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HomeMy WebLinkAbout0961 , prinCipal sum and accrued interest sliall become due and payable w~tliout not~cC at ihe op2io~ ol the hoider thereol. And shall duly, promptly, and fully periorm, d~scharge, execute, effect, com~,lete, and compty wnth and ab~de t~y eact~ and every the st~pii~ lations, agreements, cond~tions, and Covenants of said prornissory note and this moRgage, then this nwngage and the estate hereby created shall cease and be null and void. And the Mo~tgagors further covenant as tollows: i 1. That they will pay the indebtedness, as hereinbeto~e provided. 2. That, in order more tutly to protect the security oi this mongage, tlie Mortgagors, together with and in add~tion to, the monthly payments under the terms ot any notes setured hereby. on ihe first day o( each month until said note is tully paid, wil! pay to the Mortgagee the following sums: oaxxx~x~cx~ca~cxdcxa~co~ttaaxaxxaaxacxK~cxaw~~c~x~c~nax~~x~sr~ac~~o~~cxaaca~xoox~ax~x~c~?ac~rra~acoc~c ~~~~9cR~c~~~'9C~c9 ~R~x~~c~c~x~c~x~tx~~tx~~~xx~x9~~c~~ltx~x~ic (b) All payments mentioned in the preceding subsection of this paragraph and all psyments to be made under any note secured hereby shall be added together and the agg~egate amount thereoi shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the tollowing items in the order set forth: xkxx~~t"~cRif~ti~fiPfri~xk~x~t9~c'~~thtR~tX~(lf~t~l~t9et~ ; 11. Interest on the note secured hereby: and 111. Amortization ot the principa! of said note. , Any deficiency in the amount of such agg~egate monthly payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of detautt under this mortgage_ The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dolla~ (s) oi each payment more than fifteen (15) days in arrears 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 precedinq 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 credited by the Mortgagee on subsequent payments to be made by the Mortgagors. Ii, however, the monthly pay- ments made by the Mortgagors under (a) ot paragraph 2 preceding shall not be sufficient 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 payme~t of 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, tutl payment of 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 laan. 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 detault, the Mortgagee shall appty, at the time oi the commencement of such proceedings o~ at the time the property is otherwise acquired, the balance then remaining in t~e funds accumulated under (a) of paragraph 2 preceding as a cred+t against the amount oi 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 which provision. has not been made hereinbefore, and in defautt thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the~official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suNer no waste, impairment, or deterioration oi said property or any part thereof; and in the event oi 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 discretian it may deem netessary tor the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien ot this mortgage. 6. That they will pay all and singular the costs, tharges, and expenses, inctuding 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 of the Mortgagors promptly ! and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- i penses shall be immediately due and payable and shall be secured by the lien of this mortgage. . i j 7. That they will keep the improvements now existing or hereafter erected on the moRgaged property insured as may be ~ E required from time to time by the Mortgagee against loss by tire o~ other t~azards, 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 tor pay- ; ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mo~tgagee ~ and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and ~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days priorto expiration of exist- € ing policy. In event of loss, they will give immediately notice by mail to Mortgegee, 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 for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee iointly, 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 orto the restoration or re- ~ pairs of the property damaged. In event of foreclosure of this mo~tgage or other transfer of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, afl right, title and interest of the Mortgagors in and to any insurance policies ~ then in force shall pass to the purchaser or grantee. ~ i? ~ 8. That the Mortgagee may, at any time pending a suit upon this morigage, spply to the tourt having jurisdlction thereof for the appointmertt of a receiver, and such court shall forthwith appoint a rece+ver of the premises covered hereby all and singu- ~ lar, including all and singular the income. profits, issues, and revenues (rom whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specificalty 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 eM~usted 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, protits, intome, issues and revenues shall be applied by such receiver accord- ~ 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 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 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 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 notwithstartding: and thereupon or thereafter, at the option of said Mort- `j~ gagee, without notice or demand, suit at taw or in equity, may be prosecuted as if all moneys secured hereby had matured prior =;3 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. (n cases of partial foreclosure of this mortgage, the mortgaged premises shafl be sold subject to the tontinuing lien of this mortgage Ior the amount oi the debt not the~ due and unpaid. In such case the provisions oi this paragraph may again be avaited oi thereafter irom time to time by the Mortgagee. ~ ~ x F: f _ ~ : ~ ~94 ~~~E ~ ~ - ~ _ _ _ - - s--~ ~ ~ . ~ ~ .~-i _ , ~ w" , r ; -,3 ~ #i~~...-ai x~ .a.a r ~ sm r ~ a ~~~*'^'xi'f v:'~+'."~~.~~.~~ s~.~... . . ~~`~4~=~~