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HomeMy WebLinkAbout1999 _ .a . The funds shall be held by the Association and may, at the option of the Association: a) Be held in trust by it for the payment of said taxes. assessments, insurance premiums and .ground rents; or b) Be credited to the unpaid balance of such indebtedness as received provided that said Association advances upon this obligation sums sufficient to pay said taxes, assessments, insurance premiums and ground rents as they static and become payable. If the amount of funds held by the Association shall not be sufficient to pay taxes, assessments, insurance premiums ~ and ground rents as they fall due, mortgagor shall pay to Association any amount necessary to make up the deft- ' cienry within thirty (30) days from the date notice is mailed by Association to mortgagor requesting payment thereof. If the amount of funds held by Association, together with future monthly installments of F nds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount requurd to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such f ~ture payments which are to excess of the amount required shall be, at Association's option, euher repaid to Borrower or credited to mortgagor on the unpaid balance of such indebtedness. . Association shall not be required to pay mortgagor any interest or earnings on the funds. Association shall give to mortgagor, without chat~e, an annual accounting of the funds showing credits and debits tb the funds and pur- pose for which each debit to the funds was made. The funds are pledged as additional security for the sums so- cured by this mortgage. 9. To perform, comply with and abide by each and every the stipulations, agreements, conditions, and covenants is said promissory note and mortgage set forth. 10. If any of the sums of money herein referred to be not promptly and fully paid as provided in the said promissory note and this mortgage, or if each and every the stipulations, agreements, conditions and covenants of said prom• issory note and this mortgage, or either, are not duly performed, complied with and abided by, the aggregate sum mentioned in said Promissory note shall become due and payable forthwith or therea[ter at the option of the Asso- ciation, as fully and completely as if said aggregate sum of cooneeyy were origginally stipulated to be paid on such day, anything in said promissory note or herein to the contrary iiothwithuanding. 11. Until default in the performance of the covenants sad agreements of this mortgage. the mortgagors shall be en- titled to collet[ the rents, issues and profits from the premises hereinbefore desrnbed. The mortgagors will make no assignments of rent, other than to the Association and will not collect or accept payment of any rents on the prop- erty more than sixty (60) days prior to the due dates of such rents without the wrttten consent of the Association. In case of a default in any of the terms of this mortgage, or the filing of a Complaint to foreclose this or any.other mortgage encumbering the within described property, the Association shall immediately and without noute be entitled to the appointment of a receiver of the mortgage property and of the rents, issues and profits thereof, with the usual power of receivers in such cases, and such appointment shall be made by the Court as a matter of strict right to the Association, its successors, legal representatives or assigns and without reference to the adequary or inadequacy of the value of the property hereby mortgaged, or to the solvenry or insolvenry of the coorrttggaaggooa. and such rent, profits, income and issues shall be applied by such receiver to the payment of the mortgage indebted- ness, costs and charges according to the Order of such Court; and such receiver may be continued in possession of the said property until the time the sale thereof under the foreclosure is completed. t 2. if a conveyance should be made of the premises herein described, or any part thereof, then and in that event, and at the option of the Association, and without notice, all sums of cooney recurred hereby shall immediately and con- currently with such conveyance become due and payable and in default. ~ 13. In the event the premises hereby mortgaged or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Association shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount ~ then unpaid on this mortgage and may be applied upon the payment or payments last payable thereon. 14. The mortgagors bind themselves not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon, or to demolish, alter, or destroy any material part of the improvements without the written consent of the Association, and in the event of any violation or attempt to violate this stipulation, this mortgage and all sums secured hereby shall immediately become due and payable at the option of the Association. a 15. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or o[ the obligation secured hereby shall at any time hereafter be held to be a waiver of the terms hexeof or of the instrument secured hereby. 16. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be instituted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. t 17. To the extent of the indebtedness of the mortgagors to the Association described herein or secured hereby, the As- ~ sociation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and s` every mortgage lien or other encumbrance on the land described herein which is paid and/or satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said wort- , gages, liens, or other encumbrances, shall be the same and each of them hereby is preserved and shall pass to and _ beheld by the Association herein as security for the indebtedness to the Association herein described or hereby se- cured, to the same extent that it would have been preserved and would have been passed to and been held by the ~ Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed or assignment, notwithstanding that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 1 S. To pay all and singular the costs, charges, and expenses, including lawyer fees, incurred or paid at any time by the Association because of the Failure of the mortgagors to perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory note and this mortgage, or either, and every ; such payment shall bear interest from date at the de[ault race as stated in paragraph 2, and any sums so paid shall be repaid to the Association upon demand. ~,.!'R'M~ . n....