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HomeMy WebLinkAbout0679 • principal sum and accrued ~nterest shaU become due and payable wdhout natice at the option ot the halde~ thereof And shall duly, promptly, and (ully periorm, discharge, execute, etfect, camplete. and con~ply wdh and abide Ay each and every the stipu- lat~ons, agreements. conditions, and covenants ot said promissory note and th~s mortgage, then tl~is nco~tgage and tlie estate hereby created shalt cease and be null and void. And the Mortgagors further covenant as tollows: 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in order more futly to protect the security of this mortgage, tl~e Mortgagors, together w:th and in addition to, the monthly payments unde~ the terms of any notes secured hereby, on the t~rst day oi each month until said note is fully paid, wilt pay to the Mortgagee the follovring sums: (a) ~Atxxotxow~dt~avt~c4t~eit9rx0iX~A~1~ptX4tecx~Iliwx~cftlpkxht~tlc~9ER7~R!lft7~it9~1t4AY~~RRRRR~fHP~~~tfPx3i~~HtS~Af ~z~c~i~xx~~t9csAt~tx~~~~txomcacOt~olx~t0oxo~c~cx~~t~r~s~4txa~xqt~t~x~kf~~c~x~c9c~w~~oxfoo~c4[~dnltxx~~qc xiciuwc lt~c 1tf ~o~too~0i~t+r~1 • (b) All payments mentioned in the preceding subsection of this paragraph and atl payments to be made unde? any note secured hereby shall be added together and the aggregate amount thereot shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the following items m the order set torth: I. ~QXOt,Xlt9~Jl~bl~fflE~!(dld(Of~tlI1~IK~lOtOiftlL~ltdC~ll~d0lt II. Interest on the note secured hereby; and III. Amortization of the principa{ of said note. ~ Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgago?s prior to the due date o( the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a"late charge" r~(7W(1tiF~1(d(1Wd(O~a10~(Q~x7Htl~liiaf(~ILXJ~~Xat)(eliltA(~~lm6~Elfifi~]{xlEt~lilt~)(fi~(K~l(~UlfeliltsXto cover the extra ez- pense involved in handling delinquent payments. - 3. That if the total oi the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments actually m~de 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 Mortgagors- If, 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 deticiency, on or before the date whe~ payment of such taxes, assessme~ts, 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, tull payment of the entire indebtedness represented thereby, the Mortgagee shaU, pay to the Mo~tgagors all amounts then remaining in the tax aod insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions ot this mortgage resulting in a public sale of the premises cove~ed hereby, or if the Mortgagee acquires the property othervrise after default, the Mortgagee shall apply, at the time oi the commencement of such proceedings or at the time the property is othenvise acquired, the balance then remaining in the tunds 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 governmental or municipal charges, fines, or imposi- tions, for which provision has not been made hereinbefore. and in default thereoi, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly del?ver the of(icial receipts theretore to the Mo~tgagee. 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 failure of the Mortgaqors 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 tull amount of each and every such payment shall be immediately due and payable, and shall be secured by the lien oi this mortgage. 6. That they will pay all and si~~gular 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 faiture on the pa?t of the Mortgagors promptly and ful~y 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 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 i and tor such periods as may be required by Mortgagee, and vrill pay promptly, when due, any premiums on such insurance for pay- ~ ment of which provision has not been made hereinbefore. All insurance shall be carried in companies approved 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 forrn 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 cancerned is hereby authorized and directed to make payment tor ~ such loss directly to Mortgagee instead o( 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- ~ pa~rs 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, alI righi, 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 Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereot ~ for the appointment of a receiver, and such caurt shall forthwith appoint a receiver of the premises covered hereby all and singu- ~ lar, inctuding all and singular the income, profits, issues, and revenues from whatever so~~rce derived, each and every of which, it ~ being axpressly u~derstood, 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 effective 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 oi absofute 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 detendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ing to the Iien oi this mortgage and practice of such couR. , 9. That (a) in the event of any breach of this mortgage or default on the pa?t of the Mortgagors, or (b) in the event that any ; of said sums of money herein reierred to be not promptly and fully paid without demand or notice, or (c) in the event that each ~ and every the stipulations, agreements, condilions and covenants of said note and this mortgage, are not duty, promptly and tully - performed: 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 foRhwith, or thereafter, at the option of said ' Mortgagee, as fully and completely as if all oi the said sums of money were originally stipulated to be paid on such day, any - " thing in sa~d note or in this mortgage to the contrary notwithstanding: and thereupon or thereafter, at the option oi 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 M.ortgagee may fo~eclose this mortgage, a5 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 altowances. In cases of pa~tial toreclosure ~ of this mortgage, the mortgaged premises shall be sold subject to the cantinuing 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 o( thereafter irom time to time by ~ the Mortgagee. ~ . ~ ~ 2 r ` , . . e~~'~~310 ~A(,' ~~~7 ~ s