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HomeMy WebLinkAbout0053 , ' ; . : ~ 4 pri~cipal sum and acuued interest shall become due and payable without notice at the option ot tl~e holder the~eot. And shall duly, promptiy, and fuly pe~form, discharge, exe~ute, effect, completa, and comply with and abide by each and every ihe stipu- lations, agreements, conditions, and covenants of said promissory note and this mortgage, then this mortgage and the estate he~eby created shall cease and be null and void. : And the Mortgagors turther covenant as follows: 1. That they will pay the indebtedness, as herejnbetore provided. 2. That, in order more tully to protect the security of this mortgage, ihe Mortgagors, together with and in addition to, the monthy payments under tha terms oi any notes secured hereby, on the fi?st day oi each month until said note is fully paid, wil! pay to the Mortgagee the tollowing sums: (a) ~su¢wc~isl-te-a~e~w~iitN{~f12}~f.the-p~«niw~wtba~-WiB+w~t.b~a~~ ° a..~ s°a.wW~iW~ciesoLtil~~adDthCG ' ~asasc4iAwranca.cowrir+g~~oa~ae~p~~ty.~++c~ax~ec~d~zsessru~entsasxidueaut~.arod~aQed~t~e~x1~ll~~tL s +neted~r-the#~Iorl~a~ce)•~ • ' ; (b) All payments mentioned in the preceding subsection oi 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 MoRgagee to the foltowing items in 1he order set torth: ' ; 1. Taxe~s.~assessene~As.ihe.-end~hszardinsnne++es~pro~+iumr. ~ 11. Interest on the note secured hereby; and III. Amortization of the principnl oi said note. # Any deficiency in the amount of such sggregate monthly psyment shall, unless made good by the Mortgagors prior to the due ~ date of the next such payment, constitute an event oi detault under this mortgage. The Mortgagee may collect a"late charge" ~ not to exceed two cents (2~) for each dolla~ of each payment more than fifteen (15) dsys in arrears to cover the extra ez• { pense involved in handling delinquent payments. ~ 3. That if the total of the payments made by the Mortgagors under (a) of parag~aph 2 preceding shall exceed the amount of payments actualy made by the Mortgagee. fo~ taxes and assessments and insurance premiums, as the case may be. such excess shall be credited by the Mortgagee on subsequent paymeots to be made by the MoKgagors. Ii, howeve~. the monthy pay- . ments made by the Mortgago~s under (a) of paragraph 2 preceding shalt not be su~cient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shatl become due and payable, then the Mortgagors shall pay to the Mort- ~ gagee any amount necessary to make up the deticiency, on or before the date when payment pt such taxes, assessments. or insur- t ance. premiums shall be due. Ii at any time the Mortgagors shall tender to the Mortgagee in accordance with the p~ovisions of the . note secured hereby. tull 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. Ii there shall be a default under any of the provisio~s of this mortgage resulting in a public sale of the premises covered hereby. or it the Mortgagee aequires the property otherwise afte~ defauR, 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) oi paragraph 2 precediag t as a tredit against ihe amount of principal then remaining unpaid under said note. ~ 4. That they wilf•pay all taxes, assessments, water rates, and otber governmental or municipal charges, fines. or imposi- i tions, for whkh 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 officiat 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 faiture o( ihe 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 shalt be secured by the lien oi this mortgage. 6. That they will pay all and singular the casts, charges. and expenses, including reasonable lawyers fees, and costs oi ~abstracts oi title, incurred or paid at any time by the Mortgagee bewuse of the failure on the part of the Mortgagors promptly and fully to periorm the agreements and cove~ants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediatey due and. payable and shall be setured by the tien of thls mortgage. j 7. That they will keep the improvemeots now existing or hereafter erected on the mortgaged property insured as may t;2 ~equired from time to time by the Mortgagee against loss by fire or other hazards, wsualties, and contingencies in such amounts ' and tor 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 shatl be carried in companies approved by Mortgagee j ' 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 promptly by Mortgagors, and each insurance company concemed is'hereby authorized and directed to make payment for ? ~ such loss directly to Mortgagee instead oi to Mortgagors and MortgaBee jointy, and the insurance proceeds, 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 ev~nt ot foreclosure of this mortgage or other transier 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. ~ a f 8. That the Mortgagee 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 fo~thwith appoint a receiver oi the premises covered hereby all and singu- ~ lar, including all and singular the income. profits, issues, and revenues irom whatever source derived, each and every of which, it g being ezpressly unde?stood, is hereby mortgaged as it specificaly set fonh and described in the granting and habendum clauses t hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a court to a receiver, ~ and such appointment shal! be made by such court as an admitted equity an~ a matte~ of absolute right to said Mortgagee, and ' without reference to the adequaq or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said = i Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shail be applied by such receiver accord• s ing to the lien of this mortgage and practice of such couR. ~ 9. That (a) in the event of any brcach of this mortgage or defauk on the part of the Mortgagors, or (b) in the event that any _ of said soms of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event tbat each = ` and every the stipulations, agreements, conditions and covenants oi said note and this mortgage, are not duly, promptly and tully % performed; then in either or any such event. the said aggregate sum meniioned in said note then remaining unpaid. with interest F accrued to that time, and all moneys secured hereby, shall become due and payable torthwith, or theres~ •er, at the option of said Mortgagee, as fully and wmpletely as if all of the said sums of money +vere originaly stipulated to be paid on such day, any- s thing in said note or in this moRgage to the contrary notwithstanding; and thereupon or thereaRe~, 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 had matured prior ~ to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable. and the said ~ premises shell be sold to satisfy and pay the same together with costs, ex~,enses, and allowances. In cases of partial toreclosure 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 thereatter from time to time by ~ ~ the Mortgagee. ~ ~ ~ c t ~ 310 a~~: 53 : . ~ ~