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Home My WebLink About0736 ~ ~ L . , i principai sum and acc?ued interest shall become due and payable wilhaut notice at the option ot ihe hotde? thereoi. And shall duly, promptly, a~d fully pe~torm, dischsrge, execute, ettect, complete, and comply with and abide by each and every the stipu• lations, agreements, conditions, and cove~ants ot said promissory nole and this mongage, ihen this mo~tgage and the estate , hereby created shall cease a~d, be nutl and void. f And the Mortgagon fuRher covenant as iollows: 1. That they will pay the indebtedness, as hereinbefore provided. ~ r 2. That. in oMer more tutly to protect the security of this mortgage, the Mortgagors, togethe? with and in addition to, the ~ monthly payments under ths terms of any notes secured hereDy, on the first day oi each.month until said note is lully paid, will pay to the Mortgagee the following sums: 3 (e) ~9clrot~leit~Wtx9t~R9c1~ff1tltf~tk~ocot~kx~~i~7l~c~l~k~t9~JthlPlt~'~E~EhlRRSt#R~Q~~hl~@R~PR ~ ~ f 4PR~il~7l+)Wi01~(9ii9U(9NtN00i(OOOt7C0~If01M~01~t10Dil~4XOOll!(tAlt1~(70KlWt,X1~5%Idl1(0~ x t rfWtlldli~(~1E~Mi~i~j,UUi,. ~ (b) Atl payments mentioned in the preceding subsection of this paragraph and all payme~ts to be made under any note = t secured h8reby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in s , single payment to be applied by the Mortgagee to the Pollowing items in the order set torth: ; ~ ~p1El~1(~~~l~7l~l(~9(~~A~(~ldQll~lK~tlFftJPll9(4~lI9Q71'r i ~ II. Interest on the note secured hereby: and - ~ 111. Amortization oi the printipal of said note. ; Any deiiciency in the amount of such sgg~gate monthy payment shall, unless made good by the Mortgagors prior to the due ~ t date of the next such payment, constitute an event of detault under this mortgage. The Mortgagee may collect a"late charge" oot to exceed two cents (2t) for each dollar of each payment more than fifteen (15) days in arrears to cover the extra ex- pense involved i~ handling delinquent payments. ~ 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preced+ng shall exceed the amount ot Fayments 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 Mongagors. If, however, the monthly pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufticient to pay taxes a~d 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, assess,ments, or insur- ance premiums shall be due. If at any time the Mortgagors shall ~ender to the Mortgagee in accordance with the provisions oi the note secured hereby, full payment oi the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then remainiog in the tax and insurance estrow account held in connection with this loan. If there shall be a detauR under any of the provisions of this mortgage resulting in a public sate oi the premises covered hereby. or if the Mortgagee acquires 4 the property otherwise aker defauR. the Mortgagee shall apply. at the time ot the commencement of such proceedings or at the ' ; time the property is otherwise acquired, the balance then remaining in the (unds accumulated under (a) of paragraph 2 preceding ! as a credit against the amount oi principal then- remaining unpaid under said note. ' : 4. That they will pay atl tazes, assessments, water rates. and other governmental or munitipal charges, tines, or imposi- ~ tions, for which. provision has not been made hereinbeiore, and i~ deiault tAereof, the Mortgagee may pay the same and be s secured by the lien of the mortgage; and that they will prompty deliver the official receipts therefore to the Mortgagee. 5. That they will pe~mit, commit, or sufier no waste, impairment, or deterioration of said property or any part thereot; and ' in the event oi the tailure of the Mortgago?s to keep the buildings o~ said premises and those to be e~ected on said premises, or improvements thereon, in good repair, the' Mortgagee may make such repairs as in its diuretion it may deem necessary for the - proper presenration thereof, and the full amount oi each and every such payment shall be immediately due and payaWe, and ' shall be secured by the lien of this mortgage. 6. That they will pay atl and singular the costs, charges, and expenses, including reasonable lawyers Tees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the tailure on the paR of the Mortgagors promptly and fully to pertorm the agreements and covenants of said promissory note and this mortgage. and seid costs, charges and ex- i penses shall be immediately due and payable and shall be secured by the lien ot this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as m0y be ~ required from time to tirtie by the Mortgagee against loss by iire or other haza~ds, tasuafties, and contingencies in such amounts ~ and for such periods as may be required by Mortgagee. and will pay prompty, whtn due. any premiums on suth insurance tor pay- e ment oi wfiich provision has not been made hereinbefore. All insurance shall be tarried in compsnies 8pprwed by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and y 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 immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss 'rf not made promptly by Mortgagors, and each insu~ance company concerned is hereby authorized and directed to make payment tor such loss directfy to MortgaBee instead of to Mortgago?s 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 secored or to the restoration or re- ~ pairs of the property damaged. In event of toreclosure of this mortgage or other transier oi title to the mortgaged property in ez- ~ tinguishment of the indebtedness se'tured hereby, all right., titk and interest of the Mortgagors in and to any insurance policies ~ then in force shall pass to the purchaser or grantee. x 8. That the MoRgagee 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 court shall forthwith appoint a receiver ot 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 f being expressy understood, is hereby mortgaged as if specificatly set forth and described in the granting and habendum clauses hereoi, and such receiver shall have all the brosd and effective functions and powers in anywise entrusted by a court to a receiver, ~ and such a mtment shall be made ' Ppo' by such cou~t as an admitted equity and a matter of absolute right to seid Mortgagee, and ` wlthout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or inwlvency of said ; Mortgagors or the detendants, and that such rents, protits, income, issues and reve~ues shall be applied by such rece'rver accord• ~ ing to the lien of this moRgage and practice of such couR. ~ ~ 9. That (a) i~ the eveM of arry breach of this mortgage or default on the part of the Mortgagors, or (b) in tbe event that any of said sums of money herein referred to be not promptly and fully paid vrithout demand or ~atice, or (c) in the event that each and every the stipulations, agroements, conditions and covenants of said note and this mortgage, are not duly, promptly and fully ~ periormed; 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 torthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if alf of the said sums oi money were originalfy stipulated to be paid on such day, any thing in said note or in this mortgage to the conlrary 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 all moneys secured hereby had matured prior = to its institution. The MoR gagee may foreclose this mortgage, as to .the amount so declared due and payable, a~d the said ' premises shall be sold to satisfy snd pay the same together with costs, expenses, and allawances. In cases oi partial foreclosure ~ of this mortgage, the moRgaged premises sball be sold subject to the continuing lien oi this mortgage for the amount oi 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. ; ~ ao~r ~A~~ / 3~ rr t'~ s ,