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Home My WebLink About0932 y ; principsl sum and accruM inte~esl shall become due and payable w~thout notice at the option o1 the holder thereoL And shail duly, promptly, and fully pertorm, discharge, execute, eflect, complete, and compty with and aDide by eath and every the stipu- lations, agreements, conditions, and covenants of said promissory note and this mortgage, then this rnongage and Ihe estate hereby created shap cease a~d be null and void. • And the Mortgagors iuRher covenant as tollows: ~ 1. That they will pay the indebtedness, as hereinbetore p~ovided. 2. That, ln order more tully to protect the security of this mortgage. !he Mortgagors, togethe~ with and in addition to. the ~ monthly pt~yments under tha terms ot any notes secured hereby, on the tirst day of each month until said note is tuly paid, will s pay to the Mortgagee the following sums: . ~ X~(JEll7lkk~7!!k'!l~RIP~~~(l~ll9(7~f('J~7tlE Xf('1(lI9~ llR~ !E lP1t ~lPJ~9~ ~ ~ ~ . ~ (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made unde~ any note ~ secured hereby shall be added together and the aggreg,ate amount thereof shall be paid by the Mortgagors each month i~ a ~ s.'ngle payment to be applied by the Mortgagee to the fotlowing items in the order set fo~th: ~X~*~~~~~x~~~X~~~~1~~~~~~ ~ ~ 11. Interost on the ~ote secured hereby; and ~ ~ _ x 111: Amortization oi the principal af said note. ~ Any detitier?cy in ihe amount oi such agg~egate monthly payment shall, unless made good by the Mortgagors prior to the due ~ date of the next such payment, constitute an event oi de(ault under this mortgage. The Mortgagee may collect a"late charge" not to exceed twe cents (2t) for each dollar oi each payment more than fiReen (15) days in arrears to cover the extra en- pense involved in handling delinQuent payments. 3. That if the total of the payments made by the Mortgagors unde~ (s) of paragraph 2 preceding shall ezceed the amou~t ot payments actually made by the MortQagee. to~ taxes and assessments and insurance premiums, as the case may be, such excess shatl be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly pay- ments made by the Mortgagors under (a) ot 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 or betore the date when payment of such tazes, assessments, or insur- ance_ premiums shall be d~e. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment oi the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts the~ remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a detault under any of the provisions ot this mortgage resutting in a puWic sale of the premises coverM Aereby. or if the Mortgagee acquires the property otherwise aiter default, the Mortgagee shall apply. at the time of the commencement of such proceedings or at the ' time the ro n is otherwise a uirecl, the batance then remainin ' P Pe Y~ cq g in the funds accumutated under (a) of paragraph 2 preceding as a c~edit against the amount of principal then remai~ing unpaid under said note. 4. That they will pay all taxes, assessments. water rates, and other govemmentat or municipal charges, fines. or imposi- tions, tor which provision has not been made hereinbeiore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the official receipts therefore to the Mortgagee. S. That they will permit, commit, or s~ffer no waste. impairment, o~ deterioration of said property or any pact 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 ~epairs as i~ its discretion it may deem necessary for the 3 proper preservation lhereof, and the ful! amount oi each and every sucb payment shall be immediately due and payable, and ~ shall be secured by the lien of this mortg~ge. s ~ 6. That they will pay atl and singular the costs, charges, and expenses, including reasonaWe lawyer's fees, and costs of abstracts oi title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptty and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, cha?ges and ex- penses shal! be immediately due and payable and shall be secured by the lien of this mortgage. . 7. That they witl keep the improvemenis now existing or hereafter erected on the mortgaged property insured as may be required irom time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee. and will pay promptly, when due, any premiums on such insurance tor pay- ment of which provision has not beeo made hereinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereoi shall be held by Mortgagee and have attached thereto {oss payaWe clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delive~ed 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 Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concemed is bereby authorized and directed to make payment for ~ such loss directy to Mortgagee instead of to Mortgagors aod Mortgagee jointy. and the insurance proceeds, 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 event of foreclosure of this mortgage or other transfer of title to the mprtgaged property in ex- tinguishment of the indebtedness secure~ hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purehase~ or grantee. 8. That the Mortgagee may. at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof tor the appointment of a receiver, and such court shall to~thwith appoint a receiver of the premises covered hereby alt and singu- lar, including all and. singular fhe inoome, profits, issues, and revenues from whatever source derived, each and every of which, it being expressty understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and effective functions and povrers in anywise entrusted by a couR to a receiver, and such appointment shall be made by such court as an admitted equity and a matter 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, protits, 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 the everrt of any breach of this mortgage or detault on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not promptly and fuliy paid without demand or notice. or (c) in the event that each and every the stipulations. agreements, conditions and covertants of said note and this mortgage, are not duly, prompty and fully periormed; then in either or any such event, the said aggregate sum mentioned in said note then rr.maining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable tohhwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were~ originaily stiputated 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 foreclose this martgage, as to the amount so declared due and payable, and the said ' premises shall be sold to satisfy and pay the same together with costs, ezpenses, and allowances. In cases of partial foreclosure of this mortgage, the mortgaged premises sball be sold subject to the continuing lien ot this mortgage for the amount oi the debt ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by ~ the Mortgagee. . geoK ~U3 ~ACf 93~, . ~ ~ n _ - . . - , _ T ~a n +r ~`s~ r ~F- ~,;a~ ~Y . r... _ ~ .~~~~r~~`~-w'' . _ . y'..`-.3"' We . sar'"~~'s~