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Home My WebLink About0484 ~ F , ~ L~'-i princ~pal sum and actrued interest sl~all beco~ne due and payaDle w~thc~ut not~ce at the opt~on ot the hofder tl~ereof And shall duly, promptly, and (ully pertorm, dischar~e, execute, eifect, Coln~il@lN, and coniply w~th and aAide by each and every the st~pu~ lations, agreements, tond~tions, and covenants of said pronussory ~ote and tlus rnortgage, then th~s mort~a~;e and the estate hereby created shall cease a~d be null and vo~d. And the Mortgagors fuNher covenant as follows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in order more (ulty to proteCt the secu~ity oi this mortgage, the Mongagors, together with and in addition to. the montldy payments under the terms ot any notes secured hereby, on tlie lirst day of each montl~ until said note is tully paid, will pay to the Mortgagee the following sums: ~~y~S~'~1~~o~Cs~y4~1~11:~?.l.piYh~~~g~~~~t~y+~I~Y~,~Q~~~u~~r~y~p~gQQ~l=cies oi t~re and other ~airztd iRSUCADec~~coverir~tl~e w~sKRsged ~QCtfti.~iubt~Yec.s'w~J ~ss~sR~eNs ~~t 11ue ~.itisn~ertSeBed~psot~eKl?{a1L as ~zt:~ _ ~~M'~~~8~1.' (b) All payments mentioned in the preceding subsection of this paragraph and atl payments to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the tollowing items m the order set torth: -h--~bxes; e~se~+EVNerNrcr~wd.F+a:ard.i~.susarrcapceu]iuws:___ 11. Interest on the note secured hereby: and 111. Amortization o( the principal of said note. . Any deficiency in the amount of such aggregate monthly payment shall, unless madvgood by the Mortgagors prior to the due date of the nezt such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" . not to exceed two cents (2C) for each dollar (s) of each payment more than tifteen (15) days in arrears to cover the extra ex- pense involved in handling detinQuent payments. ~ 3. That if the total of the payme~ts made by the Mortgagors under (a) of paragraph 2 preceding shali exceed the amount of payments actually made by the Mortgagee, for taxes and assessments and insurance premiums, as the case may be, such ezcess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. It, however, the monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suf(icient 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 deficie~cy, on or before the date when payment of such taxes, assessments, or insur. ance preiniums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, fult payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mo~tgagors all amounts then remaining in the tax and insurance estrow account held in connection with this loan. If there shall be a detault under any of the provisions o( 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 prceeedings or at the time the property is otherwise acquired, the balance then remaining in the tunds aceumulated under (a) of paragr,~ph 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 gove~nmental or municipal charges, fines. or imposi- tions, for vrhich provision has not been made hereinbefore, and in default thereoi, the Mortgagee may pay the same and be secured by the lien of the mortgage: and that they witl promptly deliver the official receipts theretore to the MoRgagee. 5_ That they will permit, commit, or sufter no waste, impairment, or deterioration of said property or any part thereoT: and in the event of the failure of the Mortgagors to keep the buildi~gs 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 full amount of each and every such payment shall be immediately due and payable, and i shall be secured by the lien of this mortgage. ~ 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of ~ abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the pa~t oi the MoRgagors promptly j and fuly to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex• E 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 tire or other hazards, casualties, and contingencies in such amounts ¢ and for such periods as may be requi~ed by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee ~ and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor ot and in form acceptable to the Mortgagee. Renewal policies shall be delivered io Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event of loss, they witl 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 directed to make payment for ~ such loss directly to Mortgagee iAStead 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 foreclosure of this mortgage or oiher transfer of title to the mortgaged prope[ty in ex- g tinguishment of the i~debtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies ~ then in torce shall pass to the purchaser or grantee. x 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the cou~t having jurisdiction thereof ~ for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby atl and singu- ~ lar, including al{ and singular the income, protits, issues, and revenues from whateve? source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specifically set foRh a~d described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and effective tunctions 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 ioadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ Mortgagors or the defendants, and that such rents, prafits, income, issues and revenues shall be applied by such receiver accord- - ing to the lien of this mortgage and practice of such court. n 9. That (a) in the eveM of any breach of this mortgage or default on the part of the MoRgagors, 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 duly, promptly and fulty _ - periormed: then in either or any such event, the said aggregate sum me~tioned in said note then remaining unpaid, with interest accrued to that time, and atl 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 ~i thing in said note or in this mortgage to the contrary notwitfistanding: and thereupon or thereaiter, 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 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 allowances. In cases of partial foreclosure of 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 provisions of this paiagraph may again be availed of thereafter from time to time by } the Mortgagee. ~ ~ t ~ R S / ~,~L~ 4 ~A~~ `4 ~ ~ ~ : ~ , ~ _ _ ~ ~ _ ~ T . : ~ - ~ : ~ t.~ ~z~'~~~~"~ ~~..K.'S`~=„~'r5~..._-.~:~-~a,.t,. . : ~