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Home My WebLink About1801 ~ s ~ ~ . . i * ~ , • 1 . . 'y p~incipal sum snd accrued interest shatl become due and psyable vrithout notice st the option o1 ihe hoWer 1he~eof. And shall duly, prompty, and fuly pe~torm, discha?ge, execute, e1(ect, complete, and comply with and sbide by each and every the stipu• ' lations. sgreements, conditions, and covenants of said promissory oote and this moAgage, then this mortgage and the estate ~ he~eby created shall cease and be oull and vuid. And the Mortgagors fu~the~ covenant as toibws: 1. That they will pty the indebtedness, ss hereinbeto~e provided. • 2. That, in order mom tuly to protect the security ot this mortgag~, the Mori~agors, together with and in addition to, the monthy payments under the tertns oi any ~otes securcd hereby, on the tirst day ot each month until said note is tuly paid, will pay to the Mortgagee the tollowing sums: - (a) As~dd~~on~ivw~iU~E3diZ}~f-i~A~•~wrni~uasihat~willooxt~ne~d~iee~d~Yeble~o~~poli«~~t-tinand~r hatsRt+nsu?an~eev~etieg tl~martue~eid' P~PA'tY P~taxes an~ sm»w~ewls-~e+cE due~sRN~s~6~ *wP~ , ~r~aled~b~?~t1N~Awtgsg~~ (b) All payments mentioned in the p?eceding subsectlo~ ot this parograph and all payments to be made under any note securcd hereby shall be added together and the agg~egate amount lhe~eof shall be paid by the Mortgagon each month in a single payment to be applied by the Mortgagee to the folbwing items in the oMer set torth: 1. ;anes~~eaess~w~nM,~fi~s~~eM~~s~ii~w~w~spr~w+iwws; 11. Inte?est on the note secured hereby: and i 11l. Amortizatbn ot the prinCipal of said note. ' Any deficieney in the amount of such sggrcgate moMhy payment shall, unless made good by the Mo~tgagors p~ior to the due date oi the nezt such payment, constitute an event oi defautt under this mortgage. The Mortgagee may collect a"late charge" not to exceed two cents (2E) tor each doilar ot each payme~t more than tifteen (15) days in arrears to c~ove~ the extra ex• pense involved in handling delinque~t payments. 3. That if the total ot the payments made by the Mortgagors unde~ (a) of paragraph 2 preceding shall exceed the amount oi payments actually made by the Mortgagee. for taxes and assessmeots 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 tFie Mortgagors under (a) of paragraph 2 preceding shall not be suff'~cient 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 defitiency, on or before the date when payment oi sucb taxes, assessments. or insur- ~ ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provlsions of the note secured hereby, full payment oi the entire indebtedness represented the~eby, the Mortgagee shall, pay to the Mortgagors all : amounts then remaining in the tax and insurance esc~ow accaunt held in connection with this loan. If there shall be a default unde~ any oi the provisions of this matgage resulting in a public sale of the premises covered hereby. or ii the Mortgagee atquires ~ the property otherwise atter defsult, the Mortgsgee 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 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, tor which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be secured by the (ien of the mortgage; and that they will prompty deliver the official receipts there(ore to the Mortgagee. 5. That they will permit, commit. or suHer no waste, impainnent, or deterioration of said property or any part thereof; and ~ in the event of the tailure 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 for the ~ proper preservation thereof, and the full amount ot each and every such payment shatl be immediately due and payabte, and ~ ~ shall be secured by the lien of this morigage. _ ~ 6. That they will pay all and singular the costs, charges, and expenses, including ~easonabte tawyer's fees. and costs ot t abstracts of title, incurred or paid at any lime by the Mortgagee because of the iailure o~ 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. % : ~ 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, casuaRies, and contingencies in such amounts ~ ~ and for such periods as may be requi~ed by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- t ~ ment of which provision has not been made hereinbefore. Al) insur~nce shall be carried in companies approved by Mortgagee ; and the policies and renewats thereoi shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and ~ i in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 30 days prior to expiration of exist- ~ ing policy. In event of loss, they will give immediateiy notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made prompty by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment tor ~ such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insuranu proceeds, or any part thereof, ~ may be applied by Mortgagee at its option eithe~ to the reduction of the indebtedneu he~eby secured or to the restoration or re- _ : pairs of the property damaged: In event of foreclowre oi this mortgage or other transter of title to the mprtgaged property in ex- tinguishment oi the indebtedness secured hereby, all right. title and interest of the MoRgagors 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 thereof for tbe appointment of a receiver, and such couR shall forthwitb appoint a receiver of the premises covered hereby all and singu• lar, including all and singular the intome, prot'~ts, issues, and revenues from whatever source derived, each and every of whith, it being expressly understood. is hereby mortgaged as it specifically set foRh and described in the granting and hsbendum clauses hereof, and wch receive~ shal! have aU the brosd and effective functions and powe~s in anywise entrusted by a court to a receiver, f ~ and such appointment shall be made by such couR as an admitted equity and a matter bf absolute right to said Mortgagee, and . ~ without reference to the adequacy or inadequacy of the value of the property mortBaBed or to the wlvency or insolvency of said ~ Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- _ ing to the iien ot this martgage and praetke af such couR. ~ 9. That (a) in the eveM of a~ breach of tbis mortgage or dafault on the part of the Mo~tgagors, or (b) io the eveM that any ~ ~ of said sums of 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, prompty and tully performed; then in either ar any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest ~ accrued to tbat time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said ~ Mortgagee, as fully and completeiy as if all oi the saiQ 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 thereaRer, at the option of said Mort- ~ - gagee, without notice or demand, suit at law or in equity, may be prosecuted as i! aIl moneys secured hereby had matured prior to its institution. The' MoRgagee may toreclose this mortgage, es to the amount so declared due and payable, and the said premises sha11 be sold to satisty and pay the same together with costs, expenses, arM allowances. In cases oi paRial toreclosure , ot this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt ~ not then due and unpaid. In such case the p~ovisions of this paragraph may again be availed ot thereatter from time to time by : the MoRgagee. E ~ ~ ~ ~ G k , _ _ ' ~`VLC.~11 ~r1.ri~iVoo R ' ~ • _ cA . . , _ - ~