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HomeMy WebLinkAbout2744 ' . . ~ ~ _ t d printipai sum and atcrued interest shall become Aue and payabfe w~thout notice at the option ol the holde~ thereof. And shall duly, promptly, and tully perfo?m, discharge, execute, efiect, complete, and comply with and abide by eacf~ and every the stipu• lations, agreements, conditions, and covenants of said promissory note and this mohgage, then ttiis mortgage and the estate he~eby sreated shall cease and be ~ull and void. And the Mongagors funher cove~ant as follows: 1. That they will pay the indebtedness, as hereinbetore provided. 2. That, in or~er more fully to protect the security of this mo~t8age, the Mortgago?s, tagether with and in addition to, the monthy payments under the terms of any notes secured hereby, on the first day oi each month until sa~d note is tully paid, will pay to the Mortgagee the tollowing sums: (a) /`wrwe4~i~~n~l~wQifti~-E1,~~~•ef•thspreaw~ci~twat+r+`Il.r~t~cvavQ.du4aodpayablr~n~oW~e.s~tl?y~.atut,Attier lrarardis~s~rer~~ecvvertn~tf~e n~lrtga6'e~1'proP~'?~!:'P~ostar~es-~ess++~enls ~++wlg~~ee~wPerh?-(aN.a~ ~ti. mated bT M+~MoR~eseej. (b) All payments mentioned in the preteding subsectioo of this paragraph and all payments to be made under any note secured hereby shall be added togetl~er and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to ihe following items in the order set torth: 1. 1'exer, a~ses~rnentrlife; an~h~~in~ura++cep~nid~: 11. Interest on the note secured hereby: and • 111. Amortization of the principal of said note. Any deficiency in the amount ot such aggregate monthly payment shall, unless made good by the MoKgagors prior to the due date of the neut such payme~t, constitute an event ot detault under this mortgage. The Mortgagee may collect a"late charge" nvttoe~.eedMtreentr~?vr~aefTtfoMiR~moi~actrpayrn~R~nvrethen-Mteen~3~-~deysirra~reerrto cover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments 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 Mortgagors. If, however, the monthly pay ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufticient to pay tazes and assessments and in- surance premiums, as the case may be, when the same shalt 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, assessments, or insur- ance p~emiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with ihe provisions of the note secured hereby. Tull payme~t oi the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all amounts then ~emaining in the taz and insu~ance estrow account held in connection with this loan. If there shall be a detault under any of the provisio~s ot ihis mortgage resulting in a public sale oi the premises covered hereby, or if the Mortgagee acquires the property othenrise after default. the MoRgagee shall apply, at the time of the tommencement of such proceedings or at the time the property is otherwise acquired, the balance then remaining in the funds 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 all taxes, assessments, water rates, and other governmental or municipa) charges, fines, or imposi- tions, for which provision has not ~een made hereinbetore, and in detault thereoi, the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the otiicial receipts therefore to the Mortgagee: 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and i~ the event oi the failure 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 thereof, and the full amount of each and every such payment shall be immediately 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 lawyer's tees, and costs oi abstracts oi title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to periorm the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediately 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 prope_rty insured as may be E required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts ' and tor such periods as may be.required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay- ~ ment oi which provision has not been made hereinbefore. AII 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 of and E 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 oi loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof oi loss if not ; made promptly 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 Mortgagee jointly, and the insurance prceeeds, or any part thereof, ~ may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mortgage or othe? transier ot title to the mortgaged property in ex- ~ tinguishment of the indebtedness secured 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 Mortgagee may, at any time pending a suit upon this mortgage, appy to the touR having jurisdiction thereof ~ for the appointment of a receiver, and suth court shall forthwith appoint a receiver of the premises covered hereby alt and singu- ~ lar, including all and singular the income, profits, issues, and revenues from whatever source derived, each and every oi which, it ~ being expressly understood, is hereby mortgaged as if specifically set fo?th and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective tunciions and povrers 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 Y without reterence to the adequacy or inadequacy of the value of the property moRgaged or to the solvency or insolvency of saia Mortgagors or the defendants, and that such rents, protits, income, issues and revenues shall be applied by such receiver accord- ' ing to the lien of this mortgage and practice of such couR. ~ 9. That (a) in the event of any breach of this mortgage or default on the part oi the Mortgagors, or (b) in the event 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 oi said note and this mortgage, are not duly, promptly and tully ~ periormed; then in either or any suth event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and ail moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said E Mortgagee, as fully and completely as ii all of the said sums of money were originally stipulated to be paid on such day, any- f 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 dernand, suR at law or in equity. may be prosecuted as if all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may foreclose this mortgage. as to the amount so declared due and payable, and the said a premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases oi partial toreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien oi 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 thereaiter irom time to time by ~ the fAortgagee. Y , ~~~K 311 oA~: 2742 , , . ~ ~ . ~