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pri~cipal sum and accrued mterest shaii Aeco~ne due arid payable w~thout noUce at the optwn of the hoider thcreof. And shall '
duly, promptly, and tu11y periorm, discharge, execute, eltect, complete, and comply w~th and ab~de by eacli and every ttie stipu•
lations, agreeme~ts, conditions, ani:•covenants of said promissory note a~d this mortgage, then ltus mortgage and ttie estate
hereby created shall cease and be null and vuid.
And the Mongagors further covenant as follows:
1. That they wiil pay the indebtedness, as hereinbefore providcd.
2. That, in order more tully to protect the security oi this mo~tgage, the Mongagors, toQether with and in addition to, the
monthly payments unde~ the terms of any notes secured hereby, on the first day of each month unti! said note is fully paid, will
pay to the MoRgagee the followirtg sums:
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(b) All payments mentioned in the preceding subsectio~ of this paragraph and all payments to be made under any ~ote
secured hereby shall be added together and the aggregate amount the~eof shaN be paid by the Morigagors each month in a
singte payme~t to be applied by the Mortgagee to the tollowing items in the order set toRh:
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(1. Interest on the note secured hereby; and
(tl. Amortizatioo of the principal of said note. ~
Any deficienty in the amount of such aggregate monthty payment shall, ~nless made good by the MoRgagors prior to the due
date oi the next such payment, constitute an event oi detault under this mortgage. The Mortgagee may collect a"late charge"
not to exceed two cents (24)~tor each doltar of each payment more than fifteen (15) days in arrears to tover tha extra ex-
pense involved in handling delinquent payments. ~
3. That if the total of the payments made by the Mo~tgagors u~der (a) of parag~aph 2 preceding shall ezceed the amount
of payments actually made by the Mortgagee, for taxes and assessments and insurance premiums. as the case may be, such
excess shall be credited by the Mortgagee on subseQuent payments to be made by the Mortgagors. If, however. the monthly pay-
ments made by the Mortgagurs under (a) of paragraph 2 preceding shatl not be sufiicient to pay taxes and assessments and in•
surance premiums, as the case may be, when the same shall become due and payable. then the 11~,prtgegors shell j'l3y fo !he Mort-
gagee any amou~t necessary to make up the deficiency, on ar betore the date when payment of such taxes, assessments, or insur.
ance premiums shall be due. If at any time the Mortgagors shatt tender to the Mortgag~ee in accpt~e lirid/ M~e biov~llol~ of the
note secured hereby, tull payment of the entire indebtedness represented thereby. t~e Mongagee shall, pay tp:~he dAortgagors atl
amounts then remaining in the taz and insurance escrow account hetd in coqpettion w1tM f~Mf9la~aR:~~li th e'{t~11_ ~e a detault
under any of the provisions of this mortgage resu!ling in a public sale of the pretii~3d3 COVeR~ hercby; o~if t L,, ~tg~9e acquires ~
the ro ~ ~
p perty otherwise after default, the Mortgagee shall apply. at the time of th~ ~bmm~ncefhent of such proceedings or at the _
time the property is otherwise acquired, the balance then ~emaining in the funds accumulated u~der (a) of paragraph 2 preceding
as a credit against the amount of principal then remaining unpaid unde~ said note.
4. That they will pay all taxes, assessments, water rates. and other governmental or Municipal charges, fines, or imposi-
tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee ,m~y •pay the same and be
secured by the (ien of the mortgage; and that they will promptly deliver the official receipts the~eforc to the Mortgagee.
5. That they will permit, commit, or suHer no waste, impairment, or deterioration oi said property or any part thereof; and
in the event oi the tailure of 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 such repairs as ir~ its discrction itmay desm necessary tor the
proper preservat+on thereaf, a~d the full amount of each and every such payment shall be immediately due and payable, and
shalt be secured by the lien of this mortgage.
6. That they will pay al) 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 failure on the part of the Mo~tgagors promptly
and tully to perform the agreements and covena~ts of said promissory note and lhis mortgage, and said costs, charges and ex-
penses shall be immed"eaiety due and payable and shall be secured by the lien of this mortgage.
7. That they wi!! keep the improvements now existing or hereafter erected on the mortgaged property insured as may De
required from time to time by the Mortgagee 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 prompty, when due, any premiums on such insurance !or pay
ment oi which provision has not beeo made hereinbe(ore. AH insurartce shall be carried in tompanies approved by Mortgagee
and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and
in form acceptable to the Mo~tgagee. Renewal 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 make proof of loss if not
made promptly by Mortgagors, and each insurance tompany concerned is hereby authorized and directed to make payment for
such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointy. 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 toreclosure of this mortgage or other transfer of tiite to ihe mortgaged property in ex-
tinguishment of the indebtedness secured hereby, all reght, title and interest of the Mortgagors in and to any insurance policies
then in torce shall pass to the purchaser or grantee. .
8. That the Mortgagee may, at any time pe~ding a suit upon this mortgage, appty to the court having jurisdiMion the~eoi
for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby att and singu-
lar, including all and singular the income, p~ofits, issues, and revenues irom whate+rer source derived, each and every of which, it
being expressly understood, is hereby rtrortgaged as if specificalty set forth and described i~ the granting and habendum clauses
hereof, and such receiver shall have all the broad 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 ~ight to said Mortgagee, and
without reterence to the adequacy or inadequacy of the vafue of the property mortgaged or to the sotvency o? insolvency of said
Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shatl be applied by such receiver accord-
ing to the lien of this mortgage and practice of such couR.
9. That (a) in the eveM 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 mooey herein referred to be not promptly 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 i~i eiiher 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, sha11 become due and payable fo~thwith, or thereafter, at the option of said
Mortgagee, as fully and completely as if all 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 conlrary notwithstanding; and thereupon or thereafter, at the option of said Mo~t-
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 payable, and the said
premises shall be sold to satisfy and pay the same together with costs, expenses, and atlowances. In cases of partial toreclosure
of this mortgage, the mortgaged premises shatl be sold subject to the continuing lien of this moRgage for the amount of the debt
not ihen due aod unpaid. !n such case the provisions of this paragraph may again be avaifed of thereafter trom time to time by
the Mortgagee.
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