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HomeMy WebLinkAbout2759 _ i principal sum and accrued interest shall become due and payable without notice at the option of the holder thereof. And shall duy, promptly, and fury perform, discharge. execute. effect, complete. and compy with and abide by each and every the stipu• lations. agreements, conditions, and covenants of said promissory note and this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. - And the Mortgagors further covenant, as folkrws: 1. That they will pay the indebtedness. as hereinbefore provided. 2. That, M order more fully to protect the security of this mortgage. the Mortgagors. together with and in addition to, the mouthy payments under the temrs of any notes secured hereby, on the first day of each month until said note is tuly part, will pay to the Mortgagee the following sums: (a) /~+itln?pYe~iaeQe~tlAlel~l.(.~yL~.O~E~h~~f1711rQn7lttlallNiibfel~eee/Nei111~aAd~ayadleOp~pllGiei-0~~i~~ ~~R~ he~rdinseranorevrerin8'the ; pl awxt.~fue.a~iAe 1,aLL,as.est~: roated.41t.t1~e.~WortB,agee). (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made under any note secured hereby shall be added together and the aggregate amount thereof shaft be paid by the Mortgagors each month in p single payment to be applied by the fiAortgagee to the folowing items in the order set forth: i. ~+uepr•aeeeeerneaMrfr+r? pr+aasiuws; _ 11. tnterest on the note secured hereby; and III.. Amortizatbn of the principal of saW note: Any defkiency in the amount of such aggregate mouthy payment shall, unless made good by the Mortgagors prior to the due date of the next wch payment. constitute an evert of default under this mortgage. The Mortgagee may collect a "late charge" nvlitrseteN'tw~~nts-~i~rtvr~adrdbtlar~ro(~elrpsytrasnt~tftanf~err~~darshrarresrs to cover the extra ex- pence invohred to handling delinquent 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 actualy 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 mouthy pay- ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be suffkient 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- gagee any amount necessary to make up the deficiency, on or before the date when payment of such taxes, assessments. or incur. ante premiums shall be due. tf at arty time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured heretiy, 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. H them shall be a default under arty of.the provisions of this mortgage rewlting in a public cab of the premises covered hereby. or H the Mortgagee acquires the property otherwise after defauR, the Mortgagee shall appy, at the time of the commencement of such proceedings or st the time the property is otherwise acquired. the 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 ttrey will pay all taxes, assessments, water rates. and other govemmer>tal or municipal charges, fines, or imposi- tions, for whkh provision has not been made hereinbefore, and in default thereof. the Mortgagee may pay the same and be secured by the lien of the mortgage; and that they will promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impaimrent. or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings or said prem'~ses 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 immediately due and payable, and shall be secured by the lien of this mortgage. 6. That they will pay alt 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 the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to perform the agreements and covenants of said promissory no*.e and this mortgage, and said costs. charges and ex- penses shat! 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 rrwrtgaged property insured as may be required from time to time by the Mortgagee against loss by fire or other hazards, casualties, and contingencies in such amounts and for such periods as may be required by Mortgagee, and will pay promptly, when due, any premiums on wch insurance for pay- ment of whkh provision has not been made Irereinbefore. All insurance shall be carried in companies approved. by Mortgagee and the policies and renewals thereof shat) be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptabb to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of toss, they will give immediatey notke by mail to Mortgagee. and Mortgagee may make proof of loss if not made prompty by Mortgagors, and each insurance company concerned is hereby authoraed and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointy, and the insurance. proceeds. or-any part therr,~of, may be applied by Mortgagee at its option either to tFre reduction of the indebtedness hereby secured or to the restoration or re- pairs of the property damaged. In event of foreclosure 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 arty inwrance polkies then in force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at arty time pending a suit upon this mortgr~e, appy to the court having Jurisdiction thereof for the appointment of s reoeivtr, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the lucerne, profits, issues, and avenues from whatever source derived, each and every of which, tt _ being expressly understood, is-hereby rtartgaged as if specificaly set forth and described in the granting and habendum clauses hereof. and such receiver shall have all the broad and effective functions and powers in anywise entrusted by a court to a receiver, and such appointment shall be made by wch court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy. or inadegracy of the value of the property mortgaged or to the sohrency or insolvency of said Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be applied by wch receiver aceord- ing to the lien of this mortgage and practice of such court. - 9. That (s) in the avast of any breach of this mortgage or default on the part of the Mortgagors. or (b) in the everrt that arry # of said sums of money herein referred to be rat promptly and fuNy paid without demand or notice, or (c) in the event lhst each and every the stipulations, agreements, conditions and coverraMs of said rate and this mortgage. are not duy. prompty and fuly performed; then in either or any such evert, the 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 fuly and completey as if alt 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 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 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. • ~K . 8fl~~ 3~7 p~F2754 ! ~ ~ ~ -