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HomeMy WebLinkAbout1398 • .ew _ _ -~3.__ - - ~ - - ~ - .c._ pr~ •ceipal sum and sarued interest shall becorrre due and payable without notice at the Rion of the holder tfwnof. And r~!tsi! duy. prompty, and fuly perform, disclearge. execute. effect. complete. and comply with and abide by Bath and•every the stipu• lotions, agreements, conditions. and aarenants of said pe~omissOry note and this mortgage. than thh mortgage and the estab hsroby created chap cease and be null and vo;d. - - - - And tM Mortgagors futtlesr aowneRt as foltowa: - 1. That they vrill pay tM indebtedness. ss hereinbefore provided. - 2. ~ That. In adsr ran ropy to protset tM aecurKy ~ fhb mortgage. the Mortgagor. together with and in addition to. the • mouthy payments under ties terror of arty notes second hereby. on tM first day of each month until said hots b=fully pald. vriN _ - pay to tM Mortgagee the totlo~rrirrg sums: - (a) A-s~~nrsq~w~htPaw~twNfth~(lt2t~~fllRPat• a~errpelkiaaef+ii»-aMNhes - aeaaeri ~ a~arlgsgar•OrapaNy,ridr!!e<~rw+ad+ssesemeaCa+leat~dw~n~ats+fgapar~aP~!?-(al~a+s.essf- _ (b) All peyrrearb neeretiorred in tl+e preceding subssetlon of this paragraph and aN payments to be made under arty note second herby shop bs added together and tM aggregate amount thereof shalt bi paid. by tM Mortgagors each month in a single payment to bs applied by the Mortgagee to the tolbwC.~ Kam +n tM order set forth: - i. Ttlroe~ - - _ 11. Interest on tM note second heroby: and - - - - ' 11l. Arrartiration of flee principal of sold note. - ~ - ~ - . Any detictency to the amount of such sggregab monthly payrrrer+t shag. unless made good by the Mortgagors prbr to the due data of the next such payment. constKuts an event of dssuK under fhb mortgage. The Morr~sgae may colNet a "tale drarge" nee4o• rformdrdoUar_t!'l~tnscirpayretanrmanerlhan-flflaerrtl3?dassin~fearsto Dover the i..dra ax- - penes involved in hardlireg delirpuent payments. _ - 3. That ff the total of tM payments made by the Mortgagors under (s) of paragraph 2-preoeding shall eeoceed tM amount of payments actually made b!? tM Mortgagee, for taxes and assessments and imuanos premiums. as•tha cast may be. such excess shalt be created by the Mortgagee on subsequent payments to bs made by the Mortgagors. If. however. tM mouthy. pay- - ments made try the Mortgagors under (a) of Paragraph 2 preceding shall not be sufNdent to pay taxes and asses and in• - wrance 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 defidency. on or before the date when paynxnt of such taxes, assassneents. or incur - - ante premiums shall be dos. N at arty time the Mortgagors shag tender to the Mortg~ee ir` secordarece with the pra~ielons of tM rant seairsd herby. full peyrrrent of tM entire indebtedness represented tlerrreby. tM Mortgagee shah, pail tO the Mortgagors all amounts then remaining M the tax and inwrereoe escrow account held in connection wKh tteb loan. K there shell be a difwit under any of,tbe-provisiorra of tlr~ mor~ags resuKing in a publk sale of the premises ooverod hereby. or Nthe Mortgagee ~oquiraa the property otherwise after dehuK. the Mortgages shall appy. at the time of the of such Proceedings a st tM time the property b otlrenrise acquired; the balance then remaining in the funds soeurnulated under (a) of paragrraph 2 precadireg _ ss a credit against the amount of priredpal then remaining unpald order-said rate. 4. That they will pay ap fazes. sssessnesnts. water retes. and other gavernmeretal or municipst charges, fines. or impost. lions. for whkh provision has not betere made #eereinbefore, and in defauK thereof. the Mortgages may pay tfre same and be - sewrad by the lbrt of the era:t~ and that they wit! promptly deliver the offeeia! reteipts.therefore to tM Mortgagee. _ 5. -That they wl0 permK, conemK. or suffer ra waste. impairment. or deterbretion of said property or •ny part thereof; and in the event of the failuro of the Mortgagors to keep the buildings a said prembes and those to be enacted oir said premises, or improvements thereon. in good repair, the Mortgagee may make such repairs as in its dbcntion K may deem necessary for the proper preservation thereof. and the fuN amount of each and every such peyrreent shag be imrreediately dw and payable. and shall be secured by #ire lien of this nartg~t. _ - - re~reasorr~b~r ' 6. That they wUl pay aN +rnd singular the costs, dearges. andaxpensz. ~r'K.ludi . ' ~ ' s teas. and costs of abstracts Ot tKle. incurred or paid at arty time by the Mortgagee because of the fslliri(r oa tlia.f the Mortgagors prorr!ptty and tiny to perform the agreements and covenants of said promklory.rrble;Ad ~Irb nwrt~• ~ ~;!`harQes and ex- i penses shag be immedistey due and payable and shall be secured by tM lien o_f fhb +aw..- 7. That tteey will keep tM improverrrents raw e_xbtirrg or hereafter ended oa the ~v nsu ~ as may be required from time to time by the Mortgagee against loss DY lire or other hazaMs. caswtties. and ti~ritiiigthreies:~iich amounts and for such periods as may be required by Mortgagee. and will pay promptly, when due. aAy premiums on such insurunce for pay- ~ meat of which provision has rat been made hereinbefore. Ap irrsrerente shall be carried in companies approved by Mortgagee - and the policies and renewals thereof shah be held by Mortgagee and Curve attached thereto loss payable douses in favor of and in form sooeptable to the Mortgagee. Rereevval .policies shag be delivered to Mortgagee at least 10 days prior to expiration of exbt- ing poliq. In event of loss. ttrey wip give irrrrnediatey ratios by mail to Mortgagee. and Mortgagee may make proof of loss if rat - made promptly by Mortgagors, and each insurance Comparry corecerreed b Hereby authoriacd and directed to make payrreEnt for wch loss directy to Mortgagee instead of to Mortgagors and Mortgagee jointly. and tt1:r insurar!te proceeds. or any part thereof. may be applied by Mortgagee at its option either to tM reduction W the indebtedness hereby sea:sed or to the resloretion or re- ' pairs of the property damaged, In event of faredosun of this mortgage or other transfer of btk to the property in ex- tirrgrrishrrrent of the indebtedness severed hereby, sp right, tKfa and intend of the Mortgagors in and arty inwtarae policies . then in force shall pass to the purchaser or grantee. _ - 8. Titist tM Mortgagee may. st any time pending a wK upon this mortgage, apply tb flee oortd having jurbdldiore thereof ~ for_the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered henbjr all and sirrgre- ~ tar, i:::~ndireg all and sir~rlar the fnoome, profits, issues, and revenues From whatever source derived. each and every of which. K - being expressly understood, b hereby mortgaged as if spsdticaly set forth and described in the granting and habendum darrses ~ hereof. and such receiver shall haw all the broad and effective functions and powers in anywirs entrusted by a court to s receiver. and such appolMmerrt shall be made try sudr court ss a.~ admitted equity and a matter-of absolute right to said MQrtgigsa, srd without referents to the adequacy or inac:.,quscy of the value of the property mortgaged or to the. solvency or insolvency of said Mortgagors or the defendants. and that wch rents. profits. Mcaree; issues and revenues shall be applied by such reCeivef ac~oord- ing to the lien of this mortgage and gaclice as such court. 9. That (a) M the swot of any peach of ihie mortgage or dafauK on the Pam of tree Mortgagors, or (b) in the event that grey of sold sums of money Mein referred to ba not promiKh? and fuNy i>`:d without demand or notice. or (c) in the evarrt tt;at each and every the stipulstbns. agroareents, noondltbns and revenants of sold note and this mortgage. ors not duly. Pr'mieptly and fuly performed; than in either or any wch event, the sold aggregate wm mentioned in said nuts then remaining unpald, with interest stcrrred to that time, and all rrrorreys secured ham. shall beoares dos and payaflle forthwith, orlhereaKer. at fire option of said Mortgagee. as fully and oompte:a~? as ff all of tfte said sums o: money were ortginsly stipulated to be paid on such day. any- ~ thing in said note or in this mortgage to the contrary notvritleshnding; and thereupon or !hereafter. at the option of said Mort- gages, with~wt ratite or den-+and. wK at lave or in equity. may be prosecuted as if ap moneys severed hereby had matured prior to its institution. The Mortgage may fondose this mortgage, ss to the amount sa 6ecisrsd due and payable, and the said . premises shall be sold to. satisfy and pay the same togetlrer with costs. experesss. and sttowanus. In cases of partial torectosan of this morgage, the mortgaged premises shaft be sold wbjett to the continuing lien of this mortgage for the amount of the debt r not tteen due and unpeld. In such case the provisions Of fhb paragraph may again hs awned of tfrareaftel from time to time by ~ ~ - r - r ~4~ : ~324P~1397 8~ 4 ~ . 1 - .