HomeMy WebLinkAbout1388 :unl s1ia11 ~lulp E~,•rl~u•~u, r,,n~~~ly ~rilh :~n.l ub~~~~• b~ i;~.h .u~~l rvrry lhr titipulaliutw, ca~ililiuns, and cuvenxnls of suiJ prum:ssory
u~de :uk! uC llti; ~n~~rt~;:i};r, th~•~i lhi, ~uurt~;.~t;~• :~n~! th~~ esl~~lt~ her~~by emuL~d sh:?il ceuxc> und tx: null atxl void.
It ia un.l~•n~atl th:?t th~~ wonl "ut~~rt~;:~~;on, whe~hc~ in !he ainaular ur plumi nnywherr. in this mort~ag'e, shal! be
singular iC une onty •~nd ~hnli M~ piui:il jnintly und ::~we~ally if murr than a?H:, anci that the word "theit" as uscd anywhere in
this :»ort~agr sh~li be l:?k~~n tu m~+t?n hi~, her ur it,, wh~~rti~•cr Ue context ao implies or ndmits.
A~id the Murtgagors hcreby juintly xn~i severally covenant and agree to and with the Mortgagee:
1. To pay all urxi sin~vletr the principai and iut~n~t :u~l the varinus and sundry aums of monty payable by virtue ot
said promisso~y note und this mort~t~e, c::ich und evivy, pmmptly on the duys respectively the same sevemlly become due. The
Mortgufiee may rollect a"late ehar~e" not to ~xeccvl .ui umount ~Yaual to twu per ccntum (`19~0) of uny instaUmNnt of the note
hereby aecur~~e1 w~hich is nut p:?id within fiftei~n (15) days ufter the due date thereot to caver the eactra expr.nse involved in
hundlinq delinqueut p~y~net~t.~.
2. To pay when due and without n~~uiriti~; any not,icc from Mort~sqee a!1 and singulur the taxes, asaessments, levies,
obli~atiors and iucumbrances ot e~•cry nuture und kind now on suid d~~scritxsd property, arai/or that hereafter may be im-
pc~3ed, suffered, placed, levi~til ur :~g.gessed thcrnu{x7n, und/or that hemufter may be levied or assessec! upon this mortAa~e
xnd/or the indebte~iness at~curCd hereby, each and evcry, ,?nd insut:u us uny thereot is of reconi the same r.hall b~ pcomptly
aatisfied ~?nd discharq!~ of record und the orifiinal ufficiul document (such as, for instance, the tuz receipt or the satisfaction
pxper oificially endurscd or certified) shall be pl:?c~rl in the hands of said Mo~-tRagee within ten days next after payment.
3. To kec~p the improvemrnts now rxistin~ ar hemufter erected on the mort~u~ed property, and the cquipment and
perr,on:~ity cu~~ered by this Mort~a~e, in~urc~l as may be required from time to time by the MortKu~ee s~,~ainst loss by fire, ex-
iend~Y1 co~~e~aKe and such other huzards, cusu:ilties und cuntin~;encics as may be ret~uin~ by Mort};a~;ee and will pay prr~mptly,
when due, uny premiums on such in,uranc~~. All insw•unce shall t~ in t'onn and un~ounts s:~titifactory to, and in insurunce com-
pauies appruvc~i b~~ the Mart~,~agee, and th~~ poliries und rtmrw~als thereoC shall lx~ h~~W by ~iort~a~;ec und have uttfiched thereto
li~,s payaLle clauus in f:i~•ur uf und in form :icrcptable to tne Ma•t};ay;~~e. ln .vcnt of loss lhe blart~:?~;ors w~ill qive iinmc~diate
notice by m:iil tu !~lortfia~ec~, and Murt~asGea m.?y mak~ pruuf af loss if not mude promptly by Mortga~ors, and each in5urance
cump:~ny conc~~rn~~d is herrby authurized arid directeil to makr payment fur such loss directly tn Mort~a~ee instead of to
1Ylort~u~urs und Murt~;a~ee jointly, ai~d thc~ insur~uice prnreec;s, or .u~y part thereof, may he applied by Mortgagec~ at its option
either ta thr n~~luction uf the indebL~dness her~by securc~f or tu the resWration or repair of the prvperty damaged. In event
of forecloaure uf this mortKa~e or other trarisfer ut Litle to the mortfia~cKi property in extin~uishment ot the indebtedness
secured hereby, all right, titl~, and intereat of thr Mort~aKore in to xny insumnce policies then ih force shall pa.ss to the pur-
chaser or grunte~.
To remove or demolish no buildinR on said premises withuut Lhc written consent oi the Mort~agee; to permit, com-
mit or suffer no waste, impairment or deterioration of sai~ property or any p~rt thereof and to k~p the same and improve-
ments thereon in Rood condition and repair.
5. To pay all and singular the rnat~g, charges and expenses, including reasona.ble lawyer's fees, lawyer's disbursements
and cost uf ab~tructs of title, incurred or paid at uny time by the Mortgagee because of the failuCe on the part of the Mortqa-
gors to duly perform, eorr~ply with and :?bide by each and every the stipulations, conditions and eovenants of said promis9ory
rtote xnd 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 .
custs, charges and expenses, or fail to keep said premises ir~vured or to deiiver the policies, premiums paid, or fai[ to repair the
said premises, s~s herein ugreed, the i~fortgagee is hereby autheri~ad at its election to pay and/or discharge said taxes, assess-
ments, liens and incumbrances or any part thereof, tu pay s»id costs, char~es and expenses, to prceure and pay for such in-
snrance or to make <?nd pay !or such repairs, w•ithout xny abli~ation on its p<irt to determine the validity or necessity of any
thereof and without the Mortga~,?ee wai•rin~ or affecting any optiun, lien, eyuity or right under or by virtue of this mortqage;
and the full =~mount uf each :uid every such puyment shall be immediately due and pa}'able and shall bear interest from the
date thereuf until paid at the rate of eifiht per centum pcr annurn, and, together with such interest, shall be secured by Lhe
lien of this mortgage; but nothing herein contained ahall be construcd as requirinq the Murtgagee to advanre or spend moneys
for any of the purposes in tt~is para~rxph mentionetl.
~ 7. ThaL (a) in the event of any breach of this mortgage or defuult on the part of the Mortgagors, or (b) in the event
anY of suid sums of money herein referrcd to be not promptly ani+, fully paid within fifteen duys next af;er the same severally be-
come due and payable, without demand or notice, or lc) in the event rach and every the stipulstions, conditions and covenants
of said pmmissory note and thia mortgage, any or either, are not duly performed, compli~l with and abided by; then, in either
or any surh event, the said aggregate sum mentioned in said promissory note then remaining unpaid, with intereat accrued,
and all moneys secured hereby, shall become due ~nd payable forthwith, or thereaftQr, at the option of said Mortgagee, as fully
and completely a.9 if all of the said sums of money were originally atipulated to be psid on such day, anything in said promia-
sory note or in this mort~age to the contrary notwithstandinR; and thereupon or thereafter, at the option of the Mortgagee,
without notice or demand, suit at law or in equity, theretofore or thereafter be~:n, may be prasecuted as if all moneys
aecured hereby had mntured prior to its institution.
8. That if any suit shall be instituted to foreclose or reform this mortga~e and/or to enfome payment of any claims
hereunder, the Mortgagee shall be entitled to apply at any time pending such s:+it, to the Court having jurisdiction thereof,
[or the appointment of a Receiver of the morcga~ed property ~nd uf all and siu~;ular the rents, income, profits, issues and
revenuex thereof from whatever souree derived, each and every of which are expressly mortgaged by this instrument; and
it is hereby expresaly covenanted and a,greed that thereupon such Court aha11 forthwith appoint a Receiver of said murtgaqed
property, and of all and sinKular the rents, is~come, profits, issues and revenues thereof from whatever source deri~•ed, with the
usual powers and duties of receivets in ]ike cases; and ~uch al.pointment shall be made xs a matter of strict right to the
Mortgagee, and without reference to the adequacy or inadequucy .~P the value of the property hereby mortgaged, or to the
aolvency or inaolvency of the b3ortgagors.
9. That MortgaRors herehy aagiqn, transfer and set over to Mortgagee, up to tne amount of the total indebtedness
secured hereby, all awardrz of damages in connectiun with the condemnation of any of said property for public use or for injury
to any part Ehereof, and the pmceeds ot all auch awanis, after payment of all reasonable expensea incurred, inc]udinq fees
for attorneys repreaenting Mortgaqee in anq proceeding in which any such awArd is made, shall be paid to Mortgagee to be
applied upon the indebtednese hereunder in such manner aa Mortga~ee may elect.
10. That time ie of the easence of this cor~tract and no waiver of any obligation hereunder or of the obligation secured
hereby ghall at any time thereafter be held to be a weiver of the terms hereof or of the note secured hereby.
ll. Without affecting the liability of any person (other than any person released pursnant hereto) for payment of
any indebt,eriness secured hereby, and without affectinK the priority or extent of Lhe lien hereof upon any pmpert,y not apeei-
fically released pursuant hereto, Mortgagee may at any tirne and from time to time, without notice and without limitation as
to sny legal right or privilege of Mortgagee:
(a) Releese any person liable for payment ot any indebtednese secured hereby; (b) Extend the iime or agree to
alter the tenns of payment of any of the indebtedness; (c) Accept ad~litional security of any kind; (d) Release any property
securing the indebtedness; (e) Consent tu the creation of any easement on or over the premisea or any covenants restrictina
use or occupancy thereof.
~ 12. To duly perform, comply with and abide by each and every the stipulations, conditions and co~•enants in said prom-
iasory note and in this rrortgage set forth.
13. As additional security the Mort~aqors do hereby transfer, assiqn and set over to the said Mortqaqee, its aueces-
x.,r~ c~r assiKns, any and all rents now due, or to brcome due, on the above described prernises or any separate rental prernise
appurienant thereto, which are situated on the land above desrribed; such rents to be collected bv or at the direction of the
Mortgagee, its succes~ors or asaiRns, ar?d the net proceedx thereof to be applied to t~`~e indebtedness hereinuefore secured, as and
vNhen the same shall become due ar.d payabie; and for the purpose of carryinq out this provision the Mortgagors do by f}tese
preaents, cortstitute snd appoint said MortRa~ee, or the successors or assigns of the said Mort~<?~ee, as his, her n* the~r true
and lawful attornAy-in-tact, to collect any and atl rents fur said abcve deseribed premises, expressly authorizinR the Mortga-
gee or its succe,sors or assi~ns to receipt tenantx therefor, and do by these pregents ratity .ind confirm any and all acte of
said attorney-ir~-fact in retation to the foreRoing power.
FOItM NJ = BOOK~A~/ ~V~/