Loading...
HomeMy WebLinkAbout0472 , pri~cipal sum and accrued interest st~all become due and payable w~thout notice at the opt~on of the hoider thereof. And shall duty, promptly, and (ully pe~form, discharge, execute, eftect, complete, and compty wilh a~d abide by each and every tt?o stipu- lations, agreements, conditions, and covenants ol said promissory note and this mortgage, tlien this mongage and tt~e estate hereby created shall cease and be null and void. And the Mortgagors iurther covenant as lollows: 1. That they will pay the indebtedness, as hereinbetore provided. ' 2. That, in order more fully to protect the secu~ity oi this mortgage, the Mortgago?s, together with and in addition to, the monthy payments unde~ the terms of any notes secured he~eby, on the first day o( each month until said note is fully paid, will pay to the Mortgagee the tollowing sums: (a) /t7ix9Q~lolt~dltllxoeR~1lOtp~bc*~AiRX1lOcltq~xlcoQt911(9iltk~tk71~AlFlt~ll9PJ~fl~liE~7l7RRYElpiF~Elc~1flP!!1llC~tlt~K~Rll~tlt~'ft9c K~•11it00(~llt~frlt~~X1Wtl~~ll+jyFl~l6i(~Or~~lfd(I~~K~KdIXOfdil~lNfAf 1i(96Jlil~100~O1~lt1(1(01~(000(ftle)p100~U11WQ10~K~6~1' dd~ttWl ~ ~ l(At Il00lt~lp( (b) 1111 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 single payment to be applied by the Mortgagee to the tollowing items in the order set foRh: i. ~ooe~c~uao~~muc~t~aeoox~ox~aoaouaouoo~xoaaac~oooxar~n II. Inte?est o~ the note secured hereby; and 111. Amortization of the prinCipal of said note. Any deticiency in the amount oi such aggregate monthy payment shall, unless made good by the Mortgagors prior to the due date oi the next wch payment, constitute an event oi default under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) for each dollar (i) oi each payment more than fifteen (15) days in arrears to cove~ the extra ex- pense involved in handling delinquent payments. 3. That ii the total of the payments made by the Mortgagors un~er (a) oi paragraph 2 preceding shall ezceed the amount of payments actualy made by the Mortgagee, tor taxes and assessments and insurance premiums. as the case may be, such ezcess 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 sufiicient to pay tazes 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 insur- ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors atl amounts then remaining in the tax and insurance esc~ow atcount 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 Mo?tgagee aoquires the property otherwise after defauR. the Mortgagee shall apply, at the time of the commencement of such proceedings or at the time the property is otherv~rise acquired, the balance then remaining in the tunds atcumulated under (a) of parag?aph 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, fines, or imposi- tions, for which provision has not been made hereinbetore, and in default thereof, the Mo~tgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, tommit, 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 tor the proper preservation thereof, and the tull amount of each and every such payment shall be immediatety 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 futly to perform 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 mongage. i 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 Iass by tire or other hazards, casualties, and contingencies in such amounts I ~ and for such periods as may be required by Mortgagee, and wil~ pay promptly, when due, any premiums on such insurance for pay- ~ ment of which provision has not been made hereinbefore. Alt insurance shall be carried in companies approved by Mortgagee ~ and the policies and renewals thereoi shall be held by Mortgagee and have attached thereto loss payable clauses in tavor of and ~ in torm acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at teast 10 days prior to expiration of exist- ing policy. In event of loss, they vrill give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss ii not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor such loss directy to Morigagee instead of to MoRgagors and Mortga8~ jointy, and the insurance prceeeds, or any paR 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 trans(er of title to the mortgaged property in ex- tinguishment oi the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurance policies then in torce shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appty to the court having jurisdiction thereot 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 from whatever source derived, each and every of which, it being ezpressly 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 eNective functions and powers in anywise entrusted by a couR 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 defe~dants, 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 couR. ~ 9. That (a) in the eveM of any breach of this mortgage or default on the paR of the Martgagors, or (b) in the event that any _ 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 duly, promptfy and fully x performed; then in either or any such event, the said aggregate sum mentioned in said note ther~ remaining unpaid, with interest ~ accrued to that time, and all moneys secured he~eby, shall become due and payaWe torthwith, or thereafter, at the option of said E Mortgagee, as fully 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 moRgage to the contrary notwithstanding: and thereupon or thereafte?, at the option of said MoR- ~ gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured he~eby had matured psior ~ 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 togethe~ with costs, expenses, and allowances. In cases of partial foreclosure ot 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 oi this paregraph may again be availed of thereafte~ from time to time by ~ the Mortgagee. ~ > r~ A ~ 3LC~~ JO9 'AL; 't7z - ~ ~ ` ~ _ _ ~ :F-=;.