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HomeMy WebLinkAbout1032 pnncipal sum and acc~ued ~nte~est shall became due a~d payabte w~thout notice at the opt~on of the holder thereot. And shall duty, ptomptly, and tully pe~fonn, disct?arge, execute. eltect, con~plete, and comptY wdh and abide by eac~~ and every the st~pu~ lations, agreements, conditions. and covenants ~f said Promissory ~ote and tliis mortgage, ihen tli~s mortgage and the estate hereby created shall cease and he null and void. ' And the MoRgagors 1uAher covenant as tollows: 1. That they will pay the indebtedness. as liereinbetore provided. 2. That, in order more tully to protect the security of this morlBage, ttie MoAgagors, togrtl?er with and in addition to, tlie ~nonthly payments under the terms of any notes secured hereby, on tlie flrst day of each month until said note is tully paid, will pay to the Mortgagee the foltowing sums: ~ #~x ~~~~~~~~~~~~~~~~~~€~~~~iC~~~~~~~~~~~~` N~pl~~lJ~RJI~x~~~~ nder an note (b) All payments mentioned i~ the preceding subsection of this paragraph and all payments to be made u Y secured hereby shalt be added together and the aggregate amount thereof shall be pa~d by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items in lhe order set forth: x;QOExI~~f(+~l(~EXaQItl4~kl~)t~lt9~ltlEf(~Pllfl~(4IlE'~fH('I~XX 11, Interest on the note secured hereby: and Amortization ot the principal of said note. Any deficiency in the amount of such aggregate monthy payment shall, unless made good bY the Mortgagors prior to the due date oi the next such payment, constitute an event ot default under this mortgage. The Mo~tgagee may collect a"late charge" not to exceed two cents (2C) for each dollar (S) oi each payment more than tifteen (15) days in a~~ears 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 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 subsequent payments to be made by the Mortgagors. If, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sutficient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the MoRgagors 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 shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the ~ote secured hereby. tull payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the MonBagors atl amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any oi the provisions of this mortgage resulting in a public sale ot the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the MoRgagee shall apply, at the time oi the commencement of such proceedings or at the time the property is otherwise acquired, the balance lhen remaining in the tunds accumulated under (a) of parag~aph 2 precedinB as a credit against the amount ot principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and other governmental or mugnicipal charges.the same and be tions, for which provision has not been made he~einbetore, and in default thereof, the Mort agee may pay secured by the lien of the mortgage; a~d that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suNer no waste, impairment, or deterioration of said propertY or any part thereof: and in the event of the tailure 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 oi each and every such payment shall be immediately due and payable, and shall be secured by the lien oi this mortgage. 6. That they will pay all and singular the costs, charges, and expenses. including reasonable lawyer's fees, and costs oi abstracts of title, incurred or paid at any time by the MortgaBee because of the tailure on the part of the Mortgagors promptly and tully to pertorm 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 shal! be secured by the lien of this mortgage. I 7. That they will keep the improvements now existing or hereafter erected on the mortgaged propertY insured as may be required irom time to time by the Mortgagee against loss by ti~e or other hazards, casualties, a~d contingencies in such amounts ! and for such periods as may be required by Mortgagee, and will pay Promptly, when due, any premi~ms on such insurance for pay- ~ ment of which provision has not been made hereinbefore. Atl insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shatl be held by Mortgagee and have attached thereto loss payable clauses in tavor 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 poticy. In event of loss, they will give immediately notice by mail to MoRgagee. 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 directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, 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 transter 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 F then in force shatl 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 jurisdiction thereof s for the appointment of a receiver, and such couR 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 specificaltY set foRh and described in the granting and habendum clauses " hereof, and such receiver shatl have all the broad and effective functions and powers in anywise entrusted 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. z : 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 i 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 stipulations, agreements, conditions and covenants of said note and this mortgage. are not duty, promptly and tully performed; then in either or any such event, the said agg~egate sum mentioned in said note then remaining unpaid, with interest ! accrued to that time, and all moneys secured hereby, shalt become due and payable torthwith, 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 mortgage to the contrary notwithsta~ding: and thereupon or thereafter, at the option of said Mo~t- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all mo~eys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said t the same together with costs, expenses, and altowances. In cases of partial toreclosure premises shall be sold to satisfy and pay ~ of this mortgage, the mortgaged premises shalt be sold subject tc the continuing lien of this mortgage (or the amount oi the debt ~ not then due and unpaid. In such case the provisions ot this paragraph may again be availed of thereafter from time to time by ~ the Mortgagee. a 3 ~ ~.~U5 ~ : ~.030 ; . ; ,j ~gR , '.r