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HomeMy WebLinkAbout2305 PROVIDED ALWAYS, and these presents are upon the express condition that if the mortgagors shall pay to the mortgagees the certain promissory notes of even date herewith, payable to the order of the mortgagees, in the principal sum of NINETEEN THOUSAND AND NO/100 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ w ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Dollars (Z 19, 000.00 together with all interest thereon (a copy or copies of which are attached hereto), with final payment due October ,19 79 ,and with principal and in- terest payable on the terms and at the rate provided therein; and all renewals, extensions or ' modifications of said notes; and shall duly, promptly acid fully perform, discharge, execute, effect, complete, comply with and abide by each and every covenant, agreement, obliga- tion, conditiw~ and .stipulation of said promissory notes and of this mortgage deed, each and every, then this mortgage and the estate hereby created shall cease and .lie null and void. ~}d~- gage also secures the payment of and. includes all future or further advances as shall be e by the mortgagees herein to or for the benefit of the mortgagors, within from the date hereof, to the same extent as if such future advances were n the date of the execution of this mortgage. The total amount of indebtedness may be secured by this mortgage may decrease or increase from time to time a total unpaid balance so secured at any one time shall not exceed the ma m pruicipal sum of a , together with interest thereon and an all disbursements made by the mortgagees for the. payment of taxes, levies, or insur on the property covered by the lien of this mortgage, with interest on such disburse s as provided for hereinafter, and for reasonable attorneys'~fees and court costs ine in the collection of any or all of such sums of money. Such further or future adva s all be, wholly optional with the mortgagees, and the same shall bear interest as pro ' ed in the notes secured hereby, unless said interest rate shall be modified by subse- AND the said mortgagors covenant with the said mortgagees as follows: 1. To make all payments required by said notes and this mor_ tgage promptly when due. 2. To pay all taxes, assessments, liens and encumbrances ~on said lands promptly _ when due. If they are not promptly paid, the mortgagees may pay them without waiving the option to foreclose, and such payments, with interest thereon at the rate of ten per cent (10'~~) per annum from date of payment, shall also be secured by. the lien of this mortgage. . 3. To keep the buildings and improvements on the said premises and articles of per- . soual property covered by this mortgage insured against loss. by fire and other hazards as may be reasonably-required by the mortgagees, in form and amounts and with companies ap- proved by the mortgagees. All policies shall be deposited with the mortgagees with premiums fully prepaid and with proper mortgagees' clauses attached thereto. The mortgagors agree, in the event of any loss under any policy of insurance, that the proceeds shall be paid directly to the mortgagees and the mortgagees may, in their sole discretion, apply the amount so collected, or any part thereof, on the indebtedness hereby secured' in whatever manner the mort- gagees may deem advisable, or toward the repair or restoration of the damaged premises, or any portion thereof. In case the mortgagors f ail to insure the premises as herein agreed, the mortgagees are hereby authorized to procure and pay for such insurance as they may deem E necessary, and every such payment shall bear interest from the date thereof at the rate of ten per cent (10~) per annum and shall be secured by the lien of this mortgage. 4. To commit, permit, or suffer no waste, impairment, or deterioration of the mortgaged property. 5. To pay all expenses reasonably incurred by the mortgagees because of failure of the mortgagors to comply with the agreements in said notes or this mortgage, including reasonable attorneys' fees. The cost thereof, with interest thereon at the rate of ten per cent (10'/)per ~ annum from date of payment, shall also be secured by the lien of this murtgage. R 6. If any payment provided for in said notes is not paid within thirty days after it beco,nes . due, or if any agreement in this mortgage other than the agreement to make the payments is breached, the entire unpaid principal balance of said notes shall immediately become due at the- option of the mortgagees, and the mortgagees may foreclose this mortgage in the manner pro- = vided by law, and have the mortgaged property sold to satisfy or apply on the indebtedness hereby secured. 7. The rents and profits of the mortgaged property are also hereby mortgaged, and if • proceedings to foreclose this mortgage shall be instituted, the court having jurisdiction thereof shall appoint a receiver of the mortgaged property, and apply those rents and profits to the indebtedness hereby secured, regardless of the solvency of the mortgagors or the adequacy of the security. 8. In the event the property subject to this mortgage, or any part thereof, shall be t condemned or taken for public use under powers of eminent domain, the mortgagees shall ,t, have the right to demand that all money awarded for the appropriation thereof, or damage to said lands and premises, shall be paid to the mortgagees up to the amount of the outstand- ing indebtedness secured by this mortgage. p ~ _ o, 302 2305 _ .z_.