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HomeMy WebLinkAbout2084 principal wm and accrued interest shall become due end payable without notice at the option of the holder thereof. And shall duly, promptly. and fuly perform, discharge, execute, ellect, canplete, and comply with and abide by each end every the stipu• lotions. agreements. conditions, and covenants of said promissory note and this mortgage, then this mortgage and the estate hereby created shall cease and M null and void. And the Mortgagors /urther covenant as follovrs: 1. That they wilt pay the indebtedness. as hereinbetore provided. 2. That. in oMer more tuly to protect the security of this mortgage, the Mortgagors, together with and in addition to, the mouthy payments under the temps of any notes secured hereby, on the first day of each month until said note is fully paid, will pay to the Mortgagee tM idlowing wms:. ODUA(t11t0UtfaJlR ~i(IIOq~11ER1~i~lX)Qi~xIM(1lOClf 1DlfR!(1hIX~111fIpjKMk110Q~111Q11K 1IOb(161yllMlllIK~IWtBiltxiK>ilgWtl~tftOMt AiL~ll! id( IA111071x~lwNtNx>WRIIKt0~01f~11~pt1i0HtOllOIKIIfUHAlE xitdtitdUhltltiitlalf'~ili~ilf . - (b) All payments mentiortsd in the preceding wbsection of this paragraph and all payments to be made under any note - secured heretry shah be added together and the aggregate amount cheroot shall be paid by the Mortgagors each month in a single payment to be applied by tM Mortgagee to the following items in the order set forth: ' f xx tuell;>tiaolwtu~on~l~plaootwoos~c 11. Interest on the note secured hereby; and - 111. Arrwrtization of the principal of said note. Any deficiency in the amount of such aggregate mouthy payment shall. unless made good by the Mortgagors prior to the due date of the next such payment. constitute an event of default under this mortgage.'The Mortgagee may collect a "late charge" not to exceed two cents (2!) for each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex• pease involved in handling delinquent payments. 3. That if the tots) of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments adwly 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. Ii, however. the mouthy pay- ments made by the Mortgagors under (a) of 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 shall pay to the Mort- gageeany amount necessary to make up the deficiency. on or before the date when payment Af wch texas. assessments. or insur- ance premiums shall be due. H at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indeMedness represented thereby. the Mortgagee shag. pay to the Mortgagors all amounts then remaining in the tax and inwrance escrow account held in connection yrith this Ipan. N them shall be a defauR under any of the provisions o! this rrwrtgage resulting in a public sale of the premises covered hereby. or if the Mortgagee acquires the property otherwise after defauR, the Mortgagee shall appy, at the time of the commencement of such proceedings 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 sq taxes, assessments, water rates, and other govemmentsl or municipal charges. fines, or imposi- lions, 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 prompty deliver the official receipts therefore to the Mortgagee. 5. That they will ptrmit, commit. or wffer 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 wch repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be imrnediatey due and payable. and shall be secured by the lien o1 this mortgagt. 6. That they wilt pay all and singularthe costs. charges, and expenses. including reasonable lawyer's fees. 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 prompty ; and fuly to perform the agreements and covenants of said promissory note and this mortgage. and said costs. charges and ex- penses shall be immediatey 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 from time to time by the Mortgagee against loss by lire or other hazards, casualties, and contingencies in such amounts i and for such periods as may be required by Mortgagee, and will pay prompty. when due, any premiums on wch insurance for pay- ! merit of which provision has not been made hereinbefore. All inwrance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses 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 immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made prompty by Mortgagors, and each inwrance eomparry concerned is hereby authorized and directed to make payment for such loss directy to Mortgagee insteadaf to Mortgagors and Mortgagee jointy, and the insurance proceeds, or any part thereof, i 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 evert of foreclowre of this mortgage or other transfer of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to arty insurance policies } then in force shall pass to the purchaser or grantee. 8. Ttwt the Mortgagee may, at any time pending a suit upon this mortgage. appy to the court having jurisdiction thereof for the appointment of s receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including aft and singular the ittoorrte, profits, issues. end revenues from whatever source derived. each and every of which. it being expressly understood, is hereby mortgaged as if specificaly set forth and described in the granting and habendum clauses hereof, and such receiver shall have ell the broad and effective functions. and powers in anywise entrusted by a court to a receiver. - and such appointment shall be roads by wch 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, proi'its, income. issues and revenues shall be applied by wch receiver accord- ing to the lien of this mortgage and practice of wch court. 9.. That (s) in the event of airy breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein reamed to be not prompty and fuly paid without demand or notice, or in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, arc not duy, prompty and fully performed: then in either or any wch event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby. shall become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee. as fuly and completey as if all of the said sums of money were originaly stipulated to be paid on wch day, any- ; thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mort- - r i gages, without notice or demand. wit at law or in equity, may be prosecuted as if al! 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 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 rnntinuing 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 of thereafter from time to time-by the Mortgagee. 8~~~ 3U~ ~,,~~2084 r . , _ `v~ - -