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HomeMy WebLinkAbout0317 _ 3. 4 - i.- - e ~ t~ fJ principal sum and accrued interest sMll become due and payable without notice at tM option of tM holder'theroof. And sMll duly. prompty, and fury perform, discharge, execute,.effect, complete. end compy wkh and abide by each and every tM stipu• Iatbns. agreement. conditions. and covenants of said promissory note and this mortgage, then this mortgage and the estate hereby q'Mted steal! cease and bi null and void. And tM Mortgagors fuRMr ooverrant as folioMa: 1. That they will pay tM indebtedness. as MratnbNoro proWded. 2. That. to order more fuly to protect tM security of this mortgage. the Mortgagors, together with and in addition to, the mouthy payments under tM terms of any notes secured Mreby. on tM first day of each month until said note b fuly psW. will pay to tM Mortgagee tM folbrrirrg surrrs: (a) A rtrrllfottlw~preenidrns-thal-+eiM yebie•er~polieiassfiMe+~ether th+rnreegagad prv~pert~,~p~hestanaa~esseesn+errlrwsrrleinsewlM-n+eAgagedfropa4?4M~aretli- ~e). (b) All payrrrants nrsntbned >n the preceding wbsectton of this paragraph and alt payments to be made under any nobs secured heeyby shag be added togathet and tM aggmgab amount tMreof shall Ire paid by the Mortgagors each month in a single payment to be applied bythe Mortgagee to tM followlrrg kerns in tM order set forth: i. i ina+rRarro?prarNrrrrrai 11. Interest on tM note securod heeyby: and III. Amortization of tM prinGpal of said note. Any deficiency in the amount of such aggregate monthy payment shall. unless made good by the Mortgagors prio? to tM due date of tM next such payment. constitute an event of defauk under this mortgage. The Mortgagee may collects "late charge" rrotrta•exceed-twr-~a~(gy-fafeaoh~ollar•(yeF f~fteew-(~i}dayriwewwrs to cover tM axle ex• parse involved M Mndpng delinquent payments. 3. That if tM total of tM payments made b7l tM Mortgagoa under (a) of paragraph 2 preceding shall exceed tha.amount of payments aMwlly made by tM Mortgagee. for taxes and assessments and insurance premiums, ss tM qse may be, such excess sMil be credited by tM Mortgagee on subsequent payments to be made by the Mortgagors. N, however. tM monthly pay- ments made by the Mortgagors under (a) of psrograph 2 proceding shall not be sufficient to pay taxes and assessments and in- surance premiurt}:, as tM case may be. when tM same sMll become due and payable. then the Mortgagor sMil pay to tM Mort• gages any amount necessary to make up tM deficiency. on or betor! tM date when payment of such taxes, assessments, or lnsur• ands premiums shall Oe due. H at any time tM Mortgagors shall terde? to the Mortgagee in sccordanq with tM provisions of tM note securod hereby, full payment of tM entiro indebtedness represented tMreby. tM Mortgagee shall, pay to tM Mortgagors all amounts then remaining in tM tax and insurance escrow account held in connection wkh this ben. H there sMil De a dehuk under any of -the provisions of this mortgage rosuking in a publk sale of tM promises ooverod hensby. or if tM Mortgages soquiros the Properly otMrwise after defauk, tM Mortgagee shall apply. at ttre time of tM eornrrrencement of such proceedings or at the time tM property is otherwise acquirod, tM balance then remaining in tM funds accumulated under (a) of paragraph 2 preceding as s credit against tM amount of principal then remaining unpaid under said note. 4. That they will pay ail taxes, assessments. water rates. and other governmental or municipal charges, fines. or imposi• lions. for whkh provisbn has not been node Mreinbeforo. and in de/auk theroof. tM Mortgagee may pay tM same and be secured by tM tbn of the mortgage: and that they will promptly deliver the official receipts tMreforo to tM Mortgagee. 5. That they will permk. commit. or suffer rro waste. impairment, or deteriorstton at said property or any part thereof: and in the evert of tM failuro of the Mortgagors to keep tM buildings or said premises end arose to be erected on said premises. or improvements tMreon, in good ropair, the Mortgagee may make such repairs ss in its discretion k may deem necessary forth proper preservation tMroof. and the full amount of each and every such payment sMll be immediately due and payable, and shalt be securod by tM lien of this mortgage. 6. That they will pay alt and singular tM costs, charges. and expenses. Including reasonatsle lawyers fees. end costs of abstracts of title, incu?rtd or paid at any time by the Mortgagee because of tM failures on tM part of the Mortgagors promptly end fully to perform tM agreements and covenants of said promissory note and this mortgage, and said costs. charges and ex- penses shall be immediately due and payable and sMll be secured by the lien of this mortgage. 7. That they will keep tM improvements now existing or Mreafter erected on tM mortgaged property insured as may be required from time to time b!? tM Mortgagee against bas by faro or other hazards. gsualties, and contingencies in wch amounts artd for such periods ss may be roquired by Mortgagee, and will pay promptly. when due, any premiums on such insurance for pay- ment of which provision Ms not been made Mroinbeforo. All inwrance shalt be carried in companies approved by Mortgagee and the policies and rerrerra~ theteof .shall be held b9l Mortgagee and have attached tMroto lass payabN clauses in favor of and in form acceptable to the Mortgagee. Renewal polides shah'be deliverod to Mortgagee st least 10 days prbr to expiration of exist• irtg policy. In event of bss„ that' wiq give imrrrediatey notice by mail to Mortgagee, and Mortgagee may make proof of bas N not made promptly by Mortgagors, and esM.insuronoe rbthpany concerned is hereby authorized and directed to make payment for such loss directly to Mortgages lnitead of to Mortgagor3 and MOrtgtrgea joirrttY, and tM insurance proceeds. or any part thereof, may be applied by Mortgagee at its option either tad tlre~ rodtlctfbri idttit)re indebtedness Mreby secured or to tM restoration or re- pairs of the property damaged, In event of foroNowro of this mortgage or other transier of title to tM ed property in ex- tirtguishment of tM indebtedness secured heeyby, all right, title and interest of tM Mortgagors in and to arty inwrance poikles then in force sMll pass to ttre purchaser or grantee. 8. That tM Mortgagee may, at any time pending a auk upon thk mortgage, apply to the court having jurisdktbn tMroof for the appointment of a rogiver, and such court shall foRhwith appoint a receiver of the promises wverod Mroby all and singu- lar, inducting sN and singular the income, profits, issues, and rovenues from wtratever source derived, each and every of which, k being expressly understood. is Mroby mortgaged as if specifically set forth and described in the granting and habendum clauses Mreof, and such receiver shah have ell tM broad end effective functions and powers in anywise entrusted by a court to a roceivar, and such appointment shall bs made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequsry or inadequacy of tM value of tM property mortgaged or to tM solvency or insolvenry of said Mortgagors or the defendants, and that such rants, profits. income. iswes and revenues shall be applied by wch receiver aecoM- ing to tM lien of this mortgage and prsctke of such couR. 9. That (a) in lire avant of any breach of this mortgage or deisuk on the part of tM Mortgagor:, a (b) in the event that airy of said wms of money heroin referrod to bs not promptly std fully paid without demand or notice, or (c) in tM event that each and every the stipulations, agreements, conditions end covenants of said note end this nwrtgage, are not duly, prompty and fully perforated:then in eitMr a any such event, the said aggregate wm mentioned in said note then remaining unpaid, wkh interest accrued to that time, and all moneys secured Mroby, sMll bsoonte due and payable forthwith, or tMroaRer. at tM option of said Mortgagee, as fully and completely as N alt of tM saW sums of money wero originally stipulated to be paid on such day. arry- thing in said note or in this mortgage to the contrary notwithstanding: and tMroupon or tMreafter, at tM option of said Mort• gages, wkhout notice or demand. wk st law or in equity, may be prosecuted as ii all moneys secured Mrotry had matured prior to its institution. The Mortgagee may foreclose thk mortgage, as to tM amount so declared due and psyabb. and the said premises shall be sold to satisfy end pay tM same togetMr with costs, expenses, and allowances. Incases of partial iorecbsuro of this mortgage, tM mortgaged premises shall be sob subject to tM continuing lien of this mortgage for the amount of tM debt not then due and unpaid. in such qfe tM provisions of this paragraph may again be availed of tMreafter from time to time by the Mortgagee. r~ ~s~ .