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HomeMy WebLinkAbout2664 I'd ~ prinNpst wm and aocrered Interest shall become dw and payabh without notice at tM option of the holder thereof. And shall duly, prompty, and fury perform, discharge, execute. effect. complete. and etlmpy with and abidi by each and every tM stipu• lations, +g?++mgtts• conditions. and covenants of saW promissory note and fhb mortgage. then this mortgage end tM esbb hereby created shah ~ and t» null and void. And tM Mortg~sgors further coveraet as follows: . 1. That they will pay tM indebtedness„ as heMnbefore provided. 2. That. in Order morp'futy to protect tM securNy of this mortgage. tM Mortgagoa, together with end in additbn to. tM mouthy paynNnts under tM tem>s of arry rotas secured hereby. on tM flat day of each month until said nob is fuly paid, will WY to the Mortgagee tM toNorMrrg eurrr~ (a) 'A^atRr~lgtplf'hTA1M'tMfR11"(21'Z2~~ - w~dv~orrpoikles~el~firs~Mi~e? frszard mof~~rtt.~snd~sssssme++tznezt~deira+ilre•msrtgegad•preMrly{a1Fas+eMF 'dY'tMe'1 , ~ (b) All payments mentioned in tM preceding wbsectbn of ttis paragraph and all payments to be made under any rota secured herby shall be added together and tM aggregate amount tMreof shall bs paid by tM Mortgages each month in ~--x single payrnerrt to be applied by the Mortgagee to the foNowing Berns in tM oroer set forth: 1. ~is~'aesepnrenlsrfiMrand~eard~raarrrrwpr+rnniarnM 11. Interest on tM rant secured hereby; and III. Arrrortizattion of tM prindpal of said note. My deficiency In the amount of such aggrogate mouthy payment share. unless made good by tM Mortga®ora prig to the due dab of tM next such payment, ooratKute an event of default under this rrartgage. The Mortgagee may collects "lab charge.. not to exceed two cents (2~) for each dollar oi_ each payment moro than fifteen (15) days in arrears to cover the extra ex• pause involved in handUng delirrquerrt payments. 3. That ff the total of the paymarrts made by tM Mortgagors under (a) of paragraph 2 Preceding shalt exceed the artaurrt of payments actiraly made by the Mortgagee, for taxes and ssseesmsnri and irauronce promiums. ss tM pace may be. such excess shall be credited by tM Mortgagee on subsequent payments to be made by the Mortgagors. ff, however. tM mouthy pail- mauls made by the Mortgagors under (a) of paragraph 2 preceding shall not be suHkknt to pay taxes and assessments and tm suronee premiums, as the case may be, when tM same shau Decome cue env ~wyewe. iic~• ?i a i:.v.:b.:e;. ~ « gsgee any amount necessary to make up tM defkiency, on or before the dab when payment of such taxes. assessrrrenri, or Inver. ance premiums shalt be due. tf at arty time the Mortgagors shall tender to tM Mortgagee in accordance with tM provisions of tM note secured hereby, full payment of tM entire indebtedness represented tMreby. the Mortgagee sMil, pay to the Mortgagors all smourrri then'emaining In the tax and insurorres escrow account held in connection with this Joan. ff there shalt be a default under arty of tM provisions of this mortgage resulting in a pubik sale of tM premises covered Mretiy. e ff the Mortgagee acquires tM property otherwise attar default, tM Mortgagee shall appy. at the time of tM commencarnenfof wch proceedings or st tM time the property ri otherwise acquired. the balance then remaining in Use funds accumulated under (e) of paragraph 2 preceding as a credit against tM amount of principal tMn remaining unpaid under said note. 4. That they will pay all taxes, assessments. water rates, and other governmental or municipal charges, fines. or imposi• lions. for which provision has not been made Mreinbetore, and in default tMreof, tM Mortgagee may pay tM same and be secured by tM lien of tM mortgage; and that they will promptly deliver tM official receipts therefore to tM Mortgagee- 5. That they will permit. commit, or suffer no waste. impaimxant. or deterioration of said property or arty part thereof; and in the event of the failure of the Mortgagors to keep the buiklings or said premises and those to be erected on said premises, or improvements thereon, in good repair, tM Mortgagee may make such repairs as in its discretbn it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be immediatey due and payable, and shalt be secured by the lien of this mortgage. 6. That they will pay ail and singular the costs. charges. and sxpenses,~ Fnclyding .reas~ai7le lawyers fees. and costs of abstracts of title, incurred or paid at any time by tM Mortgagee because of tM failure on tM paR'of ttie Mortgagors prompty and fuly to perform the agreements and covenants of said promissory note and this mdrCgege,'afrdsaid costs, charges and ex- penses shall be immediately dw and payable and shelf be secured by the lien of fhb mortgage. , 7. That they will keep tM improvements now existir~ or Mreafter erected on the mprtgagsd propsrty.ir?s4rred as may be required from time to time by tM Mortgagee against loss by fire oro~er~Fiauards, psualtles, agd_opntgigencies in such amounts and for such periods as may be required by Mortgagee, and will pay prompty. due, arty premiums on suilr Insifr7rnce for pay- . ment of which provision has not been made Mreinbefore. All inwronce sMll be carried In companies approved by Mortgagee and tM policies and renewals thereof shall bs Mid by Mortgagee and have attached tMreto loss payabb clauses in favor of and in form acceptable to tM Mortgagee. Renewal policies shall tie delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of loss, they will give immediatey notice by mail to Mortgagee, and Mortgagee may make Proof of loss ff not made promptly by Mortgagors, and each insurance oomparty eoncemed is hereby authorized and directed to make payment for such loss directy to Mortgagee irrstead of to Mortgagors and Mortgagee jointly, and tM insurance proceeds. or any part thereof, may be applied by Mortgagee at its option either to tM reduction of the indebtedness Mreby secured or to tM rastorotan or re- pairs of the property damaged. In event of foreclowre of this mortgage or other transfer of title to tM rtgaged property in ex- tinguishment of tM indebtedness secured Mreby, all right, title and interest of tM Mortgagors in and any insurance policies then in force shall pass to the purchaser a grantee. f3. That tM Mortgages may, at arty. time pending s suit upon this mortgage, apply to the court having jurisdktbn thereof for tM appointment of a receiver, and wch court shall forthwith appoint a receiver of tM premises wvered hereby all and singu- lar, including a!! and singular the income, profits, issues, and revenues from whatever source derived. each and every of which, it being expressy understood, is Mreby mortgaged as ff specfficaly set forth and described in tM granting and hsbendum clauses hereof, and wch receiver shall have all tM broad and effective functions and powers in anywise entrusted by a court to s receiver. 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 adequacy or inadequacy of the value of tM property mortgaged or to tM solvency or insohrenry of said Mortgagors or tM defendants, and that such rents. profits, income, issues and revenues shall be applied by such receiver aocoM- ing to tM lien of this mortgage and prodice of such court. 9. That (a) in tM event of any breech of this mortgage or default on tM part of tM Mortgagors, or (b) in the event that arty of said sums of money herein referrod to bs not prompty and fully paid without demand or notice. or (c) in tM event that each and every the stipulations, agreements, oonditbns and co+verrants of said note and this mortgage. are not duy, prompty and fully performed; then in either or any such event, tM said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time. and all moneys secured Mreby, shall become due and payable forthwith, or tMreafter. at tM option of said Mortgagee, .as fuly and completely as ff all of tM said sums of money were originally, stipulated to be paid on such day, arry- thing in said note or in this mortgage to tM contrary notwitMtandirrg; and tMreupon or tMreafter, at the option of said Mort- gagee, without notice or demand. wit at law or in equity, may be prosecuted as H all moneys secured Mreby had matured prior to its institution. The Mortgagee may foreclose this mortgage, ss to tM amount so declared due and payable, and the said premises shall be sold to satisfy arM pay the same together with costs, expenses, acrd allowances. In cases of partial foreclosure of this mortgage, tM mortgaged premises shall be sold wbject to tM continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case tM provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee.