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Home My WebLink About1759 . -j ~ '~i ~ ~ ; p~incipal sum and accrued interest shall become due and paysble without notice at the option of the holde? thereof. And shalt ~ duly, promptly. and fuly pe~form. discharge, ezecute, efteet, complete, and comply with and sbide by each and every the stipu- lations. agreements. eonditions. and covenants oi said promissory note and this mo?tgage. then this moRgage and the estate ; hereby c~eated shall cease and bs null and void. ~ I Md the Mortgagors iu~ther oorensM as follows: f ' l. That they will pay the indebtedness, as hereinbefore provided. ~ 2. That. in order more tully to protect the security oi this mo~tgage. the Mo?lgagors, together with and in additio~ to, the monthly payments under the hrtns of any notes securod hereby. o~ the tirst day oi each month until said note is futly paid, will pay to the Mortgagae tM tollowing su~a: (a) 14w~w~qw~io.w~•~wlf~.~i11~.of.thaD~rttfst~ilFne~iw~Mi.~ ~Nt~dw~-t~~~~ «-(~~a~sctL -t~d+nse e : P~ ~ ~taat~?bTth~'h?a'~SEe~.'f~~ ~ ~ (b) All payments me~tioned in the preceding subsectio~ of this paragraph and all payments to be made under any note ~ securod hereby shall bs added together snd the aggregate amount thereoi shall be paid by the Mortgagors each month in a j single psyment to be applied by the Mortgagee to the following items io the order set fwth: ~ 1. Taece~tssasur+e~rlsefirr~he~srd~in~wa++cs4~e~iwhw ~ IMerest on the note setured heroby: and AmoRization oi the p~incipal ot ssid note. F Any deficiency in the amouM of such agg~egate monthy payment shall, untess made good by the Mortgagors Wior to the due ~ date of the next such payment, conslitute an event of detault under this mortgage. The t~Aortgagee may collect a"late charge" + oot to exceed Mro ceMs (2!) for each dollar (s) of each paymeM moro than fiReen (15) days in arrears to oover the extra ex- j pense invohred in handling dNinquent payments. 3. That if the total oi ths payments msde by the Mortgagors under (a) ot paragraph 2 p~eceding shall exceed the amount f of paymeots actually made by ths Mortgsgee, tor taxes and assessments and insurance premiums. as the case msy be. such ~ excess shall be credited by the Mo?tgagee on subsequent payments to be made by the Mortgagors. If. hawever, the monthy pay ments made by the Mortgagors under (s) oi paragraph 2 preceding sball not be suHicient 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 shsll 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. It at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions ot the ~ note secured hereby. fuN payment of the entire indebtedness ~epresented the~eby, the Mortgagee shall, pay to the Mortgagors all ~ aroousds theo remaining in the tax and insurance escrow aaount heW in connection with this loan. If there shall be a default under any of the provisioos oi this mortBage resulting in a public sale of the premises covered hereby. or H the Mortgagee aoquires the property otherwise after defauR. the Mortgagee shall apply. at the time of the commencement of such proceedings or at the time the property is othenvise acquired, the balance then remaining in the funds aceumulatcd under (a) oi paragraph 2 precedin8 as a credit against the amourn oi principal then remaining unpaid under said note. 4. That they will pay atl taxes, assessments, water rates. and other governmental or municipal charges. Hnes, or imposi- tions, for whkh provision has not been made .hereinbetore, and in default thereot. the MoKgagee may PaY the same and be ; secured by the lien of the mortgage; and that they will promptly deliver the ofiicial receipts therefore to the Mortgagee. ~ 5. That they witl pertnit, commit, or suffer no vraste, impairment, or deterioration of said property or any pa~t thereof; and ` in ihe event of the failure ot the Mortgagors to keep the buildings or sa~d prem~ses and i~ose iu ~ e:~:..ed 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 presenration thereof, and the tull amount of each and every such payment shall be immediatey due and payable, and ~ ! shall be secured by the lien of this moRgage. ~ f 6. That they will pay all and singular the costs, charges, and expenses, including reawnable lawyers fees, and costs ot I abstracts of title, incuRed or paid at any time by the Mortga8~ ~use of the failure on the part of the Mortgagors promptly ? ~ and fuly to perform the agreements and covenants of said promissory note and this mortgage, and said costs, cha~ges and ex- ~ penses shalt be immediatery due and payabte 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 insurcd as may be required irom time to time by the Mortgagee against loss by fire o~ other hazards. casuaRies, and contingencies in such 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 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 payabfe clauses in favor of and in torm acceptable to the Mortgagee. Renewal policies shall be detivered to MoRgagee at least 10 days prior to expiration ot exist- ing policy. In event of loss, they will give irfimedlatery notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concemed is hereby authorized and directed to make paymeM for such loss directy to Mortgagee instead ot to Mortgagors and MortgaBee lantly, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebted~ess hereby secured or to the restoration or re- pairs of the property damaged. In event of toreclosure of this mortgage or other transier of title to the mortSaged property in ex- tinguishment of the indebtedness secured hereby, all rigM, title and interest ot the Mortgagors in and to any insurance pol"icies 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 couR having jurisdiction thereot tor the appoiMment of s receiver, and such court shall foRhwith appoint a receiver of the p~emises covered hereby all and singu- lar, including all and singular the inoome. profits, issues, and revenues from whatever source derived, each and every of which, it { being expressly understood, is hereby mortgaged as if specitica~~Y set forth snd described in the granting and habe~dum clauses ~ hereof, and such receiver shall have alI 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 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 deiendants, and that such reMs, protits, income. issues and revenues shall be applied by such reteiver actord- ing to the lien of this mortgage and practice of such couR. • ~ 9. That (a) in the eveM of arryl brosch of this mortgage or defautt on the part of the Mortgagors, or (b) in the event that any ' n oi said sums of money herein referred to be not promptly and fu{ty paid without demand ar notice, or (c) in the eveM that each ~ and every the stipulations, agreements, tonditions and covenaMs of said note and this mortgage, are not duly, promptly and fully ~ performed; the~ in either or any such event, the said aggrcgate wm mentioned in said note then remaining unpaid, with interest , ~ acc?ued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as ii all of the said sums of money were originslly stipulated to be paid on such day, any ; thing in said note or in this mortgage to the contrary notwithstanding: and thereupon or thereaRer, at the option of said Mort• ~ ~ gagee, without notice or demand, suit at law or in equity. may be Prosecuted as ii all moneys secured hereby had matured prior ; ~ to its institution. Tbe Mortgagee may forcclose this mortgage, as to the amount so declared due and payabte, and the said rt premises shall be sold to satisy and pay the same together with costs, expenses, a~d allowances. In cases oi paRial toreclosure ~ oi this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this moRgage for the amount of the debt ~ ~ot then due and unpaid. In such case the provisions of this paragraph may again be availed oi thercafter irom time to time by i the Mortgagee. # ~ ~ . ~ . ~'.~kr 311-A~F1758 ~