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HomeMy WebLinkAbout1751 ..r~. - - - I . principal sum and accrued interest shall become dw and payable without notice at the option of the holder thereof. And shalt duly. promptly. and fuly perform. discharge, execute. effect. complete. and compy with and abide by each and wary the stipu- lations, agreements, conditions, and Covenants of said promissory note and this mortgage, then this mortgage and tM estate hereby created shall tease and be null and void. And the Mortgagors turther covenant as follows: 1. That they will pay the indebtedness. as hereinbefors provided. 2. That, in order more fury to protect the 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 first day of each month until said note is tuly paid, will pay to the Mortgagee the tollowing sums: (a) ,IM~suA?.lua?~«rsdweNN~(ifl;~~f~he.'rewriwn~11+a6+eiit.ta.rt.becomadi+asodl.pat~ablaao.At~[Rand.athar he=ard irrsa renesan?erirgfths ntdrtgaged'pr~olrartf ~ a~ts~tes-arrdbsse9ernerke yre xtidue~oe-tom wwrlgNlsi~repsssy-(a I~ as gsti. matcd•t~ttre-Mertgsgee). (b) All payments merrtbned in the preceding subsection of this paragraph and all payments to bs made under any note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to ba applied by the Mortgagee to the following items in the order set forth: 1. Tales: assessments; fh~e: end~lracardiraexanceprorniwwsc It. Interest on the note secured hereby: and tll. Amortization of the principal of said note. My deficiency in the amount of such aggregate mouthy payment shall. unless made good by the Mortgagors P~ to the dw ' date of the next such payment, constitute an event of defauR under this mortgage. The Mortgagee may collect a "late charge" notl~aexceed•MvroerrFs-(P~}fataelyddlsr{~}-of~aetrpaYn+erk'*Horsll+aMiheer?~11y'dalrsir~srv'an's'to cover the extra ex- pense involved In handling delingwnt payments. 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount of payments adusly made by the Mortgagee. for taxes and assessments and insurance premiums, as the case may be. such excess shalt be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If. however. the monthly pay- menu made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and~in- surance premiums, as the case may be. when the same shall become due and payable. then the Mortgagors shall pay to the Mort- gages any amount necessary to make up the deficiency. on or before the date when payment of such taxes, assessments. or lnsur- ance premiums shall be due. If at any time the Mortgagors 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 tjren terns fining in the tax and insurance escrow account held in cpnris~tictn ygitjt~~ !pan. _If there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises cisvered hereby. ~k the Mortgagee acquires the property otherwise after default, the Mortgagee shall appy. at the time of ths.OO~fi~tiea6bf such proceedings or at the time the pn~perty is otherwise acquired, the balance then remaining in the funds aoeyetul~ted p~d~r~p);~ p~aPh 2 preceding as a credit against the amount of principal then remaining unpaid under said note. , c~sa._. 4. That they will pay all taxes, assessments. water rates, and other govemmerttal r:r m~rricjp~L c~a nes. or imposi- tions. for whkh provision has not been made hereinbetore. and In default thereof, the Mortgagee may ~y'~he``same and be secured by the lien of the mortgage; and that they will promptly deliver the offkial receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste. impaim'rent. or deterioration of said property or arty part thereof; and in the event of the failure 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 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 dw and payable, and shall be secured.by the lien of this mortgage. 6. That they will pay all and singular the costs. charges. and expenses. including reasonable lawyer's fees. and costs of abstracts of title, incurred or paid at any time by_;he Mortgagee because of the failure on the part of~~1 Mortgagors prompty j and tuly to perform the agreements and covenants of said promissory note and t~lis ~ 'stifQ ecosts. charges and ex- penses shall be immediatey due and payable and shall be secured by the lien ~.3'~i"~ 7. That they will keep the improvements now existing or hereafter erected ort the Bro~g~g~Irplel~sured as may be required from time to time by the Mortgagee against loss by fire or other hazards. casulalt~e~, a~,gRKipN~h amounts and for such periods as may be required by Mortgagee, and will pay prompty. when Que. any premwms or) Su ~ _j ranee for pay- ment of which provision has not been made hereinbeforc. All insurance shall be carried in companies sPO~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 polkies shall be delivered to Mortgagee at least 10 days prior to expiratbn of exist- ing policy. In event of loss. they will give immediatey naRice by mail to Mortgagee. and Mortgagee may make proof of bas if not made prompty by Mortgagors, and each insurance corrrPanY concerned is hereby authorized end directed to make payment for such loss direety to Mortgagee instead of to Mortgagors and Mortgagee la~Y. and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option e'rtlrer to the reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In evert of forecbwre of this mortgage or other transfer of title to the mortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to any insurence policies then in force shalt pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage, appy to the oouR having jurisdiction thereof for the appointment 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, profds, issues, and revenues from whatwer source derived. each and every of which. it being expressy understood, is hereby mortgaged as ff specificaly set forth and described in the granting and hsbendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by s 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 solvency 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 predice of such court. i 9. That (a) In the event of arty breach of this mortgage or default on the part of the Mortgagors. or (b) in ttfe evert that any t( of said sums of money herein referred to be not promptly and fuly paid without demand or notke, or (c) in the event that each and every the stipulatbns, agreements, conditions and Covenants of said note and this mortgage, are not duy, prompty and fully j performed; then in either or any such went, 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 fuly and completey as if all of t)~e said sums of money were originaly stipulated to be paid on wch day, arry- ihing 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, 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 albwances. In cases of partial forecbwre of this mortgage, the mortgaged premises shall be sold wbjeet 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. 6j~x316 ~~1751