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and sl:n!1 1uly prrfurnr, comply with and abide by ear h and every the stipulations, conditions, and covenants of said promissory
note aril of this mortgage, then this murtgat;c :uul the estate hereby crratcd shall cease ar.l be null and void.
It is undcntcxxl that the won; "n:ortgagurs," whether in the singular or plural anywhere in this mortgage, shall be
singular if one onl~ and shall be plural jointly aril severally i[ more than one, ruxl that the ward "their" es used anywhere rn
thin mortgage anal be token to mean his, her or its, whc-rover the context ao implies or admits.
And the Mortgagors hereby jointly rind s:'~'erally covenant and agree to antl with the Mortgagee:
1. To pay aU and singular the principal urrrl interest and the various and sundry sums of money payable by virtue of
acid promissory note and this murtgat;e, each and every, promptly on the Jaya respectively the same severally become due. The
Mortgagee may collect a "late charge not to exceed nn amount equal to two per centum (2%) of any installment of the note
honk+y secured which is not paid within fifteen (15) days after the due date thereof to rover the extra expense involved in
handling ddinqueut p.r)'ments.
2. To pay when due and without requiring any notice from Mortgagee erll and singular the taxes, a_egeasments, levies,
obli¢xtiuns and incumbrances of every raters and kind now on said described property, and/ur that hereafter may be im-
posed, suffered, placed, levied or asscssrd thereupon, aril/or that hereafter may be levied or assessed upon this mortgage
and/or the irxiebterlness secured hereby, e.ch and every, and insofar as any thereof is o! record the same shall be promptly
axtlsfled and discharged of rrcon) and the original official document (such ns, for instance, the tax receipt or the satisfaction
paper officially endorsed or certified) shall be placed in the hands of avid Mortgagee within ten days next after payment.
3. To keep the improvements now existing or hereafter erected on the mortgaged property, and the equipment and
personalty covered by this . ortgage, insured as may be required from time to time by the Mortgagee against loss by fire, ex-
tended cuverrge and such other haza;•ds, casualties and contingencies as gray be required by Mortgagee and will pay promptly,
when due, any premiums on such ieLeuraace. All insunrnce shall be in form and amounts satisfactory to, and in insurance com-
paniea approved by the bfortgagee, aril the policies and renewals thereof shall be held by Mortgagee and have attached thereto
10.3 payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss the Mortgagors will give immediate
notice by mail to Mortgagee, and Mortgagee may make pmot of loss if not made promptly by Mortgagors, and each insurance
cu;npany concerned is hereby authorized and directed to make payment fur such loss directly to Mortgagee instead of to
Mortgagors and hlortgagee juintl)•, nrnl the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option
either to the reduction of the indebtedness hereby secured or to the restonrtion or repair of the property damaged. Trr event
of to:eclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness
secured hereby, all right, title, and interest of the Aortgagors in to any insurance policies then in force shall pass to the pur-
chaser or grantee.
4. To remove or demolish no building on said premises without the written consent of the Mortgagee; to pernit, com-
mit,or suffer no waste, impairment or deterioration of said property or any part thereof and to keep the same and improve-
ments thereon in good condition and repair.
5. To pay all and singular the costa, charges and expenses, including reasonable lawyer's tees, lawyer's disbursements
and cost of abstracts of title, inrurr•ed or paid at any time by the Mortgagee because of the failure on the part of the Mortga-
gors to duly perform, comply with and abide by each and every the stipulations, conditions and covenants of said promissory
note and this mortgage, any or either.
6. That in the event the Mortgagors fail to pay or discharge said taxes, assessments, liens and incumbrances, or said
coats, charges and expenses, or tail to keep said Premises insw•ed or to deliver the policies, premiums paid, or fail to repair the
said premises, as herein agreed, the Mortgagee rs hereby authorize) at its elution to pay and/or discharge said taxes, assess-
ments, liens and incumbrancea or any part thereof, to pa}• said :osts, charges and expenses, to procure urd pay for such in-
surance or to make and pay for such repairs, without any obligation on its part to determine the validity or necessity of any
thereof and without the Mortgagee waiving or affecting any option, lien, equit}• or right under or by virtue of this mortgage;
and the full amount of each and every such payment shall a immediately due and payable and shall bear interest from the
date thereof until paid at the rate of eight per centum per annum. and, together with such interest, shall be secured by the
lien of this mortgage; but nothing herein contained shall be construed nor requiring the Mortgagee to advance or spend moneys
for any of the purposes in this paragraph mentioned.
7. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event
any of said sums of money herein referred to be not promptly anr~ fully paid within fifteen days next after the same severally be-
come due and payable, without demand or notice, or (c) in the event each and every the stipulations, conditions and covenants
of said promissory note and this mortgage, any or either, are not duly performed, complied with and abided by; then, in either
or any each overt, the said aggregate sum mentioned in said promrssory note then remaining mrpaid, with interest accrued,
and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully
and completely as if all of the said sums of money were originally stipulated to be aid on such day, anything in said prmnis-
sory note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of the Mortgagee,
without notice or demand, suit at law or in equity, theretofore or thereafter begun, may be prosecuted a.a if all moneys
secured hereby had matured prior to its institution.
t3. That if any suit shall be irrstitutcd to fon°close or reform this mortgage and/or to enforce payment of any claimA
hereunder, the Mortgagee shall be entitled to apply at any time pending such suit, to the (:curt having jurisdiction thereof,
for the appointment of a Receiver of the mort~xged property and of all and singular the rents, income, profits, issues and
revenues thereof from whatever source derived, earh and every of which are expressly mortgaged by this instrument; and
it is hereby ea;•ressly covenanted and agreed that thereupon such Court shall forthwith appoint a Receiver of said mortgaged
property, and of all and singular the rents, income, profits, rssuAs and revenues thereof from whatever source derived, with the
usual powers and duties of receivers in like cases; and such appointment shall be made as a matter of strict right to the
Mortgagee, and without reference to the adequacy or inadequacy o[ the value of t}re property hereby mortgage), or to the
solvency or insolvency of the Mortgagors.
9. That Mortgagors hereby assign, transfer and set over to Mortgagee, up to the amount of the total indebtedness
secured hereby, all awards of damages in connection with the condemnation of any of said property for public pse or for injury
to any part thereof, and the proceeds cf all such awards, after payment of all reasonable expenses incurred, including fees
for attorneys representing Mortgagee in say proceeding in which any such award is made, shall be paid to Mortgagee to be
applied upon the indebtedness hereunder in such manner as Mortgagee may clot.
10. That time is of the essence of this contract and no waiver of any obligation hereunder or of the obligation secured
hereby shat! at any time thereafter be held to be a waiver o[ the terms hereof or of the note secured hereby.
I1. WitFout affecting the liability of any person (other khan any person releasers aursuant hereto) for payment of
an} indebk•dness secured hereby, and without affecting the priority or extent of the lien hereof upon any property not speci-
fically released pursuant hereto, Mortgagee may at any time and from time to time, without notice and without Lmitation as
to any loge) right or privilege of Mortgagee: '
(n) Release any person liable for payment of any indebtedness secured hereby; (b) Extend the time or agree to
alter the terms of payment of any of the indebtedness; (c) Accept additional security of any kind; (d) Release any property
securing the irdebt,edness; (e) Consent to the creaticn of any easement on er ocer the premises or any covenants restricting
use or occupancy tlrereot.
t2. To duly perform, comply with and abide by earh and every t!:e stipulations, conditions and covenants in said prom-
issory note and in this mortgage set forth.
13. As additional security the Mortgagors do hereby transfer, assign and set over to the said Mortgagee, its succes-
sors ur assigns, any and aft rents now due, or to become d::e, on the above described premises or any separate rental premise
apppurtenant thereto, which are situated on the land above described: such rents to be collected by or at `he direction o! the
hSortgagee, its successors or assigns, and the net pn;r:eeds thereof to be applied to the indebtedness hereinbefore secured, as and
when the same shall become due and payable; and fur the purpo_e of carrying out this provision the Mortgagors do by th~~e
presents, constitute and appoint said Mortgagee, or the successors er assigns of the said Mortgagee, as his, her or their true
and lawful attorney-in-tact, to collect any and al. rents for said above described pr?miser, expressly authorizing the Mortga-
gee or its succe=aura or assigns to receipt tenants therefor, and do by these presents ratify and contir~n any xnd all acts of
said attorney-in-fact in relation to the foregoing power.
10RM HO. 716-2