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HomeMy WebLinkAbout1216 ~ w principal sum and accrued interest shall become due and payable without notke at the option of the holder thereof. And shall 'duty, prompty, and fury perform. discharge, exscute, effect, complets, and compy with and abide by each snd every tM stipu• Istior?s. agreements, conditbns, and covenants of said promissory note and this mortgage. then this mortgage and tM estate hereby created shall cease and be null and void. And tM Mortgagors further covenant as tolbws: 1. That they will pay tM indebtedness, as heroinbeforo provided, 2. That. in order more fully to protect tM security of this mortgage. the Mortgagors, together with and in addition to. the monthy payments under tM terms of any notes secured Mreby. on the first day of each month until said note is tufty paid, will pay to the Mortgagee tM folbwing sums: (a) l~surrr~grsl~ls~wwlttF?~EHi~-N-tINr*rerr~iwM?ihM,will.wexsacoa»dwaaipyrsbV~aoinlicie~~ioe<aad.gtlte! irtrzsrdrtrr5oiranceenrrerirrg'the. stexaa'rrreMe ~origeged.KaMrty-(atJis.asti- nratei ~ ws•~tertgssey.. (b) lift pay'rrscrs : ssxrstia:~d is tl:t FrectMing wbsection of this paragraph and all payments to ba made under any note secured hereby shall be added togetMr and the aggregate amount tMreof shall be paid by the Mortgagors each month in a single payment to bs applied by tM Mortgagee to tM following items in tM oMer set forth: I. TaceweseseeMa+lsr~ara~ilNaaad•iws++rsp~oe.pies~ws, 11. Interest on tM note secured hereby; snd 111. Amortization of the prindpsl of saki note. Any deficiency in the amount of such aggregate rtwnthy payment shall, unless made good by the Mortgagors prior to the due date of the next such payment. constitute an event of default under this mortgage. The Mortgagee may collect a "fate charge" ntlt~vexoee~dt~eentr~lbrseetrdoflar~>)~of~aaek~nent~++oretMn-ti/lss+t{li3)-detrain-ar~reersto Dover the extra ex- pense involved in handling delinquent payments. 3. That if the total of the payments made by tM Mortgagors under (s) of paragraph 2 preceding sMll exceed tM amount of payments actualy made by the Mortgagee. for taxes and assessments and insurance premiums, as tM case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by tM Mortgagors. If. however. the monthly pay- ments made by tM Mortgagors under (a) of paragraph 2 preceding shall riot be suffkient to pay taxes and assessments and in- suronce premiums. as 2M case may be, when the same shall become due and payable. then tM Mortgagors shall pay to the Mort- gageeany amount necessary to make up tM defidency. on or before the date when payment of such taxes. assessments, or insur- ance premiyms shall be due. N at any time tM Mortgagors shall tender to the Mortgagee in accordance with the provisions of tM note secured hereby, full payment of tM entire indebtedness represented tMreby. tM Mortgagee shall, pay to the Mortgagors all arrwunts then remaining in the tax and insurance escrow acciwrrt held in connectbn with this loan. H there shall be a detauR under any of tM provisions of this mortgage resulting in a public sale of the promises covered hereby. or if tM Mortgages acquires the properly otherwise after default, the Mortgagee shall apply, at tM time of the commencement of such proceedings or at tM time tM property is otMrwise acquired. tM balance then remaining in the funds accumulated under (s) of paragraph 2 preceding as a credit against- the amount of principal then-remaining unpaid under said _rwte. _ 4. That they wip pay all taxes, assessments, water rates. snd other governmental or municipal charges, fines, or imposi- tions, for whkh provision has not been made hereinbetore, and in defauR thereof, tM Mortgagee may pay tM same and be secured by tM lien of the mortgage; and that they will promptly deliver the official receipts theretoro to tM Mortgagee. 5. That they will permit, commit. or suffer no waste. impaim~ent. or deterioration of said property or any part thereof; and in tM event of the failure of tM 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 tMreof, and the full amount of each and every such payment shall be immediately due and payable, and shall be secured by tM lien of this mortgage, 6. That they will pay all and singular the costs. charges, and expenses, including reasonabb Jarryer's fees, and costs of abstracts of title, incurred or paid at any time by tM Mortgagee because of the failure,-On tM part of the Mortgagors promptly and fully to perform the agreements and covenants of said promissory note and this nfwrtgage, snd said.,. charges and ex- penses shall be immediately due and payable snd shall be secured by tM lien of ~trrs'~noftgage. `~~s~}. 7. That they will keep tM improvements now existing or hereafter erected on file irr~tgaged prc~e~ty. inplted ss may be required from time to time ty the Mortgagee against loss by faro or other hazards. castlaffies' and contingendes in such amounts and for such periods as may be required by Mortgagee, snd will pay promptly. when due. any premiums on such insurance for pay- ment of which provision has not been made htroinbefore. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals tMreof shall be Mb by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to tM Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiratbn of exist- ing policy. In event of bas, they will give imrrrediatey notke by malt to Mortgagee. and Mortgagee may make proof of bas if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for such bas directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and tM insurance proceeds, or any part thereof. may be applied by Mortgagee at its option either to tM reduction of tM indebtedness hereby secured or to tM restoration or re- pairs of tM property damaged. In everrt of foreclosure of this mortgage or other transfer of title to tM mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and o arty insurance policies then in torte shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending s suit upon this mortgage, apply to tM court having jurlsdktion ttrereof for the appointment of a receiver, snd such court shall forthwith appoint a receiver of tM promises covered hereby all and singu- lar, including all and singular the income, profits, iswes, and revenues from whatever source derived. each snd every of which, it being expressly understood, is hereby mortgaged as if specffically set forth and described in tM granting and habendum clauses hereof, and such receiver shall have all the broad and effedivs functions and powers in anywise entrusted by a court to a receiver. and such appointment shall be made by wch court ss an admitted equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of tM value of tM property mortgaged or to tM sohrency or insolvency of said Mortgagors or the defendants, snd 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 any breach of this mortgage or default on the part of tM Mortgagors, or (b) in tM event that any of said sums of money Mrein referred to be not prompty and fully paid without demand or notice, or (c) in tM event that each and every tM stipulations, agreements, conditions and covenants of said note and this mortgage. are not duly. prompty and tiny perfomred; then in either or arty 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, st tM option of said Mortgagee, as fully and completely as if all of tM said sums of money were originally 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 tM 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 forecbsure of this mortgage, tM mortgaged promises shall be sold subject to the wntinuing lien of this mortgage far the amount of the debt not then due and unpaid. in such case tM provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. . arc ~s PAGf ~,~•.t~ ~ ~ . .