawyers fees, arsd costs of abstracts of title. incurred or paid at any time by.the Mortgagee because of tne tanure on the paR of tne irioriga~~rs ~,ru~iiN€iy and fully to perform the agreements and covenants oi said promissory note and this morigage, and said costs, charges and ex- penses shall be immediately due and payabte and shatl be secured by the lien of this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required from time to time by the .Mortgagee against Ioss by tirc or other hazards, casuakies, and contingencies in such amounts ~i and tor such periods as may be requircd by Mortgagee, and will psy promptfy, when due. any premiums on such insurance for pay- ~ ment of which provision has not been made hereinbeforo. AII insurance shall be canied in oompsni0s approved bY Mortgagee and the policies and renewals thereof shall be held by Mortgagee snd have attached thereto loss payable clauses in.favor of and in form acceptabte to the Mortgagee. Reoewal_ policies shall be detivered to Mortgagee at Iwst 10 days prior to expiration of exist- ing policy: In event of loss, they will give immediately natice by mail to Mortgagee, and Mortgagee may make proot of loss if not made promptly by Mortgagors, and each insuranoe company concemed is hercby suthorized and directed to make payment far such loss directly to Mortgagee instesd of to Mortgagors and MortgaB~ W~ntiy. and the insurance proceeds, w any paR thereof. may be applied by Mortgagee at its option either to the reduction ot the indebtedness hereby secured or to the restoration or re- . pairs of the property damaged. In event of foreclosure of this mortgage or other 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 purChaser or grantee. That the Mortgagee may, at any time pending a suit upon this mortgage. apph? to the oouR having jurisdiction thereot for the appointmertt of a receiver. and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the intome, profits, ksues, and revenues irom whatever source derived, each and every of which, it being expressy understood, is hereby mortgagod as if speciflcally set forth and described in the granting and habendum clauses hereof, and such receiver shall have afl tbe brosd and effective funetions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by such couK as an admitted equity and a matter of absolute right to said Mortgagee, and ~ without reference to the adequacy or inadequacy oi the value of the property mortgaged or to the solvency o~ insolvency oi said Mortgagors or the defendants, and that such reMs, profits, income, iuues and revenues shall be applied by such receiver accord- ing to the lien ot this mortgage and practice of such court. 9. Thst (a) In the event of any btesch ot this moRgage ~or detauft on the part of the Mortgagors, or (b) in the ever~t that any ~ of said sums of money herein re(erred to be nd prompty 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 duly, promptly and fully ' performed; then in either or arry such event, the said aggregate sum mentioned in said note the~ remaining unpaid, with interest ~ accrued to that time, and all mQneys securec! hereby, ahall beoome due and payable forthwith. or thereaRer, at the option of said i Mortgagee, as tuly and completely as if all of the said wms of money were originaly stipulated to be paid on such day, any- ~ thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option oi 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 declared due and payabte, and 'the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partiat foreclosu~e of this mortgage. the mortgaged premises shall.be sold subject to the corttinuing lien of this moRgage forthe amount of the debt ~ not then due and unpaid. In such case the (xovisions of this paragraph msy again be svailed of thereaiter from time to time by the Mo~tgagee. ~ ~ ; ~ s 60UK~0S sA6F ~~3 ; t • ~ ~ : ~ - .:~..,~~=~1_ : _ _ _