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Home My WebLink About0199 t~` ' ~ 1,~ p~incipal sum a~d accrued interest shall become due and payaWe witl?out notice at tha option of tf?e holde~ thereol. And shsll duy, prompty. and fully perto~m, discharge, sxecuts, ellect, complete. aod compy with and sbide by each snd eve~ll the stipu• lations, ag~eements, conditions. and covenants oi said p~omissory note and this mo~tgage, then this mortgage and ths eststo hereby created shall cease and be null and void. And the Mo~tgagon tu~th~r covenant ss tollows: 1. That ihey will pay the indebtedness. as hereinDelo~e provided. 2. That. in oMer more tully to protect ths security of this morteage, the Mongago?s, together with s~d in addition to. the monthy payments under the terms ot any notes securcd hereby. o~ the tint day oi each month until said note is tuly paid. will , pay to th~ Mortgages the tollawing sums: - ~lfRA ~1J21~119~~1nNAR~x~~~~~xx~~~ ~~~~~~~~k~k' ~~~~X~~~~~Xx (b) All paymtnts mentbn~d in the proteding subaaction of this parng?aph and all payments to b~ mad~ under any note secured heroby shall 6e added together and the sggngats amount thereof shall ba paid by th~ Mortga~ors each month in a single payment to bs spplied by ths Mortg~ee to the tolbwing itemi in the order set forth: lIl ~XXx~l9~f4JlIFi(+~X9Nt~f6Jtlti6k!?IIXaNpd(IIlEK9l1(~I~tlE9QINQi6J( 11, interost on tha rwte secured hercby; and . III, AmoK;zatbn ot the principal of saW nota. Any deficiency in•tA4 amount of such sggrcgate monthy psyment shsll. unless made good by the Mortgagors prio~ to the due date of the next such paymsnt. co~stitute an event of default under this mortgage. The Mortgsgee may collect a"late charge" . not to exceed two Cents (2~ for each dollar oi eaCh payme~t more than fiftesn (15) days in anears to tover the extra ex- pense involved in ha~dling delinquent payments. 3. That if the totai of the payments made by the Mortgagws unde~ (s) oi paragraph 2 proceding shall exceed the amount of payments actually made by the Moitgagee. tor taxes and asseasments and insuronce premiums. as the case may be. such - excess shall be cr~dited by the Mortgagee on subseyuent paymants to be msde by the MoKgagon. If, however. the monthy pay ments made Dy the Mortgagon under (a) of parag~aph 2 preceding shall not be sufficient to pay taxes and assessments snd in- surance premiums, as the case may be. vrhen the same shall become due and payable, then the Mortgagors shall pay to the MoK- gagee any amount necessary to make up the de~ciency. on or before the date when psyment oi such taxes. assessments, or insur- ance premiums shall be due. If at any time the Mo~tgagors shall.tender to the MoRgagee in accordance with the provisions of the note secured hereby. tull psymeM oi the entire i~debtedness represented thereby. the Mo~tgagee shsll. pay to the Mortgagors all amounts then remai~ing in the tax and insurance escrow accouM held in connection with this loan. If thero shall be a defauR under any of the provisiorts of this mortgage resutting in a public sate of the premises covered hereby, or ff the Mortgagee acquiros the property otherwise after default. the Mortgagee shall apply. at the time oi the commencement ot such proceedings or at the time the property is othervrise aoqui?ed. the balance theo remaining in the funds scCUmulated u~der (a) oi paragraph 2 Preted~~8 - as a credit against the amount of principal then remaining unpaid under said note. ~ ~ 4. That they ~?ill pay alt taxes, assessments. water rates. and other govemments) or munEcipal charges, fines. or imposi- tions, for which provision has not bee~ made he~einbefore, and in defauR thereof. the Mortgagee may PaY the same and be. secured by the lien of the mortgage; and that they witl Drompty deliver the ofiicial receipts therefore to the Mortgagee. 5. That they will-permit, commit. or suffer no waste, impairment, or deterioration oi said property or any pa~t thereof; and in the event of 3he tailure 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 repairs as in its discretion it may deem necessary for the proper preservation thereof, and the fult amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien oi this mortgage. 6. That they will pay all and singular the costs, charges. and ezpenses, including reasonaWe lawyers fees, and costs of abstracts of title. incurred or paid at any time by the MortgaBee because ot the failure o~ the paR of t~e Mortgagors promptly and fuly to perform the agreemeots and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediately due and payable and shalt be secured by the lien of this mortgage. 7_ That they will-keep the improvements now existing or hereafier erected on the ma?tgaged propertl? i~sured as may be ~equired trom time to time 6y the Mortgagee against loss by ~re or other hazards. casualties, and co~tir~ncies in such amouats i and for wch 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 hereinbefore. All insurance shatl be carried in companies ~pproved bY Mortgagee and the policies and renewals thereof shall be held by Mwtgagee and have attached thereto loss payable clauses in favor of and , in form acceptable to the Mortgagee. Renewai policies sha0 be delivered to Mortgagee at least 10 days prior to expiration of exist- f ing policy. In event of loss, they will give immediately noRioe by mail to Mortgagee, and Mortgagee may make proof of loss if not ~ made p~omptly by Mortgagors, and each insurance company concerned is hereb~? suthorized and directcd to make payment for such loss directy to Mortgagee instead of to Mortgagors and MortgaB~ lo~M~Y. and the insurance proceeds, or any part thereof. may be applied by Mortgagee at its option either to the reduction oi the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. ln event of foreclosure of this mort8age or other transfer of title to the rr~rtgaged property in ex- tinguishment of the indebtedness secured hereby, all rigM. tiUe and interest of the Mortgagors in and to any inwrance po~icies then in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at a~y time pending a sutt upon this mortgage, apply to the court having jurisdlctian thereoi for the appointment ot a receiver, and such cou~t shall forthwith appoint a receiver of the premises coverod hereby all and singu- lar, including all snd singutar tbe income, profits, issues. and rovenues irom whatever source derived, each and every of which. it ~ being expressy understood, is hereby mortgaged as if spec~cally set fonh and described in the granting and habendum ciauses hereof, and such ~eceiver shall have all the broad and effeclive functions and powers in anywise erKrusied by a cou~t to a receiver, and such appointment shall be made by such touR as an admitted equity and a matter of absolute rigM to said MoRgagee. and wit~out reference to the adequacy or inadequacy of the value of the property mortBa6ed or to the solvency or insolvency of said Mortgagors or the defendants. and :hat such rents. profits, income, issues and revenues shall be applied by such rece'rve~ accord- ing to the lien oi this mortgage and practice of such court. , ~ 9. That (a) in the eveM of srry brosch of this mortgage or defauR on the part of the Mortgagors, or (b) in the event tFwt any C of said sums of money herein reterred to be noR promptly and fully paid without demand or notice, or (c) in the event that each f and every the stipulations, agreements, conditions and covenan~s of said note and this mortgage, are not duy. p~omptly and tully ~ performed; then in either or any such event. the said agg~egate sum mentioned in said note then remaining unpaid, with interest ~ accrued to thaf time, and all monrys secured hereby, shall bacome due and payable forthwith, or thereafter, at the option oi said i ` Mortgagee, as fulty and tomptetely as ii all of the said sums of money were originally stipulated to be paid on such. day, any- , thing in said note or in this mortgage to the contrary notwithstsnding; and thereupon or thereatter, at the option of said Mort- ~ gagee, without notice or demand, suit at law 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 payaWe, and the said premises shall be sold to satisfy and pay the same together with costs. expenses, and allowances. In cases ot partial ioreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mo~tgage for 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. ~ ~ Q R BOOK t~.'~ ~ACE ~ . : , , ~ 4=~ ~ K~ ~-~'.~r : _ _