The URL can be used to link to this page

Home My WebLink About2929 s :i - r- principal wm and accrued interest shall become due and payable without notice at the option of tM holder thereof. Md sMll duy, prompty, and tiny perform, discharge, execute, effect. complete. and compy with and abWa by each and every the stipu• latiorts. 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. ArM the Mortgagors furtMr oownant as follows: 1. That they will pay tM indebtedness, as Mreinbefore provided. , 2. That. in order more fuly to protect the security of this mortgage, the Mortgagors, together with and in aclditlor? to. the mouthy payments under the temK of airy notes secured hereby, on the tint day of each month until said note Is fuly paid, will pay to the Mortgagee the fdlowing sums: , • (a) Aew++-ewahte•errNwelfllr(~1Q}er`tbeyxerrwerne~Mat.wil~weat ~syabisrae~liCias~lltQDOdatbiC ted'brth~ ~'P~tY. plas'taxei and aseease+eMs-eeuldra¦err lhs-naAgege~~a'opea~(~ati.as-~eeti• (b) /ltt payments mentbned in the preceding subsection of this paragraph anal all payments to be made under any note secured Mreby shall be added together and the aggregate amount thereof shall bs paid by tM tortgagors each month in a single payment to be applied by tM Mortgagee to the folbwing items in tM order set forth: ~ ' 1. ~arree? rrrr iresard• irrc 11. Interest on tM note secured Mreby; and Ili. Amortixatbn of the principal of said note. My deficiency in the amount of such aggregate mouthy payment shall, unless made good by tM Mortgagors prior to the due date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late cMrge" not to exceed two cells (21:) for each dollar of each payment more than fifteen (i5) days in arrears to cover ill extre ex- pense involved in handling delinquent payments. 3. That if tM total of tM payments made by tM Mortgagors under (a) of paragraph 2 preceding shall exceed tM amount of payments actuary 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 tM Mortgagors. If, however. the mouthy pay menu made by tM MoRgagors under (a) of paragraph 2 preceding sMll not be sufficient to pay taxes and assessments and in• surance premiums. ss tM case may be, when tM same shall become due and payable, then tM Mortgagors shall pay to tM Mort• gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments, a incur. ance premiums shall be due. B at any time tM Mortgagors shall tender to the Mortgagee in accordance with the provisbns of tM note secured hereby. full payment of the entire indebtedness represented tMreby, tM Mortgagee shall, pay to ill Mortgagors all amounts then remaining in tM tax and insurance escrow account held in connectbn with this loan, H there shall ba a default under any of tM provisbns of this mortgage resulting in s public sale of the premises covered Mreby, or if the Mortgagee acquires tM property otherwise after default, the Mortgagee shall appy. at the time of the commencement of such proceedings or at the time tM property is otherwise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against tM amount of prinNpat then remaining unpaid under said note. 4. That they will pay all taxes, assessments. water rates. and other governmental i charges, fines, or imposi- tions, for which provisbn has not been made hereinbefore, and in defau~ ~re~, IO/Egamay pay tM same and be secured by tM lien of tM mortgage: and that they will pronl~t~?SMegVflir offs therefore_tq,tM Mortgagee. 5. That they will permit, commit, or wNer no waste, ~impaimrent, or tj~a~~ l11~i part thereof; and in the event of tM failure of the Mortgagors to keep tM buildings or said a?Blh1 ~ on ;aid premises or improvements tMreon, in good repair, the Mortgagee may rrrA)(&~ `such repairsas fnat1lt>l~iii necessary for tM proper preservation thereof, and the full amount of each and evary'suM payment shall b~~•iil~imediatey due and payable. and shall be secured by the lien of this mortgage. 6. That they will pay ail 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 tM failure on the part of the Mortgagors prompty and fury to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- penses shall be immediatey due and payable and shall be secured by the 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 tM Mortgagee against bas by fire or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompty, when due. any premiums on such insurance for pay- ment of which provisbn has not been made hereinbefore. ItN Insurance shalt be carried in companies approved by Mortgagee and the policies and renewals tMreof shall be heW by Mortgagee and have attached thereto bas payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at feast 10 days prior to expiratbn of exist- ing policy. In event of loss, they will give immediatey notice MI mail to Mortgagee. and Mortgagee may make proof of toss if not made prompty fry Mortgagors, and each insurance oomparry concerned is hereby authorized and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurance proceeds. or any pert-thereof. may be applied by Mortgagee at its option either to the reduction of tM indebtedness hereby secured or to tM restoration or re- pairs of the property damaged. in event of foreclosure of this mortgage or other transfer of title to the m~origaged property In ex• tinguishment of the indebtedness secured hereby, alt rigfrt, title and interest of tM Mortgagors in and to arty insurance policies then in force shall pass to tM pun~aser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortg~e, apply to tM court 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. prMits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as N speciticaly set forth and described in the granting and habendum clauses hereof, and such receiver shall have al! the broad and.effective funcibns and powers in anywise entrusted by s court to s receiver. and such appointment shall be made ba? wch court as an admitted equity and a 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 solvency or insolvency of said Mortgagors or the defendants. and that such rents, profits, income. issues and revenues shah be applied by such receiver aceord- 1ng to the lien of this mortgage and practice of such court. 9. That (a) In the event of any breach of this mortgage or default on the part of tM Mortgagors, or (b) in tM event that arty of said sums of money herein referred to be not prompty and fury paid without demand or notice, or (c) in tM event ttrat each and every tM stipulations. agreements, conditions and covenants of said note and this mortgage, are not duy. prompty and fully performed; then in either or airy wch 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 tM 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. arry- thing in said note or in this mortgage to tM contrary notvrithstanding; and thereupon or tMreafter, at the option of said Mort• gages, without notice or demand, suit st law or in equity, may be prosecuted as if all moneys secured Mreby had matured prior to its institution. The Mortgages 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 forecbsure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of tM debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of tMreafter from time to time by the Mortgagee. L ~ y- _ -