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HomeMy WebLinkAbout1969 ' principal sum and accrued interest shall become due and payable without notice at the option of the holder thereol. And shall duty, promptly, and fully perform, discharge, execute, effect, complntote and this mortgage, he/n this mortgage and he estate lations, agreements, conditions, and covenants of said promissory hereby created shall cease and b0 null and void. ' And the Mortgagors turther covenant as follows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That. in order more fuly to protect the security_of this mortgage, the Mortgagors. together with and in addition two; ~ i mouthy payments under the terms o1 any notes secured hereby. on the lirst day of each month until said note ~ tuly pa pay to the Mortgagee the tollowing sums: abt~ewl~iciKOLtir4.aodvil>a~ (a) ~Medw~equd•1+•one.twelRM{IkIi.Z')e~rltre-prNw~-oaf' iYi?e we+rt~ow ~RwRBaged.pr~~lalLasasti• fiszerd• insane neet.~eeerirrg~ h~Rrortaer6'ed pppertyti~lustexes ~i ~eseesrwwK nteteet"~bfrtt+e'M~Ba~- i (b) All payments mentioned in the proceding subsection 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 I single payment to be applied by the Mortgagee to the following items in the order set forth: i 1. Te~reeraweesmewtrs*f"erad+~iaoce.preatiur>as:- ` j II. Interest on the note secured heroby; and f III, Amortization of the principal of said note. ( € Any deficiency in the amount of such aggregate mouthy payment shall. unless made good by the Mortgagors Prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" not to exceed two cents (2t) for each dollar of each payment moro than fifteen (15) days in arrears to cover the extra ex- ~ pence involved in handling delinquent payments. I 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount ~ of payments actualy made by the Mortgagee. for taxes and assessments and insurance premiums, as the case may be. such the mouthy pay excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however. mauls made by the Mortgagors under (a) of 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 Mortgagors 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 incur- ance premiums shalt be due. If at sny time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. lull 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 of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default. the Mortgagee shall 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 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 all taxes, assessments, water rates, and other governmental or municipal charges.the same nd be t lions. for which provision has not been made hereinbefore, and in default thereof, the Mortgagee maY PaY ~ secured by the lien of the mprtgage• and that they will prompty 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 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 lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the taiiure on the part of the Mortgagors promptly and fuly to perform the agreements and covenants of said promissory note and this mortgage. and said costs, charges and ex- i s pauses shall be immediatey due and payable and shall be secured by the lien of this mortgage. 7. That they will keep the improvements rww existing or hereafter erected on the rru~rtgaged DroPerh? insured as maybe required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts . s I and for such periods as may be required by Mortgagee, and will pay Prompty, when due, any premiums on such insurance for pay- ment 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 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 prompty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such loss direcey to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurerce 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 on ex- pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged Property • 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 thereol for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu• tar, including'all and singular the income, profits, issues, and revenues from whatever source. derived, each and every of which, it being expressy 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, and such appointment shall be made ny 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 evert 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 promptly and fury paid without demand or notice, or (c) in the event that each °F and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully ; performed: then in either or any such event. the said aggregate sum mentioned in said note then remaining unpaid, with interest j ~ accrued to that time, and all moneys secured heretsy. shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of 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 toad 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 cases 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 case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. Ok A 5C~!! 3U7 r'~GE19~ ~ . ! 6~ . Z ,yr. _ x ~