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HomeMy WebLinkAbout2214 ! i and shall duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said promis- sory note and of this mortgage, then this mortgage and the estate hereby created sha11 cease and be null and void. It is agreed by and between the parties hereto that this is a second purchase money mortgage, and the mortgagor herein agrees that any default of any nature in the first mortgage shall be deemed to and shall constitute a default in this mortgage, and in the event thereof the holder hereof shall have the right to ~ place the first mortgage in good standing and to add the cost and expense thereof to the principal balance of this mortgage, ~ withou~ waiving the default in this mortgage. It ia understood tt~at each of the words, ••note.•• •'mortgagoY' and "mortgagee" respecUvely and the pron- ~ ouns referring thento. whetber in We singular or plural anywhen in thls mortgage, ahall be singular it one only ~ and shall be plural ~oinUy aad severally. if more thsa oae. and ahall ba masculfne. feminine aad/or neuter. wher~ ~ ever the oontext so impliea or admits. a i And said ldortgagor for himseli and his hetrs. legal representatives, auccesvors and assigns„ hereby ooven- ` • anta ana agrees W and with said Mortgagee, hL legal repreaentatives. successors and seaigns: 1. To pay W aad singular We principal and intereat and tha varlous and aundry aums of money payable by vlrtue o! sa[d proauawry not0. and this mortgags, each and ev , promptly on the day?s respectively the same F se~e,guy ~ecoma aue. before they become de~inquent { ' Z, To pay ai~ and singulse?the taxes, aseea,unents. levies, IiablHties. obligations and incumbrancea of every ` ~ nature and kind now on ea8d d~scribed property, and/or that hereafter may be imponed. euffered. placed. levied f or assesaed thenupon. aad/or that $'enafter may be levied or asaessed upon this mortgage and/or the indebted- neas secured herebq. each and every. when due and payable aceording to law. betore they become delinquent, and before any intereat attaches or say penalty is incurred; and in so far ae any thereof ia of record the same shali be pnnmpUy satisfied and discharged o! record and the originsl official document (auch as. for instance. . the tax receipt or the satisfactlon paper offlcielly endorsed or certified) ahall De placed in the hands oi said Mortgagee withtn ten daye aeat after payment; and in the event that any thereof Ia not eo paid. satisfied and ~ dischsrged. said Mortgagee msy at any time pay the same or any part thereoi without waiving or affecting f any optiOn, lien, equity or dght under or by virtue of this mortgage. and the full amount of each snd everq , such payment shall be immediately due and psyable and shall bear interest from the date thereo! until paid at We rste of ten per centum per annum and together with such fniereat shall be eecured by the lien o! this mortgage. S. To place and continuously keep on the buildinga now or heteaf!e~~eosptlsi~~i~~~dewindstorm inaurance in the usual standard pollcy torm, in a aum not less than i----------------------- B_.._-----------•-•----•--•-•-. in euch com- panq or companies aa msy be approved by said Morigagee; and all such insurance policies on any oi said build- ings, any interest therein or psrt thereof. in the aggregate aum aforesaid or in excess thereof, ehall contain the usual standard mortgagee clsuse making the loss under aaid poHcies, each and every. payable to said Mortga. gee aa his interest may appear. and each and every such policy ahall be promptly delivered to and held Ly eaid Mortgagee: snd, not less thaa ten daya in ad~ ance of the expiration ot each policy, to deliver to said Mortgagee s renewal thereof, together with a'rec~eipt for the premium ot such renewal• and there shall be no auch insur- . ance placed on any of sald Duildings, any intereat therein or part thereof. unlees in the form and with the loas payable as atocesaid; and in the event anq aum ot moneq becomea payable under such poHcq or poHcies aaid Mortgagee shall have the option to receive and apply the eame on account oi the indebtedneas aecured hereby or to permit said Mortgagor to receive and uae ft or any ~art thereoi for other purpo~es wiWout thereby waiving or impalring any equity, llan or right nnder or by virtue of this mortgage: and in the event said Mortgagor ahall for any reaaon tail to keep the sald premises so in~ured, or fail to deliver prompUy any ot said policiq o! insurance to aaid Mortgagee, or tail pmmpUy to pay fully any premium therefor, or in anq respect fail to per- : form, dfacharge. execute, effect, complete, comply with and abide by this covenant, or any part hereof. aeid 1?fortg- agee may place and psq for auch inaurance or any part thereof without walving or aifecUng any. option, lien, _ equity or right under or by virtue of thfa mortgage, and the tull ap~ount ot each and every such payment shall be immedtately due and payable and ahall bear lnterest from the date thereof untU paid at the rate of ten per exntwn per annum and LoBether with such intereat shall be sccured by the Hen ot this mortgage. ~ t 4. To permlt, commtt os suKer no waste. tmpairment or det~eriontion oi said pmperty or any part thereot. 6, Tp p~y a~l aad dngtilsr the costs. chargea and expenses. including reasonable Iswyer'~ tees and cost o! ' abatracta o! tltle. incurred or pafd at auy time by said M~rtgagee be~cause wdlor !n the event of the laflurs 3 on the patt o! the said Hortgagor to dn1Y. Promptly ancf fWly pariorm. dixbsi'Be. execut0. effect, aomplete. oomply wlth and aDlde by esch and every the atipulatione, agreemenb. cond~tions aud oovenanb of asid promis- aory note, and thia mortgaga. an~ or dther. aad said co~t~. charges aaQ ea~pen~e~, each and every. shall be im- med~• tely dus ~ p~yable, whetber or not Nere bs aoUce, demaad, attempt to ooUect or sult peading' and th~ fWl a:nount oi each aad evesy sucb psyment aball bear interest lram ths date thereoi unW patd st the rste of ten Pec centum par aanum: and all ~1a oa~b. cbargea and ~speaNS ~o iacurred ot paid. togstLer wlth such ia- teewt, sbari D~ ~scused bp tL~ lien oi t2~fs mortgaga. ~~fi? 0~2~1.4 - - ~ ~ ~ ~ - - ~rt n:~~ ~ ~ 2~