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HomeMy WebLinkAbout0494 r o.. principal sorry and accrued interest shall become due and payabb without notice at the option of the holder thereof. And shall duy. prompty, and fury perform, disMarge, execute, effect. eamplete. and comply with and sgide by each and averry the stipu• _ } lati~ns. agreements, conditions, anti covenants of said promissory note and this mortgage, then this mortgage and the estate hereby creatsd shat) txase and be null and void. ~ { And the Mortgagors further twvenant as follows: 1: That they will pay the indebtedcre3s. as hereinb'taa pr~:ded. 2. That, in order more iuly to protect the sscurity of this mortgage. the Mortgagors, together with anti in addition to. the • mouthy payments under the terms of any tortes secured hereby. on the first day of each month until saki torte is fuiy paid. will pay to the Mortgagee the folkwving wms: (a) OsugoaquaLto.oatt~tawlfih~3,/lZ~.ot.t~he~uarniumc~tbai-wilFwsMl~sso~_trduerwdpayriie•o~~wtieiesN~ireand.oWW~ [azatd'i~tsvtanreitgtfWlttl~Q'¢fOtMttY:Alhlt~xesand doe'artlta~nortgaged•praperty:MiFes~,ali- ~ neatetf't7y'titQftlortgatdle). _ _ (b) A!1 payments mentioned in the preceding wbsection of this paragraph and ail payments to be made under arty note serrred hereby shall G• added together a.-id the aggregate amount thereof shall be paid dy the Mortgagors each month in a ~ 3 single payment to be applied by the Mortgagee"to the following items in the ordsr set forth: - b ?axte~neritg,-ftrs.'aintffrasistdtnstirattotrprernltmt:: t 11. Interest orr the note saluted hereby: and lil. Amortization of the prittcipa: of said note. • ' t My deficiency in the amount of such aggregate mouthy payment afisll;unless made Bond bythe Nio~goss prior to the dw_ date of the next such payment. constitute an event of default under this mortgage: Tl?e Mortgagee-may'colie'ct a."late charge" ash b~a~c~l3wacerttt:dos'-eaoh~doila+KNe!•eecf+ iifteen~{35}dijrsiirtrr+eere to cover the extra ex- pense involved in handling delinquent payments. . 3. That if the total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall axtxed the amount j of payments actualy made by the Mortgagee. for taxes and assessments and inwrance premiums. as the case maybe. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If. however. the mouthy pay 1 meets made by the Mortgagors under (a2 of paragraph 2 preceding shall be sufficient to pay taxes and assessments and in- surance premiums„ ss 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 insur- ! ante premiums shall be due. if at any time the Mortgagom shall tender to the Mortgagee in atxordance wiur the provisions of the - note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee shah, pay to the Mortgagors a8 amounts then remaini•~ in the tax and inst!rattce escrow account held in connection with this loan. H there shall be a default under any of the provisions of this mortgage resulting in a public sale of !ae premises txyvered hereby, or if the Mortgagee acquires *he property otherwise after default, the Mortgagee shall appy. at the time of the taomrrrerrcerrrent of such proceedings tx at the time the property ~ otherwise at~quired. the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding - as a credR against the amount of principal then remaining unpaid under said note. - 4. That they will pay ail taxes, assessments. water rates. and other gavemmental or munidpal charges. fines. -or imposi- tions. for which provision has not br_n made hereinbefore. and in default thereof. the Mortgagee may pay the same and De . secured by the Ikrr of the mortgage; and that they will prtxnpty deliver the official ryereipts therefore to the Mortgages. 5. That they will permit, commit, or suffer no waste. impairment. 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 premises and those to be erected on said premises. or - improvements thereon, in good repair. the Mortgagee may make such rspairs a<• in its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payrr~nt t?iV be immediatey due and payable. and ! shall be seturaf by tee I%en of this mortgage. 6. Shat they wilt pay all and singular the costs, charges, and expenses, including reasonable faveytsr•s foes, and costs of abstracts of title, incurred or paid at arty time by t,'re Mortgagee because of the failure on the part of the Mortgagors promptly and fuly 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 shat) be secured by the 1'~en of this mortgage. ~ ~ 7. -That they will keep the improvements now existing tx hereafter erected on the mortgaged property insured as may be required from time to time by the Mortgagee against loss by fire or other hazards. casualties, and contingencies %n such amounts and for such periods as may be required by Mortgagee, and will pay proinpty, when due, any premiums tm such inwrr+nce for pay- - merit of wt,ich provision has not been made hereinbefore. All insurance shall be carried in t~nrpanies approved 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 Mortgaget. Renewal policies shaft tx delivered to Mortgagee at least 10 days prior to expiration of exist• - ing policy. In avant of bas, they will give immediatey nbtke by mail to Mortgagee, and Mortgagce may make proof of loss if not - made promptly by Mortgagors, and each insurance company t~ncemed is hereby authorized and directed to make payment for such loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointh?. and the insurance prorxeds. or arty part thereof. may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration w re- pairs of the Pro[~rtY damaged. In event of foreclosure of this mortgage or other transfer of title to the rnp~aged property in ex- tinguishment of the indebtedness secured hereby, all rigfrt. title and interest of the Mortgagors in and o any inwrance policies then in force shall pass to the p::rcf>aser or grantee. - - 8. That the Mortgagee may, at arry time pending a wit upon this mortgage, appy to the-court having jurisdiction"the.~rwf for the appointrrwnt of a receiver, and such court shall forthwith appoint a receiver of the premise; covered hereby all and singu- lar, including a!1 and singular the irrtx?rrre, profits, issues, and revenues from whatever source derived, each and every of which. it being expressly understood, is hereby mortgaged as if spec~cally set forth and described in the granting and habendum clauses hereof, aria such receiver shall have all the broad and effetgive functions and ptrwers in anywise entrusted by a court to,a receiver. and srw:h 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 adtrquaty or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said - Mortgagors tN the defendants, and that wch rents, profits, income, issues and revenues shall be applied by such receiver accord- _ in6 to the lien of ±his mortgage and practice of such court, - 9. That (s) in the event of arty breach of the mortgage or default on the part of the Mortgagors, or (b) in the event that any of said sums of money herein referred to be not prompty and fuly paid without demand or notice, or (c) in the evert that each and every the stipulations, agreements, conditions and txwenarrts of said note and this mortgage, are not duy,~prompty and fully performed; then in either or any such event, the said aggregate wm mentioned in said note then remaining unpaid, with interest accred !o that time, and all moneys secured hereby. shall batx.+me due and payable forthwith, tx thereafter, ai the option of said Mortgagee, as fuly and txtrripietely as ff all of the said sums of money were originaly stipulated to be paW on such day, any- thing in said note or in this mortgage to the contrary notwithstanding; and thereupon a thereafter, at the option of said Mort- gagee, without notice or demand, wit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institution. The Mortgagors may foret~ose this mor`gage, ss to fix amauat 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 foreclowre - of this mortgage, the mortgaged premises shat! be sort 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 6me to t9rrn by the Mortgagee. _ 800 K~~ PAGE j ' '~'`-:1 - -