HomeMy WebLinkAbout1631 . 8. if required by the mortgagee, in its sole and absolute discretion, the mortgagor will pay to the mortgagee,
in addition to the monthly installments of principal and/or interest under the terms of the note secured hereby
and concurrently therewith, monthly until the note is paid, the following sums:
(a) A sum equal to all taxes and assessment: next due on the premises described herein (all as estimated
by the mortgages) plus the premiums that will next become due and payable on policies of fire and other in- '
surance covering.the said premises and required hereunder, leas all sums paid therefore, dividtd by the number of
months to elapse beiore une month prior to the date when such taxes, assessments, charges, impositions and
premiums will become first payable, such sums to be held by the mortgagee in trust, but without payment of in-
terest thereon. to pay for the said taxes, asae~amenta, charges. impositions and premiums;
(b) All payments mentioned in the preceding subparagraph and all payments to be made under the 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:
(1) Tars. assessments, other public impositions, fire, rental value and other insurance premiums; and
(2) Interest on the note; and
(3) Amortization of the principal of the note.
(c) If the amount of such sums held by the mortgagee shall not be sufficient to pay the taxes, assessments,
charges, impositions and premiums as they fall due, mortgagor shall pay to mortgagee any amount necessary to
make up the deficiency within thirty days from the date notice is mailed by mortgagee to mortgagor requesting
payment thereof.
9. If any said sums of money herein or under the promissory note referred to be not promptly and fully paid
within ten (10) days next after the same severally become due and payable, or if any and every the stipulations,
agreements, conditions and covenants of said promissory note and this mortgage. or either, are not duly per-
formed, complied with and abided by, or if there shall exist a default under said promissory note, the said
aggregate sum mentioned in said promisory 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 if all of the said sums of money were originally stipulated to be paid on
such day, anything in said note or in this mortgage to the contrary notwithstandig.
10. No waiver by the mortgagee of any covenant or default herein or of the obligation secured hereby shall
operate as a waiver of any other default or of the same default on a future occasion. No delay or omission on the
part of the mortgagee in.exercising any right or remedy shall operate as a waiver thereof, and no single or partial
exercise by the mortgagee of any right or remedy shall preclude or affect any other or future exercise thereof or
the exercise of any other right or remedy. The provisions hereof are distinct, separate and cumulative and shall -
not be dcemed to be inconsistent with each other and none of them, whether or not exercised by the mortgagce,
shall be deemed to be in exclusion of any other and any. two or more may be exercised at the same time.
I I. In the event of default in any particular as herein provided, or should foreclosure proceedings be in-
stituted hereunder on aceount of any breach or violation of any one or more of the covenants herein, it is cove-
nanted and agreed that the mortgagee shall immediately be entitled as a matter of right and without regard to the
value of the premises or of the personal property hereinabove described, or the solvency or insolvency of the par-
ties, and without notice to the mortgagor, to the appointment of a receiver for the mortgaged premises, and the
'i rents, issues and profits thereof, with the usual powers of recxivers in such cases, and the said mortgagor consents
that during such recxivership the said receiver may be continued in possession of said premises during the pen-
dency of any foreclosure, and until the time~of sale thereof or thereunder, and until confirmation of said sale by a
court having competent jurisdiction.
12. This mortgage is also given as security to mortgagee for all future advances that may, in the sole discre-
tion of the mortgagee, at any time within twenty years from the date hereof (but before full payment of all in-
debtedness sceured hereby), be made by mortgagee to mortgagor, provided, however, that the maximum amount
secured by this mortgage now or at any time hereafter shall not exceed S 100.000.00 .
13. If the mortgagor shall sell, convey, transfer, or dispose of or further encumber the real property
described in this mortgage, or any part of such property, or any interest therein, the mortgagee shall have the
right, at its option, to declare the entire balance of the unpaid principal with unpaid interest due thereon
forthwith due and payable. Failure to exercise such option shall not constitute a waiver of the right to exercise it
in the event of any subsequent sale, conveyance. transfer, disposition or encumbrance.
14. The mailing of a written noticx or demand addressed to the owner of record of the mortgaged premises, ~
or directed to the said owner at the last address actually furnished to the mortgagee, or if none, directed to said
owner at said mortgaged premises. and mailed by United States mail. postage prepaid, shall be sufficient noticx
and demand in any case arising under this instrument and required by the provisions hereof or by law.
15. The covenants herein contained shall bind. and the benefits and advantages shall inure to the benefit of,
the respective heirs, executors, administrators, successors, and assigns of the parties horeto. Whenever used, the
singular number shall include the plural, the plural the singular and the use of any gender shall include all gen-
dens and the term "mortgagee" shall include any payee of the indebtedness hereby secured or any transferee
thereof whether by operation of law or otherwise.
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