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HomeMy WebLinkAbout2993 1 ay.. _ _ - - - - - --t principal sum and sccnred interest shall become due and payabh without notice at the optwn of the holler thereof. i?nd shall duly, prompty, and /uiy parfomn, discharge. execute, effect. coml,lete. and comply with and stride by each and er~ry 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 a:Ki void. And the Mortgagors further covenant as folbws: 1. -.That they will pay the indebtedness. as heminbetore provided. 2. That. In order mom fuly to protect the security of this mortgage. the Mortgagors. together with and in addilion to. the monthly payments under the term of any notes secured hereby. on the firs) day of each month until said note is tuly paid. wilt pay to the Mortgagee the tolbwing aams: (a) Aew++~quM~soe~lwslfll*Elan:}~tlN~a!Aiarae~tkat.wiwaerctbecor+re.drwaadpatrabb.no.po~lides+ofJiceaolLoRbE? petard-insvrarrcecaetingttm'rtiotfg~e~t'Pi~t~Y: Dbst+itxesand-a9sess+nents~+ra~rt'dv~orrthe~n+orlgs~arsp«hi-(all~es~esti- n+aeed ~ha~ frtortft~h' - (b) All payments mentioned In the preceding wbsectbn of this paragraph and all payments to be msd~ under any note - secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagors each month in a single payment to be applied by the Mortgagee to the folbwing items in the order set forth: 1. Tirresr+aesanreMSriirw+eiiraaar~ip`wawe~parAiwns} - - - 11. Interest orr the note secured hereby; and . ~ ~ . 111. Amortization of the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall. unless made good by the Mortgagors prior to the due date of the next wch payment. oonstitute.an event of default under this mortgage. The Mortgagee may collect a "late charge" ncRrto~ed.twrrterRS>~1ar~ea~MbolWt'(=rtlf-evtNt'imrrttetR'trt~'e~l~'dafsfir'aerears to cover the extra ex- - pense involved in handling deNrrquent 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 tare case may be. such excess shall be credited by the Mortgagee on subsequent :rayments 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 sufficient to pay taxes artd assessments and.im 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 insur- - ance premiums shall be due. If at any time the Mortgagors shall tender to the Mortgagee in accordance with the provisions of the note secured hereby. full payment of the entire indebtedness represented thereby. the Mortgagee shall, pay to the Mortgagors all amounts then remaining in the tax and inwrance escrow account hekf in connection with this ban. ff them chall be a default .under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby. or if the Mortgagee acquires _ the property otherwise after default. the Mortgagee shall sppy. at the time of the commencement of such-proceedings or at the time'the property is otherwise acquired. 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 all taxes, assessments, water rats, and other governmental or municig:.~ charges, fines. or imposi- tions. for which provision has not been made hereinbefore. and in defauR 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 evens 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 repairs as in its discretbn it may deem neces~sry for the proper preservation thereof, and the full amount of each and every such payment shall _ be immediatey due and payable. and shall be secured by the lien of this mortgage. - 6. That they will pay aN and singular the costs, charges. and expenses. including reasonable IawyeYs fees. and costs of abstracts of title. incurred or laid at any time by the Mortgagee because of the failure on the part of the Mortgagors prompty _ 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 shall be secured by the lien of this mortgage. _ III 7. -That they will keep -the improvements now existir~ or hereafter erected on the mortgaged properh? insured as may be required from time to time by the Mortgagee against bas by fire or other hazards, casualties, and contingencies in such amounts and for s!~!'?~ periods as may be required by Mortgagee, and will pay promptly, when due. any premiums on wch insurance for pay- ment of which provision has not been made hereinbefore. All inwrance shall be carried in companies approved by Mortgagee and the policies and renewals thereof 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 least 10 days priorto expiration of exist- ing policy. In event of loss, they will give immediately notice by mail to.Mortgagee. and Mortgagee may make proof of bss•if riot _ made prompty by Mortgagors, and each insurance company 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 part thereof, may be applied by Mortgagee at its option either to the 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 any inwrance policies ..then in force shah-pass to-the purchaser a grantee. _ - _ - - - 8. That the Mortgagee may. at any time pending a suit upon this mortgage, appy to the court having jurisdictbn thereof for the appointment of a receiver, and such court shat: forthwith appoint a receiver of the premises covered hereby all and singu- lar, including all and singular the income, profits, issues. and revenues from whatever source derived, each and every. of which, it being expressy understood, is hereby mortgaged es if specificaly set forth and described in the granting and habendum clauses hereof, and wch 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 such court as an admitted equity and a matter of absolute right to said Mortgagee. and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagors or the defendants, and that such rents, profits, income, iswes and revenues shall be applied by such receiver accord- 3 ing ~o the lien of this mortgage and practice of such court.- 4 That (a) in the event of arty breach of this mortgage or default on the part of the Mortgagors, or (b) in the everrt that arty of said sr:ms of m!+!sey t~_*pin referred to be non promptly and fuly paid without demand or notice. or (c) in the event that each and every the stipulations, agreements, oand'itions and cwenaMs of said note.and this mortgage. are not duy, promptly and fully performed; then in either or any such event, the said aggregate wm mentioned in said note then remaining unpaid, with interest f accrued to that time, and all moneys secured-hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completey as if all of the said sums of money were orginaly stipulated to be paid on wch 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 amwnt -sa declared due and payable, and the said premises shall be soW to satisfy and pay the same together with costs, expenses, and albwances. In cases of partial foreclosure of-this mortgage, the mortgaged premises shall be sold wbject to the continuing lien of this mortgage forthe 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. a - ~ -