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HomeMy WebLinkAbout0697 ~ i . , principal sum and accrued i~terest shall become due and payable w~thout notice at the option of tl~e holcler ttiere.~f. A~d shall duly, promptty, and tully perform, discha~ge, execute, etfect, complete, and compiy v~nth and ab~de by each and every the stipu- lations, agreements, conditions, and covenants ot said promissory note and this mortgage, then this mortgage and the estate hereby c~eated shall cease and be null and void. And the Mortgagors further covenant as tollows: 1. That they will pay the indebtedness, as hereinbetore provided. ; 2. That, in o~der more tully to protect the security of this mortgage, ihe Mortgagors, together with and in addition to, the monthly payments under the terms of any notes secured hereby, on the tirs/ day of each rnonth until said note is tully paid, will + pay to the Mortgagee the tollowing sums: ~ # (a) .A.a~+~~.~uaL.fo..on¢.t~roJti4{1~i2~otit~e.pro~.:...••~ •~°t~rill~ert.~e~w+~~~~and-payaWa.~apdiciesoiti~eaod.o2her { t~~e~i wn~aw~e~ov~e~w~tM~me~taaeed ~s~pl~t~a~~dat~saaavae a~et slo~ aa~tre ~S~d ~~dt ss sat4 : snata~d.~.ttw.~orleagee~ ~ (b) All payments mentioned in ihe preceding subsection oi this paragraph and atl payments to be made under any note j secured hereby shall be added toQether and the aggregate amount thereof shall be paid by the Mortgagors each month in a ' singie payment to be applied by the Mortgagee to the following items in the order set torth: - ' I. ~okesrsessasaewlsriirera~dfietar'di~»uranesp~ew~inrwr 11. Interest on the note secured hereby: and ` I11. Amortization oi the principal oi said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgagors prior to the due ~ date of the next such payment, constitute an event oi de(ault under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2C) for each dolla? (s) of each payment more than fifteen (15) days in arrears to cover the extra ez- pense involved in handling delinquent payme~ts. 3. 7hat ii the total oi the payments made by the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount oi 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 preceding shall not be sutiicient to pay taxes and assessments and in- surance p~emiums, 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 shatl be due. If at any time the Mortgagors shall tender to the MoAgagee in accordance with the provisions of the note secured hereby, full payment ot the entire indebtedness ?epresented thereby, the Mortgagee shall, pay to the Mo~tgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. ti there shall be a default under any of the provisions oi this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after defauft. 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 unde~ (a) of paragraph 2 preceding as a credit against the amount of principat 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 hereinbetore, and in default thereof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they wilt promptly del~ve~ the ofiicial receipts therefore to the Mortgagee. 5. That they witl permit, commit, or suNer no waste, impairment, or deterioration of said p~operty or any part thereof; and in the event ot the faiture 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 full amount of each and every such payment shall be immediatety 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 laveyer's tees, and costs of abstracts of titte, incurred or paid at any time by the Mortgagee because of the tailure on the part of the Mortgagors promptly and fully 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. j 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may bs j required from time to time by the Mortgagee against loss by fire or other hazards, casu~~ties, and contingencies in such amounts ( and for such periods as may be required by Mortgagee, and will pay promptly, when Aue. any premiums on such insurarice for pay- i me~t of which provision has not been made hereinbetore. All insurance shall be carried in companies 8pproved by Mortgagee ! and the poticies and renewals thereof shall be hetd 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 prio~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 prompxly 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 Mo~tgagee jointly, and the insurance proceeds, or any paR thereoi, 3 mey be applied by Mortgagee at its option either to ihe reductio~ oi the indebtedness hereby secured or to the restoration or re- € pairs oi the property damaged. In event of 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-iuand 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 thereoi ~ for the appointment of a receiver, and such court shall forthwith 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 ~ being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clausas ~ 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 equiry and a matter of absolute 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 reve~ues shatl be applied by such receiver accord- ing to the lien of this mortgage and practice of such court. ~ 9. That (a) in the event oi any breach ot this mortgage or default on the part of the Mortgagors, or (b) in the event that any ~ of said sums oi 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 tuily ~ 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 becoma due and payable foRhwith, or thereafter, at the aption of said i 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 Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if al! moneys secured hereby had matured prior ~ to its institution. The Mortgagee may iorectose this mo~tgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisiy and pay the same together rrith costs, expenses, and allowances. In cases of partial toreclosure oi this mortgage, the moAgaged premises shall be wld subject to the continuing lien oi this mortgage tor the amount oi the debt ~ not then due ~nd unpaid. In such case the provisions of this paragraph may again be availed oi thereafter irom time to time by ~ the Mortgagee. ~ s i ~ ~S~J ~j~ ( ~~'~r `:.1,~ Ll•J~ ~ _ ~