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HomeMy WebLinkAbout0034 a principal sum and accrued ~ntr~esl shall Acconie due and PaYab~e `N~t~u'ut nuhce al the option ot the ho~der thereof. And shall duly, promptly, and tully ~~erlorm, d~scharge, execute. etfecf, cu~~~l~~ete, and cu~nply w~th and ab~ae hy each and every ihe stipu lations, agreements. Cond~tions, and covenants of said prom~ssory note and th~s mortgaBe. Uien th~s moitga~;e and Ihe estate tiereby ueated shall cease and be null and vo~d. ' A~d the Mortgagors further covenant as lollows: 1. That they will pay the mdebtedness. as lie~einbefore provided. 2. That, in order more tutly to protect the secunty ot this mortgage, tlie Mortgagors, togetlie~ wdh and ~n aildition to, tl~e montldy payments under the terms of any notes secureci hereby, on !he t~rst day of each ~nontli until said note is tully paid, will pay to the Mortgagee the tollowinQ sums: X~~;J~~II~~~~~~~~~~ ~~~~~~~~x (b) All payments me~tioned in the preceding subsection of this paragraph and atl payments to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be pa~d by the Mo~tgago?s each month in a single payment to be applied by the Mortgagee to the followin~ items m the order set forth: x~X~~r~x~~~~r~~~t~~~'~ ~~~~~~~~x ~ 11. Interest on the note secured hereby; and 111. Amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date ot the next such payment, constitute an event ot default under this mortgage. The Mortgagee may collect a"late charge" not io exceed two cents (2C) for each dollar (S) of each payment more than fifteen (15) days in arrears to tover 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 oi payments actually made by ihe Mortgagee, for taxes and assessments and insurance premiums, as the case may be, such excess shall be cred~ted by the Mortgagee on subseque~t payments to be made by the Mortgagors. It, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shalt 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 Mo?tgagors sha~l pay to the Mort- 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 be due. It at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payment of the enti~e indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors atl amounts then remaining in the tax and insurance escrow account hetd in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a publ~c sale oi the premises covered hereby, or if the Mo~tgagee acquires the property otherwise after detault, the Mortgagee shatl apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the tunds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they nrill pay all taxes, assessme~ts, water rates, and other governmental or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbetore, and in defautt thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the otficial receipts therefore to the Mortgagee. 5. 7hat they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the faiture oi the Mortgagors to keep the buitdings 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 presenration thereof, and the full amount oi each and every such payment shall be imrnediately 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 reasonabte lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the taiture on the part of the Mortgagors promptly j 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. . j 7. That they will keep the improvements now existing or hereafter erected on the mortgaged propertY insured as may be j requ~red from 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, a~y premiums on such insur~nce for pay ment of which provision has not been made hereinbetore. All insurance shatl be ca~ried in companies approved by Mortgagee s and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss paYable clauses in favor of and € in torm acceptable to the Mortgagee. Renewal policies shall be delivered to Martgagee at least 10 days prior to expiration of exist- ~ ing poticy. In event of Ioss, they wilt 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 toss directly to Mortgagee instead oi to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof. ~ may be applied by Mortgagee at its option either to the reductian of the indebtedness hereby secured or to the restoratian or re- ~ pa~rs of the property damaged. In event of foreclosure of this mortgage or other transfer of tit(e to the mortgaged propeRy in ex- ; tinguishment oi the indebtedness secured hereby, all right, title and interest of the MoRgagors in and to any insurance policies ~ then in force shall pass to the purchaser or grantee. ~ 8. ~ hat the Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereot ~ for the appointment 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 oi which, it ~ being expressly understood, is hereby mortgaged as ii specifica{ly set foRh and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the broad and effettive funttions and powers in anywise entrusted by a court to a receiver, and such appointment shatl be made by such court as an admitted equity and a matter of absolute rigfit 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 J Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be applied by such receiver accord- ing to the tien of this mortgage and practice oi such court. 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgago?s, 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, or (c) in the event that each _ and every the stiputations, agreements, conditions and covenants oi said note and this mortgage, are not duly, promptly and fully - pertormed: 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 tully and completely as if all of the said sums oi money were originally stipulated to be paid on such day, any- , thing in said note or in this mo~tgage 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 al! moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so dedared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses. and allowances. In cases of partial toreclosure Y; 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 case the provisions of this paragraph may again be availed ot thereafter from time to time by ~ the Mortgagee_ i ~ . t~ F ~~~:E 34 _ 3U4 _ _ ~ ~ _ ~ - ~ ~ ~ ~ ~ - s v rT~~~v~.' t~.t _ ~-S . ~t 'i`-^<-~~.~~