HomeMy WebLinkAbout2499 r 2;
S ~ .
principal sum and accrued interest shall become due and payable without notice at the option of the holder thereol. And shall
duly, promptly, and fully perform. discharge, execute. effect, complete. and comply with and abide by each and every the sNpu•
latbns, agreements, Conditions, and covenants of said promissory note and this mortgage, then this mortgage and tM estate
Mrsby cnatad shall cease and be null and void.
And tM Mortgagors further oownant as follows:
1. That they will pay tM indebtedness, as hareinbeforo provided.
2. That. in order more fully to protect tM security of this mortgage, the Mortgagors, together with and in addition to. the
mouthy payments under the terms of any notes secured hereby, on the tint day of each month until said note Is sully paid. wilt
pay to the Mortgagee the following sums:
' (a)~/bsurr?~~~aars~M~wINM{1/.l~•oliM~Ixa~wAa-that.wilt++e~cL.O~scoauadrasra}patrahie~w ~iioiaso~iire.arx3.ott+es__
1!l1111FQ1if~MilY~l1111'IH~lllgllti~~~jl~.'~~!!>~'MIS'tlsl~!!lA1l1R1~111RVdl~Ill~lld NaaaMM
, naated•by?ttw-hlerigeeea).
(b) All payments mentioned In tM preceding subsectbn'ot this paragraph and all payments to be made under any note
secured hereby shall be added together and tM aggregate amount thereof shall. ba paid by tM Mortgagors each month in a
single payment to bs applied by tM Mortgagee to the following items in the order set forth:
1. 1'ir~arawd~Aairardiws~ar~pprniurAS;_
It. Interest on the note secured heroby; and
- III. Amortization of the principal of said note.
Any deficiency in the amount of such aggregate mouthy payment shall, unless made good by tM Mortgagon prior to the due
date of the next such payment; constitute an event of default under this mortgage. TM Mortgagee may collect a "late charge"
not to exceed two cents (2~) for each dollar of each payment more than ffffeen p5) days In arrears to cover the extra ex-
pense imrohred in handling delinquent payments.
3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed tM amount
of payments aMualy 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
manta made by the Mortgagors under (a) of paragraph 2 preceding shall not be suffklent to pay taxes and assessments and in•
surance premiums, as the wee may be. when the same shall become due and payable, then the Mortgagors shall pay to the Mort-
gageeany amount necessary to make up the d~lkiency, on or before the date when payment of such taxes, assessments, or insur.
ante premiums shall be due. tf at any time tM f.!ortgagors shall tender to the Mortgagee in accordance with the provisions of the
note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shall, pay to the Mortgagors all
amounts then remaining in the tax and insurance escrow account held in connection with this loan. If there shall be a default
under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if tM Mortgagee acquires
the property otherwise after default. the Mortgagee shall appy. at tM time of the commencement of such proceedings or at tM
time the property is otherwise acquired, tM balance then remaining in the funds 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 munkipal charges, fines. or impost-
tions. for whkh provision has not been made hereinbetore, and in default thereof. the Mortgagee may pay the same and be
secured by the Tian of the mortgage; and that they will prompty deliver tM official receipts tMrcfore to the Mortgagee.
5. That they will permit, commit, or suffer no waste, impairment. or deterioration of said property or any part tMreof; and
in the event of the failure of the Mortgagors to keep tM 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 of each and every such payment shall be immediatey due and payable, and
shah be secured by the lien of this mortgage.
6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyers fees, and costs of
abstracts of title. incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors prompty
and fuly to perform the agreements and covenants of said promissory note and this mortgage, and said costs, cMrges and ex-
penses shalt be immediatey due and payable and shalt be secured by tM 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 bas by fire or 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 prevision 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 payable clauses in favor of and
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 of loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make proof of loss if not
made prompty by Mortgagors, and each insurance company concerned is Mreby authorized and directed to make payment for
such loss direly to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurance proceeds, 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 te- _
pairs of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in ex-
tinguishmerrt of the indebtedness .secured hereby, alt right, title and interest of the Mortgagors in and !o 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 tM court having jurisdktion tMreof
for the appointmerrt of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu-
lar, including all and singular the income, profits, issues, and revenues from whatever source derived. each and every of which, it
being expressy understood, is hereby mortgaged as if specificaty set forth and described in tM granting and Mbendum clauses
hereof, and such receiver shall have all tM 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 solvenry 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 lien of this mortgage and practice of such Court.
9. That (s) in tM event of arty breach of this mortgage or default on the part of the Mortgagors, or (b) in the event that arty
of said sums of money Mrein referred to be not promptly and fuly 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. promptly and fully
performed; then in either or any such event, tM said aggregate wm 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 fury and completely as if all of the said sums of money were originaly stipulated to be paid on such day, any-
thing in said note or in this mortgage to tM contrary notwithstanding; and thereupon or thereafter, at the option of said Mort-
gagee, without notice or demand, suit 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
premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure
of 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 provisions of this paragraph may again be availed of thereafter from time to time by
the Mortgagee.
3~I~1K314 ~~F2492