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Home My WebLink About0791 , . principal sum and accrued interest shall become due and payable w~thout notice at ihe option of the tioider thereol. And shall duly, promptly, and (ully pe~torm. discharge, execute, etfect, complete, and comply v~nth and abide by each and every the stipu- lations, agreements, conditions, and covenants of said promissory note and this mortgage, then this mortgage and the estate hereby created shalt cease and be nv11 aod ~id. And the Mortgagors further covenant as tollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That. in order more tul{y to protect lhe security ot this mortgage, the Mortgago?s, together with a~d in addition to. the monthly payments under the terms of a~y notes secured hereby, on lhe t~rst day of each ~ionth until said note is iully paid, will pay to the Mortgagee the tollowing sums: (a) 9( #~1(~6K~( ~~(+1( QN1H~9( ~X~R,9( X~RK~(~9f~Q~~l(~ X~II~X~!('9~ !('~E9i~l9(~('!l It~Y~R9~7E'!~X°~ X ~ ~ x~~ Xtlb XdQlt~lt~PlPla~tOft~DNDt f~X4~kl(~(~~fE~IElI~X fl9(~(9f'lt l!'X K'X !I'~!'~l~7! IP~P)t~(1X~~lP~'- ~~d~r~lN6JE~~ (b) All payments mentioned in the preteding subsection of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereoi shall be paid by the Mortgagors each month in a singte payment to be applied by the Mortgagee to the following items in the order set foRh: I. ~~r~~~~~X~r~~k~~~~~~~r~~~~t , 11. Interest on the note secured hereby: and 111. Amortization oi the principal ot said note. Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the Mortgago?s prior to the due date oi the next such payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2~) for each dollar of each payment more ihan tiiteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total oi the payments made by the Mortgagors under (a).of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, tor taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subseque~t payments to be made by the Mo?tgagors. It, however, the monthly pay ments made by the Mortgagors under (a) ot paragraph 2 preceding shall 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 shall pay to the Mort- gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments, or insur. ance premiums shatl be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby, tult payment oi the entire indebtedness represented thereby, the Mo?tgagee shatl, pay to the Mortgagors all _ amounts then remaining in the tax and insurance escrow account 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 covered hereby, or if the Mortgagee acquires the property othenerise after default, the Mo~tgagee shall appty. at the time oi the commencement of such proceedings or at the time the property is otherwise 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 noie. ~ _ 4. That they will pay atl taxes, assessments. water rates, and other governmental or municipal charges, iines, or imposi- tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the lien oi the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereoi; and in the event of the failure of the MoRgagors 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 presenration thereof, and the full amount of each and every such payment shatl be immediately due and payable, and shall be secured by the lien ot this mortgage. - 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs ot abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the paR of the Mo~tgagors promptly and fully to perform the agreements and covenants of 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 hereafter erected on the mortgaged property insu~ed as may be required (rom 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 prompty, when due, any premiums on such insurance to~ pay- i ment ot which provision has not been made hereinbefo~e. All insurance sfiall be carrfed in companies epptoved 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 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 concerned is hereby authorized and directed to make payment for ~ such loss directty to Mortgagee instead oi to Mortgagors and Mortgagee jointly, and the insurance prceeeds, or any part thereof, ~ may be applied by MoRgagee 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 moRgage or other transfer of title to the mortgaged proper[y in ex- ~ tinguishment of the indebtedness secured hereby, all ~ight, title and interest of the Mortgagors in and to any insurance policies ~ then in force shall pass to the purchaser or grantee. n 8. That the Mort a ee ma at an time ndin a suit upon this mort a e, a to the court havin jurisdiction thereof 8 6 Y. Y Pe B B 8 PP~Y 8 ° 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 of which, it ~ being expressly 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 powers in anywise entrusted by a court to a receiver, `r 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 adequaty or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said ~ ~ Mortgagors or the detendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- :x ing to the lien of this mortgage and practice of such court. 9. That (a) in the eveM of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums oi money herein referred 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 duly, promptly and fuily - 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 payabte forthwith, or thereafter, at the option of said ~ Mortgagee, as fully and completely as if all oi the said sums ot money were originalty stipulated to be paid on such day, any- ~ thing in said note o~ 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 dectared due and payable, and the said ~ r~ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial toreclosure r, of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi this mortgage for the amount of the debt ~ not then due and unpaid. In such case the provisions of this paragraph may agam be availed of thereafter from time to time by ~ the Mortgagee. ~ ~ r 3 _ . 3U5 = ~ ?'90 ~ ~ ~ r~_ w ~r.. - _ . _ _ _