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HomeMy WebLinkAbout0477 principal sum and acc~ued interest shall becoine due and payable w~ihout not~ce at the optwn o( tlie hoide~ thereol. And shall duly, promptly, and fully pe~form, discharge, execute, ettect, complete, and compty with and ab~de by each and every the sUpu~ lat~ons, agreements, conditions, and covenants ot said promissory note and this mortgage, then ttus ~nortgage and ihe estate hereby created shall cease and be null and void. - And the MortgaQors fuhher covenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in o~der more fully to protect the security of this mo~tBage, the Mortgagors, together w~th and in addition to, the ~ monlhly payments under the terms of any notes secured hPreby, on the i~rst day oT each month until said note is tully paid, will pay to the Mortgagee the following sums: cxx ~xiqu~x ~wwarxx~~ xj~ x~n~cvo~eoaxx~cso~ocx~?xoex~c ~ ~xoc~w~cp~xau x+c ~mu~cx,~ ~ ~ac~o~exnnc x~xaeafne~ooroacoaQiuo~~u~x9a~o~edpa~t~x~acnxa~xarooxae~cswcooxoaxx~xxxax~oo~al~«r~xax~ao~aeoaoacax~pt~xx~die . x~a~teqcodcttoex~orf~ex~x (b) AI! payments mentioned in the preceding subsection of 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 Mo~tgagee to the following items in the order set torth: 0(X N~I~lGX7C9ill96J0~116J(ROCXiOftl~OtXqOXONWG~KK ~Q!li~K00)I~CX 11. Interest on the note setured hereby; and 111. Amortization of the principal oi 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 detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar of each payment more than tifteen (15) days in arrea~s to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made~by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount oi payments actually made by the Mortgagee, for taxes and assessments and insurance premiums, as the case may be, such excess shall be c?edited by the Mortgagee on subseque~t payments.to be made by the Mortgagors. I(. however, the monthfy pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall 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 Mortgagors shall pay to the Mort- gagee any amount necessary to make up the deficiency, on o~ betore the date when payment of such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall teAder to the Martgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness rep~esented thereby, the 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 oi the provisions of this moitgage resulting in a public sale of the premises covered hereby, or if the Mo?igagee 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 otbervvise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a credit against the amount o~ printipal 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 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 2he official receipts the~efore to the Mortgagee. 5. That they will permit, cqmmit, or suffer no waste, impairme~t, or deterioration of said property or any part thereof; and 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 tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay all and singular the costs, charges, and ezpenses, including reasonable lawyer's fees, and costs of abstracts of title, incur~ed or paid at any time by the Mortgagee because of the iailure on the paR of the Mortgagors promptly ' and fully to perform the agreements and covenants of said promissory note and this mo~tgage, and said costs, charges and ex- ~ penses shall be immediately due and payable and shall be secured by the lien of this mortgage. I j 7. That they wil! keep the improvements now existing or hereafter erected on the mortgaged property insured as mav 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 penods as may be reqwred by Mortgagee, and witl pay promptly, when due, any premiums on such insurance for pay- a ment ot which provision has not been made hereinbefore_ All insurance shall be carried in companies epproved 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 fnrm acceptabte to the Mortgagee. 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 Mortga~ee, and Mortgagee may make proof of loss if not ~ made promptly by Mortgagors, and each insurante compary concerned is bereby authorized and directed to make payment for ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereoi. ~ 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 transter of title to the mortgaged property in ex- 3 tinguishment of the indebtedness secured hereby, all right, -title and interest of the Mortgagors in and to any insurance policies > then in force shall pass to the purchaser or grantee. Y ~ g g y, y pending a suit upon this mortgage, apply to the court having jurisdiction thereot ~ 8. That the Mort a ee ma at an time ~ tor the appointment of a receiver, and such court shall forthwith appoint a receiver ot 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 ot which, it ~ being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have alt 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 oi absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of 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 apptied by such receiver accord- ing to the lien of this mortgage and practice of such couR. 3 ~ 9. That (a) in the eveM of any breach of this mortgage or detault on the part oi the MoKgagors, or (b) in the event 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 dufy, promptly and tully = periormed; 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 aIl moneys secured hereby, shall become due and payable forthwith, 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 contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- ~ '^Y gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ~ts institution. The Mortgagee may toreclose this mortgage, as to !he amount so declared due and payabte, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage forthe amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avaited of thereafter irom time to time by . ~ the Mortgagee. ~ - 294 ~~~t~ 47T . . f ~ _ z . : ~ ~ ~ _ _ ~ ~ _ = z ' _ .z _ e; ~ , r ~ . ~ • ~ : ~ - i _ " : : s- ~ ~ u~ ~f w ~ z ~ ~ ~ :~4.~~.~~:~..- : _ . %,~~r