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HomeMy WebLinkAbout1103 PItOVIDED ALWAYS end these presenta Are upon the ex~ress condition that if Mortgagors ahaU pay to Mortgagee ~ a certain negotiable pmmisaory note oi even date herewith. a~gned by Mortgagors~ ~:_d p~yable t the order oi Mortgs- gee at ita_~rincipal ofRce. in the principal sum of '~BLVB '~aI~D AI~DRI~D dt $Oj100•-°~-DOLI.AR3 i ~=12,~00.00 -J bearing interest At the rete set forth therein. with principal and intereat payable in monthly I instalmertta oi =~•y4 and the last inst~a~lmet~,t of the entire unpa' balance of principAl and intereat to f become due and payable o~ the first day of l~l'Ctl A.D. 19 ! I I ~ . ~ and all renewals. modifications and extensiona thereof. with interest thereon. and such other note or notes as may be given upon the security of this mortgage and all renewals. modifications or extensions thereof. aa and when therein res~ec- tively pmvided. and shall pmmptly and fully perform, execute and complete each and every covenant. agreement~ obl~ga- tion. condition and stipulation of each said promissory note and of this mortgage deed~ then this mortgage and the estate hereby created. ahall cease and be null and void. lt is agreed that this mortgage is given to secure. in addition to the note or obligation above described any addi- tional loans or future advances msde within twenty years from date hereof by the mortgagee to said mortgagora or any successor in title of said mortgagors of the pmperty hereby conveyed; pmvided that the total unpaid balance oi the indebtedness secured 1~ereby st sny one time ahall not exceed the maximum pnncipal amount of the note above deacribed. plus interest thereon and any disbnrsementa made by the mortgagee for the payment of taxes, levies or insurance on the property encumbered hereby. with interest on such disbursements. ~ It is agreed that each of the words. "note" and "mortRagee", if it appeara hereby that there are more than one. shall. 3 wherever herein used, be construed in the plural. that the word "mortgagors", if it appeara hereby that there ia only ~ one. shall wherever herein used. be constrned in the singular; and that all the covenants, agrnements and undertakings, hernin set forth. shall be joint and several. E It is also agreed that all notes herebq secured shall be of equal rank and dignity snd shall be hereby secared equally and without preference or priority as to lien or otherwise of any one note over any other hote. i ~ AND the said mortgaRors do hereby covenant and agree to and with the said mortgagee: 1. To pay all and singular the principal. interest and other sums of moneq payable bq virtue of each said promis- sory note and this mortgage. promptly on the days reapectively the same severally becume due. whether in due courae or upon acceleration. All sums hereby secured shall bear interest at the rate of eight per centum per annum after msturity whether in due course or upon acceleration. 2. To pay within thirty days after theq become due and wiihout requiring any notice frnm Mortgagee all and singu- lar the taxes. assessments. leviea, obligations and incumbrances of every nature and kind now on said deacribed property. and/or that hereafter may be imposed, suffered, placed, levied or assessed thereupon, and/or ihat hereafter may be levied or assessed upon this mortgage snd/or the indebtedness secured hereby, each and every, and insofar as any thereof is of record the same shall be promptly satisfied and discharged of record and the original official document (such as, for instance. the tsx receipt or the satiafaction paper oflicislly endorsed or certified), shall be placed in the handa of said MortRa~ee within ten days next after payment 3. That if required by mortgagee, in order more fully to protect the security of thia mortgage, the mortgagor. to- ~ether with. and in addition to, the monthly payments under the terms of the note secured hereby, on the firat daq of each month until the said note is fully paid, will pay to the mortgagee the following sums: (a) A sum equal to the premiums that will next become due and payable on policies of fire and other haasrd inaur- ance covering the mortgaged property, plus the taxea and assessments and other charges described in Psragraph 2, above, next due on the mortgaged prnperty (all as estimated by the mottgagee) less all sums already paid therefor divided by the number of months to elapse before one month prior to the date when each of such items will become de- linquent; such sums to be held by mortgagee in escmw to pay the premiums, taxes, assessments, and other charges as aforesaid. (b) All payments mentioned in the preceding portions of this paragraph and all psyments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the mortgagor esch month in a single payment to be applied by the morigagee to the following items in the order set forth: I. for the purposes set forth in paragraph 3(a) above; II. interest on the note secured hereby; and III. amortization of the principal of said note. Any deficiencq in the amount of such sggregate monthly payment shall, unless made good by the mortgagor prior to the due date of the next such payment, constitute an event of default under this mortgage. The mortgagee maq col- lect a"late charge" not to ezceed two per centum (2%) of each instalment on the note or required payment more than fifteen (15) days in arrears. ~ 4. That if the total of the paqments made by the mortgagors under Paragraph 3(a) preceding ahall ezceed the ~ amount of payments actually made by the mortgagee, for the purposes set forth in Paragraph 3(a). the mortgagee shall k credit such excess on subsequent payments to be made by the mortgagor or shall refund such ezcesa to the mortgagor { at the option of the mortgagee. If. however, the monthly psyments made by the mortgagor under Paragrsph 3(a) pre- f ceding shall not be sufficient to pay the items as set forth in Paragraph 3(a), when the same ahall become due and ~ payable, then the mortgagor shall pay to the mortgagee any amonnt necessary to make up the deSciency oa or before : the date when payment of such amounts shall be due. If at any time the mortgagor shall tender to the mottgagee in ~ ~ accordance with the provisions of the note secured heteby~ full payment of the entire indebtedness represented there- . by. the mortgagee shall, in computing the amount of such indebtedness, credit to the acconnt oi the mortgagor any bal- ance remaining in the funds accumulated under the pmvisions of Paragraph 3(a). If there ahall be a default under any of the provisions of this mortgage. resalting in a public sale of the premises covered hereby, or i! tbe mortgagee ac- quires the property otherwise after default, the mortgagee shall applq, at the time of the commencement of such pro- ceedings or at the time the propertq ia otherwise acquired~ the balsnce then remaining in the funds accmm~lated under Paragraph 3(a) preceding as a credit against the amount of principsl then remaining unpaid under said note. 5. To keep the improvements now existing or hereafter erected on the mortgaged property, insured aa may be ~ required from time to time by the mortgagee against loss by fire and other haurds, caaualties, and contingencies in such amounts and for such periods as may be required by mortgagee. and pay promptlq, when due, any premiums on such insurance for payment of which pmvision has not been made hereinbefore. All insurance ahall be carried in com- panies approved by mortgagee and the policies and renewals thereof shall be held by mortgsgee and have attached thereto loss payable clauses in favor of and in form scceptable to the mortgagee. In the event of loss he will give im- mediate notice by mail to mortgagee, and mortgagee may make proof of loss if not made pmmptly by mortgagor, and each insursnce company concerned is hereby suthorized snd directed to make psyment for such loss directly to mortga- ~ee instead of to mortgagor and mortgagee jointly~ and 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 restoration or repair of the property damaged. In the event of foreclosure of thia mortgage or other transfer of title to the mortgaged pmperty in extinguishment of the indebtedness secured hernby~ all right, title and interest of the mortgagor in and to any inaurance policies then in force ahall pass to the purchaaer or grantee. i 6. To pay ail and singalar the costs, fees, and expenses of every kind. including rnasonable attorney's fees, and 1 cost of ~',stracts of title, incurred at any time by said mortgagee in the foreclosure hereof. and/or in the event of any ~ default on the part of said mortgagora in the making of any of the paymenta, or in the performance of any of the aRreements, conditions or covenants of each said promisaory note and this mortgage, and/or in enforcing, sustaining or defending the lien or priority of thia mortgage sgainat anq and all persons including. but not limited to. the exercise of the power of eminent domain or other Governmentai power of anq kind, and every such payment on the part of said ~ mortp,agee shall besr interest from the date thereof at the rate of eight per centum per annum and together with j such interest shall be secured by the lien hereof. FORM NO. 15A6-2(~•6d) i sooK~.7~ enc~1140 ~ ;