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HomeMy WebLinkAbout1093 f principal sum and sccneed interest shall become due and payable without notice at tM option d the holdu tteereol. And shall duy. prompty, and fuly perform, discMrge, execute. effect. complete. and eompy with and abide b!? each and every tM stipu- lations, agreements. conditions. and covenants of said promissory note and this mortgage, then this mortgage and tM estate Mreby created shall cease and be null and void. And tM Mortgagors further covenant ss follows: 1. That they will pay tM indebtedness. ss Mreinbeforc provided. 2. That, in order more fuly to protect tM security d this mortgage. tM Mortgagors, forgather with and in addition t0. flee mouthy payments under tM tames of any notes secured hereby. on the first day d each month uretrT said recta is fully paid, will pay to tM Mortgagee tM idlowing sums: (s) IEetarnetirraltsenrlweMlh-E;Mf<p)-ef-llw~rerhiwwtrMra~.Niltwexi6eooQr~,dw~od aw6~eunr l~.rM..sverinetM t~ wai~- mateef by ttlv~MORg~. (b) All payments mentioned in tM preceding wbsection d this paragraph and all psyrreerks to be made under any nob secured hereby shall be added together and tM aggregate amount thered shsn be paid try the Mortgagors each month N a single payment to be applied by tM Mortgagee to tM following items in the order sat forth: I. wlltlJfg!l111eM11ielRlig111lItMM II. Interest on tM note secured hereby: and III. Meortisation of tM principal of said note. My deficiency in tM amount d such aggregate mouthy payment shah. unless made good by tlee Mortgagors prior to the dut date of the next such payment. constitute an event of defauR under this mortgage. The Yortgag+ee may collect a "late charge° trottes~edlwv~eerrts~lfvr~eehdobr'{~rofrc~h~merrtynenelMn-fifleee~~3}~ysirrearearsto over the extra pense involved in handling delinquent payments. 3. That if tM total of tM payments made by tM Mortgagors under (a) d paragraph 2 pr~eoeding shah e'oeed the arrearret of payments actualy made by tM Mortgagee. for taxes and assessments and iresursnoe premiums. ss the rasa may be, swde excess shall be credited by tM Mortgagee on subsequent payneerets to tee made by the Mortgagors. H. however, the monttrly pay- ments made by tM Mortgagors under (a) d paragraph 2 preceding shall nd be sufficient to pay taxes and ~ and in- surance premiums, as tM case may be. when tM same shall become due and payable. then the Mortgagors shag pay b the Mort- gagee areyamount necessary to make up tM deficiency, on or before tM date when payrreent d such taxes. , or iresrrr- ance premiums shall be due. If at any time tM Mortgagors shall tender to the Mortgagee in sooordareoe witle the provisions d the note secured hereby, full payment of tM entire indebtedness represented thered~ 2~A shat. pay ko the Mortgagors a8 - amounts then remaining in tM tax and insurance esc i~b a this loan. N there sha8 be s default under any of tM provisions of this mortgage resuRin rpiliRll~bvered herdry. a if tlee Yor~agee aogrw~es the property otherwise after default, tM Mortgagee shall apply, st tsa l r!~~e ltef~o~olae3lrie~r~d such prooeedrngs or at 1M time the property is otherwise acquired. tM balance then ~tir~Gl~'~pFF~aoarrr~aosd undir~ d paragraph 2 preceding as a credit against the amount of principal then remainin~te~ypdsr'.>~11eble.~ _j 4. That they win pay all taxes. assessments. water rgt~,~spdwa'tBFige+ierrurknbl or neureiapal dam, tines, a ineposi- tions. for whkh provision has not been made hereinbefoie; and in dehult thered. the Yortgagee may pay the same and be secured by tM lien d tM mortgage: and that they will promptly deliver the official receipts therefore to the Yorfgagea 5. That they will permit, commit. or suffer no waste. impaimrent. ar deterioration d said property or any part thered: aed in the event of the failure of tM Mortgagors to keep tM buildings or said premises and those to be erected on said prareises. or improvements thereon, in good repair, the Mortgagee may make such repairs as in its dsaetiore it may deem necessary for the proper preservation tMreof. and the full amount of each and every such payment shah be immediabdl? due and payable, acrd shall be secured t?y tM lien of this nartgage. ~ _ _ 6. -..That-they MnII pay aft and singuda~ the costs.. cMrges and expenses. including .reasonable tawy~ers. feed and. casts d _ - - abstracts of title, incurred or paid at any time by the Mortgagee because d the failure on the part d the Mortgagors pompty and fuly to perform the agreements and covenants d said promissory rate and this mortgage, and said costs. cf+arges and pauses shall be immediatey due and payable and shall be secured by the lien d this mortgage. 7. That they will keep tM improvements raw existing or Mreafter erected on the mor~aged property insured ss mall be required from time to time by the Mortgagee against tress by fire or other hazards. casualties. and eorrtirrgaedes in such aneortrets and for such periods as may be required by Mortgagee. and rnll pay promptly. when due, any premiwrrs on sarctr insrrrarroe for poly- E mart of which provision has not been made hereinbefore. NI insurance shall be carried in eomparwes approved b!I f and the policies and renewals tMreof shall 6e held by Mortgagee and have attached thereto loss payable dsuses in favor d and in form acceptable to the Mortgagee. Renewal policies shah be delivered to Mortgagee st least 10 days prior to d eraist- ing policy. In event d tress, they will give immediatey notice by mail to Mortgagee. and Mortgagee may malre prod d low if not made prompty by Mortgagors. and each insurance company concerned is hereby authorized and directed b make payrteeret for such toss directy to Mortgagee instead of to Mortgagors and Mo:lgagee jointly. acrd the ireslaarsce prxeeds. or grey part thered. may be applied by Mortgagee at its option either to tM reduction d the iredebRedreess hereby secured or to the restoration a re- pairs of the property damaged. In event d toreclosur~e d this mortgage or other transfer d title to flee rrrprtgaged property in tinguishment of the indebtedness secured hereby, all rigfrt, title and interest d the Mortgagors in and 7o any lesr~reoe policies then in force shall pass to tM purNeaser or grantee. - 8. That the Mortgagee may, a< any time pendir~ a suit upon this mortg,age, apply to the court having juri9dicfion tlrered for tM appointment d a receiver. and such court shall forthwith appoint a receiver d the premises covered hereby a• and sirrgu- lar. including all and singular tM ireoome, profits, issues, and revenues from whatever source derived. each and every d which. R being expressly understood, is Mreby mortgaged as if specificaly set forth and described in tfte granting and duebaedrm dsuses hereof, and such receiver shall have all tM broad and effective functions and powers in anywise aetreated by a court to a re~oeiiver, and such appointment shall be made by such court as an admitted equity and a matter d absobb rielrt to said Mortgagee. and l without reference to the adequacy or inadequacy d tM value d flab property mortgaged ar to the solvency or iresolverecy d said Mortgagors or the defendants, and ttwt such rents, profits, income, issues and reverwees shop be applied by such receiver sooord- ing to tM lien of this mortgage and practice d such court. 9. That (a) in tM event d arty breach d this mortgage or default on the part d the Mortgagors, or(b) in the event that any of said sums of money herein referred to be nd prompty and fuly paid witlaut demand or notice. or (c) ore the event than each ~ and every the stipulations, agreements. conditions and coverearrts of said note and this mortgage, sre notdrdl/. poneptlysnd fu¦y ~ perfomtied; then in either or any such event, the said aggregate wm merrtioreed in said recta then rarsaining unpaid, wr7fe interest ~ accrued to that time, and all moneys secured Mrcby, shall beconee due and payable forthwith. a tleerwfter, st the option d said Mortgagee. as iuly and completey as if all d the said sums d money were origina~? sbputated to be paid on such day, sny- thing in said note or in this mortgage to tM contrary rrot~aitlestandirrg: and tleereupon or tlrerpfter. at the option d said Mort- gagee. without notice or demand. suit at law or in equity. may be prosecuted as if aN morays secured hereby had matured prior to its institution. The Mortgagee may forecbse this mortgage, as to the aneouret so detdarcd due acrd pays6le, and the said premises shall be sdd to satisfy and pay the same together with costs. , and allowareoes. M cases d partial fwedosure of this mortgage, tM mortgaged premises shall be sold wbjed to the continuing lien d this mortgage far the amount d the debt not then due and unpaid. In such case tM provisans d this paragraph may again be availed d tlrer~r from lime to time by the Mortgagee. er~~x315 P~Eit~.