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HomeMy WebLinkAbout0641 ' _ ; . ~ i i ~ ~ ~ ! 1 principal sum and accrued interest shall becon?e due and payabie w~tl~out not~ce at the option ol tl~e holder the~eot. And shall duty, promptly, and tulty pertorm, d~scha~ge, exelute. etfect, co~nplete. and comply wdh and abide t?y eacl~ and every tl~e st~pu• ; lalions, agreements, Conditions, and tovenants of said promissory note and this rnoNgage, tlien this mortgage and the estate ' hereby created shall cease and be nutl and void. And the Mo~tgagors tu~the~ covenant as follows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That. in order more tully to proteCt the security M this mortgage, the Mortgagors, together with and in addition to. the ~ monthly payments under the terms ot any notes secuted hereby, on the first day ot each month until said note is lully paid, will pay to the Mortgagee the iollowing sums: f ta~ yciuc~c~c~ocxorco~+t~aaxq~x~aox~xwcoc~n+~x~xx~c~alla~ckl~c~ucae~Q~~c~lco~rnbd~~e~~x?i~9t~tkx~Flcl~X~thAt ~ naxarM~~ouK+iorrx+co~aavx~oxrca¢x~aoac~coexouac~ax~~xe~~rt~x~x~x~f~xn~~diaxRO~cxSRlt~tR~tf~i' ; ~ae~roc~~cx~astoo~e~eox ~ (b) All payments mentioned in the preceding subsection of lhis paragraph and all payments to be made under any ~ote i secured hereby shall be added together and the aggregate amount thereoi shall be paid by the Mortgagors each month in a • single payment to be applied by the Mortgagee to the to~Iowing items in the orde~ set torth: I. ~ODI1N(JIlNCl~9IOH0~(aU~(111Qc1(4WIJlKOQIIalKiQIF1tJPA4(9dll9rlq( II, Interest on the note secured hereby; and (11. Amortization of the p~incipaf of Ysid note. Any deficiency in the amount oi such aggregate monthy payment shall, ~nless made good by the Mo~tgagors prior to the due ~ date oi the ~ext such payment, constitute an event of defauli under this mortgage. The Mortgagee may colleci a"late cha~ge" ~ not to exceed two cents (2C) tor each dollar ot each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved •in handliRg delinquent payments. ' ~ 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount o( payments actually made by the Mortgagee, fo? taxes and assessments and insurance premiums, as the wse may be, such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, th.e monthly pay ments made by the Mortgagors under (a) oi parag~aph 2 preceding shall not be sufiicient 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 MoR- 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 a~y time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note 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 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 of the premises covered hereby, or if the Mo~tgagee acquires the property otherwise aiter defauk, the Mortgagee shall appty, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the balance the~ remaining i~ the tunds accumutated under (a) of paragraph 2 preceding - as a credit against the amount of principal then remaining unpaid under said ~ote. 4. That they will pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, 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 of the mortgage; and that they will promptly deliver the ofiicial 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 faiture of the MoKgagors to keep the buildings or said premises and those to be erected on said premises, or improvements thereon, in good reFair, the Mortgagee may make such repairs as in its distretion it may deem necessary for the ~ i proper preservation thereot, and the full amount ot each and every such payment shall be +mmediately 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 lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to periorm the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ~ penses shall be immediately due a~d payable and shall be secured by the lien oi this mortgage. C 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be i ~ required from time to time by the Mortgagee against loss by tire or other hazards, casualties, and contingencies in such amounts ~ E and tor 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 been made hereinbetore. All insurance shatl be carried in companies approved by Mortgagee ~ and the policies and renewals thereot shatl be held by Mortgagee and have attached thereto loss payable clauses in favor of and . e in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- t 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 e ~ 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- i g pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ex- ~ tinguishment oi the indebtedness secured hereby, aIl right, title and interest of the Mo~tgagors in and to any insurance policies i € then in force shall 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 thereot s tor the appointment of a receiver, and such court shall forthwith appoint a receiver oi the premises covered hereby all and singu- lar, including all and singular the income, profits, issues, and revenues trom whatever source derived, each and every ot which, it being expressly understood, is hereby mortgaged as it specifically set to?th 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, ~ 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 vatue 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 shatl be applied by such receiver accord- 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 pa~t 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 tully ~ 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 tully and tompletely as if all of the said sums ot money were originally 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 satisiy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of the debt ~ not then due and unpaid. In such case the provisions of~this paragraph may again be availed oi thereafter irom time to time by 's ~ the Mortgagee. ~ ~ g~oK 307 oA~E 641 - _ ~ ~ . ~ . . ~ , ~ t. ""`y~ - ~ ' ~ - .,zs. . ~~~=:t~- I - c. •p*