HomeMy WebLinkAbout0588 principaf sum and acc~ued mterest shall becon~e due and payable w~thout not~ce a? the opt~un ol the hotdcr thcreof.•And shall
duly, proniptly, and tully perlorm, d~stharge, execute. efiect, cun+pirte, and to~ziply w~th and ab~de by each and every the stipu- '
Iations, agreements, cond~tions, and covenanls of said promissory ~ote and tAis mortgage, then this mo~tgage and the estate
he~eby c~eated shalt cease and be null and void.
And the Mongago~s tunhe~ covenant ss tollows:
1. 7hat they will pay the mdebledness, a9 hereinbeto?e provided. ~
2. That, in ordet more fully to protect the security oi this mongage, the Mortgagors, together with and in addition to, the
monthly payments under the terms of any notes secured hereby, on the first day of each month until said note is fully paid, will
pay to the Mortgagee the toltawi~g sums:
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' (b) All payments mentioned in the preCeding subsectlon of this paragraph and all payments to be made under any note
secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in s
single payment to be applied by the Mortgagee to the tollowing items in the o~der set To~th:
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11. Interest on the note secured bereby; and
111. Amortization of the printipal of said note.
An deficien in the amount oi such a i
Y ~Y ggregate montAly payment shall, unless made good by the Mortgagors prior to the due f
date of the next such payment, constitute an event of defautt under this mortgage. The Mortgagee may collect a"late charge" ~
not to exceed two cents (2t) tor each dollar of each payment more than tiReen (15) days in arrears to cover the extra ex-
pense imrotved in handling delinquent payments. .
3. That ii the total of the payments made by the Mortgagors under (a) oi paragraph 2 preceding shal! exceed the amount
of payments actually made by the Mortgagee, tor taxes and assessments and insurance premiums, as the case may be, such
excess shall be credited by the Mortgagee on subsec~uent payments to be made by the Mortgagors. If, however, the monthy pay
ments made by the Mortgagors unde~ (a) of paragraph 2 p~eceding shatl not be sutiicient 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 Mort•
gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments, or insur.
aoce oremiums shatl be due. l( at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the
note secured hereby, full paymeot of the entire indebtedness represented thereby, the Mortgagee snaii, pay io fnc ivivri~egv~~ a~~
amounts then remaining in the tax and insurance escraw account held in ronnection with this loan. Ii the~e shall be a detault
under any of the provisions oi this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires
the prope~ty otherwise after default. the Mo~tgagee shall apply, at the time of the commencement of such proceedings or at the
time the property is othervrise acquired, the balance then remaining in the funds accumutated under (a) of paragraph 2 preceding
as a credit against the amount of principal lhen remaining unpaid under said note.
4. That they will pay aH tazes, assessments, water rates, and other governmental or municipal charges, fines, or imposi-
tions, for which provision has not b~en 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 prompty deliver the official 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 ot the Mortgagors to keep the buildings or said premises and lhose to be erected on said premises, o~ ;
improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion if may deem necessary ior the
proper preservation thereof, and the full amount of each and•every such payment shail be immediatey 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 ezpenses, including reasonable lawyer's fees, and costs of
abstracts of titte, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly
and fully to perfo?m ihe agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex-
penses shall be immediately due and payable and shatl 6e s~'tiireA~ lyl~'tHi fi~'n~of ~his mortgage.
7. That they will keep the improvements now ezisting ~~~~aRer erected on the mortgaged,property insured as may be
required from time to time by the Mortgagee against bss:by:fi~il~t ha¢a[ds, qsuatt?es, and contingencies in such amounts
and for such periods as may be required by Mortgagee. arW,~ril~ ~~{~IY. when due, any pr~erniums on such insurance ior pay-
ment of which provision has not Deen made hereinbefore. All iiS~urance `shall be carried in companies approved by Mortgagee
and the palicies and renewals thereof shall be• hetd by Mortgagee an ha~ ittached thereto ~s payable clauses in favor of and
in form acceptable to the Mortgagee. Renevral policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist-
ing policy. fn event of loss, they will g+ve irnmediately r~otice by mall to Mortgagee, and MoRgagee 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 directy to Mortgagee instead oi to Mortgagors and Mortgagee jointy, and the insurance proceeds, or any pa~t thereof.
may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to tbe restoration or re-
pairs of the properiy damaged. !n event of foreclosure of this mortgage or othe~ transier of title to the moirtgaged 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 force 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 iurisdiction thareof
for the appointment of a receiver. and such court shatl forthw+th appoint a receever ot the premises covered hereby all and singu-
lar, includ~ng al! and singular the income. profrts, issues, and revenues from ~~hatever source derived, each and every of which, it
being expressly understood, is hereby mortgaged as if specifically set foRh and described in the granting and habendum clauses
hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrosted by a cou~t to a receiver,
and such appointment shatt be made by such court as an admitted equity and a matter of aDsolute right to said Mortgagee, and
without reference to the adequacy or inadequaq of the value oi the propeRy mortgaged o~ to the solvency or insolvency ot said ~
Mortgagors or the defendants, and that such rents, profits, income, issues and revenu~ shall be applied by such receiver accoM- ~
ing to the lien oi this mortgage and practice of such couR. •
9. That (a) in the eveM of any breach of this mortgage or defau(t on the pa~t of the Mortgagors, cr (b) in the event tF~at any
of said sums of money herein referred to be not promptly and fully paid witbout demand or notice, or {c) in the event 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 mentioned in said note then remaining unpaid, with interest
accrued to that time, and alt moneys seCUred hereby. shatt become due and payable foRhwith, ~pr thereafter, at !he option of said
Mortgagee, as fully and completely as ef all of the said sums of money were originatly 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 Mo~t• j
gagee, without notice or demand, suit at taw or in equity, may be prosecuted as if atl moneys secured hereby had matured prior .
to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said
prem~ses shall be sold !o satisiy and pay the same together with costs, expenses, and allowances. In cases ot partial foreclosure
oi this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount oi the debt
not then due and unpaid. In such case the provisions of this paragraph may again be avaited oi thereafter f~om time to time by
the Mortgagee.
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