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HomeMy WebLinkAbout0404 a . principal sum and accrued interest shall become due and payable wdhout not~ce at 1he opt~on ot the holder thereot. And shafl duly, promptly, and fully pe~torm, discharge, execute, ettect, complete, and comply w~th and ab~de by each and every the 'stipu• lations, agreements, cond~tions, and covenants of said promissory note and th~s m~.~gage, then this mo~tgage and llie estate hereby created shall cease and be null and void. And the Mortgagors turthe? covenant as follows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in orde~ more tulty to protect the security oi this mortgage, the Mortgagors, together with and in addition to, the monthly payments under the terms of any notes secu~ed hereAy, on the f~rst day of each month until said note is tully paid, will pay to the Mortgagee the tollowing sums: ~'~x~~ ~K~~~~~~~~'~~~X~ ~~~~~~X~~~~~~F~~~~~;1~7~ ~x~~~c~a~cxn~cax~~ox ~ (b) All payments mentioned in the preCeding 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 singte payment to be applied by the Mortgagee to the following items in the order set forth: I. 7Wt~(JilL~QlWti(AtJC9(JG~4~(IINQI(iQ911dWOf0~tf(OpC%~9(ROIR{K: . II. Interest oo the note secu~ed hereby: and 111: Amortization oi the principal oi said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due date of the aext such payment..constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" OQcftxi(72~Odt~E~ 7iNf4CX,9ti[9(~XOtX~A1t0i)O)f~tX~XKO(6HCK ~OOIfO)Iqlt)O(Oqt J~bW(9(4~1~7! X~~X~lf7~ 7QXA~X9l~(~9(A9rR'k3f'~EX91`SFRIE~' ~cuceckw~ wick~o4~k~o~cd~~aco~x~ouo~ec~c to cover the extra expense involved in handling delinquent P~~nTPfat if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall ezceed the amount of payments actually made by the Mottgagee, 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. Ii, however, the rrsonthly pay ments made by the Mo~tgagors under (a) of paragraph 2 preceding shell not be sufficient to pay tazes and assessments and in- surance p~emiums. 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 oi such taxes, assessments, or insur- ance premiums shall be due. If at any time the Mortgagors sh~1f ge1S6d149'tKB~Mp~t~ c~rdance with the provisions of the note secured hereby, tull payment of the entire indebtedness represented ther~f~y/~ Jth~~e~~ll. paY to the Mortgagbrs all amounts then remaining in the tax and insurance escrow account held in conneE~eM'~i~t~s loan. Ii there shall be a default under any oi the provisions oi this mortgage resulting in a public sale of the premisl3 c4~e~~e or if the Mortgagee acquires the p?operty othervvise after detault, the Mortgagee shall apply, at the time of the commenceme~~~ proceedings or at the time the property is otherwise acquired, the batance then remaining in the funds accumulatedbridif ~(~aBraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. ~ ~ ' ,^f•: 4. That they will pay all taxes, assessments, water rates, and other governmental o~ 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 offici~l 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, tlie Mortgagee may make such repairs as in its discretion it may deem necessary tor 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 tien of this mortgage. 6. That they will pay all and singular the costs, charges, and expenses, including reaso~able lawyer's fees, and costs oi abstracts oi title, incurred or paid at any time by the Mortgagee because of the tailure on the {iart of the Mortgagors promptly ' and tulty to perform the ag~eements and covenants of said pro~rnissory note and this mortgage, and said costs, charges and ex- penses shall be immediately due and payable and shall be secured by Lhe lien of this mortgage. f 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be required 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, 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 prooi of loss if not ~ made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor such toss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance praceeds, or any part thereof, s may be applied by Morigagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- ~ pairs of the prope[ty damaged. In event of foreclosure oi this mortgage or othe~ transier of title to the mortgaged property in ex- ? tinguishment ot the indeotedness 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, apply to the court having jurisdiction thereoi for the appointment of a receiver, and such court shall forthwith appoint a re=eiver 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 ahd habendum clauses s hereof, and such receiver shall have all the broad and effective functions and powe?s 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 absotute right to said Mortgagee, and ti without reference to the adequacy or inadequacy of the value of the property moRgaged 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 praciice of such court. - 9. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, oc (b) in the event that any - of said sums of money herein reterred 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 oi said note and this mortgage. are not duly, promptly and fully ; per~ormed; 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 fu:ly 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 thereatter, at the option ot said Mort- ~ gagee, without notice or demand, suit at law or in equiry, 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 satisfy and pay the same together with costs, expenses, and allowances. In cases of partial toreclosure of th~s 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 irom time to time by the Mortgagee. - `'s3 a S f~ ~ ~ . ~~~`~3U8 404 ~ ~ ~ ~ . _ ~ ~ ~ ~ .~s.k.c~~.ssrnrs;: a . - - .-rr~'w~.`-