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Home My WebLink About2616 . ~ ~ - ~ . ~ 3 s principal sum and sccrued interest shall become due and payable w~thout notice at the option ot the holder thereof. A~d shall duy, promptly. and lully perform, dischsrge, execute, eHect, complete, and comply with snd abide by each and every ihe stipu• . lations, agreements, conditions, ana covenants oi said promissory note and this mortgage, lhen this mo?tgage and the estate hereby created shall cease and be null and void. Md the Mortgagors tu~ther covensnt as tollows: l. That lhey wiil pay the indebtedness, as he~einbeio~e provided. 2. That. in order more fuly to protect the security of this mort6age, the Mongagors, together with and in additio~ to, the mo~thiy payments under the terms of any notes secured heteby, on the tirst day ot each month until said note is tully paid, will pay to ths Mortgagee the tollowing sums: (a) RsOm+sqo8f~toone~twetftff~~i7?l~+Of~heptention+sMslrril~~e+clbeeewnd~a~pay~bN~~1i~~.o(~is~awd.otb~r heta~dirtsVrerRe Co~eHrt~the~+Ortge~e4'P~'oP~b.'Pb~'texe~and•a?iseesw~ewts-nek~ll~e~»oAg~~P~P~sY-(~~.~ti~ mated b! ~lh~Moelg~eeY . (b) 1111 payme~ts me~tioned in the preceding subsectioo of this paragrnph and all payments to be made under any note ~ secured hereby shall be added together and the aggregate amount thereof shall be psid by the Mortgagors each month in a ; single payment to be applied by the Mortgageo to the following items in the order set to?th: } 1. Tlnces.as~ussn+enlr.~ire;en~l+anr~inanrenoa~ro~~w~s!- 11. Interest on the note secured hereby: and 111, Amortization oi the prineipnl of sakf note. : Any deficiency in the amount ot such sggregate monthy payment shail, unless made good b1? the Mortgsgors prior to the due ~ date ot the next such payment, constitute an event oi defauR under this mortgage. The Mortgagee may collect a"late charge" O~~s~I+~t~ttt~~al"..A~RiWIat~F~a~~~~~_~~~~~~~aRqKto cover the extra ex- pense involved in hsndling delinquent payments. ~ 3. That it the total ot the payments made by the Mortgagors unde~ (a) of paragraph 2 prcceding shall exceed the amount : of payments actually made by the Mortgagee. for taxes and sssessments 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. li, however, the monthly pay- ments made by the Mortgagors u~der (a) of paragraph 2 preceding shall not be su~cie~t to pay taxes and assessments and in- E surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay to the Mo~t- ~ 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. If at any time the Mortgagors shall tender to the Mongagee in accordance with the provisions of the j note secured hereby. full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Martgagors all ~ amounts then remaining in the tax and insurance escrow aaou~t~hetd in coruwdtbrt:~?it1~tlAs Ib~nt~1 there shall be a default : under any of the p~ovisions of this mo~tgage resulting in a puDlic sa~e of the prem .~rt ad or N tha Mortgagee acquires ~ . the property othe~wise sfter detauR. the Mortgagee shall apply. at the time oi the commenc~men ~ch ~ eedings or at the ~ time the property is othervrise acquired, the batance then remaining in tNe fu`nds atcu'mulated n~~ a f~graph 2 Precedi~8 i as a tredit 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 rnunitipal eharges; ffnes. or imposi- tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may PaY the same and be ; secured by the lien of the moitgage; and that they will promptly deliver the official ~eceipts therefore to the Mortgagee. ~ 5. That they will permit, commit, or suNer no waste. impairment, or deterioration of said property or any part thereof; and in the event oi the faitu~e 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 MoRgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereoi, and the full amount ot eath and every such payment shall be immediately due and payable. and i shall be secured by the lien of this mortgage. j 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi 'i abstracts of title, incurred or paid at any time by the MortgaBee because of the failure on 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- M~° penses shall be immediatety due and payable and shatl be secured by the lien of this mortgage. ~ 7. That they will keep the improvements now existing or hereafter erected on the moKgaged property insured as may be ~ required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingenties in such amounts and tor such periods as may be required by Mortgagee, and will pay prompty, when due, any premiums on such insurance for pay- ment of which provision has not been made hereinbefore. Atl 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 - in form acceptable to the Mortgagee. Renewal policies st~all be delivered to Mortgagee at teast 10 days prior to expiration of exist- ; ing policy. In event of loss. they will give immediately notice by mail to MoRgagee. and Mortgagee may make proof of loss if not ! made promptly by Mortgagors, and each insurance company concemed is hereby authorized artd directed to make payment for such loss di~ectly to Mortgagee instead of to Mortgagors and Mortgagee jointly. and the insurance proceeds, or any part thereof, may be apptied by Mortgagee at its optioo either to the reduction oi the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure of this mo~tBage or other transfer of titfe to the moKgaged property in ex- tinguishment of the indebtedness secured hereby. all rigM, 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. apply to the court having jurisdiction thereat for the appointment of a receiver, and such court sNall foRhwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the income, profits. issues, and revenues trom whatever source derived, each and every of which, it being ezpressy understood, is hereby mortgaged as if speciiically set forth and described in the granting and habendum clauses hereoi, and such receiver shall have all the broad and eHettive 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 oi the value oi the property mort8aged or to the solvency or insolvency of said ~ Mortgagors or the detendants, and that such rents, profits, income, issues and revenues shall be applied by such receiver accord- ; ing to the tien oi this mortgage and practke of such couR. . _ 9. That (a) in the eveM of arry breach oi this mortgage or default on the paR of the Mortgagors. or (b) in the event that any t ~ of said sums of moaey 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 ~ote and this moRgage, are not duly, promptly and fully periormed; then m either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued 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 if all of the said 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 thereafter, at the option of said Mort- gagee, without notice or demand, suit at law or in equity. msy be Prosecuted as if all moneys secured hereby had matured prior ~ to its institution. The Mortgagee may toreclose this mortgage, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy and pay tbe same together with costs, expenses, and allowances. In cases of partial foreclosure ~ oi 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 oi thereafter from time to time by ihe Mortgagee _ ~ ~ ~ E-~';~312 ~~.~~E~612 ~