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Home My WebLink About0371 . ~ principai sum and accrued ~nterest sl?all beco~~ie due and payable w~tl~out notice at the opt~on of tt?e holder thereof. And shall duly, promptly, and (ully pe?torm, discharge, execute, ettect, complete, and cornply w~th and ab~de by each and every the stipu- lations, agreements, conditions, and covenants ol said promissory note and this morigage, then tl~is mortgage and ttie estate hereby created shatl cease and be null and void. And the Mortgagon turthe? covenant as tollows: 1. That they will pay the indebtedness, as herei~belore provided. 2. That, in order more fully to protect the security oi this mortgage, the Mortgagors, together with and in addition to, the monthy payments unde~ the te~ms ot any notes. secured hereby. on the first day oi each month until said note is lully paid, will pay to the Mortgagee the totlowing sums: . YaoxA~KVaaaooxoco~~acve~tvee~ltOcXx~c~eKltKxxa~eaxKx~aexrNt~w~exx~eiooncecao~e~cdox~~aa4ocaxoat?~aex~k4~x~aft ~elt~vx IIiGDOIIJ(a0foxxOqex~o149tIWlxOidcOD![K~lOI~OldpllOqlUA1tMX~00~1c)011K~l~9Cx~(lceftta(x0l4~7dlIKlIK~OOMKUdi~lK ~1fpplltX Xa1KiWClNtbc x1ua0~ K ~I+)dc0axptleX (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made unde~ any note secured hereby shall be added together and the aggregate amount thereof shall be paid by tha Mortgagors esch month in a , single payment to be applied by the Mortgagee to the following items in the order set (oRh: IIXXx~01l~QItK06X10JlIQxXOfxXAt110J~17~tKJIK111d1110!(017lKUtK~ ~ ti _ 11. Interest on the note secured hereby; and . II1. AmoRization of the principal of said note. Any deficiency in the amount ot such aggregate monthly payme~t shall, unless made good by the Mortgagors prior to the due date ot the next such payment, constitute an event oi default unde~ this mortgage. The Mortgagee may collect a"late charge" not to exceed two ce~ts (2C) for each dollar of each payment more than tiReen (15) days in arrears to cover the extra ex- pense invoNed in handling delirtquent payments. 3. That if the total oi the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount , of payments actually made by the Mo?tgagee, tor taxes and assessments and insurance premiums. as~the. case may be. such i excess shall be credited by the Mortgagee on subsequent payments to be made Dy the Mo~tgagors. If, however, the monthly pay ments made by the Mortgagors unde? (a) of paragraph 2 preceding shall not be sufiicient to pay taxes and assessments and in- ' surance premiums, as fhe case may be, when ti~e same si?aii treeorr'~e due ar~d aayab:~. :hert Lhe Mortgagars sha!! ~y tQ the N4ort- ° gagee any amount necessary to make up the deficiency, on or be(ore the date when payment oi such taxes, assessments, or insur. ; ance premiums shall be due. If at any time the Mortgagon shall tender to the M.:rtgagee in accordance with the provisions of the note secured hereby, tull payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insu~ance escrow account heW in connection with this loan. 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 default, the Mo~tgagee shall apply, at the time ot the commencement of such p~oceedings or at the - time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water raLes, and other govemmental or municipal charges, fines, or imposi- tio~s, for which provision ha; not been made he~einbefore, and in default thereof. the Mortgagee may pay the same and be _ secured by the lien of the mortgage; and that they will promptly deliver the officiat receipts therefore 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 of 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 ~epairs as in its discretion it may deem necessary for the proper preservation thereof, and the tull amount ot each and every such payment shall be immediately due and payable, and shall be secured by the lie~ of this mortgage. t 6. That they will pay all and singular the costs, tharges, and expenses, including reasonable lawyers fees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mo~tgagors promptly and tully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- : penses shall be immediately due and payable and shall be secured by the lien of this mortgage. ; 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be E required from time to time by the Mortgagee against loss by fire or other ha2a~ds, casualties, and contingencies in such amounts and tor such periads as may be requi~ed by Mortgagee, and will pay promptly, when due, any premiums on such insu~ance for pay- ` ment of which provision has not been made hereinbefore. All iosurance shall be carried in companies approved by Mortgagee ~ and the policies and renewals thereof shatl be held by Mortgagee and have attached thereto loss payaWe dauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ° ing policy. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not _ ~ made promptly by Mortgagors, and each insurance compagy conxmed is hereby authorized and directed to makp pdyment for _ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, t 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 foreclosure of this mortgage or other transfer of title to the mortgaged property in ex• z tinguisbment of the indebtedness secured hereby, all right, title and interest ot the Mortgagors in and to any insurance policies ~ then in force shall pass to the purchaser or grantee. t 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdlction thareof ~ for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu• ~ lar, induding all and singular the income, profits, issues, and rovenues from whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specifically set torth and described in the granting and habendum tlauses a hereof, and such ~eceiver shall have all the broad and effective functions and powers in anywise enirusted by a court to a receiver, ~ and such appointment shatl be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and } without reference to the adequacy or inadequacy oi the value of the property 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- 3 ing to the lien of this mortgage and practice of such court. - ; ~ 9. That (a) in the eveM of any breach of this mortgage or default on the paK oi the Mortgagors, cr (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 eveM that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and tully performed: then in either or any such event, the said aggregate sum me~tioned in said note then remaining unpaid, with interest accrued to that time, and a!1 moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee, as lully and completely as if alt of the said sums of money were originaly stipulated to be paid on such day, any- s thing in said note or in thi; mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option of said Mort- i gagee, without notice or demand, suit at law or in equity, may be prosecuted as ii all moneys secured hereby had matured prior to its institution. The Mortgagee may toreclose 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 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 oi thereafter from time to time by s h the Mortgagee. ~ . s - ~ ~ ~~k~ ~98 PAr,E " ~ 371 ~ 3 t ~ { 1 4~ f ! llV.._`- _ _ . . - - L~' t~~~ ~ ~ ~ . , ~ h>R : " d+$~"~~'S da'~.,a ~.s'" ~a . S4~^~ . .~e +a. . ~ ~~'ze~~~S t^ ~ . _ . ~ _