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HomeMy WebLinkAbout0943 2. Th~t, in ordcr morc fully to protect the iecurity of this mort~ae, the mart~agor, to~ether with, ~nd in ~ddit~on to, the monthly p~yment~ under the term: ot the note x~urcd hereby. o~ f~e R~fi day Of e~ch month until the sa~d note is fully paid, will p~y to the mort- ~a6ee the followin~ sums: (al A sum equal to the ~round rcnts, if ~ny, next due, plus the premiums th~t will next bccome due and payable on policies of Gn and other hazard insunnce covenng tAe mortp=ed property. plus t~zes and as~c~menti neat due op t~e mortp~ed property (~tl estimated by the mort~aQee) less all sums ~Irady paid thetefor div~ded by the numlxr of months to el~pu beforc one month prior to the date when wch Qound nnts, prcmiums, taxes, and assessments will became dslinQucnt, such wm: to be held by mortgatee in trust to p~y uid `rounJ rents, prcmiums. tazes, ~nd special ~sseuments; and (b1 All p~yments mentioned in the two precedir?~ subsectians of this pua`r~ph and all payments to be made under the note secured Aereby shall be •dded together and the ~ggrepte amount thercof shdl be paid by the morip~or e~ch month in ~ sin~le psyment to be ~pplied by the mort6agee to the following itema ia the order ut torth: (I) ~round rents, t~xes, assessments, fire. and uther hazud insutance prcmiums: (11) interest on the note ucurcd hereby; ~nd (I111 amortization of the principal of said note. Any deficiency in the amount of such ~~gregate monthly psyment ahall, unless made `ood by the mortgagor prior to the due date of the next wch payment, constitute ~n erent of detault under this mort~ate. The mort~sgee msy collect a"I~te charge" not to exceed four cents (4t? tor each dotlat (S1) of each payment more than fifteen (I S) days in arrears to cover the eztra ezpense involved in handling de- linquent payments. 3. That if the toal ot the payments made by the mongage under of paragnph 2 prcceding shsll exceed the ~mount of the paymrnts actually made by tAe mortaagee, for ground rcnts, uxes and ssseuments and insunna prcmiums, as the case may be, sucb exasa if the loan is eurnnt, at the i option of thc mongagor, shall. be crcdoted on subuquent payments to be made by the mori~a~or. or refunded to the mort~agor. lf. however. the s monthly payments made by the mongagor under (a) of paragraph 2 preadings shall not be sufficient to p~y `round rtnts. uxe:, sue:sments. or ' insurance premiums shall be due. If at any time the mortgagor shall cender to the mortgagee in accordance vrith the provisions of ehe note securcd ~ hercby, iull payment of the entirc indebt~dness rcprcsented thercby, the mortgagcc shall, in computing the amount of such ind~btedness, crcdit to the account of the mortagor any batance rcmaining in tht funds accumulatrd under the provisions of (a) of said pangrsph 2. If therc shall be a default onder any of the provisions of this mortgage, rcsulting in a public sale of the prcmisos co~rrcd hercby, or if the mongagee acquirrs the property otherwise after default, thr mortgagee shall apply, at the time of teh commencement of such proceedings or at the time the property is otherwise acquircd, the balantt then retnaining in the funds accumulated utrder (a) of paragraph 2 pnceding as a crcdit against the amount of principal then rcmaining unpaid under said notc. 4. That he wil! pay tll taxes, assessments, water rates, and other governmental or municipal chatges, fines, or impositions, for which ~rovision has not been made hereinbefore, and in default thereof the mortgagee may pay the same; and that he will prompdy deliver the official receipts therefor to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any psrt thereof; and in the event of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said ptemises, or improvements thetton, in good npair, the mortgagee may make such rcFairs as in its discntion it may deem necessary for the propet preservation there- of, and the fup amount of each and every such payment shall be immediately due and payable, and shall l+e secured by the lien of this mortgagee. 6. That he will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs oi abstracts oi title, incurred or paid at any time by the mortgagee because of the failurr on the part of the mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said costs, charges, and expenses shall be immediately~ due and payable and shall be secured by the lien of this mortgage. 7. That he witl 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 fire and other hazards, casualities, and co~itingencies in such amounts and for such periods as may be required by mortgagee, and will pay promptly, when due, an~~ premiums on such insurance for payment of which provision has not 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. In event of loss he will give immediate notice by mail to mongagee, and mortgagee may make proof of loss if not made promptly b~• mortgagor. and each in- surance company concerned is heteby authorized and ditected to make pa}-mrnt for such loss directl)• to mortgagee instead of to mortga- gor and mortgagee jointly, and the insurance proceeds, or anp part thereof. ma}• be applied by mortgagee at its option either to the reduc- tion of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosurc of this mortgage or other ttansfer of title to the mortgaged property in extinguishment of the indebtedness securec+ hereby, all r~ght, title, and interest of the mortgagor in and to any insurance policies then in fotce shall pass to the purchaser or grantee. 8. That if the premises, or any part thereof, be condemned under any power of eminent domain, or acquired for a publ~c use, the damages, proceeds, and the consideration for such acquisition, to the extent of the full amount of indebtedness upon this Mortgage, and the Note secuted hereby remaining unpaid, are hereby assigned by the Mortgagor to the Mortga~ee and shall be paid forthw•ith to the Mort- ' gagee to be applied by it on account of the indehtedness secured hereh~~. whether dur or not. ~ 9. That the mortgagee ma~, at an~~ time pending a s~it upon this mortgaee, apph~ to ihe court ha~•ing iunsdicUon thereof for the ; appointment of a receiver, and such court shall forthwith appoint a receiver of the prem~ses cor•ered hereby all and singular, including all `i and singulu the income, profits, issues, and revenues from whatever source deri~•ed, each and every of which, it being expressl}• under- E stood, is hercby mortgaged as if specificallp set forth and described in the granting and habendum clauses hereof, and such receiver shall ~ have all the brwd and ~ffective functions and powers in anywise entrusted by a court to a receiver, and such appaintment shall be made by such court as an admitted equiry and a matter of absoiute right to said mortga~tee, and without reference to the adequac}• or inadequacy of ~ the value of the property mortgaged or to the solvency or insolvency of said mortgagor or the defendants, and that such rents, profits, in- como, issues, and revenues shall be applied by wch receiver according to the lien of this mortgage and the practice of such couri. In the event of any defauit on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthty nntal for the premises an amount at least equivalent to one-twelfth (1 /I 2) of the aggregate ot the twelve monthly installments f paysble in the then current year pius the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. That (a) in the event of any bnach ot this mottgage or default on the part of the mortgagor, or (bl in the ecent that any of said sums of money herein referred to be not promptly and full}• paid without demand or notice, or (c) in the event that each and every the sti- pulations, a~eements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed: then in eiiher ar any such event, the said aggregate sum mentioned in said note then remaining unpaid. with interest accrued to that time, and all rnoneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said mortgagee, as fuUy and completely } as if all of the said sums of money were originally stipulated to be paid on such da}•_ anything in said note or in this mortgage to the con- trary notwithstanding; and thereupon or thereafter, at the option of said mortgagec, without notice or demand, suit at la~ or in equity. ~ may be prosecuted as if all moneys secured heteby had matuted 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 satisf~ and pay the same together w•~th costs. exprnses, and ~ allowances. !n case of partial foreclosure of this mortgage, the mortgaged premises shall be sold sub~ect to the continuin~ lien of this mott- gage for the amount of the debt not then due and unpaid. In such case the ptovisions of this paragraph ma~~ again be a~•ailed of thereafter ~ from time to time by the mortgagee. ; i ~ ~ i ~ HL~D 92110M t6-791 ~ ~ ~ ~ ~ ~ I BooK501 ~A~E 941 _ - . _ _ ° - - • - ,