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HomeMy WebLinkAbout0187 principal sum and accrued interest s?ialt beconie due and payabla w~thout nohce at the opUqn ot the ~older the~eof. And shall duly, p?omptly, snd tully pertorm, discharge, execute, eflect, complete, and com{?ty w~th and abide by each and every the stipu- lations. agreements, conditions, and covenants of said promissory note and this mortgage, tt~en this rnortgage and the estate hereby created shall cease and ae ~ull and void. And the Mortgagors iurlhe~ covenant as tollows: 1. That ihey will pay the indebfedness, as hereinbefore provided. 2. That. in order mo~e tully to protect the security oi lhis mortgage. the Mongagors, together with and in addition to, the monthty payments unde~ the terms of any notes secu~ed hereby, on the first day of each month untl! said note is tully paid, will pay to the Mortgagee the following sums: (=X ~xqwk loooc~ta~ K ics~Yat z?c ~cn~oi w~me!lonQcre tl~ea~be~ro~x~ ~taa~bae~cabtecaQx~ota~iex Ak6iae ~ane+boltx~t 31~i~OQ~AOI'lOWL~[~tKicR961t~~14]P!l~,~1CNi1~l~0~ 7~7Qi~1[OptX]IRi1t7dARAR7~I~C001Q1~Q~Cl~O~'4[IC1iX~OHCIC4C~4C ~ (b) All payments mentioned in the preceding subsection of this paragraph and atl payments to De made unde~ any note secured hereby shall be added together and the aggregate amount thereof shaN be paid by the Mortgagors each month i~ a single payment to be applied by the Mortgagee to the following items in the order set torth: 1. i['z~ecJ~um~cee~t0~?tlmt?~~~alime~~x~oC 11. Interest on the note secured hereby; and Itt. Amortization of the principal of said note. Aqy deticiency in the amount ot• such aggregate monthty payment shall, unless made good Dy the Mortgagors pfior to the due dale of ihe next such payment, constitute an event ot detault under this mortgage. The Mortgagee may tollect a"late charge" not to exceed two cents (2t) for each dotlar of each payment more than fiiteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total oi the payments made by the Mortgagors under (a) oi paragraph 2 preceding shal~ ezceed the amount of payments actuatly made by the Mortgagee, for taxes and assessments and insurance premiums. as the wse may be, such excess shall be credi2ed by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly pay- ments made by the Mortgagors under (a) oi paragraph 2 preceding shall not be sufficient to pay taxes and assessme~ts and in- surance p~emiums, as the case may be, when the same shall become due and payabfe, tAen the Mortgagors shal! pay to the Mort- gagee any amount necessary to make up the deficiency. on or before the date when payment of such taxes, assessments, or insur. ance premiums shall be due. If at aoy 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 therebjr, the Mortgagee shalt, pay to the Mo~tgagors all amounts then remaining in the tax and insurance escrow account hetd in connection with this loan. !f there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered he~eby, or if the Mortgagee acquires the property otherwise after default, 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 io the funds accumulated under (a) of paragraph 2 preceding as a c~edit against the amount of pri~cipat then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates. and other governmental or municipal charges. fines. or imposi- tions, for whFch 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 promptly deliver the oificial receipts therefore to the Mortgagee. 5. That they vrill permit, commit, or suffer no waste, impairment, or deterioration of said property or any part theteof; and in the event of the failure of the Mortgagors to keep the buildi~gs or said premises and those to be erected an sa+d premises, or improvements thereon, in good repai~, 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 lie~ of this mortgage. ` 6. That they will pay all and singu~ar the costs, charges, and expenses, inctuding reasonable lawyer's tees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the taiiure on the part of the Mortgagors promptly and fully to perform 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 shall 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 loss by fire or other hazards, casualties, and contingencies in such amounts a~d for such periods as may be ~equired by Mortgagee, and will pay promptly, whe~ due, any premiums on wch insuraoce tor pay ment of which provision has not been made hereinbefore. All insurance shall be ca?ried in companies approved by Mortgagee - and the policies and renewals thereof shall be held by Mortgagee and have attached the~eto loss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be detivered to Mortgagee at teast 10 days prior to expiration of exist- • ing policy. In event of loss, they will give immediately notice by mait to Mortgagee, and Mortgagee may make proof of loss 'rf not made promptty by Ma~gagors. and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead oi to Mortgagors and Mortgagee jointly, and the insurance prceeeds, or any part 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 foreclosure of this mortgage or other transter of title to the mortgaged propetty in ex- tinguishment of the indebtedness secured hereby, al! reght, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. 8. That the MoRgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof - for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered here~y atl and singu- s lar. including all and singular the income, profits, issues, and revenues trom whatever source derived, each and every of wbich, it being ezpressty understood, is hereby mortgaged as 'rf specifically set foNh and described in the granting and habendum clauses hereof, and such receiver shatl have all the broad and etfective 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 Mortgagee, and without reference to the adequacy or inadequacy of the vatue ot 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 such receiver accord- ing to the lien of this mortgage and practice of such cou~t. 9. That (a) in the eve~ of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not prompty and fully paid vrithout demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions and covenanis oi said note and this mortgage, are not duly, promptly and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and p2yable forthwith, or thereaker, at the option of said Mprtgagee, as fully and completely as if all of the said sums of money were o~iginally stipulated to be paid on such day, any- thing in said note or in this mortgage to the contrary notwithstand+ng: and thereupon or tnereaiter, at the option oi said Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if alI moneys secured hereby had matured prior to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses. and attowances. In cases of partial foreclosu~e of this mortgage, the mortgaged premises shatl 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 irom time to time by the Mortgagee. Dr 292 ~-1~: 187 . _ . . ' _ _ _ . S~`y ~ ..t : _ ~ -f^' ~a ~ zs i C1 r ~ R rs'~,~'~4.'~~~~~~ F ~2,~~, ~ "Sa`. - F ~ . ~9 ~'S.a: - ~,.~y ' - . ~S~-_'` - y ' „;~;E..-::