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HomeMy WebLinkAbout0935 2. That, in order more (ully to protrct the security of this mort~a~e, the mortgsgo~, together with, and ~n addition to, the monthly p~yments under the terms of the note secured herehy, on the tirst day of each month until the sa~d note is fuliy paid, will pay to the mort- gagee the followi~g sums: (a) A sum equal to the Rround rents, if any, next due, plus the premiums that wil~ next become due and payable on poliries ot fire and other huard ~nsunnce coverin~ the mortgaged property, plus taxes and ~urumenta next due on the mortgaged property (all ' as estimateJ by the mortaa`ee) Irss all sums alrrady paid therefor di~idrd by the number b( months to elapse before one month ` pnor to the d~te when sueh ~round rents, premiums, taxc~, and ~scrssments wil) become delinyuent, such sums to be held by mottgagrr in trust to pay said gruund rrnts, prrmiums, taxes, anJ spe~ial assrssments; ~nd (b) All payments inentioned in the two prrreding subsections of this paragraph and all payments to be made under the note secured hereby sh:ill bc a~drJ togrthrr and thc a~t~gatr amount thrreof shali be paid hy the mortgagor rach month in a single payment to be appiir+l hy the mortgagee tu the fniluw~ng itrms in thr order set forth: 11) ground rents, taxzs, asseasmrnts, fire, ~n~ uther hatarJ insurancr premiunis: ; l IU mtrrest on the nute secured herrby; and ~ (I11) amurtiz;~tion uf the pnnripal ot said nute. Any defirie~~y in the amount of ~uch aggtegatr monthly payment sha11, unless made good by the mortgagor pnur to the due date of the next such payment, constitute an event of J~Cault under this murtgage. The mortg:?gce may collect a"late charge" not to r!ccrrd four ~ crnts (4s) for e~ch dullar (SI 1 of rarh p~yment mure th~n fifteen (I S) Jays in arreus to cover the extra r~prnsr involved in handling de- iinyuent payments. 3. That il the total uf the pay ments madr by the mortgage undrr (a) of paragraph 2 prereding shall rxceed the amount of the pa}ments actuaUy mad~ b~~ thr murtgagre, for gruund rznts, taxes;~nd ~~se»meots and in~urance premiums, as therax map be, such zxczss if the loan is current, at the op ~~un uf thr mortgagor, shall. be credotcd on ~ubxyurn[ payments to bc made by the mortgagor, or refunded to the murtgagor. If. how~e~er, the moo~hl~~ pa~menu made b~~ the mortgagor under (a? of paragraph 2 precedings shall nut be sufficient to pay ground rents, taxes, asussments, or ~n,urance premiums shall be due. if at any ume the murtgabor shall tender to the mortgagee in accordance with the provisions of the note secured hc~reby, t~ull pa~mrnt of the tntire ~ndebtedness reprr~nted thereb}•, the mortgagee ~hall, in computing the amount of such indebtedness,credit to the ~crount of thr mortagor any balance remaining ~n tht fund~ accumulated undzr the pru~isions of {a) of said paragraph 2. (f therc shall be a default undtr any of the pro~isions ot this mortgage, resulting in a public sale uf the prcmises covcred hereby, or if the mortgagee acyuires the property ,~thrrwise aftzr d~fault, thr mo~tgagee ~hall apply, at the time uf teh commencement of such proccedings o~ at the time tht propcrty is otherwise acyuired, the balance then remaining in the funds accumulatzd under ~a) of paragraph 2 preceding as a credit against the amount of principal th~~i remaining unpaid under said note. 4. That he will pay all taxes, assessments, water ratrs, and cther governmental or municipal charges, fines, or ~mpositions, for which provision has not been made hereinbefore, and in default thereof the mortgagee may pay the sam~; and that he wiU promptly deliver the ~fficial receipts there[or to the mortgagee. 5. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the rvent of the failure of the mortgagor to keep the buildings on said premises and those to be erected on said premisrs, or improvements thereon. in good repair, the mortgagee may make such repain as in its discretion it may deem necessary for the proper preservation there- of, and the full amount of each ared every surh payment shall be immediately due and payable, and shall be securrd by the lien of ihis mortgagee. ~ 6. That he will pay all and singular the rosts, charges, anJ expensrs, including reasonable lawyer's fees; and costs of abstracts of ~ title, incurrrd or paid at any time by the mortgagee be~ause of the failure on thr pari of the mortgagor prcmptty and fully tu perform the ; agreements and covenants of said promissory note and this mortgage, anJ said costs, charges, and expenses shall be immediately due and pa~able and shall be secured by the lien of this mortgage. ~ 7. That he will keep the improvemenis now existing or hereafter erected on the mortgaged property insured as may be required from ~ tin:e to time by the mortgagee against loss by fire a~d other hazards, casualities, and contingenries in such amounts and for such periods as roay be required by mortgagee, and will pay promptly, when Jue, any premiums on such insurance for payment of which provision has not ~ been made here?nbefore. All insurance shall be carried in companies approved by mortgagee and the poiicies ar.d renewals thereof shall be heid by mortgagee and have attached thereto loss payable clauses in favor of :~nd in form acceptable to tht mortgagee. (n e~~ent of loss he will give immediate notice by mail to mort~agee, and mortgagee may makr proof of loss if not made promptly by mortgagor, and each in- surance company concerned is hereby authorited and directed to make paymrnt for such loss directly to mortgagee instead of to mortga- gor and mortgagee jointly, and the insutance proceeds, or any part thereof, may be applied by mortgagee at its option either to the reduc- , tion of the indebtedness hrreby secured or to the restoration or repair of the property damaged. In event of for.°clusure of this mortgage or i ether transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, aU right, titlr, and inter~st of the . martgagor in and to any insurance policies then in furce sha11 pass to the purchasrr or grantre. ~ 8. T'hat if the premises, or any part thereof, be condemned under any power of eminent domain, or arquited for a public use, the damages, proceeds, and the consideration for such acquisition, to the exte~t of the full amount of indebtedness upon this ~tortgage, :~nd ! ~ the Nate secured hereby remaining unpaid, are hereby assigned by the Nortgagor to the ~tortgagee and shall be paid forthwith to the Mort- gagee to bt applied by it on account of the indebtedness secured hereby, whrther dur or not. 9. That the mortgagte may. at any time pending a suit upon this mortgage, apply to the court having junsdi~tion thereof for the ~ appointment of a teceiver, and such court shall forthwith appoint a recei~•er of the premises covered hereby all and singular, including all ~ and singular the incomo, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly under- stoad, 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 powen in anywise enirusted by a ~ourt to a receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said mortgager, and wishout reference to the adequacy 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- come, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of sunc ~ourt. In the event of any default on the part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1 /12) of the aggrcgate of the twelve monthly installments ~ayable in the then current y~ar plus the actual amount of the annual taxes, assessmeots, water rates, and insurance prerriiums for such year not covered by the aforesaid monthly payments. ' 10. That (a) in the event of any breach of this mortgage or default on the part of thr mortgagor, or (b) in the evrnt that any of said sums of money herein referred to be not promptly and fully paid without demand or notice, or (c) in the event that each and every the sti- pulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any wch event, the said aggregate sum mentioned in said 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 comptetely as if all of the said sums of money werc originally stipulated to be paid on such day, anything in said note or in this mortgage to the ron- ~ trary notwithstanding; and thereupon or thereafter, at the option of said mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys socured hereby had maturcd prior to its institution. The mortgagee may foreclose this mortgage, as to ~ the amount so declared due and payable, and the 3aid premises shall be sotd to satisfy and pay the same together with costs, exptnses, and allowances. In case of partial forectosure of this mortgage, the mortgaged premises shall be solJ subject to the continuing lien of this mort- ~ gage for the amount of the debi not then due and unPaid. In such case the provisions of this paragraph may again be availyd of thereafter trom time to time by the mortgagee. 9 z t [ NUO-921 tOM 15-791 i S ~ i Y a a ~ ~~ox 512 PAGE 935 ~ ~ ~ ~ s ~ ~ . ~ ; ~ ~ - - - . - _ _ - _ M . ,y~ ~ - - - _ ~