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HomeMy WebLinkAbout1699 and shall duly perform. comply with and abide by each and every the stipulatioas„ condltions. aad coveaaats oi said promissory note and ot this mortgage. then this mort~a~e aad the estate hereby created sbaU cease aad be null aad void. It is wnderstood that the word "mortgagora." whether in We aingular or plural aqywhere ia this mortQage, shall be singular ii one on~y and shall be plural jointly and severally i! more than one, and that t~e word "their" as used aqywhere ia this mortgage ahall be taken to mean his~ her or its, wherever the contezt so implies or admits. ; t And the Mortgagors hereby jointly and several~y covenant and agree to and with the Mortgagee: i. To pay all and singular the grincipal and interest and the various and sundry sums oi money ps~?able by virtue oi said pmmi~ssory note and this mortgage, each and every. promptly on the daya respective~y the aame sever- ally become due. 8 To pay all and singular the taxes, assessments, levies.. liabilities. obligations and encumbraaces oi every nature and kind now on said described property. and that hereafter ms~y be impoaed. suffer~d,• placed. levied or sss~sed thereupoq and that hereaiter may be levied or assessed upon this mortgage and the indebtedness secured hereby. each and every. when due and payable according to iaw, beiore they become delinquenk and before soy ia- terest attaches or aqy penalty is incurred; and insofar as anY thereof is of record the same shall be prompt~y satis- iied and discharged o! record and the orlginal oificisl document (such as, for instance. the taz receipt or the satis- iaction paper ofiicially endorsed or certified) shall be placed ia the hands of said Mortgagee within ten days next after payment 3. To keep the buildinga now or hereaiter on said land and the equipment and personalty covered by ' this mortgage insured againat loes or damage by iire in a sum not less thsn the amount of this mortgage fmm time to time unpaid. or the ttiill insurable value thereo~ whichever is less. and against loss or damage by windstorai in a sum not less than fiity per cent. (5096) oi the iall insurable value thereo~ or the uapaid principal amount hereof, whichever is greater, provided, however. that in no case ahall any oi said insurance be in an amouat so that aqy co-insurance and contribution clause. jointly or several~y, shall app~?. ia a compaTMy or companies to be approved by said Mortgagee. said policy or poHcies to be held by the Mortgagee. In the event any suan oi money becomes pay- able under such policq or policies, the Mortgagee shall have the option to receive and app~y the same on account of the indebtednes hereby secured. or to permit the Mortgegors to receive it and use it, or any part thereo~ for other purposes without thereby waiving or impairing any equity liea or right under or by virtue oi this Mortgage~ and may place and pay for such insurance or any part thereoi without waiving or affecting the option to foreclose or any right hereunder, and each and every such paymeat shall bear interest from date at the rate which the said note t secured hereby bears and shall be secured by the liea of this Mortgage. f s 4. To remove or demolish no building on said premises without the written consent of the Mortgagee; to per- ~ mit~ commit or suffer no waste, impairment or deterioration of said pmperty or any part thereof and to keep the same ~ and improvements thereoa in good condition and repair. 5. To paY all and singular the casts. charges and expenses, including reasonable lawyer's fees. lawyers dis- bursements and cost of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagors to duly perform, complq arith and abide by each and every the stipulations, conditions and covenants of said pramissory note and this mortgage, aayor either. 6. That in the event the Mortgagors faul to pay or discharge said tazes, assessments~ liens and encumbrances, or said costs, charges and expenses, or fail to keep said premises insured or to deliver the policies, Premiuma paid. or fail to repair the said premises. as herein agreed, the Mortgagee is hereby suthorized at its election to pay and dis- chazge said taxes, assessments, liens and encumbrances or any part thereoi, to pay said costs, charges and eupenses to procure and paq for such insurance or to make and pay for such repairs, without any obligation on its part to de_ termine the validity or necessity of any thereof and without the Mortgagee waiving or aifecting any option, lien. ~ equity or right under or by virtue o! this mortgage; and the full amount ot each and every such payment shsll be ~ immediatel~ due and payable and shall bear interest from the date thereoi unt~ paid at the rate which said note bears. and, together with such interest, shall be secured by the lien o! this mortgage; but nothing herein contained shall be construed as requiring the Mortgagee to advance or spend maneys for any oi the purposes in this paragraph mentioned. That (a) in the event oi anq breach oi this mort8age or default on the part o! the Mortgagors, or (b) in the event any of said sums of moneq herein referred to be not prompUy and fullq paid within 30 daqs neat after the same severally become due and payable. without demand or notice. or (c) in the event each and every the stipula- tions, conditions and covenants oi said promissory note and this mortgage, any or either~ are not duly periormed. j complied with and abided bq; then~ in either or an,y such event, the said sggregate sum mentioned in said pramis- + sory note then remaining unpaid, with interPSt accrued, and all moneys secured hereby. shall become due and pay- able forthwith, or thereafter, at the option of said Mortgagee, as fully and complete~y as if all oi ffie said suma oi moneq were originallq stipulated to be paid on such day, anything in said pmmissory note or in this mortgage to the contrary notwithstanding; and thereupon ar thereatter, at the option o! the Mortgagee, without notice or demand, suit at law or in equity, theretofore or thereafter begtm, may be prosecuted as ii all moneys se- cured hereby had matured prior to its institution. 8. That ii any suit shall be instituted to foreclose or reform this mortgage or to enforce paqment of aay claims hereunder. the Mortgagee shall be entitled to apply at any time pending such suit, to the Court having ~uris- di~tion thereof, for the appointment of a Receiver of the mortgaged property and oi aII and singular the renb, income, prolits, issues and revenues thereof irom whatever source derived, each and every ot which are e~cpressly mortgaged by this instrument; and it is hereby expresslp covenanted and agreed that thereupon auch Court shall forthwith ~ appoint a Receiver oi said mortgaged property. and oi all and singular the rents, income, profits, issues and rev- ~ enues thereof from whatever source derived, with the usual powers and duties ni receivers in like cases; and such - appointment shall be made withou} reference to the adequacy ar inadequacy oi the value oi the pmperty here- by mortgaged. or to the solvency or insolvency oi the Mortgagors. ; 9. To duly pertorm. comply with and abide by each and ~?ery t6e stipulations, conditiona aad covenanb in ~ said pmmissory note and in this mortgaBe aet forth. i ~ ? ~ i BOOK~~~ ~os soo s-s• souTHEwsTCaM ~ .3, r _ , . ; - - ~ - - - - - - - L ~ w`` s , . - ~~~~~~~~'s._.: . _ ~