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HomeMy WebLinkAbout0357 principal sum and accrued interest sliall becuriie due and payable w~tt~out notice at tl~e uption of tl?e I~older the~eot. And sh~tl duly, promptly, and tully perform, discharge, execute, e(fect, complete, and compty w~th and abide Ay eacli and every the stipu- lat~ons, agreements, conditions, and covenants oi said ~x~missory note and this ~nortgage, then tliis mortgage and the estate hereby created shall cease and be null and void. And the Mo~tgagors tuAher covenant as tollows: 1. That they will pay tt~e indebtedness, as liereinbetore provided. 2. That, in order more fully to protect the security of this moNgage, the MoAgagors, together with and in addition to, the monthly payments undcr the terms of any notes secured hereby, on the first day ot each montti until said note is tully paid, will pay to the Mortgagee the tollowing sums: ~ • (a) ~ts~41NC~1iKldcdti~JtltrlO~tXXYXDmi~6xl~~lixdtleibXloD~XODxOC9t~peve~rot~exooc9cKOHppc4ppx~Q~Mc9vxR9loElR7~7ekbN7E~11RklE~ ~RM~~J1~lk~X ~M(R'1tfER~Ef~74ll~P~~~~'1~'~R'1~1~R'~l~~k~~k~~'SEI~~~~~(R~~M)Q~OqCI~XX~lklt~(f~i- (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under any ~ote secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagon each month in a sin~te payment to be applied by the Mortgagee to the following items in the order set forth: I. Jfl[ipiX~il9i1t12llOtX160lXatl~Ofld~(i0ll~OlyQIH(~xK1I0G1f1lVfR0(XX II. Interest on the note secured hereby: and II1, AmoRization oi ihe principal ot said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mo~tgago?s prior to the due date ot the next such payment, constitute an event ot default under this mortgage. The Mortgagee may collect a"late charp,e" ~pX~~~p~p~xy~~~p~(~~~(~~(~~i(~f~lx)ttp~(OtI11K70~J(pK(~6Xldl~G~pellq~ to cover the extra ex- pense invotved in handling delinquent payme~ts. 3. That ii the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mo~tgagee, tor taxes and assessments and insurance premiums, as the case may be, such excess shall be credited by the Mortgagee on subsequent payme~ts to be made by the Mortgagors. Ii, 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 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 accordanct with the provisions oi the ~ote secured hereby, tuli payment of the entire indebtedness represented thereby, the Mo~tgagee shall, pay to the Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shatl be a default under any of the provisions ot this mortgage resulting in a public sale oi the premises covered hereby, or if the Mortgagee acquires the property otherwise aiter default, the MoRgagee shall apply, at the time of the commencement of such prceeedings or at the time the property is otherwise acquired, the balance then remaining in the iunds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining u~paid under said note. 4. That they will pay all taxes, assessments. water rates, and other governmental or municipal charges, tines, or imposi- tions, for 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 witl promptly detiver the official receipts theretore to the Mortgagee. ~ 5. That they will permit, commit, or suffer no waste, impairment, or deterioration oi 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 discretio~ it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payable, and shall bP 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 tees, and costs ot ~ abstracts of title, incurred or paid at any time by the Mortgagee because of the faiture on the part of the Mortgagors promptly ! 2~d fully to periorm the agreements and covenants of said promissory note and~this mortgage, and said. costs~~~iarges and ex- ~ penses shall be immediately due and payable and shall be secu~ed by th8 lien of'this~moRgage. . : 9. '~'~ill ~ ; 7. That they will keep the improvements now existing or hereafter erected~on the mortgaged properlyiinsured as may be ~ required from time to time by the Morigagee against loss by fire or otherhatArds, cesualties, and`t~o~ting~tltie~i~l~h amounts • and for 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 hereinbetore. All insura~ce shall be carried in companies epproved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form atceptable 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 irnmediatety 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 authorized and directed to make payment for ~ 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 of foteclosure 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 anii to any insurance policies ~n then in force shall pass to the purchaser or grantee. ~ 8. That the Mortgagee rray, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a reteiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, including all and singular the intome, profits, issues, and revenues trom whatever source derived, each and every of wfiich, it ~ being expressly unde?stood, is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses ~ hereof, and such receiver shall have all the braad and effective functions and powers in anywise entrusted by a court to a reFeiver, ~ and such appointment shall be made by such court as an admitted eyuity and a matter oi absolute right to said Mo~tgagee, and without reference to the ~dequacy or inadequacy ot the value of the p?operty mortgaged or to the solvency or insolvency of said - Mortgagors or the detendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ~ I ing to the lien of this mortgage and practice of such court. y 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 ~ ot 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 fully - performed; then in either or any such event, the said agg~egate 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 thereafter, at the option of said ; Mortgagee, as fulty and completety as if all of the said sums ot money were originally stiputated 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 ot said Mort- ` ~ gagee, without notice or demand, suit at law or in equity, may be prosecuted as if aIl moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payabte, and the said ~s premises shall be sold to satisfy artid pay the same together with costs, expenses, and allowances. In case5 of partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of 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. ~ ~ gC~~r 310 ~A1 ~ 357 .