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HomeMy WebLinkAbout0805 t principal sum.and accrued interest shall became due and payable w~thout not~ce at the option of tt~e holde~ the~eoi. And shalt duly, promptly, and (ully periorm, discharge, execute, effect, complete, and comply with and abide by each snd every the atipu• lations, agreemants, tonditions, and covenants ot said promissory note and this mortgage, then this mo~tBage and the estate hereby c~eated shall cease and be null and void. Md the Mortgagon turther covenant ss tollows: ~ , l. That they will pay lhe indebtedness, as hereinbeto~e provided. 2. That. io o~de~ mom tully to p~otect the security ot this mortgage, the Mongagors, together with and in addition to, the monthly payments under the te~ms of any notes secured hereby. on the (irst day oi each month until said ~ote is fully paid, will , pay to the Mo~tgagee the tollowing sums: X~lX~'~k~'X!(9~lPX~(9l')F~)!'7l~''~^ l1~7N~~~~~~,ll~~~~~~~i1~~~~~~~;'~~~~(XXi ~R~7~9~X (b) IUI payments mentio~ed in the preceding subsection of this pa?agraph and all payments to be msde under any note secured hereby shall be added togethe~ and the aggregate amount thereof shall bs paid by the Mortgagors each month in a single payment to be applied by the Matgagee to the following items in the order set to~th: ~ ' ~ X~~x~~~~~~~~~~~X~~ . 11. Interost on the note securod heroby; and ~ (11, /1mo?tization of the principal of said note. • Any deticiency in the amou~t of such aggregate monthy payment shall, unless made gaod by the Mortgagors prior to the due date ot the next wch payment. constitute an event of detault under this mortgage. The Mortgagee may collect a"late cbarge" not to exceed two cents (2t) for each dollar of each paymeM more than fifteen (15) days in aRears to cover the extra ex- pense involved in handling delinquent payments. 3. That ii the total of the payments made by the Mortgagors und4? (a) of paragraph 2 preceding shall exceed the amount oi payments actualy made by the Mortgagee. tor taxes and assessments and insurance premiums, as the wse may be. such ezcess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthy pay ments made by the Mo~tgagors under (a) of paragraph 2 preceding shall not be suNicient 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- gagee any amount necessary to make up the deficiency, on o~ betore the date when payment of such taxes, assessments, or insur. ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby, fult payment of the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts the~ remaining in the tax and insurance escrow atcount held 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 covercd hereby. or it the Mortgagee acquires the properfy otherwise after defauR, the Mortgagee shall appljr, at the time of the commencement of such proceedings or at the time the property is othervvise acquired, the balance then ~emaining in the funds aceumulated under (a) of paragraph 2 Preceding as a credit against the emount of principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates. and other govemmental or municipal charges. fines, or imposi- tions, tor which provision has not been made hereinbefore, and in detauR thereof, the Mortgagee may pay the same and be secured by the lie~ of the mortgage; and that they wilt prompty deliver the oNicial receipts therefore to the Mortgagee. 5. That they will permit, commit. or suffer 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 such repairs as in its discretion it may deem necessary tor the proper presenation thereof, and the full amount ot each and every such payment shall be immediatey d~e and payable, and shall be secured by the lien of this mortgage. • ' 6. That they will pay all and singular the costs. charges. a~d expenses, including reasonable lawyers fees. and costs oi abstracts of title, incurred or paid at any time by the Mortga8ee because of the feilu~e on the part of the Mortgagors prompty and tully 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 payabte and shalf 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 toss by fire o! other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, a~d will pay promptly, vrhen due, any premiums on such insurance for pay- ; ment of which provision has not been made hereinbefore. All insurance 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 priorto expiration of exist- ~ ing polity. In event of loss, they will give immediately notice by mail to Mortgagee. and Mortgagee may make proof of loss if not ~ made prompty by Mortgagors, and each insurance company concemed is hereby authorized and directed to make payment tor such loss directly to Morigagee insfead of to Mortgagors and Mortga8~ M~ntly, and the insurance proce~s, or any pbrt thereof, E 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 event of foreclosure of this mortgagt or other transfer of titte to the m~Dttgaged ProPertY in ex- ~ tinguishment of the indebtedness secured hereby, all right, 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 jurisdktion thereof for the appointment of a receiver, and such court sball forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the income. protits, issues. and rovenues from whatever wurce derived, each and every of which, it being expressy understood, is h~reby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shatl have all the broad and eHeetive tunctions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by such court as an admitted equityr and a matter oi absolute right t~ said Mortgagee, and ~ without refereqce to the adequacy or inadequacy of the value of the property mortgaSed or to the solvency or inwlvency 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 prattice of suth couR. ~ 9. That (a) in the event of any breacf~ oi this mortgage or detault on the paR of the Mortgagors. or (b) in the event that any of said sums of money herein refer~ed to be not promptly and fully paid without demand or notice, or (c) in the event that each = and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duty, promptfy and tully , ~ performed; then in either or arry 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 ¢ Mortgagee, as fulty and completey as if all of the said sums of monry were originally stipulated to be paid on such day, any- e 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 aIl moneys secured hereby had matured prior gagee may foreclose this rrwrtgage, as to the amount so declared due and payable, and the said ~ to its institution. The Mort ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and atlowances. In cases of partial toreclosure of this mortgage, the mortgaged premise's shall be sold subject to the continuing lien o! this mo~tgage forthe amount of the debt ~ not then due and unpaid. In such case the provisions of this pa~agraph may again be availed of thereafter from time to time by . ~ the Mortgagee. ; ~a ' ~ ; 3COr ~Vt~ .~AGE l~o~ : , ` ~ . • i ~ ! ~ ~y, ~ Y . . _ ' ' , . ~ .L~a.~3r',F r',y'i . 2 . .',~`avv,r.. ~ ec~'~' " ~ " ~ ; - . _