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Home My WebLink About0086 ~r ~ i t principal wm and accrued interest stiall become due and payable without notice at ihe option ot the holder thereof. And shall duly, promptty. and fully pe~torm, discharge, execute, ettett, complete, and comply with and ab~de by each and every the stipu• lations. agreements, tonditions, a~d tovenants ol said promissory note and this mortgage, then this mongage and tfie estate hereby created shall cease and be null and vo~d. And ths Mo?tgagors tuRher covenant as tolbws: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That. in orde~ more tuly to protect the security of this mortgage. the Mortgago?s, togethe~ with and in addition to. the monthly payments under the tertns of any notes secured he~eby, on the fi?st day ot each month until said note is tuly paid, witl pay to the Mortgagee the fol{owing sums: (~tlciumucxeqoakLmocae~t~nNtkX~akrir~c~o~iw~x~tlo~Ccroii ' ~xx~xlttitK i~~ae~dcboaoo~~aoex~o p~ape~xduc~ta~~eo~da~oe~ataoee~tacRaa~~dx~aR~aooadp~edn~tRx~Eailtaiaceatoc ~r~m~?~e~~i6udCC•aw~ (b) All payments mentioned in the pre4eding subsection oi• this paragraph aod atl payments to be made u~der any note secu~ed hereby shall be added together and the aggregate amount the~eof shall be paid by the Mortgagors each month in a single payment to be spplied by the Mortgagee to ~he tollowing items in the order set to~th: I. ~~aes~st~ iao~eao~lOCOr~e?~t~aoac . 11. Intemst on the note secured hereby: and ~ 111. Amo~tization oi the principal of said note. Any deficiency in the amount of such aggregate monthy payment shall, untess made good by the Mortgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2t) tor each dollar (s) of each payment more than fiiteen (15) days in arrean to cover the extra ex- pense involved in handling dNinquent payments. . . 3. That if the total of the psyments made Dy the Moirtgagors under (a) of paragraph 2 preceding shall ezceed the amuunt ot payme~ts actualy made by the Mortgagee. tor taxes and assessments and insurance premiums, as the case rtWy be, "such excess shall be credited by the Nlortgagee on subsequent payments to be made by the Mortgagors. If. however. the monthy pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suf(icient to pay taxes and assessments and in- surance premiums, as the case may be, when thp same shall become due and payabt~, then the Mo~tgagors shall ~pay to the Mort- gagee any amount necessary to make up the deficiency. on or before the date when payment of s~ch~~xes, assessments. or insur- ance premiums shall be due. Ii at any time the Mortgagors shal-l ,t~endte~~ ja~h~ Matgsgee iA ectord$~ce with the provisions of the note secured he~eby, tull paymerrt of the entire indebtedness~spre~elnted thereby. the Mortgagee shall, pay to the Mortgagors all amounts the~ remaining in the tax and insurance escrow aceount heW in cohnection with this loan, H~t~eie shall be a tlefault under any o~ the provisions of this mortgage resulting in a publ' s~lY of the premises covered hereby, or if the ~AoRgsgee aoquires the property otherwise after defautt. the Morigagee.shall appl~at the time of the commencement of such pro6eedings or at the time the property is otherwise acquired, the balance then remalAing in the fu~ds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining un~id-under said note. 4. That they will pay all taxes, assessments, water rates, and other govemmental o~ municipal charges~ fines. or imposi- tions, for which provision has not been made hereinbefore, and in default thereof. the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the offkial receipts therefore to the Mortgagee. 5. That they wi~l permit, commit, or suffer no waste. impairment, or deterioration of said property ora~y partthereof; and in the event of the failu?e oi 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 suth repairs as in its discretion it may deem necessary tor~the proper preservation thereof. and the full amount of each and every such payment shall be immediatey due and payable, and shall be secured by the lien oi this mortgage. 6. That thejr will pay all and singular the costs, charges. and expenses, including reasonable lawyer's tees, and costs of abstracts ot title, incurred or paid at any time by the Mortgagee bec.~use of the failure on ihe part oi the Mortgagors pwmptly and tuly to perform the agreements and covenants of said promissory note and this mortgage, and said costs. charges and ex- penses shall be immediatey due and payable and shall be secured by the tien of this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be ~ required irom time to time by the MoRgagee against loss by tire 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 for pay ! ment oi which provisioo has not been made hereinbefore. AN insurance shalt be carried in companies approved by Mortgagee ! and the policies at~d renewats thereof shall be held by MoRgagee and have attached thereto loss payaWe clauses in tavor of and ~ in form acceptable to the MoRgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist• i ing policy. In event of loss, they vrill give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not ~ made promptly by Mortgagors, and each insuranc~ company concemed is hereby authorized and directed to make payment for ~ such loss directly to Mortgagee instead of to Mortgagors and Mortga8ee jointly. and the insurance 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 other transfer of title to the rr~rtgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortg,agors in artd to anyinsurance policies then in force shatl pass to the purchaser or grantee. ~ 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appy to the co~rt having jurisdiction thereoi ~ for the appointment of a receiver, and sucFi court shall foRhwith appoint a receiver of the premises covered hereby all and singu• lar, including all and singular the income, profits, issues, and revenues from whatever source derived. each and every of which, it ~ being expressy understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and effective funetions 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 Mortgagee, and ~ without reterence to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ? Mortgagors or the detendants, and that such rents, profits, insome, issues and revenues shall be applied by such receiver atcerd- ing to the lien of this mortgage and practice of such coun. ~ = ~ 9. That (a) in the eve~ of any broach of this moRgage w detault on the paK of the ~Mortgagors, or (b) in the event that any ; < of said sums of money herein•reterred to be not promptly and fuly 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 fulty - „ perforrned; then in eiiher or apy such event, the said aggregate sum mentioned in said note ihen remaining unpaid, with interest ~ accrued to that time, and all moneys secured hereby. shall become due and payable fo~thwith, or thereafter, at the option of said s~ Mortgagee, as fully and completely as it all of the said sums of money were original.y stipulated to be paid an such day, any ` ~ thing in said note or in this mortgage to the contrary notwithstanding; 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 toreclose this mortgage, as to the amount so dectared 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 partial toreclosure ~ ot this mortgage, the mortgaged 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 Mortgagee. ~ ~ p~ ~ - - 600if ~O~ PAGE ~ ~ . s ~ - : r . - - - - - ~ ~.~-~r ~s=-3. ' ~r°~ ~ ~ p~„-,x'..a~^~..~ ~ e, s5 , a~~ ~a- _ . . '3'i" ' .,z ~ Yr .'N ,,.~,~,,~-~C, ~