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Home My WebLink About0539 ~ . . principal sum and accrued interest sha11 become due and payaGle wdh~ut noUce at the opt~on oi the hulde~ thereof. And shall duly, promptly, and fully periorm, discharge, execute, eflect, complete, and com~,fy w~th and ab~de by each and every the stipu lations, agreements, cond~t~ons, and covenants ot said prornissory note and th~s mortgage, then Uiis mortgage and the estate hereby created shall cease and be null and void. • And tl~e Mortgagors furthe~ covenant as tollows: 1. That tliey will pay the indebtedness, as hereinbefo~e provided. 2. That, in Qrder more fully to protect the seturity oi this mortgage, ttie htortgagors, together with a~d in additiun to, the mo~thly payments under the terms of any notes secured hereby, on the fust day of each month until said note is fully paid, wilt pay to the Mortgagee the tollowing sums: WUl?7~fJptl~7iNk10~QQC~~IIxi~S1l7(31~~X~ ~7ACDQxRCNt0~1c~1C~lC~9COIRIt1~OCiQ%!Ql01[i~WO[lIOC ROIIGl~70~C1lOC~tIrfl7QklFlt naxacd~oc xtp~i~E~t ~mcfuixae~oDt:niftXtmexalx![~cx~o~da~e~l~p[a~Xxtl:xlCxxie y0XlttOdc40Kt1~0t7~x1~18oe3~ (b) All payments mentioned in the preceding subsection oi this paragraph and all payments to be made under any note secured hereby shafl be added together and the aggregate amount thereo} shall be paid by the Mortgagors each month i~ a single payment to be applied by the Mortgagee to the following items in the order set iorth: ~CX~ 1QCiW~c~)OOmQJ1~i~R~Ol011liXR7G 11. Interest on the note secured hereby; and III. Amonization of the p~incipal ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors p~ior to the due date o( the next such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed riro cents (2~) for each dollar of each payment mo~e than tifteen (15) days in ar~ears to cover the extra ex- pe~se involved in handting delinque~t payments. ~ 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amo~nt of payments actually made by the Mortgagee, for 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 Mo?tgagors. If, howeve~, the monthly pay- ments made by the Mortgagors under (a) of parag~aph 2 preceding shall not be sufiicient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall becorne due and payabte, then the Mortgagors shal{ pay to the Mort• ' gagee a~y amount necessary to make up the deticiency, on or before the date when payment of such taxes, assessments, or insur- ance premiums shall be due. If at any time the MoRgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. lull payment oi the entire indebtedness represented 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 shal~ be a detault 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 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 thert 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 char~es, fines, or imposi- tions, tor which provision has not been made hereinbefo~e, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage: and that they wiil promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event oi 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 presenation thereof, and tFie tull amount of each and every sucb 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, cha?ges, 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 tailure on the part of the Mortgagors promptly ! and tulty to perform the agreements a~d 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 this mortgage. € 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be ~ required irom time to time by the Mortgagee against loss by tire or other haiards, casualties, and contingencies in such amounts ~ and tor such periods as may be required by Mortgagee, and will pay promptly, where due, any premiums on such insurance for pay- f inent of which provision has not been made hereinbetore. AII insurance shall be carried in companies approved by Mortgagee € and the policies and renewals thereof shall be held by Mortgagee and have attached thereto ~oss payable clauses in tavor of and ~ in form acceptable to the Mo~tgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- i~g polity. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make p~ooi of loss ii not ~ made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, 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 other transfer of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all right, title and interesYof the Mortgagors in and to any insurance policies then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee may, aE any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof tor the appointme~t of a receiver, and such court shall torthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including al! and singular the income. profits, issues, and revenues from whatever source derived, eath and every of which, it being expressty understood, is hereby mortgaged as ff specificaly set forth and described in the granting 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, y and such appointment shatt be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and w;thout reference to the adequacy or inadequacy of the value of the property mortgaged or to the sotvency or insolvency of said :v Mortgagors or the de(endants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- x ing to the lien of this mortgage and practice of such court. 9. That (a) in the event of any breach of this mortgage or detault on the part of the Mcrtgagors, 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, tonditions 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 x accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if alI oi the said sums of money were originatly 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 a~l moneys secured hereby had matured prior _ to its institution. The Mortgagee may forectose this mortgage, as to the amount so declared due and payable, and the said premises shatl be sotd to satisiy and pay the same. together with costs; expenses, and allowances. !n cases of partial toreclosure of this mortgage, the mortgaged premises shall be sotd subject to the continuing lien ot this mortgage ior the amount.of the debt _ 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. ~ ~ ' ' 3 ~ R z ~af 294 ~a~~ 539 . _ . _ - ~ - - ~~r ~ _ } 5 ~ . , . = _ . _ =.w ~