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HomeMy WebLinkAbout2602 a ~g principal sum and accrued interest shall become due and payable without notice at the option of the holder thereof. And shall duly, promptly, and fuly perform, discharge, execute, eflect, complete, and comply with and abide by each and every the stipu• lations. agreements, conditions, and covenants of said pranissory note and this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. i And the Mortgagors turther covenant as follows: 1. That they will pay the indebtedness, as iiereinbefore provided. 2. That, in order more fully to protect the security of this mortgage. the Mortgagors, together Mn'th-arut in addition to, the monthly payments under the terms of any notes secured hereby, on the first day of each month until said note is fully paid, will s pay to the Mortgagee the fotbwing sums: ` (a) 4suasraqual.to.anQ+trwJEt~ L1f}ef-lhe-prsrniuw~s~t~at-wiKwaxt ~ay~abie~os?.polici4s.aflir4aod.nWar flata>~trm>;~ta~~2~~rrgttte'~ia~~a~~~p~lty:pltt~taxetartttas~srnt~rrs-mexrnir~oirttt~martgtraea•propertrtatras~estt- mseed-blrt~ha Magee} (b) All payments mentioned in the preceding subsection of this paragraph and all payments to be made 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 following items in the order set forth: i 1. TdfceS.vSS+aSSntefRS.'flte.'brfb7ral~?dMSO,rantv'p?emMnS; - 11. Interest on the note secured hereby; and Ill. Amortization of the principal of said note. Any deficiency in the amount of such aggregate monthy payment shall, unless made good by the Mortgagors prior to the due ,date of the next such payment, constitute an event of default under this mortgage. The Mortgagee may collect a "late charge" wot-to~ceeed~wesents{gy-fe~eeeir~eila~(i}ef~eaoiapatrrf+eM meeedlrar+•fiflaea~ai}days~Rerrexs to cover the extra ex- pense involved in handling delinquent payments. ~ 3. That if the total of the payments made bI? the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount ~ of payments actuary made by the Mortgagee. for taxes and assessments and insurance premiums. as the case may be. such excess shall be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly pay i ments made by the Mortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessments and in• j surance remiums, as the case ma be, when the same shall become due and g g pay to the Mort- P y payable, then the Mort a ors shall gages any amount necessary to makt up the deficiency, an or before the dale 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 insurance escrow account held in connection with this loan. If there shall be a default under any of the provisions of this mortgage resulting in a public sate of the premises covered hereby, or if the Mortgagee acquires the property otherwise after defauR, the Mortgagee shall appljr, 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 aceumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remaining unpaid under said note. 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines, or impos~- tions, for which provision has not been made hereinbefore, and in default thereof, the Mortgagee may pay the same and be ~ secured by the lien of the mortgage; and that they wilt promptly deliver the official receipts therefore to the Mortgagee. 5. That they will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and s 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 repairs as in its discretion it may deem necessary for the i proper preservation thereof, and the full amount. of each and every such payment shall be immediately due and payable, and shah be secured by the lien of this mortgage. 6. That they will pay alt and singular the costs, charges. and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly and fully to perform the agreements and covenants of said promissory note•an~itlRll~r(~g~nd said costs, charges and ex- penses shall be immediately due and payable and shall be secured by tt{~~~~~rtgage. 7. That they will keep the improvements now existing or hereafter sr~te~sr~~ ~rty insured as may be required from time to time by the Mortgagee against loss by fire or other bazar ualti~es~ariT 3~figencies in such amounts and for such periods as may be required by Mortgagee, and will pay promptly. ' ' ~r~~~iilild~1~l13ch insurance for pay- ment of which provision has not been made hereinbefore. All insurance shall tie "i:arrNd~•iptcempar~~roved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto toss payable clauses in favor of and in form acceptable to the Mortgagee. Renewal policies shall be delivered to Mortgagee at least 10 days prior to expiration of exist- ing policy. In event of toss, they will give -immediately notice by mail to Mortgagee, arid Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment for, such loss directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, 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 transter 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 insurance policies ttieii in-force shall pass to the purchaser or grantee. 8. That the Mortgagee may, at any time pending a suit upon this mortgage. apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and singu- ' lar, inc{uding all and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it i being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, and such receiver shall have all the broad and effective functions and powers in anywise entrusted byl 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 adequary 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, issues and revenues shall be applied by such receiver accord- ing to the lien of this mortgage and practice of such court. 9. That (a) in the event of any breach of this 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 nat promptly and fully paid without demand or notice, or (c) in the event that each and every the stipulations, agreements, conditions and covenants of said note and this mortgage, are not duly, prompty and fully performed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest 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 completely as it all of the said sums of money were originally stipulated to be paid on such day. any- 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 amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. Incases of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt i 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. ' • BO K c~~~ P~GI~'~~~ .