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HomeMy WebLinkAbout0345 principal sum and accrued interest sliall become due and payable w~lhout noticc at the option ot the t~older thereof. ~1nd shall duly, promptly, and tuily perform, disct~arge, ezecute, etlect, coi»plete, and co~nply with and aAide by eatli and every the stipu- lations, agreernents, conditions, and covenants of said promissory note and this rnortgage, then this moNgage and tlie estate he~eby created sfiall cease and be null and void. And the Alortgagors turther covenant as tollows: 1. That they will pay the indebtedness, as hereinbefore p~ovided. 2. That, in order more (ully to proteCt the security oi this mo~teage, the Mo?tgagors, together with and in addition to. the ~ monthly payments under the terms ot any notes secured hereby, on tf~e fust day of each month until said note is tully paid. will pay to the Mortgagee the tollowing sums: ' (a) ~Nd1Q~fXMi~MK1cKOpC~ptiWqtXXlW~IOX~QlHt017t4o1cK~c1~1~4Q191lX94~fR9(x9(f~4l91~10~PX~9c91')cR9t'~9ERRk3l9E~'S~R~Ek ~ x~t~cacldc~xd~xdbx~x~tlcacx~~t~x~?1~W~+t~x~e~ox~o~t~ettilxatxx~~eoaaD~~c~oxx0~tornoKlca~tNx~avtxxxX~dk~c~atDc ~o~tl~ec~cOoocOtqt~~OpcOo~aqe~ ~ i (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 toRether and the aggregate amount thereoi 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 forth: i. xx~exa~~xoexaxoaezat~l~axar~l~o,~mroc~,ciac~cx t II. Interest on the note secured hereby; and 111. Amonization oi the principal ot said note. . Any deficiency in the amount oi such aggregate monthly payment shall, untess made good Dy the Mortgagors prior to the due date oi the next such payment, constitute an event ot detault under this mortgage. Tt~e Mortgagee may collect a"late cha~ge" not to exceed two cents (2~).tor each dollar of each payment more than fifteen (15) days in arrears to cove~ the extra ex- pense involved in handling delinquent payments. 3. That it the total of the payments made by the Mo~tgagors under (a) of paragraph 2 preceding shall exceed the amount ot payments actually made by the Mortgagee, for 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 Mortgago?s. If, hovrever, the monthly pay- me~ts made by the Mortgagors under (a) oi paragraph 2 preceding shall not be suNicient 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 MoR- 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. tf at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions oi the note secured hereby. tull payment of the entire indebtedness represented thereby, the Mortgagee ahall, pay to the Mortgagors all amounts then remaining in the taz and insurance escrow account held in connection with this loan. If there shall be a default under any oi the provisions of this mortgage re5ulting in a pubtic sale Of the premises covered hereby, or if 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 acquired, the balance then remaining in the funds accumulated under (a) of paragraph 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 governmentat or municipal charges, fines, or imposi- tions, tor which provision has not been made hereinbefore, and in detault thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the oi(icial receipts therefore to the Mortgagee. 5.. That they will permit, commit, or sufier no waste, impairment, or deterioration oi said property or any part thereof; and in the event of the tailure of the MortgaQo?s to keep the buildings or said premises and those to be erecte~i 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 lhereof. ~nd the full amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien of this mortgage. I 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of ~ abstracts oi title, incurred or paid at any time hy the Mortgagee because of the failure on the part of the Mortgagars promptly ( and fully to pertorm the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- j 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 toss by fire or other hazards, casualties, and contingencies in such amounts j and for such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance for pay- 4 ment of which provision has not been made hereiobefore. All insurante shall be ca~ried in companies approved by Mortgagee ~ and the policies and renewals thereof shall be held by Mortgagee and have attached the~eto 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 concerned is hereby authorited 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 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 oi foreclosure of this mortgage or other transfer of title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured hereby, all ri~ht, titte and interest oi 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 thereot ~ tor the appointment of a receiver, and such coun shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the income, protits, issues, and revenues irom whatever source derived, each and every ot which, it ~ being expressly 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 efiective functions and powers 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 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 Mortgagors or the detendants, and that such rents, protits, income, issues and re~enues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such court. 5 9_ That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that any ~ of said sums of money herein referred to be not promptly and fuily 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 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 atl moneys secured hereby, shall become due and payaWe torthwith, or thereafter, at the option of said ~ Mortgagee, as fully and compfetely as ~f all of the said syms 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 Mort- ~ eagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior „E; ~ ° 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 of partial foreclosure ~ - ot th~s mortgage, the mortgaged premises shalf be sold subject to the continuing lien of this mortgage for the amount of the debt r ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed oi thereafter irom time to time by . ~ the Mortgagee. . ~ ~ gU~r •J~O ~ai= 345 - ~ ~ ~