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HomeMy WebLinkAbout0551 . . ~ ~ -S ~ ~ pnnclpsl sum snd accrusd interest shall become due and payabh without notic~ at the option ot ths holde~ thereoi. And shall duy, promptly. and fuly peKo~m, discharge, execute. eftect. compiate, and comply with aod abide by each and every the stipu• lations, agreements, conditans, and covenants of sald promissory nots and this mortgage. then this mortgage snd the estate hereby created shall cease snd De null a~d void. And the Mortgagon further cove~ant as iollows: ~ 1. Thst they will psy the indeMed~ess, as heroinbetore provicied. ~ 2. That. in orde~ mom futy to prote~t ths seturity of thfs mort8age. the Mortgsgors, together with and in addition to, the monthy payments under the tertns of any notes secured hereby. on the first day ol eacA month until said note is iuly paid. will pay to the MoKga~et the /dlowing wms: (a) Mswrrpwi~M~eoe~wMtth~(~N~yeh willw~at~bNww? ' i~cottirs.aado~s ha~insa~aeee~vsreri~the~~~vPa~tT.~te~seni+~ee~xwMb+~wt~~ ~w iba~ft~a~td~toWd!?da~La+~~sti- i rr~akerb~y~ihe'~A~l~S~ea} (b) 111t payme~ts msntbnad in the proceding subsection of this paragraph and all payments to bt mad~ under any note ` secured hemby shall De added together and the aggregata amount the~soi shall be paid by ths Mortgsgors each month in a single payment to bs applied by ths MoKgsgee to the following items in the oMer set torth: 1. isxes.-~ssasmenls.-f1e~.~nd~dinsar~oerPro~i~rnht II. Irnerost on tM note secured hereby: snd 111. Amo~tization of the principal oi said note. Am? detkienc~r in the amouM of such sggrogste moothly payment shali. unless made good by the Mortgagors prior to the dw date oi the next such paymant. constitute ao svent of defauR under this mortgage. The Mortgagee may collect a"Iste cha?ge" not to exceed two cents (2~) for each dollar (s) of each paymeM moro thsn fiReen (15) days in arrean to cover the extra ex- peese i~volved in handlirtg dalinqueM psyrt?ents. . 3. That if the total of the payments made by the Mortgagors under (s) of paragraph 2 proceding shall excead the amount oi payments actually made by the Mortgagee. for taxes and assessments and insurance premiums, as the case may be. such excess shail be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however. the monthy pay- ments made Dy the Mortgagors under (s) of paragraph 2 preceding shall not be suNicieot to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable. then the Mo~tgagon 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- anca premiums shall be due. lt st a~r time the Mortgagors shall tender to the Mortgagee in acooMance with the provisions of the note secured heteby~ full payrt~eM of the entire indeMedness represented thereby. the Mortgagee shall. pay to the Mortgagors.all amounts then remaining in the tax and insurance escrow account heW in connaction with this loan. If thero shali be a defauR under any ot the provisions ot this mortgage resulting in a public sale of the premises covered bereby. or it the Mo?tgsgae aoquires the property eRhe~wise aRer dshult, the Mortgagee shall appy. at the time oi the commencemeirt of such proceedings or at the time the property is otAerwise acQuired. the batance then remaining in the tunds accumuisted unde~ (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 govemmental or munkipal charges. Hnes, or imposi- tions. tor whkh ptovisfon has not heen made hereinbefore, and ln default thercof, the Mortgagee may pay the same and be secured by the lien oi the mortgage; and that they will prompty deliver the official receipts therofore to the Mortgagee. 5. That they will pertnit~ commit, or suffer no waste, impairment, or deterioration of said property or any pa~t thercof; and in the event of the failure of the Mortgagors to keep the buiWings or said premises and those to be erected on said premises, or improvements thereon, in good repair. the Mortgagne may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount oi each and every such payment shall be immediatey due and payable. and shall be secured by the lie~ of this mortgage. 6. That they will pay all and singular the costs, charges. and expenses. including rcasonable Iawyers fees, snd costs of ~ abstrects of title, incurred or paid at any time by the Mortgagee because of the tailure on tbe paR 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 immediatey due and payable and shall bs secured by the lien of this mortgsge. ~ 7. That they will keep the improvemeMs now existing or hereafter erected on the mortgaged property insured as may be i required irom time to time by the Mortgagee against loss by fire or other hazards. casualties, aod contingencies in suth amounts ~ and for such periods as may be required by Mortgagee, and will psy promptly. whcn due, sny premiums on wch insuronce for pay- ~ meM oi which provision has not been made hereinbefore. Atl i~surance shall be carried in companies approved by Mo~tgagee , and the policies and renewals thereof shsll be held by Matgsgee and have sttached thereto loss payable clauses in favor of and ~ in form acceptabk to the Mortgagee. Renewal policies shall be delivered to MoRgagee at kast 10 days prlor to expiration of exist- ~ ing policy. In event of loss, they will give immediately notke b~r mail to Mortgagee, and Mortgagee may make proot of loss H not ~ made promptly by Mortgagors, and esch insurance compsny concemed is hereby authorized and directed to make payme~ for such loss directly to Mortgagee instead of to Mortgagors snd Mortgagee jointly. and the insuronce proceeds, or amr paR thereof. may be applied by Mortgagee at its opiion either to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the propeRy damaged. In event of toretlowre of this mo?tgage or other transfer of title to the mprtgaged property in e~c- tinguishment of the indebtedness secured hereby. all risht. title and interest of the Mortgagors in and to any insurance policies then in force shall pass to the purctiaser or grantee. That the Mortgagee may, at any time pending a suit upon this moKgaQe, sppty to the court hsvipg jurisdiction thereM tor tha appotMment of a receiver, ai~d such couR shall forthwith appoiM a receiver of the premises covered hereby sll and singu- lar, inctuding all and singular the irrcam0. p~'~s, i~sues. a~d revsnues from whateve~ souroe derived, eacb and every ot which, it being expressly unde?stood, is hereby mortgagad as if specifically set forth and described in the grsnting and habendum ctsuses hereof, and such receiver shall have all the brosd and effectivs functions and powars 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 rigM to said Mortgagee. and ~ without reference to the adequscy or inadequscy of the vatue of the property mortgaged ar to the solvency or inwlvency of said Mortgagors or the defendants, and that such rents. profits, income, issues and revenuss shall be spplied by such rece'nrer accord- ~ ing to the lien of this mortgage end praCtlce of such ceuR. ~ 9. ThM (a) in the event of aml brosch W this mortgage or defautt on the pa~t of the Mortgagors, or (b) in tbe event tliat any of said sums of money herein reterrod to be not promptly and fully psid without demand or ~otice, or (c) in the sveM that each ~ and every the stipulations. "agreements, oonditions and cavenaMs of said note and this mortgage, are not duly, prompt{y and fuly ; performed; then in either or any such event, the said aggregate wm mentioned in said note then rcmaining unpaid, with interest ~ accrued to that time, and sll moneys secured hereby, shall betome due and pa~rable toRhwith, or thereafter. at the option oi said ~ Mortgagee, as fuly and complstely as if all of the said ~ums of money were originally stipulsted to be paid on such day, any- ~ thing in said note or in this mortgage to the contrary notvvfthstanding: and thereupon or thereafter, at the option of satd Mort- gagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prio~ to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sotd to satisfy and pay the same togethe~ with costs, expenses, and albwances. In cases of partiat toreclosure of this mortgage, the mortgaged premises shall be so{d subject to the continuing lien of this mortgage tor 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. . ~ . 800KJ~~ PAQE ~ - ~ . - - - . . _ w . n ~ r~ . ~ - _ ~ ~ ,