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Home My WebLink About0257 princ~pa) sum and accrued interest shall beconie due and payaUle w+thout not~ce at the upt~un ot the hotder thereot And shall duly, promptly, and fully pertorm, discharge, execute, eHect, coinpl@le, and com~Jy w~th and ah~de by each and every the st~pu IaLons, agreements, conddions, and covenants of sa~d promissory note a~~A th~s rnohgage, then th~s n~onqage and the estate Itereby createA shaU cease and be null and void. And the Mortgagors further covenant as folfows: 1. That they will pay the indebtedness, as here~nbetore provided. 2. That, in order more fulty to protect the security of lhis mortgage, the Mortgagors, togeti~er w~th and in add~tion to, the monthty payments under the te~ms of any notes secu~ed hereby, on tl~e I~rst day of each rnonth until saiA note is lully paid, will pay to the Mortgagee the following sums: (~jfQl lbtM7tK7~K'~2X]01c~tti0q(pt)G~ISDcHtdl7Dl~t~tltlDC100c~7Qec~dXl~l*1cOO~[7tOCCtXi[~JQt7d11*AItIRR ~~Scmmaooeaae~a~[1a~xua~aa~K~p~ot9c~iotar~~xx~cxanbc Raa~~dxac~Ritb~caoa~ed~aoceeRx~E~dka~scl~toc ~triemd~#loeiba~ae~ (b) All payments mentioned in the preceding subsection ot this paragraph and all payments to be made under any note secured hereby shall be added toqether and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the MoRgagee to the following items in the order set torth: NX x Z~ICi~E~0~0! ~.1[~tr~tlf Ul I010~IC p=R0l![~C 11, Interest on the note setured hereby: and 111, Amortization o( the principal ot said note. . Any deticiency in the amount of such agg~egate monthy payment shall, unless made good by the Mortgagors prior to the due date ot tt~e next such payment, constitute an event of defauit under this mortgage. The Mortgagee may collect a`'late charge" not to exceed tvro cents (2C) for each dqlla~ (s) ot each payment mo~e than fifteen (15) days in arrears to Cover the extra ex- pense involved in handlFrtg delinquent payments. . 3. That if the total of the payments made by the Mortgagors under (a) oi pa~agraph 2 preceding shall exceed 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 credlted by the Mortgagee on subsequent payments to be made by the Mortgagors. tf, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suNicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the MoRgagors shall pay to the Mort- gagee any amou~t necessary to make up the deticiency, on or before the date when payment of such tazes, assessments, or i~sur. . ance premiums shall be due. If et any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby, tutt payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account hetd in connection with this toan. tf there shall be a detault unde~ any of the provisions ot this moRgage resulting in a public sale of the premises tovered hereby, or if the Mortgagee atquires the property othervvise after detault, the Mortgagee shall appty, at ihe time of the commencement of such proceedings or at the time the property is othenvise acquired, the balance lhen remaining in the tunds accumulated under (a) oi parag~aph 2 preceding • as a credit against the amount ot principal 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, tor which provision has not been made he~einbetore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the moRgage; and that they witt promptly deliver the official receipis theretore to. the Mortgagee. 5. That they will permit, commit, or sufier no waste, impairment, or deterioration of said property or any part thereof; and in the event of 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 in its discretion it may deem necessary for the proper preservation thereof, and the tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mo~tgage. 6. That they witl pay all and singular the costs, charges, and expenses, including reasonable lawyer's tees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptfy and fully to periorm the agreernents and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immed~ately due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements ~ow existing or hereatter erected on the mo~tgaged 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 and for sueh periods as may be required by MoRgagee, and will pay promptly, when due, any premiums on such insurance tor pay- ment of which provision has not beeo made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the poticies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptabls to the Mortgagee. Renewai poticies shatl be delivered to Mo~tgagee at least 10 days prior to expiration ot exist- ing policy. In event of loss, they will give immediately ~otice by mail to MoRgagee, and Mortgagee may ntake proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make paymerrt tor such loss directly to Mo~tgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or 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 othe~ t?ansier oi title to the mortgaged property in ex- tinguishment oi the indebted~ess secured hereby, alt right, title and interest oi 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 pending a suit upon this mortgage, apply to the court having jurisdiction thereoi - tor 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 singula~ the intome, p~ofits, issues, and revenues trom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically sei forth and described in the granting and habendum ctauses , 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 shalt be made by such court as an admitted eQuity and a matter of absolute right to said Mortgagee, and without teference to the adequacy or inadequaty of the value of the property mortgaged or to the solvency or insolventy of said Mo~tgagors or the detendants, and that such rents, profits, incoine, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and praMice of such court. . 9. That (a) in the event of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promplly and ful)y 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 pe~tormed: then in either or any such event, the said aggregate sum mentioned in said nate then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwiih, or thereafier, at the option of said Mortgagee, as fulty and completety as if a!! of the said sums ot money were originally 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 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 w declared due and payable, and the said premises shatl be sold to satisty 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 lien oi this mortgage tor the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of therea(ter from time to time by the Mortgagee. ~ P 292 P.1~E 25? - ee~~ ~ ~ ~ ~ ~ ~ ~ ' y = ~ ~~~`r..~~ . ~ k ~ > n~~,~ ~ ~ ~ _ - ~ j. ~ : a=~.;~ :w~ d„~a: ~ a-~ ~~r~r~