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HomeMy WebLinkAbout2313 principal sum dnd azcrued interest shall become due and payable w~thout natice at the opiion ot the holder ihereof. A~t~+ 5ha11 duly, promplly, and fuliy per(orm, discharge, execute, ei(ect, complete. .~nd con~ply with anc! abide by eacl? and every ihe stipu• lalions, agreements, conditions, and covenants of s:~id promissory note arid this mort~;age, then this moheage and the estate hereby created shall cease and be null and void. And the Mo?igag~rs turther covanant as tollows: 1. That tliey will pay tlie indebtedness, as lie;einbefore provided. ~ 2. That, in orde~ more fully to protect the sscurity uf this mortgage, tlie ~lortgagors, together with and in addition to, the ~F monthly payments under the terms ot any notes s~cured hereby, on the tirst day of each monih unlil said note is tully paid, wilf ~ - pay to the Mortgagee the tollowing sums: ; 1 (a) A sum equal to one•twelfth (1/12) of the premiums that will next become due and payable on policies of fire a~~d other hazard insurance covering the mortgaged prope~ty, plus taxes and as~essments next due on the mortgaged prope~ty (all as esti• E mated by the Morigagee). . • ~ , (b) All payments mentioned in the preceding subsection of this paragraph and all, payments to he made under any note secured hereby shal! be added together and the aggregate amount thereof shall Ue paid by the Mortgagors each month in a ; single payment to be applied by the Mortgagee to the following items in the order set iorth: I. Taxes, assessments, fire, and hazard insurance premiums; ~ II. Interest on the note secured hereby; and . ^ ~ i III. Amortization of the principal of said note. , ~ Any deficiency in the amount of such aggregate month~y 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" not to exceed two cenis (2C) tor each dollar of each payment more tlian fitteen (15) days in arrea~s to cover the axtra ex- pense involved in handling delinquent payments. . - 3. That if the tota~ of the payments made by the Mortgagors under (a) of paragraph preceding shall exceed.the amount • of payments actually made by the Mortgagee, tor taxes and assessments and i~surance premi?ims, as the case may be, such - excess shal) be c~edited by the Mo~tgagee on subsequent payments to be made by the Mortgagors. If, however, the monthly pay ments made by the Alortgagors under (a) of paragraph 2 preceding shall not be suiticient to pay taxes and assessments and in- surance premiums, as the case may be, when the same shall become due and payable, then the Mortgagors shall pay !o 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 • ~ ~ote secured hereDy,. tull 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 ihere shall be a default i under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires 1 - the property otherwise after default, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the i time the property is otherwise acquired, the balance then remaining in the funds accumulated under (a) of paragraph 2 preceding as a credit against the amount of principal then remai~ing unpaid under said note. - : i - 4. That they will pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, or imposi- 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 mohgage; and that they will promptly deliver the official ~eceipts the;efore to the Mortgagee. ; 5. That they will permit, co~iimit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and ~ 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 thereori, in good ~repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the . proper preservation thereof, and the full amount of each and every such payment shall be immediately due and payab~e, and shall be secured by ihe lien of this mortgage. - - 6. That they will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of titte, 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 and this mortgage, and said costs, charges and ex- t penses shall be immedia~ely due and pay~ble and shall be secured by the lien of this mortgage. ' ; 7. That they will keep the improvements now existing or hereafter erected on the mortgaged property insured as may be _ required from time to time by the Mortgagee against loss by f~re or other hazards, cesualties, and contingencies in such amounts ; and for such periods as may be required by. Mortgagee, and will pay promptly. when due, any premiums on such insurance ior pay ; ~ ment of which provision has noi been made hereinbefore. All insurance shall be carried in companies approved by Mortgagee - , and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss 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 loss, they will give immediately notice by mail to Mortgagee, and Mortgagee may make proof of loss if not s made promptiy by Mortgagors, and each insurance company concerned is hereby authorized and directed to make payment ior such loss directly #o Mortgagee instead of to Mortgagors and hiortgagee joiniiy, and the insurance proceeas, or any part thereof, - - ~ may be applied by Mortgagee at its option either !o the reduction of the indebtedness hereby secured or to the restoration or re- ~ pairs of the property damaged. In event af foreclosure of this mortgage or other transfer of title to the rrsortgaged property in ex- tinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagors in and to ar~y insurance policies ~ :then in force shall pass to the purchaser or grantee. - ; 8. That ttie Mortgagee mzy, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the a~pointment of a receiver, and such court shall forthvri±h appoint a receiver of the premises cotiered hereby all and singu- lar, including ail an~ singular the income. profits, issues, and revPnues from ~vhatever source derived, each and every of which, it 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 any,nrise entrusted by a court to a receiver, ~ and such appointment shall be made by such court as an admitied equity and a matter of absolute right to said Mortgagee, and wiihout reference to the adequacy or inadequacy of the.value of the property mortgaged or to the solvency or insolvency of said ` Mortgagors or the defendarts, 2nd that such rents, profifs, income, issues and revenues shall be applied by such receiver accord- ~ ing to the lien of this mortgage and praciice of such court. ~ 9. That (a) in the ~vent 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 tu be not pr~mptly and fully paid without demand or notice, or (c) in the eveni that each - and every the stioulations, agre~ments, conditions and covenants of said note and this mortgage, are not duly, promptly and fully ~ performed; tiien in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest _ ~ accrued to that time, and aIt moneys secured hereby, shall become due anii payable forthwith, or thereafter, at the optior, of said ~ Mortgagee, as fully and completely as if all of the said sums of money were originally stiputated 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 demard, suit at law or in equity, may be prosecuted as if all mor.eys secured Fereb~r had~ matured prior ~ - to its institution. The Mortgagee may toreclose this mortgage, as to the amount so dectared due anci payable, and the said premises shall be sotd to satisfy and pay the same together with co~ts, expenses, and aflowances. In cases of partial ioreclosure ° of this mortgage, the mortgaged premises shatl be sold subject to the continuing lien of this mortgage for the amount of the debt ' ~ not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter trom time to iime by ~ - - the ~lortgagee. _ ~ - ~ - ~ :i ~ - ~ ~ - - - 6QRK~J~7 P,1GE~~OB _ • ~ _ ~ ;