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HomeMy WebLinkAbout0280 ' ! pnncipal sum and acc~ued intere;t shan beco~ne due and payabte w~thout nol~ce a1 the upt~un ul the hulde~ thereot And shall duly, p~omptly, anA lulty perl~~rrn, d~scharge, execute, etlect, cuin~,lete, and coiu~,ly wdh and abide I~y each and every ttie st~pu lat~ons, agreeinenis, cond~t~ons, and Covenants oi said promissory note and tl?~s mortgage, then th~s ntohgaqE~ and the estate hereby created shall cease a~d be null and vo~d. And the Mortgagors turttie~ covenant as follows: 1. That they will pay the indebtedness, as hereinDetore p~ovided. 2. That, in order more fully to protect the security ol ihis mdrtgage, tt?e MorlQagors, toqett~er w~th and in add~tion to, the monthly payments under the terms ot any notes secured hereDy, on the tirst day o( each rnonth until said note is futly paid, s i!! pay to the Mortgagee ihe following sums: ~~A( ~l~'Jl~~~KOOJqf~lltif101tN XY~4~X 701(fOflJ~tl[001(00%~1f~0(~1l~XGf Klt7Clf0(Il0(9~VE~(Id~O~KOQX1~410dP1( IpRKOB~DOMpIf1CX AftaelOt)c IO~1c007116dE~t7W1011t~t KA( Od1Nt! j~lY ~lfdt~li It ~)p11)t)t1l,Md~~1o11 ~c9l~ii0~lNftlc ll 101t x001I loN X0a9c Ic~01tl~~eN X1cOqelQX X~Q7c x!( Ic~t k 1q6~4~OC~M ~Otf~llO~X (b) All payments mentioned in the preceding subsection oi this paragraph and al! payments to be made under any note secured hereby shall be added toQether and the aggregate amount the~eot shall be paid by the Mortgago~s each month in a singte payment to be applied by the Mongagee to the following items in the order set toRh: IXX ~06i~~t~1~tlt~lil~XR~~t~110Y0t11Xdt~ItlOYK~(dlM~Ilti~9l 11. Interest on the note secured hereby; and ~ - . 111. Amortization of the principal of said note. Any deficiency in the amount oi such aggreqate monthly payment shall, unless made good by the MortgaQors prior to the due date ot the next such payment, constitute an event oi detault under th~s mortgage. The Mortgagee may collect a"late charge" not to ezceed two cents (2C) for each dollar (s) oi each Favment more than fifteen (15) days in ar~ea~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) oi paragraph 2 precedinq shall axceed the amount oi payments actualty made by the Mo~tgagee, to~ 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, however, the monthly pay ments made by the Mortgagors under (a) ot paragraph 2 preced~ng shall not be su(ticient to pay taxes snd assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgago?s shall pay to the Mort- gagee any amount necessary to make up the de(icienq, on or betore the date when payment oi such taxes, assessments, or insur- ance premiums shall be due. It at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby, full payment of the entire indebtedness ~epresented thereby, the Mortgagee shall, pay to the Mortgagors all amounts tnen remaining in the tax and insurance escrow account held in connectio~ with this toan. Ii there shall be a default under any of the provisions of this mortgage resulting in a public sale ot the p~emises covered hereby, or if the Mo~tgagee atquires the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the propeRy is otherrvise acquired, the batance then remai~ing in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount oi principal 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 hereinbetore, and in detault thereof, the Mortgagee may pay the same and be secured by the lien oi the mortgage: and that they will promptly deliver the oificial receipts there(ore 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 ot the tailure oi 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 thereoi, and the Iull amount ot each and every such payment shall be immediateiy due and payaDle, and shall be secured by the lien ot 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 faiture on the paR of the Mortgagors promptly and tully to pe~to~m the agreements and covenants oi said promissory note and this mortgage, and said costs, tharges and ex- penses shall be immediately due and payable and shall be secured by the lien oi this mortgage. 7. That they will keep the improvements now existing or hereatter erected on the mortgaged property insured as may be required irom time to time by the Mortgagee against loss by tire or other hazards, casuatties, and contingenCies in such amou~ts ~ and for such periods as rnay be required by Mortgagee, and will pay promptly, when due, a~y premiums on such insurance for pay- ment ot which provision has not been made hereinbefore. All insurance shall be carried in companies apRroveA by Mortgagee ! and the policies and renewals thereof shall_ be held by Mortgagee and have attached thereto loss payabll.clau~s in favor of and ~ in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration oi exist- ~ ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss it not made promptty by Mortgagors, and each insurante company concerned is hereby authorized and directed te1 mak~`psyment tor ~ such loss directly to Mortgagee instead ot to Mortgagors and Mortgagee jo~ntly, and the insurance prccaeds. or any. part 2hereof, may be applied by Mortgagee at its o~tion either to the reduction oi the indebtedness he~eby.ge~cured Qr to thg_res~oration or re- ~ pairs of ihe propeRy damaged. In event oi foreclosure of this mortgage or other transfer of title to the rrf~lrtgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest oi the Mortgagors in and to any insurance policies ' then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee may. at any time pending a suit upon this mortgsge, sppy to the court havi~g jurisdiction the~eof ~ tor the appointment oi a receiver, and such court shall tonhwith appoint a receiver oi the premises covered hereby all and singu- lar, including all and singutar the inconie, profits, issues, and revenues irom wfiatever source derived, each and every of which, it ~ being expressly unde?stood, is hereby mortgaged as if specifitally set foRh and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and efiective iunctions and powers in anywise entrusted by a couR 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 ~ w~thout reference to the adequacy or inadequacy oi the value oi the property mortgaged or to the solvency or insolvency oi said Mortgagors or the defendants, and that such rents, profits, income, issues and ~evenues shall be applied by such receiver accord- ~ ing to theJien of this mortgage and practice of such court. ~ p 9. That (a) in the event of any breach oi this mortgage or default on the part of the Mortgagors, or (b) in the event tbat any ~ ot said sums of money herein referred to be not promptly and tully paid without demand or notice, or (c) in the event that each _ and every the stipulations, agreements, conditions and cove~ants of said note and this mortgage, are not duiy, 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 (ully and tompletely as ii ali of the said sums oi 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- ~ ~ gagee, without notice or demand, suit at law o~ in equity, may be prosecuted as ii all moneys secured hereby had matured prior to its institution. The Mortgagee may toreclose this moRgage, as to the amount so declared due. and payable, and the said ~ premises stiall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial toreclosure ~ ot th~s mortgage, the mortgaged premises shall be so~d subject to the continuing lien of this mortgage for the amount oi the debt not the~ due and unpaid. In such case the provisions of this paragraph may again be availed oi thereatter trom time to time by the Mortgagee. - ~ ~ ~ a U k 2 7U GE ~UV ~ ~OGx • FA , t = ~ ° .1t t • ' h ~ ~ , ~ . ~ -a. ~ E _ ~ ~m ~ ~~,~"-~~r...