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principal sum ~~;3 acc~ued intere~t s1~a11 become due and payable witiiout nut;ce at the option oi the hoider there~t. AndYsttaii
duty, promptly, anei fully Ne?~orm, discharge, execute, effect, complete, and comply with and abldo by each and every the siipu-
latfons, agreements, co+~ditions, and covenants of said promissory note and this morigage, t~~en this mortga~e and the estate
I~ereby created shall ce5se and be null and v~:d. .
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monthly p s under the terms of any n~tes secured hereby, on the tirst day oi each month unti! said note i d, will
pay to the Morigage Ilowing sums:
(a) A sum equal to one•twe 12) of the premiurns that will ~zxt become due a e on policies oi fire and other
hazard insuraiice covering !he mortgaged p lus taxes and assessmsnts on ths mortgaged property (a!1 ~s esti-
. matec! by the Mortgagee). ~ • .
All payments mention~~ in the preceding subse~C agraph and all payments to bc mado under any n~;e
secured her@by shalt be added tagettier and the ate amount the~eo be paid by the Mortgagars each month in a
single payment to be applied by th~ Mo o the following items in the o~de~ set '
I. Taxe sments. fire, and hazard insurance premiums;
_ , nterast on the note secured hereby; and
. date of the next such paymeM, cor~st+tute an event ai d8faul± under th' ec a"Inte _~harge"
nat to exceed two cents ~ men more than fifteen (i5) days in arrears to cover the extre ex-
3. That if th~ total of the paym~nts made by the Mortgagors under (a) of paragraph 2 preceding Shall exceeci the amount
of payments actually made by 4he Mortgagee,-for taxes and assessments and insurance premiums, as the case rmay be, such
excess shall be c~eaiited by the Mortgagee on subseguent payments to be n~ade by the Mortgagors. If, how~ever, tFie monihly pay
ments made !iy the ~+lortgagors under (a) of paragraph 2 preceding shall not be sufficient to pay taxes and assessntents and in-
' surance premiums, as the case may be, when the same shall become due and payable. then the Mortgagors shall~pay tBthe Mort•
gagee any am~unt necessary to make up ih~ deficiency. on or betore ihe_date when payment af such taxes, assesstnents, or ~~sur•
ance aremiums shall be ~ue. lt at any time the Mortgagors shatl tender ta the Morigagee in accordance with the provlsio~s of the
note secured hereby, full paymeot of the er~iirs indPbtedness r~presented thereby, the MortgageE shall, pay to the Mo~tgagors at!
amou~ts-then remaining in the tax and insurance es~row account held in connectlon with this loan. If there shall be a default
under any of the provisions of this mortgage ~ESUlting in a publicsal~ of the pfemises covered hereby, or if the Mortgageg acquires -
the property ~therwise after default, the Mo~t~agee shali apRfy, af the time oi the commencement of such proceedings or at !he
lime the property is oth2rrvise acqu+red, the balance the~ remaiaing in the funds accumulated under (a) of paragraph 2 precedi~g _
~ as a credit against the amount of princina) then remainin~ unpaid under said note. . ~ ~
. 4. That they will pay al! taxes. assessments, water rates, and other governmental or municipal charges, fines, or imposi• ~
t tions, for which provision has not been made hereinbefore, and in defautt thereof, the Mortgagee may pay the same and be ~
c : secured by it: ; lien of the mortgage; and that ihey will promptly deli~er the official receipts therefore to the Mortgagee.
5. That they wiil permit, commit, or suffer no waste, impairment. or deterioration of said property or any pa~t thereof; and
in the eveni of the failure of the Morgagors to keep the buildinss or said premises anst those ta be erected on said p~emises, or
~ improvements t~ereon, in good repair, ihe Mortgagee may make such repairs as in its discretion it may deem necessary for the -
proper preser~ation thereof, and the (uq amount of each and every such payment shall i~ in~mediately due and payable, -and
F shall be secured by the lien of this mortgage. -
~ • ~ 6. That they wil! pay al! and singular the costs, charges, and expenses,. inNuding reasonable (awyer's iees, and costs ot
• abstracts ofi title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors promptly
t - ~ and futly to perform the agreements and covenants of said promissory note a~d ihis mortgage, and said costs, charges and ex-
t penses shal! be immediataly due and payabte and shall be. secured by the lien of this rrsortgage. ' i
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• 7. That they wiN keep the improvements now existtng or hereafter erected on the mortgaged property insured as may be f
~ _ reqwred from time to time hy the Mortgagee ageinst loss by tire or other hazards, casualties, and contingencies in such amounts
F and for such~pe;nods as may be required by Mo,tgagee, and will pay promptly, when due, any premiums on such insurance far pay-
; ment of which provision has not been made he~einbetore. All insurance shall be carried in companies appraved by Mortgagee
E and the p~licies ard rertewals thereaf shall be held by Mortg~gee and have attached thereto loss ~;ayeble clauses in favor of and
in form acce tahle to the Mart a ee. Renewal
, P 8 8 policies shail be delivered to Mortgagee at least 10 days prior to expiration of pxist•
F ing policy. In event of toss. theywill give 9mmediatety notice by,mai! to Mortgagee. and Mortgagec may make p~oof of lass if not
_ made promptly by Mortgagors, and each 3nsurance corr;pany concerned is hereby authocized and ciirected tv make payment for
` such toss dtrectty to Mortgagee instead of to Mortgagors and Mortgagee jeintly, and the insurartce proceeds. or any part thereof,
! may be applied t~y Mortgagee at its option either to the reduction ~f the indebtedness hereby secured or to the restoration 9r na-
pairs of the propertj damaged. In event of foreclosure of this mortgage cs other transfer of title to the m~rtgaged property in ex- ~
tinguishment of thz indebtedness secured tiereby, all ~ight, title and interest of the Mortgagors in and to any insurance policies
, then i~ force shall pass ta the purchaser or grantee. j
8. ~ That the ~dortgagee may, at any time pending a suit upon this mortgage, appty to the court having jurisdiction thereof ~
to~ the appointmEnt of a ~e~eiver. and such caurt shatl forthwi,h appoir~t a receiver of the Qremises covered hereby all and singu•
_ lar, including all and singular the 3ncome, profits, issues, and revenues from whatever source derivec. each a~d every of vrhich, it ~
being expressly understood, is hereby mortgaged as if specifically set iorth an~ d±scribed in the granting and habendum clauses
; hereof, and such receiver shall have all the broad and eNective functions and powers in anywise entrusted by a court fo a reteiver.
~ and such appointment shalt be made by such court as an admi~tted equity and a matter of absoluta rigt~t to said Mortgagee, and
without reference to the adequzky or inadequacy of the value of the property mortgaged ar to the solvency nr insolvency of "3aid
- Mortgagors or the defendants, and th2t sucn reMs, profits, income; issues and reven~es shall be applied by such receiver accord- -
ing to the lien of this mortgage and practice of such court. - - -
_ 9. That (a) in the eveM of any brPach of this mortgage or detaul: on the part af the Mortgagors. or (b) irrthe event that any -
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of ~air3 ~urris oi money nerain reierred io be noi prompiiy and iui'ry paiu vviinoi,i a'e~ria~u ~i ~~uiic~, VP t~:~ n~ u~ ~1~:^•
and every the stipulatio~s. agreements, ~onditions and cavenart:s of said noie and this mortgage. are nat duiy.promptty and fulty ~
. performed; then in eitheroranysuch event, the said aggregate sum menti4ned in said note then remaini~g unpaid, with in#erest
accrued to that time. and all moneys secured he~eby. shall become due and payabte forthwith, or th~reafter, at the option af saisf
Mortgagee, as fully an~ com~letely as if al~ of the said sums of money were originalty stipulated to be paid on such day, any
- thing in said note or in this mortgage to tF~e contrary notwithstanding; and thereupon or thereaRer. at the option of said M:~rt-
gagee, without n~t+ce or demar~d, subt at !aw or in equity, may be prosecuted as if aU moneys secured hereby had matured prior
to its institution. The t~iortgag~e may foreclose this mortgage, as to the amount so declared~due and payable, and the said
premises shall be sotd to satisfy and pay the sarrre together with costs, expenses, and allowances. In cases of partial ior~ctosure
of this mortgage, the mortgaged premises shali be sotd subject to the continuing tian af this mortgage for the a~riount of th2 debt
not then due and unFaid. tn such case the provisions of this paragraph may again 5e availed of thereafter from time to time ~y
the Mortgagee. - . -
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. ~ODK ~G~U FJ~Cf ~c~i.
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