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HomeMy WebLinkAbout1115 ~ t + I Z ? f Iincipal sum and accrued interest shall become due and payable without notice at the option of the holder thereof. And shall duly, promptly. and fuly perform, discharge, execute. effect, complete, and comply with and abide by each and every the stipu• ~i cations, agreements, conditions, and covenants of said promissory note and this mortgage, then this mortgage and the. estate hereby created shall cease and be null and void. ~ E 4 And the Mortgagors further covenant as idlows: _ } 1. That they will pay the indebtedness, ss hereinbefore provided. 2. That. in order more tally to protect the security of this mortgage. the Mortgagors, together with and in addition to. the mouthy payments under the terms of any rates secured hereby, on the first day of each month•until said note is fully paid, will pay to the Mortgagee the following cams: ~~~'~~99(( ~~~~fifi r ( ~9l~k~~ ~ItlPle7t~~i~7r1(X~' I ~llX~1l1l91~lI~iIE1EXr (b) AU payments mentioned in the preceding wbsection of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereof 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 forth: ~x _ I 11. Interest oo the rate secured hereby: and III. 14rartization of the principal of said rate. Any deficiency in the amount Ot such aggregate mouthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payrnart. oonstRute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed two cents (2f') for each doNar of each paymerrt mom than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of paymenits actualy made by the Mortgagee. for taxes and assessments and insurance premiums. as the case may be. such excess shall be credited by the Mortgagee on wbsequent payments to be made by the Mortgagors. If, however. the mouthy pay- ments nwde by the Mortgagors under•(a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in- wrance premiums. as the'pse may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mort- gagee arq? amount necessary to make up the deficiency. on or before the date when payment of such taxes, assessments, or insur. anCe premiums shall be due. Ii at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the rate secured hereby. full payment of the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and inwrance escrow account- held in connection with this loan. If there shall be a default under any of the provisions of this mortgage rewlting in a public sale of the premises covered hereby, or it the Mortgagee acquires the property otherwise after default, the Mortgagee shall appy. at the time of the commencement of such proceedings or at the time the property is athervrise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay aU taxes, assessments, water rates. and other governmental or municipal charges. fines, or imposi- lions. for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be severed by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. -That they will permit, commit, a suffer ra 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 for the proper preservation thereof. and the full amount of 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 lawyers tees, and costs of _ abstracts of title, incurred or paid at arty time by the Mortgagee because of the failure on the part of the Mortgagors prompty and fully to perform the agreenxnts and covenarits of said promissory note and this mortgage, and said costs, charges and ex- _ penses shall be immediatey due and payable and shall be secured by the lien of this mortgage. 7. That tfrey 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 loss by fire or other hazards, casualties, and contingencies in such amounts and for such periods ~ may be required by Mortgagee. and will pay promptly. when due, any premiums on Such insurance for pay- l meat 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 k in form acceptable to the Mortgagee. 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 immediatey notice by mail. to Mortgagee. and Mortgagee may make proof of toss ii not - made prompty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and 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 toreclowre of this mortgage or other transfer of title to the mortgaged 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. appy to the court having jurisdiction thereof for the appointmenrt of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all 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 ss if specificaly set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise eMruste~ by a court 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, 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 the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not prompty and tuly paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions and covenarrts of said note and this mortgage. are not duly, prompty and fury performed: then 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 thereafter. at the option of said Mortgagee, as fully and completey as if all of the said sums of money were originaly 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 foreclose this mortgage, 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, expenses, and allowances. In roses of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such pee the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. s0or303 !'ACE1~.~.4