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HomeMy WebLinkAbout0312 p~incipal sum and accrued ~niriest sliaU hecoine due and payible w~thout ~~ohce at ttic~ opbun of the holder tt~erec~f. A~id shall duty, prorriptty, and (ully per}orm, d~scha~~;e, execute, ettect, cuniplete: and comFily w~th and abide by each and every the st~pu lations, agreements. condrtions, and Co~enants of said promissory note and th~s inortgage, then thls n~ortgage and the estate hereby created shalt cease an4 De nu11 and voiU. And the Mortgagors further tovenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more fully to protect 1he security of this mortgage, tl~e Mortgagors, togetlier with a~d in addition to, the monthly payments under the terms oi any notes secured hereby, o~ lhe (~rst day vt each month until said ~ote is tully paid, will pay to the Mortgagee the following sums: (~Uc ~xvoxKeqtolKloxaleftx~OklcXX~~ok~xDtf~oolcoo~5~~4c+K~Ixnt~~K~«xp~and~t~tat~tecaoxOtolDtkx~okl~oexvoXplhex ~xaaxACOOx~xo~o~ofe6tlr~xuoc~eaoK!l~~~~~icXip~tx,~stxxuoN~6~x9exf4xsatx x4ootx0o~c~oxXOriocltveKlta~eit7caope~txX~dk~t9cu9tk II~t9ttf~AC061[ JNHtt~1i~C ~ (b) All payments mentioned in the preceding subsection ot this paragraph and all qayments to be made under any note secured hereDy shall be added together and the aggiegate amount thereof shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the tollowing items ~n the order set torth: • mcx Rx~c ~c~sn~cx,~xaxo~xxar~rur~axa~x ~a~wo~auc« Koeinwcxx (1. Interest on the note secured hereby: and 111. Amortization of the principat of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date oi the next such payment, constitute an event of de(ault under this mortgage. The Mortgagee may collect a"late tharge" not to exceed two cents (2C) tor each dollar (s) of each payment more than tiitee~ (15) days in a,-rears to cover the eztra ex- pense involved in handting delinquent payments. 3. That ii the total•of the payments made by the Mortgagors under (a) ot paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, for taxes and assessments a~d insurance prem~ums, as the case may be, such e~ess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. Ii, however, the monthty pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suificient to pay taxes and assessments 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 date when payment o( such taxes, assessmenis, or insur- ance premiums shall be due. !f at any teme the Mortgagers shaU tender to the Mortgagee in accordance with the provisions of the note secu~ed hereby, tull payment of the entire indebtedness represented thereby, the Morigagee shall, pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account held in connection with this loan. If there shatl be a detautt under any of the provisions of this mortgage resulting in a pubtic sale of the premises covered hereby, or if the Mort~agee acQuires the prope?ty otherwise after detault, 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 of 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, for which provision has not been made hereinbefore, and in default Ehereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts theretore to the Mortgagee. 5. 7hat they will permit, tommit, or suffer no waste, impairment, or deterioration of said p~operty or any part thereof; and in the event of th~ 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 for the proper preservation thereof, and the fult amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. 7hat they will pay all and singular the costs, charges, and expenses, including reasonable lawyers fees, and Costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part ot the Mortgagors promptly and fully to pe~form 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 shatl be secured by the lien of lhis mortgage. 7. That they wili keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required /rom time to time by the Mortgagee against loss by fire 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 fot pay- ment of which provision has not been made hereinbetore. All insura~ce shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be hetd by Mortgagee and have attached thereto loss payable clauses in tavor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of ezist- 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 company concerned is hereby authorized and diretted to make payment tor such toss directly to Mortgagee instead of to Mortgagors and MoRgagee jointly, and the insurance proceeds, or any paR 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 mortgaged property in ex- tinguishment of the indebtedness secured hereby, alt right, tit(e and interest of the Mortgagors irt and to any insurance policies thert in force shall pass to the purchaser or graniee. 8. That the Mortgagee may, at any time pending a suit upon this moRgage, apply to the court having jurisdiction thereof for the appointment of a receiver. and such court shall torthwith appoint a receiver of the premises covered hereby all and singu- lar, inctuding all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it . being expressly understood, is hereby mortgaged as if specifically set forth and described in the g~antirtg 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 reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvenq or inso(vency of said Mortgagors or the defendants, and that such rents, protits, income, issues artd revenues shall be appliee} by such receiver accord- ing to the lien of this mortgage and practice of such couR. ~ 9. 7hat (a) in the event of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the eveot that any of said sums of money 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, prompty and iully performed: then in eithe~ 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 Mo~tgagee, as tully 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 contrary notwithstanding; and thereupon or thereafter, at the option of said Mort- gagee, without notice or demand, suit at iaw or in equ+ty, may be prosecuted as it all moneys secured hereby had matured prior to ~ts institut;on. 7he 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 togethe~ with costs, expenses, and allowances. In cases of partial foreclosure oi 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 prov+sions oi this paragraph may again be availed of thereafter from time to time by the Mortgagee_ a~~~.a ~~R 294 ~jN~t 3i2 ~ _ r _ n . ~ ~ r ~ ~ : ~ . ~ _ ~ : ~ r ~ ~ ~ a~"~~.. 3~~~-~.~w; k ~ _ .