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HomeMy WebLinkAbout0395 r~ r r~~ principal sum and accrued interest sl~all become due and payabte w~thout notice at !he option of the holder Shereot. And shall duy. promptly, and tully pe~fo~m. discharge, exec.ute, etfect, co~r~ptete, and comply vr~th and abide Dy each~and every the stipu• lations, agreements. conditions, and covenants ot said p~omissory note and this mortgage, then this mo~tgage a~d the estate hereby c~eated shall cease and be nu11 and void. ~ And the Mortgagors furthe~ covenant as tollows: . 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in order more tully to protect the security of ihis mortgage, the Mortgagors, togethe~ with and in addition to, the monthly payments unde~ the terms oi any notes secured he~eby, on the tirst day of each month until said note is tutly paid, will _ pay to !he Mortgagee the following sums: ~ X'~IEfCA'rielQ9ti~X~Jl~E'X'ftX~k9l~h(X~1CCllRXft9(!t'lE~'X9I~!lqElElI~Ex9lXIlX'!E~lI9E'J~'Xall~t'1~)Pllfl7Pl~I!!Rlt~El('l~'f!9lfC~(9~1f!(Xlt'R9(9l~~_~ ~ ~~'Xx~RlclriClc~flPticRlt'ft~'ftX~xlc~i~tk~R3t5t9~k~~fcR9cS~E~`R'~~c~1~cS~~~`X~X" AI~ en~ntioned in the precedi~g subsection of this paragroph and all payments to be made under any note (b) PaY securcd hereby shall be added together and the aggregate amount thereof shall be paid by the MoRgagors each month in a single payment to be applied by the MonBagee to theYollowing items in the order set torth: XXXR~t~IPIE~JE~lIl~'IE~rX9~ftlPltllki~PX9(lMI9lk!(9~(9~'ll9PJIl~X ' 11, Interest on the note secured hereby; and 111, Amo~tization of the principal of said note. Any deficiency in the amount oi such aggreBate monthly payment shall. unless made good by the Mo~tgagors prior to the due date ot 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 fi(teen (15) days in anears to cover the extra ex- pense invoNed in handling delinquent psyments. 3. That ii the total ot the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, tor taxes and assessments and insurance p~emiums, as the case may be. such excess shall be c~edited by the Mortgagee on subsepuent payments to be made by the Mo~tgagors. If, however, the monthy pay ments made by the Mortgagors under ja) of pa~agraph 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 Mongagors shall pay to the Mo~t- 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 he due. lf 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 indebtedness represented thereby, tlie Mo~tgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance estrow account held in connection with this loan. If there shall be a detault unde~ any of the provisions oi this mortgage resulting i~ a public sale of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after detault, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is othervvise acquired, the baiance then remaining in the funds accumulated under (a) of paraBraPh 2 Preceding as a credif against the amount of priocipal then remaining unpaid under said note. 4. That they witl pay all taxes, assessments, water rates, and other governmental or municipal charges.the same and Sbe tions, for which provision has not. been made he~einbefore, and in default thereof. the Mortgagee may PaY secured by the lien of the mortgage~ and that they will promptly deliver the oificial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereoi; and in the event oi the failure of the Mortgagors to keep the buildings or said premises aod 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 full amount of each and every such payment shall be immediately due and payabte, 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 fees, and tosts of abstracts of title, incurred or paid at any time by the Mortgagee because oi the failure on the part of the Mortgagors promptly and fully to perform the agreements and covenants of said promissory note and this mo?tgage, and said costs, tharges and ex- penses shall be immediately due and payable and shall be secured by the lien ot this mortgage. i 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be j required irom time to time by the Mortgagee against loss by (~re or other hazards, casualties, and contingencies in such amounts i and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay i ment of which provision has ~ot been made hereinbetore. All insurance shall be carried in companies approved by Mortgagee ~ a~d the policies and renevrals thereof shall be held bj? Mortgagee and have attached thereto loss payable clauses in favor of and j in form acceptable to the Mortgagee. Renewal policies shall be delivered to MoRgagee at least 10 days priorto expiration of Bxist= ing poliry. In event of loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to MoKgagors and Mortga8ee jointly, and the insura~te p~oceeds, 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- pairs of the property damaged. In eveM of foreclosure of this mortgage or other transfer oi title to the rnprtBaged 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 mortgage, apply to the court having jurisdictibn thenwf for the appointment of a receiver, and such court shall torthwith appoint a receiver ot the premises covered hereby alt and singu- lar, including all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specificaly set forth and described i~ the granting and habendum clauses 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 suth couR as an admitted equity and a matter of absolute right to said Mortgagee. and without re(erence to the adequaq 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- ing to the lien of this mortgage and practice of such court. _ ; 9. That (a) in tF?e everrt of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any ; i ~ of said sums of money herein refe~red to be not promptly and tully paid without demand or not~ce, or (c) in the event that each and every the stiputations, agreements, conditions and covenants of said note and ihis mortgage, are not duy, prompty and fully . ~ performed; then in either or any suth 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 fully and completely as if 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 notwithstanding: and thereupon or thereafter, at the option of said Mort- ~ ~ gagee, without notice 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 forezlose this mortgage, as to the amount so declared due and payable, and the said ~ premises shatl be sold to satisfy and pay the same together with tosts, expenses, and allowances. In cases of partial toreclosure ~ of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage fot the amount of the debt ~ not then due and onpaid. tn such case the provisions of this paragraph may again be availed oi thereafter from time to time by the Mo~tgagee. ~ - . ~ 3U3 ~ 394 , . F ~ e s~.-~` _ - - _ _ - _ - , ~ A . ~ ~sY h r r.,z"..~ - - ~ - - .