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HomeMy WebLinkAbout0844 ~ • ~ ` C~ t v • 1;r:~ principal sum and accrued interest shall become due and payable witliout notice at ihe option of tlie holder Iliereot. And shall duly, promptly, and (ully pertorm, discharge, execute, elfect, complete, and comply w~th and ab~de by each and every the shpu• lations, agreements, tondit~ons, and covenanls of said p~omissory note and this ~nortgage, then this rno~l8age and ttie estate hereby created shall cease and be null ~and void. A~d the Mo?tgagors turther covenant as follows: 1. That they will pay the indebtedness, as herein~elore provided. 2. That, in order more tully to p~otect the security of this mortBage, the Mortgagors, together with and in addition to, the monthly payments under the terms ot any notes secured hereby, on the tirst day oi each month until sa~d note is tully paid, will pay to the MoRgagee the follow+ng sums: 60~)Ac~~~bX~OFx1R~0l1f1~0i~3~J~f K1[OCAIQ1XOIfR~c~~N~1~OC1~1txm8~1~~I~lIOe~Ol1~i1D~0@vt7tONC~t1[Of ,d+~a~immna[ftat ~~7QO~JC ~~7Cb7e~l~tet~a~eOOX (b) All payme~ts mentioned in the preceding subsettio~ oi this_ paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items io the order set torth: xxxe~onmc~~ec1aa~a~cam~ 11. Interest on the note secured hereby; and III. Amo~tization of the principal of said note. Any deticiency in the amount of such aggregate monthy payment shall, unless made good by the Mortgagors prior to the due date ot the next such payment, eonstitute an event ot default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2t) tor each dollar of each payment more than tifteen (15) days in arrears to cover the extra ex- pense involved in handling delinQuent payments. 3. That ii the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, tor 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 Mortgagors under (a) of paragraph 2 preceding shall not be suificient to pay taxes and assessrrsents and in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort- - gagee any amount necessary to make up the deficiency, on or before the datewhen payment oi such taxes, assessments, or insur: ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness representecl thereby. tfie Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires : the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the ? time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount o~ pAncipal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, or imposi- tions, tor 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 wilt promptly deliver the official receipts therefore to the Mortgegee. ~ . . - - -•--•~------~-•----..__...?.......,~.....a 5. That they will permit, commit, ar sutfer no waste, impairmeni, Ur uetenueaiwu u~ aaw Nww~~~ w o~~~ No~• • in the event of the failure 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 tor the ~ proper preservation thereof, and the full amount oi 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 all and 3ingular 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 tailure on the part of the Mortgagors promptly ~ and tully to perferm the agreements and covenant5 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 and for such periods as mey be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefore- Atl insurance shall be carried in companies epPrc~yed by Mortgagee and the policies and renewals thereof shafl be held by Mortgagee and da`re attached thereto loss payable clauses in tavor oi and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 dsys priorto expiration of exist- - ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof ~ loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payn+ent for such Ioss directly to MoRgagee instead ot to Mortgagors and Mortgagee 'pintly. and tlie insurante proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction oi the i~ebtedn~ss-hereb~3ecured or to Me restoratioh 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, a!I right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purchase~ or grantee. ~ ~ 8. That the Mortgagee 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 shalt 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 expressly understood, is he~eby mortgaged as ii 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 reference to the adequacy or inadequacy of the value of the property mortgaged or to the sofvency or inscslvency of said - Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by such ~eceiver accord- ~ ing to the lien of this mortgage and practice ot such court. 9. That (a) in the everrt of arry 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 reterred to be not promptly and fully paid without demand or notice, or (c) in the event that each ~`n and every the stiputations, agreements, conditions and covenants of 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 payable forthwith, or thereafte~, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stiputated to be paid on such day, any 4 thin m said note or in this mort a e to the tontra notwithstandin and thereupon or thereafter, at the option of said Mort- • B B H ~Y B~ ~ 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 instiWtion. The Mortgagee may foreclose this mortgage, as to the amount so d.eclared due and payable, and the said ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and atlowances. In wses oi parlial toreclosure ~ of this mo?tgage, the mortgaged premises shall be sold subject to the continuing fien oi this mortgage for the amount of the debt i fi 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. ~ : ~ ~ ~ _ b~~ 2~3 843 . _ _ ; ~.i , _ 4~ _ a,r ~ - ~ - - - - ~ - E ' ~ 'c` , ~ " ~ A ~ . _ x=~~.~~"~*`- i~:~:: _ . ' y