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HomeMy WebLinkAbout0631 (" O. R. 8[j:~ 57 fAGf628 :lnd sh:t1l dilly pt'rll>rrn. cUlllply with and aoill... by l'adl "nd e':}:'~J lb4;.,s,Hw.\!liti,;.>{lB c:pntlitions. and coven.'\llLl ot wd prom!.uory note and of this mortgugt'. Uu-n this 11I0 rtgll){I' and ~h.st$wtl~tctb'~lcBI&h4JiI..;lL~e and be null ar.d voi(1. It is undeOltood that Ule WON "mortgagurs." whcther'1n-ih<;"ingU,;r 'or 'plunAl anywhe~ in tbia mortga/{tl, wll' be 5ingular if one onlr and shall bt' plural jointly and severallr if more than one, Iw.d thAt the word "their" u uacd anywhere in this 1I1ortgajle sh!\1 ~ taken to Tnl'an his~ hl'r or ita. whcl-cvl'r thl' l"tUI~xt 80 impliea N' lUlmlLs. . And the Mortgagors hereby jointly and severally coven:~nt and agree to and with the Mortgagee: 1. ) p.'\y all and singular the principal luld In~rest and the vllrioua ar.d sundry SUrNl 01 money payable by virtue of said promi&3ory nott' find this mortga~e, ea..h and every, promptly on the days reIIpedlvely the ..me severally beco~ due. The Morlgagee may loll...:t a "'ate charge' n'>t to exceed an Itmount equal to two ~r centum (2"') of any installm.mt ot the note hefl.'by sl'Cur....1 which is no~ paid within fifteen (15) dllYs after the due date thereof (0 cover the extra expense involved in handling delinqu"llt payments, ' 2, To pay when due and without ret}uirillj{ any notice.> from Mortgagee lill And sinl'Ular the taxes, a.II8eA."ments. levie., obligatioM and incumbranc,es. of every nature and kind now on said dl'SCribed, property, and/or that hereafter may be im- posed. suffered. placed. leVIt'll or aaaeased thereupon. and/or that hereafter may be leVied or aueued upon this mortg..-e and/or the indebtedness secured hereb).. each and every, and inaafu as'llny thereof is of rec()('d the aame shall be promptly satisfied and d~~harged of reconJ and the origiMI official document (such as, for iMtance, the tax receipt or the satialaetJon paper o(fidally endon;cd or certilied) shall be plliced in the hands of said Mortgagee within ten days next after payment. 3, To keep the improvements now existing or hereafter erected on the mortgll.ged property. and the equipment and P"r80ll.'\!ty rovered by this Mortgage. iMuTed as may be required from time to time by the Morl.l{ajfee againJt Iou by fire, ex- tend,-d cover.llte and such other haunls, caaualties lUld ('(lntinjfencied ~ay be required by Mortgagee and will pay promptly, wht'n due. "ny prt'miums on such insurolnce. All insul'll.nce shall be in form and amounts satislactory to, and in insurl/nce com- panies appw\'ed by the Mortgagee, and the policie. and renewals thereof shall be held by Mortgagee and have attached thereto loS3 payable clauses in favor of und In form acceptable to the Mortpjfee., In event of 1083 the Mortgagors will give immedia~ notke by mail to Mortgagee, and Mortgagee may make proof of loss !i riot made Ilromptly by Mortpjfors, and each inllul'lUlCe company Nncerned is hereby authorilSed and directed tn make payment for such 10811 directly 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 eiUl('r W the reuuction of the Indebtedneaa hereby secured or to the reatomtion or repair of the property damaged. In event of foreclosure of this mortgage or ather transfer of title to the mong-,ed property in extinguishment of the indebtedneu secured hereby, all right. title, and interest o{ the Mortgagors in to any Insurance policies then in force shall pass to the pur- chaser or llTantee, .... . "- oS, To remove or demolish no building on said premises without the written consent of the Mort~; to permit, com- mit or suffer no wsate, impairment or deterioration of aaid property or any part thereof and to keep the same and improve- ments thereon in good conwtion and repair. ' 5. To pay all and singular the costs. charges and expenses, includirg reuonable lawyer's feu, lawyer's disbursements and cost of abstracLl 01 title. incurred or paid at any time by the Mortgagee be;:ause 01 the failure on the part of the MortKa- gors to duly perform, c(\mply with and abid~by each and every the stipulations, COnditiOIll and covenants of said promisaory note and thIS mortgage. any or eithu. ' 6, That in the event the Mortgagtlrs fail to pay or dilChar~e said taxes, asaeaamenta, lieM and incumbrances. or uld ('osts. charges and expenses, or fail to keep llaid rremises lnaured or to deliver the policiell, premiums paid, or lail w repair the said premises, as herein agreed, the Mortgagee IS hereby authorized at Its election to pay and/or di.aeharge said taxes, aaaeJl8- ments, lieM and incumbrancl'l or any part thereof, W pay said costs, charJell and expenaea, to procura and pay for such ir.- surance or to make and pay for auch re~rs, without any obligation on its part to determine the validity or necessity of any thereof and without the Mortgagee w&lving or affecting anf option. lien, equity or right under or by virtue of this mortgage; and the full amount of each and every such payment shall be immediately due and pa)'lUlle and shall bear Interest from the date thereof until paid at the rate of eight per cenrum per annum. and. together with such interest, shall be secured by the lien oC this mortgage; but oothing herein contained shall be construed sa requiring the Mortg~ to I\dvance or spend money. for any of the pUrpo.Jes in this paragraph mentioneod. 7, The.t (a) in the E:vent of any breach of this mortgage or default on the part of the Mortgagors, or (b) in the event any DC said sums of money herein referred to be not promptly and lully paid .....ithin Ii {teen 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. conditiol\ll and covenants of said promissory note and this mortgage, any or either, are not duly performed, \:omplied with and abided by; then, in either or any such event, the said aggregate !!Urn mentioned in said promiuory note then remaining unpaid. with Intetelt accrued. and all moneys secured hereby. shall become due Iind payable lorthwith, or thereafter. at the option of said Mortgag~, !" fully and comple~ly sa it all of Ule said sums of money were originally stipulated to be paid on such day, anything in said promis- sory no~ or in this mortgagt' to the contrary ootwithetanding; ar.d thereupon or therealUu', at the option of the Mortgagee, without notice or demand. suit at law or in ~ulty, theretofore or thereafter begun, may be proaecuted 1I8 il all moneys se<.'ured hereby had matured prior to iLl il\lltitutlOn. 8. That il any suit shall be instituted to foredoee or reform this mortgage and/or to enforce payment of any claims hereunder. the Mortgagee shall be entitled to apply at any time PEnding such suit, to the Court having jurisdiction thereof, Cor the appointment of a Receiver of the mortgaged property ami of all and singular the rents, income. profiLl. WUl'l and revenues thereof from wha~ver 8O'lrce derived, each &lId every of which are exprelllly mortgaged by thlll instrument; and it is hereby expressly coyenant.ed and agreed that thereupon such Court shall forthwith appoint a Receiver of said mortgage.i property. and of all and zlingular the rent.. income. profits. issues and revenuea thereof from whatever 8Vurce derived. with the usual powers and duties of receivers in like CWlell; and IiUch appointment Tlhall be made as a matter of strict right to the Mo~agee, and without reference to the adeqU'icy or inadequacy of the value of the property hereby mortgaged, or to the solvency or ill50lvency of the Mortgagors, 9, That MorLgagoJ'll henoby all8lgn. transfer and set over to Mortgagee, up to the amour.' of the wt.a1 indebtedneu sffured hereby, all awards of danlaieii in connection with the condemnation of any of said property lor public UIe or for injury to any part thereol, and thi! proceeda of all such awarru.. after payment of all reasonable expenaes InculTed, including fees for attorneYII represeJlting Mortgagee in any proceeding in which any such award ill made, L~all be paid to Mortgagee to be c.pplied upon the lndebtedneSll hereunder in such manner 88 Mortgagee may elect, 10, That time is oC thE essence of this contract and nn waiver of ar.y obligation h<ereunder or of the obligation secured hereby ahall at any time thereal~r be held to be a waiver of the terma hereof or of the no~ secured hereby, 11. Without aflecting the liability of any p;!l'SOn (other than any person releaaed pursuant hereto) for payment of any indebtedness secured hereby. and without alfectinjf ~e priority or e?ttent of the lien hereof ';Ipon any .J'ropertr ~ot speci- fically released pursuant hereto. Mortgagee may at any time and from lime to time, without notice and Wllhout limItation 118 to any legal right or privilege of Mortgagee: (a) Release any person liable tor payment of any indebtedneas Reured hereby; (b) Ex~nd the time or agree to alter the terms of payment of any of the indebtedness; (c) Accept additional security Gl any kind; (d) RE:leaae any property securing the indebtedness; (e) Consent to the creation of all)' easement on or over the premises or any covenants restrictillJ{ u~ or occupancy thereof. 12, Tc duly perfonn. comply with and abide by each and every the stipalations, conditions and covenanLl in said prom- issory note and in this mortgage set forth, , 13, As additional sl'curity the Mortgagors do hereby transCer. assign and .-et over to tile said Mortgagee. its lucces- sors or assigTlll, any and all re.:ta now dlle. fJr to become due, on the above described premille8 or any separa~ rental premise appurtenant the:-eto. which are .situated on the land above described: such ,rents to ~ collected by or. at the direction of the Mortgagel!, its succeSllora or allSll(ll.8, and the net proceeds thereof to be applied to the mdebudnea& hereinbefore secured. as and when the 5ame shall become due Rnd payable; and for the purpose of carrying out Utis provision the Mortgagors do by these presents. ccn.stitute and appoint said Mortgagee. or L'lc SUCCel~Or3 or auigTl!l, of the sa,id Mortgagee, as his" h,er or their tr.ae and lawful attorney-in-fact. to collect any and all ~enl.a fOT !laId above descnbed premlllell. expreuly authonllng the Mortga- gee or ita lucceSSOrll or assigns to receipt tenants therefor, and do by iheae pre6ents ratify and confirm ar.y and all acts of said attcrney-in.fact in relation to the foregoing j>Ower, , '-, '_ , I '0"'" NO. 7'.-1 ~ -- -"-1-'" .-".:.-''''''--''''';'''''~-'''~-''-?~"'''....,...~"".-..-,,",--~.~ .,..c.-.._..,-....._~~.,.-.__._...,;.--'"'_..,....,..~'..""-_~_.__"":""'."....-~.._--:""".,.......~.<::",.._._.,......__...-::'..~.,.'1-....-~. ,. 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