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Home My WebLink About0591 principal sum and accrued interest sl~all become due and payable w~thout notice at the opt~on ot the liolder ttiereof. And si~all dufy, promptty, and fufly pe~form, disct~arge, ezecute, et(ect, compiele, and comply w~th and abide by each and every the stipu- lat?ons, •agreements, tonditions, and covenants of said promissory note and this mo~tgage, tlien this inoNgage and tt?e estate hereby created shall cease and be ~ull and void. A~d the Mortgago?s further cover?ant as follows: + 1. That the will ~ y pay the indebtedness, as hereinbetore provided. ~ 2. That, in order more tully to protect the securisy of this mohgage, the Mortgagors, togetl~er with and in addltion to, the ~ monthly payments unde~ the te?ms ot a~y notes setured hereby, on the ti~st day oi each month untit said note is tully paid, will pay t0 iit! Mo~agee ll~v fuiiuwi~i~ auiiiS: i (~X~it!(QI~cIR(OO~~V1tOtW~ X~1 XONt000lK~IJ(qN(O~o1K f~1~)(IGXI~i~dilf b~c~i~imllc lLiilWOltlhY7bilt 1l1@xdNOXlbflO( x~~eY~tx~e~cat~rxa~t~~c ~~r~rol~x~uo~tas+m~~e~cue~e~wc~o~axx~o~c~t xlW~x~~Kx~~x~~xxa~xxx~e w~acoacaxx,~x~o~x . (b) All payments mentioned in ihe preceding subsectio~ of this paragraph and all payments to be made under a~y note ~ secured hereby shall be added together and the aggregate amount thereoi shalt be paid by the Mortgagors each month in a ~ singte payment to be applied by the Mortgagee tv the followeng items in the orde? set torth: ~ KXJ~i(AtX~ylt~t~ifp]iltXlllls~(~dtf~ti0DaX0~p~tICK~PIQ~0X00)1lCX ? It. Inte~est o~ the note secured hemby; and ~ iil. Amortization of the principat of said ~ote. Any deficieocy in the amount oi such agg?egate monthy payment shaU, u~less made good by the Mortgagors prior to the due date ot the nezt such payment, constitute an event of default under this mo~tgage. The Mortgagee may collect a"late charge" . not to exceed two cents (2t) for each dollar oi each payment more than tifteen (15) days in arrears to cover the ezira ex- pense involved in handling delinquent payments. . 3. That if the total oi the payments made tiy the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee. for taxes and assessments and insurance p~emiums. as !he case may be, such excess shap be credited by !he Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly pay ments made by the Mortgagors under (a) oi paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shaH 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. ance premiums sbaU be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured he~eby, full paymern of 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 default ~ under any oi the provisiort$ of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires ~ the property otherwise after defauk, the Mortgagee shall apply, at the time af the commencement of such proceedings or at the time the propeRy is otherwise acquired, the balance then remaining in the tunds acCUmulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid urtder said note. f 4. That they will pay alt taxes, assessments, water rates, and other governmenta! or municipal cha?ges, fines, or imposi- ~ lions,~ for whith provision has not been made bereinbefore, and in default thereo(, the Mo~tgagee may pay the same a~d be i secured by the lien of the mortgage; and that they will promptly 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 thenwi; 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 repa;rs as in its discretion it may deem necessary for the ~ proper preservation thereof, and the full amount of each and every such payment shatl be immediately 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 expenses, inctuding reasonable lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and futly to perform the agreements artd covenants of said promissory note aryd tAis 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 required trom time to time by the Mortgagee against bss by fire or other hazards, casuaities. and contingencies in such amounts • and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- ment of which provision has not been made hersinbefore. Alt insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shatl be.heW by Mortgagee and have attached thereto loss payable ctauses in favor of and in form acceptable to the Mortgagee. Renewal policies shatl be delivered to Mortgagee at least 10 days prior to expiration of exist- ~ ing policy. In event of loss, they wiil give Pmmediately notice by mait to Mortgagee, and Mortgagee may make proof of loss if not ~ made promptly by Mortgagors, a~d each insurance company concerned is hereby authorized and directed to make payment for ~ such loss directly to MoKgagee instead of to Mortgagors and Mortgagee jointy, and the insura~ce proceeds, or any paK thereof. ~ may be applied by Mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoratiort 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- ~ tinguishment of the indebtedness secured hereby, all rigM, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purthaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereot for the appointment of a receiver. and such court shall forthwith appoint a receiver of tAe premises covered 'nereby aii ana sin~u- ~ lar, including all artd singular the income, profits, issues, and revenues irom whatever source derived, each and every of which, it being expressy understood, is hereby mortgaged as if specifically sef forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a coun 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 ~ wiihout reference fo the adequacy or inadequacy of the vatue ot the property mortgaged or to the solvency or inselvency of said Mortgagors or the defendants, and that such rents, profits, i~come, 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 event of any breach of this mortgage or detault 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 fulfy paid without demand or notice, or (c) in the event that each ~ and every the stipulations, agreements, conditions artd covenants of said note and this mortgage, are not duly. prompty and fully ~ periormed; then in either or any such event, the said aggregate sum mentioned in said note then rema~ni~g unpaid, with interest ~ accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafte~, ai the option of said Mortgagee, as tuily and completety as if ail of the said sums of money were originally stipulated to be paid on such day, any- th,ng in said note ar in this mortgage to the contrary ~otwithstanding: and thereupon o~ thereafter, at the option oi said Mort- gagee, without nottce or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior ' ~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and !he 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 prernises shall be sold subject to the continuing lien of this moRgage for the amount of the debt i not then due and uopaid. In such case the provisions of this paragraph may again be availed of thereafter irom time to time by the Mortgagee. ' - ~ F 2~~ ` 59 3' . R ~~f 1 ~ - ; . ~ ~ ~ ~ - ~ _ ~ ; S ~ _ _ ~ r a ~ ~ ~ . . . . ,