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Home My WebLink About0812 . _ • ; p~incipal sum and aa~uecl interest shall becoine due and payable wdhout nutice at the ophon of N~e holde~ tleereoL AnJ shall duly, promptly, and (ufty periorm, discharge, execute, etlect, coin~~iete, and comply witti and abide by each and every the stipu~ ~ations, agreements, cond~tions, and tovenanls of said prontissory ~ote and this mortg,~ge, tiien this mortgage and tt?e estate hereby c~eated shall cease and be null a~d void. And the Mortgago~s tunher covenant as tollows: 1. That they will pay the indebtedness, as hereinbeto~e provided. 2. That. i~ orde~ mo~e tully to protect the security of this mortgage, the Mortgagors, together with and in addition to, the ~ mo~thy payments under the terms oi any nates secured hereby, on ihe first day oi each month until said note is (ulty pald, will ~ pay to the Mongagee the folbwi~g sums: i qIX ~N6iW1xM~tMK WxA1fP~t1U![mliX=XO?JIX?t ~JCOqlK1k100~c~A110(ltWXlC~pco07lK1i0096iI1~1?Nt2d~iecKOC llOlklO7~AXf10C~11)0~ AIt~6DCdMIi007i1tOtlklWtM71~tM1Ut~ll~xdp~!lt~1~u(il~t)6o011~9pclO~tlO~tXl1lOKXOOR70JIXk9c1(i0lt![~ClI~V~1dXX#t~lc~cft~k ; 7o~6~9qc04K~Ole ~1qtt~Q1 i0~. (b) All payments mentioned i~ the preceding subsection of this parag~aph and all payments to be made under any note ~ secured hereby shall be added together and 1he aggregate amou~t thereoi shaU be paid by the Mortgagors each month in a ~ single payment to be apptied by the Mortgagee to the foltowing items in the order set foRh: XDtX 7nitkX~il~t1ll10tX1GdlXafltOffAXif'1UiAl;iO~IQX~( JlOPJflG~ff(9~ X IL Interest on the note secu~ed hereby: arid 111. Amortization of the principal of said note. Any deticiency in the amount oi such aggregate monthy payment shall, unless made good by the Mortgago~s prior to the due date ot tAe nezt such payment, constitute an event ot defautt under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar of each payment more than ti(teen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That ii the total oi the payments made by the Mongagors unde~ (a) of paragraph 2 preceding shall exceed the amount oi payments actually made by the Mortgagee, tor taxes and assessments and insurance premiums, as the case may be, such ezcess shall be credited by ihe Mortgagee o~ subsequent payme~ts to be made by the Mortgagors. I(, however, the monthy pay- ments made by the Mortgagon under (a) of paraQraph 2 preceding shatl not be suiticient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the MoRgagors shall pay to the Mo?t- gagee any amount necessary to make up the deficiertcy. on or before the date when payment oi such taxes, assessments, or insur- ance premiums shall be due. lf at any time the Mortgagors shall tende~ to the Mortgagee in accordance wiih the provisions of 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 accou~t held in connection wit~ this loan. )f there shall be a detault under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or ii the Mortgagee acquires the property othenrise afte~ detault, the Moirtgagee shall apply, at the time of the commeocement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a) oi paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said nota. 4. That they will pay atl taxes, assessments, water rates, and otAe~ governmenta! or municipal charges, tines, or imposi- tions, tor which provision has ~ot been made hereinbetore, and in default thereof. the Mortgagee may pay the same aod be secured by the lien of the mortgage: and that they will promptly deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said D~operty or any paR the~eof: a~d 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 ~epair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereoi, and tbe futl amount of each and every such payment shall be immediatey due and payable, a~d shall be secured by the lien of this mo~tgage. 6. That they will pay all and singularthe costs, charges, and expenses, including reasonabte lawyer's fees, and costs oi abstracts of title, incutred or paid at any time by the Mortga6~ ~~use of the tailure on ihe pa~t of the Mortgagon-promptly and fully to pe~torm the agreements and covenants of said promissory note and this mortgage, and said costs. charges and ex- penses shall be immediately due and payable a~d shall be secured by the fien of this mortgage. 7. Tbat they will keep the improvements now existing or hereafter erected on the mortgaged properly insured as may be required from time to time by the Mortgagee against loss by tire or other hazards, casuatties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and wiit pay promptly, when due, any premiums on such insurance for pay ment of which provision has not been made herei~before. All insurance shall be carried in companies apDroved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in torm acceptable to the Mortgagee. Renewaf policies shall be delivered to Martgagee at least 10 days priorto expiration of exist- ing policy. In event of Ioss, they will give immediatefy notice by mail to Mortgagee, and Mo?tgagee may make proof of loss if not made promptly by Morigagors, and each insurance company concemed is hereby authorized and directed to make payment for such loss directy to Mortgagee instea~ 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 resto~ation or re- pairs of the property damaged. In event of foreclosure oi this mortgage or other transfer of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all ~ight, 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 upon this mortgage, apply to the court having jurisdiction thereot ior the appointment oi a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu• . lar, inctuding alt and singular the income, profits. issues, and revenues from whatever source de~ived, each and every of which, it being expressly understood, is hereby mortgaged as ii specifically sei forth and described in the granting and habendum clauses hereof, and such receiver shatl 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 wurt as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the praperty mortgaged or to the solvenCy or insolvency of said Mortgagors or the defendants, and that such rents, profits, income, 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 eveM of any Dreach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and fuUy paid wiihout demand or noiice, or (c) in the event ihat each and every the stipulations, agreements, conditions and covenants of said note a~d this mortgage, are not duly, prompty and fully per(ormed; 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 tully and comptetely 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 notvrithstanding: 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. 7he Mortgagee may foreclose this moRgage, as to the amount w declared due and payable, and !he said premises shali be sold to satisfy and pay the same togethe? 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 paragraph may again be availed of thereafter f~om time to time by the Mortgagee. , Fo x296 F~~ 810 _ Y.. ~-r ~_t___ _ ~ ~ s.. 1 ~ ~ . `~~~~.^r~`~--~ ~ ~ ~ ~ ~ = - _ ~~~~n