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Home My WebLink About0851 , ~ ~ pnncipal sum and accrued interest shall become due and payaGle w~Uwut noUce at U~e opt~un ot the holder U~ereof. And si~all duly, promptty, and tully perlorm, discharRe, ezecute, eftect, cu~nplete. and com{,ly with and ab~de by each and every the st~pu• lations, agreements, cond~tions, and covenants of said pronussory nute and this moAgage, then this moAgage and the estate hereby created shall cease and be ~ull and vo~d. And the Mortgagors further covenant as lollows: 1. That they will pay ti~e indebtedness, as 1?ereinbetore provided. 2. That, in orde~ more tully to protett the security oi this mo~tgage, the Mortgagors, together w~th and in addition to, the monthly payments under the terms ol any notes secu~ed he~eby, on the t~rst day of each month until said note is fully paid. will pay to ihe Mortgagee the iollowing sums: (a) Jl~Oki(ItK+~KOW4idlX~lNOIt!(XX~O~?X761(~tfe~tl(OOx84IiJ07UI0(V(OlX9t#~CiQ00(9(~(Dd~?X9~10(9~XO1917E9ERR~(~k7lf~R~'JE.~ lix~6xdc~X~i~L ifd~d6ltdtlt~ltKdcii~it~~i *lE~[ii~l(~WUt~t~G1~1t ~OJf K l1f(9PxmtccetxxxlOOaCO~K l1x x4NCOrI11tiA~Nt 70719PDil~x~~lk~Aac~t9( ~~~cooobctlox~Mc~e~ (b) All payments mentioned in the preceding subsection of this paragrapli 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 following items ~n the order set foRh: 1. JOI~tXdpNNilqQll9iXOQ7i~WI1~f1Q0(~t]i17l~IlR~'1~9(R~7C1[DI~I(1C~ 11. Interest on the note secured hereby: and III, Amortization oi the printipal of said note. Any deticiency in the amount of such aggregate monthly payment shall, u~less made good by the Mortgagors prior to the due date of the nezt such payment, constitute an event ot default under this mortgage. The Mortgagee may cotlect a"late charge" not to exceed tvro cents (2C) for each dollar (s) oi each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the lNortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee, 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. If, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 p~eceding shall ~ot 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 betore the date when payment of such taxes, assessments, or insur. ance premiums shall be due. tf at any time the Mortgagors shall tender to the Mo~tgagee 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 all amounts then ~emaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions oi this mortgage resulling in a public sale of the premises covered hereby, or ii 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 atquired, the balance then remaining in the tunds accumulated under (a) oi paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they wi~l pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, or imposi- tions, tor which provision has not been made hereinbetore, and in default thereof, 1he Mortgagee may PaY the same and be secured by the lien of the mongage; and that they will promptly deliver the oiticial receipts theretore to the MoRgagee. 5. That they will permit, commit, or sufter no waste, impairment, or deterioration of said P~operty or any paK 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 thereoi, and the tult amou~t 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 tees, and costs of abstracts ot title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to pe~form the agreements and tovenants 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. 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- i ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee ~ and the poticies 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 teast 10 days priorto expiration of exist- f 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 promptty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be appiied 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 transfer of title to the mortgaged property in ex- 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 Mo~tgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereoi ~ tor the appointment of a receiver, and such court shall forthwith appoint a receiver of the prem.ises covered hereby all and singu- ~ lar, including all and singular ihe income, profits, issues, and revenues from whatever source derived, each and every of which, it ~ being expressly understood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses ; hereof, and such receiver shall have all the brosd and efiective functions and powers in anywise entrusted by a court to a receiver, ~ and such appaintment shall be made by such court as an admitted equity and a matter of abwlute right to said Mortgagee, and without ~eterence to the adequaq 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, protits, 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 event oi any breach of this mortgage or detault on the paR of the Mortgagors, or (b) in the event t at any ~ 9 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. promptly and tully ~ pe?tormed: 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 torthwith, or thereafte~, 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 MoR- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior 'G to its institution. The Mortgagee may toreclose 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 oi partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount ot 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. ~ ~ ~ ; z • 5 ?!,'`r ~3oV ~af ~ ~J~ ~ 9 _ ~ ~ . _ ~z ~r-., ~ ~ ~ t Y~~~~~Y~