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HomeMy WebLinkAbout0003 , principal sum and ~accrued interest sha11 become due and payable wdhout notice at the opt~on o1 tl?e holder thereof And shall duty, promptly, and fully pertorm, discharge, execute. effect, co~~~plete, and comply wit1~ and ab~de by each and every the stipu• lations, agrcements, tonditions, and tovenants ol said promissory note and this rno~tgage, tfien this mortgage and !he estate hereby created shall cease and be null and void. And the Mortgagors fu~ther covenant as tollows: . 1. That tAey witl pay tlie indebtedness, as hereinDefore provided. 2. That, in order mo~e fully to protect the securiry of this mortgage, the Mortgagors, together with and in add~tion to, the monthly payments under the te?ms ot any notes stcured hereby, on the ii~st day of each month until said note is tully paid, will t ! pay to the Mortgagee the tollowing sums: Gk~!?f~~lx+tiuucwxorf~xxr~xsx~e! ~at~coox~~K~Wx~exoOiE~ooo~xxo?scoaxKpa~~ox~~aMaKlr~cwxtloexxulwfe~c ~lt~ 1c~7t940q19f~9G7t~QiO0thKlqolOlt~Cfi)ODQO~1C1tX~NWQIlil~6~(7~ X91~R7H@I~X Jl~~It~qlNX~llkluc xi6li~ti~k11 XitCO~ltXlc~c I(x 1tOtk JO)E~14~t1(OaKOC~l3Mdt1~i~0~. . (b) All payments mentioned in the preceding subsection o( this paragraph and al! payments td be made under any note secured hereby shall be added together snd the aggregate amount thereoi shall be paid by the Mortgagors each month i~ a single payment to be appfied by the Mortgagee to the following items in the orde~ set torth: (M X 7~l[~X~61t~t1fiWikXKdlX~Oid~ti4~IKdk~Gl~Nti( ~fl@ltlG~trilt 11. Interest on the note secured hereby; and III. Amortization of the principal of said note. Any defic~ency in the amount of suCh aggregate monthy payment shall, unless made good by the Mo~tgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may cotlect a"late charge" not to exceed two cents (2~) for each dollar of each paymeot more than fifteen (15) days in arrears to cover ttte extra ex- t pense involved in handling deiiaauent payments. 3. That if the totat of the payments made by the Mortgagors under (a) of paragraph 2 p~eceding shall exceed the amount ot 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. If, however, the monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes a~d assessments and in- surance premi~ms, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mo~t- gagee any amount necessary to make up the deficiency, on or betore the date when payment oi such taxes, assessme~ts, or insur- ance premiums shall be due. Ii at any time the Mortgagors shall tender to the Mortgagee in accordance with the p~ovisions ot the note secured hereby, futt payment oi the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors atl amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault under any of the provisions of this mortgage resulting in a pubtic sale of the premises covered hereby, o~ if the Mortgagee acquires the property otherwise aRer detault, the Mortgagee shall apply, at the time of the commencement oi such proceedirtgs or at the time the property is otherwise a~quired, the batance lhen remaining in the funds accumulated under (a) of paragraph ~ preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay alt taxes, assessments, water rates, and other govemmental or municipal charges, fines, or imposi• ~ ! tions, for which provision has not been made hereinbefore, and in default thereof. the Mortgagee may pay the same and be - secured by the lien of the mortgage; and that they will promptiy deliver the official receipts therefore !o the Mortgagee. ; 5. That tbey vrill permit, commit, or suffer no waste, impairment, or deteriorat+on of said prope?ty or any part thereoi; and f 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 oecessary fo~ the ~ ' proper preservation thereof, and the full amount ot each and every svch payment shal( be immediately due and payaDle, anQ ; sh~l be secured by the lien oi this mortgage. i ` 6. That they will pay aIl and singular the costs, charges, and expenses. including reasonable lav,ryer's fees, and costs of i abstracts ot titte, incurred or paid at any time by the Mortgagee because af the failure on the part of the Mortgagors promptly and tully to perform the agreements and covenants of said promiss9ry note and this mortgage, and said costs, charges and ex- ~ penses shall be immediately due and payable and shall be secured by the lien oi this mortQage. i 7. That they will keep the improvements now existing or hereaRer erected on the mortga~ed property insured as ?nay be ~ required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts ; ~ and for such periods as may be required by Mortgagee, and vrill pay, promptly, when due, arfy premiums on such insurance fo~ pay- ! ment oi which provision has not been made hereinbefore. All insurance shall be carried in cot?tpenies apRroved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached, th~~ci Iass payable clauses irt fawr of and irt form acceptabte to the Mortgagee. Renewal policies shaU be deliverod to Mortgagee at least 10 days prior to expiration of exist- i ing policy. In event o( loss, they will give immediately notice by mail to MoRgagee, and Mortgagee may make proof of loss if not ~ made promptly by Mortgagors, and each insurance company co~cerned is hereby authorized and directed to make payment tar j such loss directly to Mortgagee instead oi to Mortgagors and Mortgagee jointly, and the i~surance proceeds, or any part thereof, ~ may be applied by Mortgagee at iis 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 rrwrtgaged property in ex- i tinguishment of the indebtedness secured he~eby, all right, title and interest of the Mortgagors in and to any insurance poticies ; then in force shalt pass to the purchaser or g~antee. 4 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appty to ihe court having jurisdiction thereot ! for the appointment of a receiver, and such court shall forthwith appo+nt a ~eceiver of the premises covered hereby all and singu- la~, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby moRgaged as ii specificatly set foRh and destribed in the granting and habend4m clauses hereof, and such receiver shall have aH 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 ~ight to said Mortgagee, and without reference to the adequacy or inadequaty of the value of the property moRgaged or to the solvency or insolventy of said Mortgagors or the defendants. and that such rents, profits, income, issues and revenues shatl be applied by such receiver actord- ing to the lien of this mortgage and practice of sach couR. 9. That (aj in the everit of any breach ot this morlgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein reftrred to be not promptly and tully paid without demand or notice, or (c) in th~ event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fulty pertormed; then in either or any such event, the said aggregate sum mentioned irt said rtote then remaining unpaid, with interest accrued to that lime, and all moneys secured hereby, shall become due and payable iorthwith, or thereafter, at the option of 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 . I thing in said note or in this mortgage to the contrary notwithsta~ding; and thereupon or thereafter, at the option ot said Mort• i gagee, without notice or demand, suit at law or in equiry, may be prosecuted as if alf morteys secured hereby had matured prior to its institution. The Morigagee 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 toreclosure of this mo~tgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage fo~ the amount of the debt not then due and unpaid. tn such case the provisions of this paragraph may again be availed oi thereafter irom time to time by the Mortgagee. ~ ~ ~on~297 Q~,;~ 3