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HomeMy WebLinkAbout0758 . : . _ . , t'~, j . principal sum and acc?ued iote~est shali become due and payable wlthout notice at the option of the holder thereof. And shall duly. promptly, and tully pe~fo~m, discharge, execute, etlect, complete, and comply with and abide by each and every the stipu• lations, agreements, co~ditions, s~d covena~ts of said promissory note snd this mo~tgage, then this moAgage and the estate he~eby c~eated shall cease and be nuli and void. Md the Mo~tgagon tunher cove~snt as tollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That. tn order more fully to p~otect the security of this mortgage, the Mortgagon, together with and in addition to, the monthly payments under the terms oi any notes secured hereby, on the first day oi each month until said note is fully paid, will ' pay to the Mortgagee the tollowing sums: (a) I4wa+qwlioo~w•twelfY~.EU~~.tpa~?iaaaiuwcil~at~ilLosrtb~os+r~e-dr~~wi*s~w~Nowiwlicioa.d.tiw.ancLattiv haiardinsaratt~e to~eein~ths~norl~aR~ed'Pr'~PeT~s'Pb~texerand-aes~esw~eMs +~~6~-P~oP~til~~ aS ~siti• mated ~ t1+e~Mvetae~ee~, . , (b) All payments mentioned in the preceding subsection of this pa~agraph and all payments to be made under any note secured hereby shall be added together and the aggregata amount thereof shall be paid by the Mo?tgagors each month in a single payment to be applied by the Mortgagee to the folbwing items in the order set fo~th: 1. Texe>.a»e~xwe~k~ii~wawi ~s}-_ . 11. Interest on the note secured hereby; and 111. Amortization of the principal of saW note. . _ Any deticiency in the amount of such sggregate monthy payment shall, unless made good Dy the Mortgagon p~ior to the due date of the next such payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2t) for each dollar of each paymeM more than fifteen (15) days in anears to cover the eztra ex- pense involved in handiing delinque~t payments. _ 3. That if the total ot the psyments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payrneots actually made by the Mortgagee. tor taxes and assessments and insurante premiums. as the case may be. such excess shall be credited by the Mortgagee o~ 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 sufficient to pay taxes and assessments and in- surance premiums, as the case may be. when the same shall become due and payabte. then the MoRgagors shall pay to the Mo~t- gagee any amount necessary to make up the de~ciency, on or before the date when payment oi such taxes. assessments, or insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mo~tgagee in accordance rrith the provisions oi the note secured hereby, tull paymeM of the entire indebtedness represented thereby, the Mortgagee shall. pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account held in connectioo with this loan. Ii there shalt be a defauR . under any of the provisions of this mortgage resulting in a puWic sale oi the premises cove?ed hereby. or ii the Mortgagee aoquires the property otherwise after default. the Mortgagee shall apply. at the time oi the commencement of such proceedings or at the , time the property is othenvise acquired. the balance then rcmaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount oi principal then remaining unpaid under said note. 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 thereot, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will prompty deliver the official receipts theretore to the Mortgagee. 5. That they will permit. commit, or suffer no waste, impairment, or deterioration of said property or any paR thereof; a~d 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 thereoi, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the Iien of this mo~tgage. • - 6. That they will pay all and singular the costs, charges. and expenses, including reasonaWe 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 prompty and tully to perfonn 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. I 7. That they will keep the improvements now existing or hereafter erected on the mo~tgaged property insured as may be ' required irom time to time by the Mortgagee against loss by ~re or other hazards, casualties, and contingencies in such amounts ~ and for such periods as may be required by Mortgagee, and will pay prompUy. when due, any premiums on such insurance for pay- ~ ment oi which p~ovision 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 oi and in form acceptable to the Mortgagee. Renewal poticies 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 concemed is hereby authorized and directed to make payment for ~ such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance proceeds, or any part thereof, ~ may be applied by Mortgagee at its optio~ either to the reduction oi the indebtedness hereby secured or to the restoration or re- ~ p p perty damaged. In event of foreclosure of this mortgage or other transier of title to the mortgaged Property in ex- ~ airs of the ro tinguishment of the indebtedness secured hereby, all rigM, 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 thereof ` for the appointment of a receiver, and such court shall fohhwith appoint a receiver of the premises cove~ed 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 specificaly set torth and described in the granting and habendum clauses k ~ hereof, and such receiver shatl have all the broad and effective ~unctions and powers in anywise entrusted by a court to a receiver, and such appointment shalf be made by such court as an admitted equity and a matter of absolute right to said Mo~tgagee, and ~ without reference to the adequacy o~ inadequacy of the value of the property mortgaged or to the solvency or insotvency 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 everrt of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the eveM that any 2 of said sums of mortey 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 duy. prompty and fully ~ performed; then in either or any such evewt, the said aggregate sum mentioned in said note then remaining unpaid, with inte~est ; accrued to that time, and all moneys secured hereby, shall become due and payable fortharith, or thereafter, at the option of said 3 Mortgagee, as fully and completely as if all of the said sums of money were Qriginally 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 it all moneys secured hereby had matured prior ~ to its institution. The Mongagee 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 paRial 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 thereaRer from time to time by ~ the Mortgagee. ~ r ~ g00K JVO PAGE. / vp , ~ . , ~ ~ i - ~ - _ : ~ - ~<s ~ ~;'.r?'~"-~*u~ ~~'"v.y~~"a~ . ~ _