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HomeMy WebLinkAbout0914 ~ , , ~~~3.~ ~ti principal sum and accrued interest shall become due and payable w~thout notice at the option oi tlie holder ihereoi. And shall duty, promptly, a~d tuly pertorm, discharge, execute, eflect, complete, and comply Mnth and abide by each and every the stipu- lations. agreernents, tonditions, and covenants of said p~omissory note and this mortgage, then this mortgage and the estate hereby created shall cease and be nult and void. And the Mo~tgagors further covenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more tully to protect the security of this mortgage, the Mo~tgagors, together with and in addition to, the monthly paymen*,s under the terms oi any ~otes secured he~eby, on the (irst day of each mo~th until said note is tully paid, will pay to the Mo~tgagee the fallowing sums: (a4xlcx~cax~~uuWUt~~o~wtOwcXlrtx2X~[ec~eu~~COtfca~tt~cxlcac~IKM~oot~xoua~q~oe~KaD~~acdao0f~6x9co~itkK ~ic4c~ctlof~a Ip~7lIt06K~tICiOlqlxltV~IK~t00~6~160(1[OC~IN~K~IIwc7~d00txllK4cx ~ M0o0c07X7f1e~Ol10om60t!l4cx0olQ1c~lcJWt46~6X~96)dx ~e~~i ~oc xk« MooKaave~x (b) All payments mentioned in the preceding subsectio~ of this paragraph and all payments to be made under any note secured hereby shall be added togethe~ and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: RX XRial4tiG~(ih6~07HOK7 W kKJ1001I ~XiEO(4( k0f 00~11(OhO~(10)01GJI~X 11. Interest on the note secured hereby; and 111. AmoRi2ation of the principal of said note. Any deticiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceeYi two cents (2~) for each dollar (Z) of 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 Mortgago?s under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the MoRgagee, for taxes and assessments and insurance premiums, as the case may be, such excess shall be credite~ by the Mortgagee o~ subsequent payments to be made by the Mortgagors. Ii, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suNicient 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 of such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordarice with the provisions ot the note secured hereby, full 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 loan. If there shall be a default under any oi the p~ovisions of 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, et the time of the commgncement of such proceedings or at the ~ s time the property is otherwise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding ; as a credit against the amount of principal then remaining unpaid under said note. ' i 4. That they will pay atl taxes, assessments. water rates, and oiher governmental or municipal charges, fines. or imposi- ; tions, tor whlch provision has not bee~ made hereinbetore, and in detault thereof. the Mortgagee may pay the same and be ' ; secured by the lieo of the mortgage; and that they will prompty deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereoi; and in the event of 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 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 of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including reasonaWe lawyer's 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 prompty and fulty to periorm 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 siiall be secured 4y the lien of this mortgage. i 7. That they vrill 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 conHngencies in such amounts ~ and for such periods as may be required by Mortgagee, and will pay promptty, when due, any p[ert.~iums on such insurance tor pay- ~ ment of which provision has nof been made hereinbefore. All insurance shall be carried iri ~companje6 approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss'payable clauses in favor of and e in form acceptabfe to the Mortgagee. Renewal policies shall be delivered to Mo[tgagee at Ueast 10 day5 prior to expiration of exist- ~ ing policy. In event of loss, they will give immediatey notice by mail to Mortgagee, and Iriortgagee 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 instead of to Mortgagors and Mortgagee jointy, and the insurance prceeeds, 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 toreclosure oi this mortgage or other transfer of title to the moRgaged property in ex- tinguishment of the indebtedness 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. 8. That the Mortgagee may; at any time pending a suit upo~ this mortgage, appy to the court having jurisdiction thereof ~ for the appointmeot of a ~eceiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the income. pro~ts, issues, and revenues from 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 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 reterence to the adequacy or inadequacy of the value of the property mortgaged or to the solVency or insolvency of said ~ Mortgagors or the de(endants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and p~actice of such court. ~ ~ 9. That (a) in the eveM of any breach of this mortgage or detault on the part of the MoRgagors, or (b) in the eve~t that any ~ of said sums of money herein referred to be not promptly and tully paid without demand ornotice, or (c) in the event that each ~ and every the stipulations, agreements, conditions aod covenants of said note and this mortgage, are not duly, promptly and tully ~ performed; then in either o~ any such eve~t, 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 foRhwith, or thereaiter, at the option ot said ~ Mortgagee, as fully and completely as ii all of the said sums of money were originally stipulated to be paid on such day, any- ~ thing in said note or in this moRgage to the cont~ary 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 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 forecbsure , of this mortgage, the mortgaged premises shall be sold subject fo the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case ihe provisions ot this paragraph may again be availed of thereafter from time to time by the Mortgagee. . ~ : ~ ~ ~30~ r~CE 913 : . . ~ - - = - ~