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HomeMy WebLinkAbout1221 p?incipal sum and accrued interest sha11 become due a~d payable without not~ce at Ihe option of the holder thereo(. And shall duly, promptly, and futly perform, discliarge, execute, eltect, complete, and comply with and abide by each and every the stipu- lations, agr~eme~ts, conditions. and covenants ot said promissory note and this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. And the Mortgagors tuAher covenant as tollows: . 1. That they will pay the indebtedness, as hereinbefore provided. 2. That, in ordeT more tully to protett the security oi this mortgage, the Mo~tgagors, together w~th and in addition to, the monthly payments under the terms oi any notes secured hereby, on the tirst day o1 each month until said note is tully paid, witl pay to the Mortgagee ihe following sums: (a) 11Snm-t~aaFto~ne~M~efftlrf2+"itrof-lhe~P?etRi~,~{hat-wfllwwd ,wyaWeros?~at+ciazofJireaodntbe~ ftaYdRrfflSlT?~R.'lTDOCR1fIgT1Tt!'1?faftg'dgE~RP~p~'tY. ptustattes an~esse~n+enlrwe+cldeesRlt~~Ageg~iProp~rt~(~~~~+. !?I~!l~~~tllt Ml~l~Ag~el~ l'b) All payments mentioned in the preceding subsection oi this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount the~eof shall be paid by the Martgagors each month in a single payment to be applied by the Mo~tgagee to the following items in the order set torth: 1. Taxesv5s~ssments,~fhl,-aneffrazardtnsoranee-pren+~imr. II. Interest on the note secured hereby: and I11. Amortization of the principal ot said note. Any deficiency in the amouni of such aggregate monthly payme~t shalt, unless made good by the Mortgagors prior to the due date of the next such payment, constitute an event of defauit under this morigage. The Mortgagee may collect a"late charge" ~ot to exceed two cents (2C) for each dollar of each payment mo~e than fifteen (15) days in arrears to cover the extra ex- pense involved in handling delinquent payments. 3. That if the total ot the pairments made bY the Mortgagors under (a) oi paragraph 2 preceding shall exceed the amount o( payments actually made by the Mortgagee, tor taxes and assessments and insurance premwms. as the case may oe, sucn - excess shalt be credited by the Mortgagee on subsequent payments, to be made by the Mortgagors. If, however, the month.y pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufticient 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 betore the date when payment of such taxes, assessments. or insur- ance premiums shall be due. If at any time the Mortgagors shall te~der to the Mortgagee in accordance with the provisions oi the note secured hereby. full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mo?tgagors all amounts then remaining in the tax aod insurance escrow account held in connection with tf~is loan. If there shall be a default under any of the provisions of this mortgage resulting in a public 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 tommencement oi such proceedi~gs 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 oi principal then ~emaining unpaid under said note. 4. That they will pay aIl 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 the~eof, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptty deliver the oificial receipts therefore to the MoRgagee. 5. That they will permit. commit, or suNer no waste, impairment, or dete~ioration of 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 e~ected on said p~emises, or i improvements thereon, in good repair, the MoRgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payaWe, and i shall t~e secured by the lien ot this mortgage. ~ 6. ~ That they will pay all and singular 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 failure on the part of the Mortgagors promptly ~ and tully to pertorm 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 ezisting or hereafter erected on the mo~tgaged property insured as may be ~ required from time to time by the Mortgagee against loss by tire or other hazards, wsualties, and contingenci~zs in such amounts ~ and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance tor 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 oi 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 ot 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 corecerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagors and Mortgagee lointly, and the insura~ce proceeds, or any part thereof, may be applied by Mortgagee at its option eithe~ to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event oi toreclosure oi this mortgage or other transier ot title to the mortgaged property in ez- ~ tinguishment of the indebtedness setured hereby, all right, 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 MoRgagee may, at any time pending a suit upon this mortgage, apply to the tourt having jurisdiction thereoi ~ for the appointment of a receiver, and such court shall forthwith appoint a ~eceiver of the premises covered hereby all and singu• ~ lar, including all and singular the intome, profits, issues, and revenues from whatever source derived, each and every of which, it being exp:essly understood, is hereby mortgaged as if specifically set forth and described in the gra~ting 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 equ:ty and a matter oi absolute right to said Mo~tgagee. and ~ w~thout reference to the adequacy or inadequacy of the value of the property mortgaged or ta the solvency or insolvency of said Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be apptied by such receiver accord- ~ ing to the lien of this mo~tgage and practice of such court. ~ 9. That (a) in the event of any breath ot 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 promptty and fully 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 fully ~ pertormed: then in either or any such event, the said aggregate sum mentioned in said note then temaining unpaid, with interest ~ accrued to that time, and all moneys secured hereby, shall become due and payable torthwith, or the~eafter, at the option of said 6 Mortgagee, as fully and completely as if all of the said sums oi 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- a ~ gagee, without notice or demand, suit at law or in equity, may be prosecuted as if a41 moneys secured hereby had matured prior to ~ts institution. The Mortgagee may toreclose this mortgage, es to the amount so declared due and payable, and the said I ~ premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of paRial toreclosure ~ oi this mo~igage, the mortgaged premises shalt be sotd subject to the continuing 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 of thereafter irom time to time by ~ the Mortgagee. ~ ~ ~ " SORr 311 °AC: .rrV ~ .