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Home My WebLink About0484 . , •ti , --f p~incipal sum and actrued interest shall become due and payable w~tl~oul notice at the opt+on ot tt~e hotder thcrcoT. And shall duly, promptly, and tully pe~form, discharge, execute, elfect, complete, and comply with snd abide by each and every the stipu• lations, ag~eements, conditions, and covenants of said promissory note and this rnortgage, then tlus moAgaQe and the estate hereby created shall cease and be null and void. And tha Morlgagon fuRher covenant as tollows: 1. That they will pay the indebtedness, as hereinbelore provided. 2. That. io order more tully to protect the security of this mortgage, the Mortgagors, together with and in addition to, the monthly payments under the terms of any notes secured he~eby, on the tirst day ot each month until said nOte is tully paid, will pay to the Mortgagee the following sums: ~x~~x~~~X~~~~~7~~~~~ ~~~~~~~r~1~7~~IlCJIR~~~~~~~~~~ . (b) All payme~ts r~entioned in the preceding subsection of this paragraph and all payments to be made under any note secured he~eby shall be added together and the aggregate amount thercoi 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 foKh: ~ _ lcXk~k~cic~t~t~ckx~c~khrlF~k~lt~ftxl~cklc~~ ~ 11, Interest on the note secured hereby; and ; 111. Amortization of the principal ot said note. s i Any deficiency in the amount of such aggregate monthly paymenl shalt. untess made good by the Mortgagors prior to the due date of the nezt such payment. constitute an event oi detault under this mongage. The Mortgagee may coltect a"tate charge" ; not to exceed two cents (2t) for Each dolla~ ot each payment more than fifteen (15) days in ar~ears to cover the extra ex• f . pense invoMed in handling delinque~t psyments. 3. That if the total of the payments made Dy the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount ; of payments actualy made by the Mortgagee, for taxes and assessments and insurance premiums. as the case may be. such ~ excess shatl be c~edited by the Mortgagee on subsequent payments to be made by the Mo~tgagors. Ii, however. the monthly- pay ~ ments made by the Mongagots under (a) of parag?aph 2 preceding shall not be sufficient to pay taxes and assessments and in- ; surance premiums, as the cese may be, when the same shall become due and payable, then the Mortgagors shall pay to the MoR- j gagee any amount necessary to make up the deficiency, on o~ before the date when payment oi such tazes, assessments, or insur. ance premiums shall be due. If at any time the MortBagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment oi the entire indeWedness ~epresented thereby, the Mortgagee shall, pay to the MoKgagors all ~ amounts then remaining in the tax and insurance escrow accou~t hetd in connection with this loan. If there shall be a default _ under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee aoquires the property otherwise after default, the Mortgagee shall appy, at the time of the commencement of such proceedings or at the ; time the prope~ty is otherwise acquired, the batance then remaining in the tunds accumulated under (a) of paragraph 2 preceding ; S as a credit against the amount oi principal then ~emaining unpaid under said ~ote. 4. That they will pay all taxes, assessments, water rates. and other govemmental or munitipal charges, fines. or imposi- tions, for which provision has not been made hereinbefore, and in detault thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage: and that they will promptly detiver the official receipts therefore to the Mortgagee. 5. That they will permi~ commit, or suffer no waste, impairment, or deterioration oi said property or any part thereof; and in the event of the failure ot 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 tor the proper preservation thereoi, and the full amount 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 fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of ihe failure on the part of the Mortgagors promptly and fully 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 by the lien of this mortgage. 7. That they will keep the improvements now existing or hereaRer erected on the mortgaged propeRy insured as may be ~f required from time to tirt?e by the Mortgagee against loss by fire or other hazards, casualties, and tontingencies in suth amounts k and for such periods as may be required by Mortgagee, and will pay pramptly, whe~ due, any premiums on such insurance for pay- 4 ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved bY Mortgagee ~ and the policies and renewals ihereof shall be held by Mortgagee and have attathed thereto loss payabte tlauses in favor of and in form acceptabte to the Mongagee. 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 immediately notice by mail to Mortgagee. and MoRgagee 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 dirertly to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insursnce proceeds, or any paR thereof. ~ may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration o~ re- ~ pairs ot the property damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all ~ight, title and interest oi 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 jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver oi the premises covered hereby all and singu- lar, including all and singular the income, profits, issues, and revenues irom whatever source derived, each and every ot which, it bei~g expressly understood, is hereby•mortgaged as if specitiwlly set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such couR as an admitted equity and a matte~ 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- ing to the lien of this mortgage and practice of such cour~. ~ 9. That (a) io the everrt of any breach of this mortgage or default on the pa~t of the Mortgagors, or (b) in the event that any ~ of said sums of money herein referred to be not promptly and fully paid without demand or notice, o~ (c) in the event that each ~ and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully ~ performed; theo in either or any such 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 thereaRer, at the option of said a Mortgagee, as tutly and completey 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 martgage to the contrary notwithstandinB: 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 ii all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this moRgage, as to the amount so declared due and payabte, and the said ~ premises shall be sold to satisiy and pay the same together vrith costs, expenses, and allowances. In cases oi partial toreclosure of this mortgage, the mortgaged p~emises shatl be sold subject to the continuing lien ot this mortgage tor the amount of the debt ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter irom time to time by the MoRgagee. ~ ~ °~oo~ 303 ~ac: 483 ~ . ~ - - - - r .~x.:. . ~ # ~ _ ~ ~a r . ~ ~ ~ ~