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Home My WebLink About0482 pnnc~pal sum and accrued interest shaU hecon~e due and payahle wdhout nohce at thr option ot the Ifolde? thereuf And shatl duly, promptly, and (ully perform, d~sN~arge, execute, eHect, cumplete, and coinply w~th and abide Uy c~ach and every thr •.uuu~ lat~ons, agreements, cond~t~ons, and covenanis of said promissory nole anA ihis rnoriRage, Uien this inortgage and the es!ate hereby created shali cease and be null and void. And the Mortgagors furthe~ covenanl as follows: • 1. That they wi11 pay the indebted~~ess, as hereinbetore provided. 2. That, in order more tully to protect the security of this mortgage, tl~e Mortgagors, togetlier with and in addition to. the nionthty payments under the terms of any notes secured hereby, on ttie f~rst day ot each month until said note is lully paid, will pay to the Mortgagee the (ollowing sums: ~XAUi00~1~1170XM~WIK~bp~X1fA~IRXlIO(~b1t~00Q0(0?110~~I~~K KK9t JGItOtiOlqWlle~OM~ri~Qlf16119(O~Qk1I JUl4(fltAl(0( O(d?~IItOdM9lK~7fGlltlNl~talKb~K~~14~~dWi1G'Y1KpK~t x~60!!(1114d(ri961lfa1QOtlQk~(OHtf(1i0G9(1(0( IffP~Ol140dpE+l~lla 11~!(Od(HiOpW(9WOX ow~oe~x~txKecxooxx~ex (b) All payments mentioned in the preceding subsection of this parag~aph and all payments to be made under any note secured hereby shall be added together and the aggregate amount the~eoi shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in the order set forth: xX X7~~Wlf(JOItl~It~dfltdtK~flN~~ ~1~dC1QK~id11(dtlf{lt~OK~OkX 11. Interest on the note secured hereby: and - III. Amortization oi the p~incipal oi said note. Any deficiency in the amount oi such aggregate monthly payment shall, untess made good by the Mongagors prior to the due date ot the next such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents {2E) iQr each dollar oi each payment more than tifteen (15) days in arrears to cover the extra ex• pense involved in handling delinquent payments. 3. That if the total of the payments made by 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 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 Mo~tgagors under (a) of paragraph 2 preceding shall not be suificient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shalt become due and payable, then the Mortgagors shall pay to the Mort- gagee any amount necessary to make-up the deficiency, on or betore the date when payment of such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment ot the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance esc~ow atcount held in connection with this loan. If there shalt be a detault under any o( the provisions of this mongage resulting in a public sale of the premises covered hereby, or ii the Mortgagee atquires the property otherwise after defauR, the Mortgagee shall apply. at the time ot the commencement of such proceedings or at the time the prope~ty is otherwise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount ot? principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments. water rates. and other governmental or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbefore, and in defautt thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the ofiicial receipts therefore to !he Mortgagee. 5. That they will permit, commit, or sufter no waste, impairment, or deterioration of said property or any part thereoi; and in the event oi the failure of the Martgagors to keep the buildings or said premises and those to be erected on said p~emises, or improvements thereon, in good repair, the Mo~tgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amouni oi each and every such payment shall 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, including reasonable lawyer's tees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and tulty to perform the agreements and covenants oi said promissory note and this~ mortgage, and said costs, charges and ex- penses shall be~ immediately due and payable and shall be secured 'oy the lien oi this mortgage. ~ 7_ That they will keep the improvemeMs now existi~g or hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against Ioss by fire or other hazards, casualties, and contingencies in such amounts i and for s• •ch periods as may be required by Mo~tgagee, and will pay p~omptly, when due, any premiums on such insurance for pay { ment of which provision has not been made hereinbeTore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held hy Mortgagee and have attached thereto loss payabte clauses in favor of a~d in form acceptable to the Mortgagee. Renewal policies shalt. be delivered to Mortgagee at least 10 days prior to expiration of exist- a ing policy. In event of loss, they will give immediately notice by mail to FAortgagee, and Mortgagee may make proof of loss if not ; made promptly by Mortgagors, and each insurance company concprned is hereby authorized and directed to make payment for E such loss directly to Mortgagee instead of to Mortgagors and MortgaBee 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 restoration or re- r pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of titte to the mortgaged 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 moRgage, appl~ to the court having jurisdiction thareof ~ for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the income. profits, issues, and revenues from v?~hateve~ source derived, each and every of which, it z being expressly understood, is hereby mortgaged as if specifically set iorth and described in the granting and habendum clauscs ~ hereof, and such receiver shall 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 court 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 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- r ing to the lien of this mortgage and practice of such couR. , y 9. That (a) in the eveM of any breach of this mortgage or default on the part of 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 event that each ; and every the stipulations, agreements, conditions and covenants oi said note and this mo~tgage, are not duty, promptly and fully - pertormed; 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 ail moneys secu~ed hereby, shall become due and payable forthwith, or thereaft~r, at the option of said Mortgagee, as fully and completely as if all of the said sums oi money were originally stipulated to be paid on such day, any- - th~ng in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereaiter, at the option of said Mort- _ gagee, without notice or demand, suit at taw or in equity, may be prosecuted as if all moneys secured hereby had matured prior ; to its institution. The Mortgagee may foreclose this mongage, 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 atlowances. In cases of partial toreclosure o( this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage (or 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 ~ the Mortgagee. 5 - ~ ~ ' p~~ R" 301 f.'~~.r 482 ~ r . ~ ~ ; - ~ , $ ~ - , ~ ~ ~ ~ - _ _s . ~ : . z~ ~ _