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HomeMy WebLinkAbout2316 . ~ . ; principal sum and accrued interest shall twcome due and pay~3blt+ without notice at the option of the holder therenf. And shall duly, ~~romptly, and fully pertorni, discharge, execufe, ettect, cornplete, and co~nply with and ahi<'.e by each and every the stipu• lations, ag~esments, conditions, and covenanis oi saiii premissory note anit ihis moitgage, then this mortga~e ancl Ihe estate ; hereby crested shall cease and be null and void. ~ ~ And thc Mortgagors turther covenant as Sollows: ~ . 1. That ihey will pay ihe indebtedness, as hereinbetore provided. ~ : 2. 1"hat, in order more fully to protect the security of this mortgage, the Mortgagor~, together with and in addition to, the ~ monttily payments u~der tt~e terms of any notes secured 1?ereby, on ttie t+~st day ot eacf~ montt~ unti{ said note is tut{y paid, wi11 ~ pay to the Mortgegee the following sums: " (a) A sum equal to one•twelitl~ (1/12) of the premiums that will next becpme due and payable on policies of fire and ottie~ hazard insu~ance ~overing the mortgaged property, plus taxes and assessments next due on the mortgaged pro~~erty (all as esti- mated by the Mortgagee). _ (b) All paymenis mentioned in tfie preceding subsection of this paragrapti and all payments to be made under any note ~ secured he~eby shall be added together and the agg~egate amount thereoi shall be paid by the Mortgagors each month in a { single payment to be applied by the Mortgagee to the tollowing items in tlie o~der set forth: ~ 1, Taxes. assessments, tire, and hazard +nsurance premiums; ~ {L Interest on the note secured hereby; and . ~ ~ ~ Amortization of the principal of said note. . ~ Any deticiency in the amount of such aggregate monthly payment shall, unless madE good by the Mortgagors prior to the due 1 _ date of the next such payment, constitute an event ot defaufi under this mortgage. The Mortgagee may collect a"late charge" 1 not to exceed two cents (2~) tor each dollar of each payment mo~e than tifteen (15) days in arrears to cover the extra ex- ~ pense involved in handling delinquent payments. - _ ' 3. That if ths total of the payments made by the Mortgagors under (a) of paragraph 2 preceding shall exceed the amount # of payments actually macie by ihe Mortgagee, for taxes and assessments ~nd insu~ance premiums, as the case may be, such ~ excess shal{ be credited by the Mortgagee on subsequent payments to be made by the Mortgagors. 1(, however, the monthly pay ments made by the hiortga~ors under (a) of paragraph 2 preceding shall not be sufficient 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 to the Mort• ~ - gagee any amount necessary to make up the deticiency, on or befo~e the date when payment of such tazes, assessments, or insur• _ ~ ance premiums ahatl be due. If at any time the Mortgagors shall tender to the_ Mortgagee in accordance with the provisions of the ~ ~ note secu~ed hereby, full payment ot the entire indebtedness representeii thereby, ihe Mortgagee sha11, pay to tFie Mortgagors all amounts then remaining in the tax and insurance escrow account held in connection with this loan. It there shall be a default _ ~ - under any af the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires - the prope?ty otherwise aiter default, the Mortgagee shall apply, at the time of the commencement of such proceedings or at the ~ ~ time the psoperty is othenwise acquired,lhe batance then remaining in the funds accumulated under (a) oi paragraph 2 preceding ~ as a credit against the amount of principal then remaining unpaid under said s~ote. _ 4. That they will pay all taxes, assessments; water rates, and other governmental or municipal charges, fines, 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 mortgage; and that they will promptly deliver the otficial receipts therefore to the Mortgagee. _ ~ ~ ~ 5. That they will permit, commit, or suftr~ waste, im~airment, 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 premisea and those to be erected on said premises, or ~ improvements thereon, in good repair, fhe Mortgagee may make such repairs as in ifs discretion it may deem necessary for the ~ proper preservation thereat, and the full amount of each and every such payment shall be immediately due and payable, and ~ shall be secured by the lien of this m~rtgage. ~ z 6. That they will_pay all and singutar the casts, charges, and expenses, including reasonable lawyer's fees, and co~ts of ~ abstracts of titte, incurred or paid at any time by the Mortgagee because of the failura on the part of the ~!lortgagors promptty s ' and ful{y to perform 1he agreements and covenants of said promissory note and this mortgage, and said costs, charges and ex- ~ penses shall be immediately due and payable and shatl be secured by the lien ot this mortgage. - ~ 7. That they will keep ttte improvements now existing or hereafler erected on the mortgaged property insured as may be ~ required from time to time by the Mortgagee against loss by fire or other haia[ds, casuatties, and contingencies in such amounts ' - and for such periods as rnay be required by Mortgagee, and will pay promptly, when due, any premiums on such insurance for pay - ~ ~ meni of which provision has not been made hereinbefore. All in~u~arice shall be car~ied in companies approved by Mortgagee ~ and the policies and renewats thereof shafl be held by Mortgagee and have attached thereto ioss payable clauses in favor of and in form acceptable to the Mortgagee.- Renewal policies shall be delivered to Mortgagee at 4east 10 days prior to expiration af exist• ~ ing policy. In event of loss, they will give immediately notice by mail to Nlortgagee, and Mortgagee may make proof of loss if not ~ ~ ~ made promptly by hlortgagors, and each insurance company concerned is hereby authorized and directed to make payment for ~ ' such loss dire~tly 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 here• : secured or to the restotation or re- pairs of the property damaged. In event of torectosure of this mortgage or other transfer of title to the mo~tgaged p~operty in ex- _ ti~guishment of the indebtedness secured hereby, alt right, title and interest of the Mortgagors in and to any insurance policies ~ e then in iorce shail pass io the purchaser or grantee. - - 8. That the hlortgagee may, at any tirne pending a suit upon this mortgage, apply to the couet having jurisdiction thereof ; for the appointment o( a receiver, and such cou!t shall forthwith appoint a receiver of the premises covered hereby all and singu• - lar, including all and singular the income, prafits, issues, and revenues tram whatever source derived, each and every of which, it - being expressly understood, i~ hereby m~rtgaged as if specificaliy set forth and descrii~ed in ihe granting and habendum clauses ~ tiereof, and such receiver shall have ~ll the broad and effective functions and powers in anywise entrusted by a court to a receiver; _ a and such appoinlment shall be made by suCh court as an admitted equity and a matter of absolute right to said Mortgagee, and withcut reference to the adequacy or inadequacy of the value of the propertjr mort~aged or to the solvency or insotvency of said _ Mortgagors or the defendants, and that such rents, profits, income, issues and revenues shall be apptied by such ~eceiver 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 not promptly and fully paid without demand or notice, or (c) in t6e event that each i: and every the stipulations, agreements, conditions and covenanis of said note and this mortgage, are not duly, promptly and fulty ~ £ performed: then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, wilh interest ~ , accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said ~ ~E'~ iufortgagse, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, any- ~ [ thing in said note or in this mo~tgage to the contrary notwithstanding: and thereupon or theteafter, at the option of said Mort- ~ _ gagee, without notice or d?mand, suit at law or in equity, may be prosecuted as if al{ 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 . ~P premises shall be sold to satisf~F and pay the same together with costs, expenses, and allowances. In cases of partial foreclosure ~ p of this mertgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt s not then due and unpaid. In such c~se the provisions of this paragraph may again be avaited of thereaiter from time to time by ~ the Mortgag~e. " ~ _ 3 _ ~ ~ 239 ~ ~3~~ sooK encE ~ i ~ -