HomeMy WebLinkAbout1989 copies of all receipts for payment of taxee, or other evidence
of payment of azme satiafactory to said Mortgagee. Z'he Mortgaqor
shall, if rcquired by the Mortgaqee, deposit with the Mortgagee
on each installment payment date as aet forth in the note
secured hereby one-quarter of the reaeonably estimated ambunt
of real estate taxea assessed or to ba aassseed against •afd
real eetate for the then current year. Such moneys, if required
to be deposited, shall progressively and at proper timea,
be returned to the Mortgagor for use in the actual payment
of said taxes, or at the ~lection of the Mortqagee, it may use
said moneys in actual payment of such taxes, but nothin~ in
this paraqraph shall release the Mortgagor of its obliqation
to pay said taxes as the same becon~ due and payable under the
prwisions hereof. Such deposits as so made under this paragraph
may be conuninqled with the Mortgaqee's general funds and the
Mortgagee shall be and is without liability to the Mortgagor
for any interest on such deposit.
Upon the failure by the Mortgagor to pay or cause to be
paid any of said taxes or assessments, prior to any default
occurring as to payment of same, or the passage by the State
or Federal Government of any law imposing payment of the whole
or any portion of any of the taxes aforesaid upon the Mortgagee,
or upon the rendering by any Federal Court of last resort of
a decision that any undertakfng by the Mortgagor as herein
provided to pay any taxes or assessments is legally inoperative,
and such condition continues for a period of 'fifteen~ ~(15) days
without correction to the satisfaction of the Mortgagee, then
and in any such event the debt hereby secured without deductions,
shall, at the option of the M~rtgagee, become immediately due~,
~ payable and collectible, notwithstanding anything contained in
~ this mortgage oi any law heretofore enacted or hereafte~ enacted.
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THIRD: To penait, commit or suffer no waste, impairment
or deterioration of said property or ar.y part hereof, and to
keep all improvements in good order and repair; and in the event
of the failure of Irbrtgagor so to do Mortgagee may make such
repairs as in its discretion it may deem necessary, and the full ~
amount of each and every such payment shall be inmediately due ~
and payable and shall bear interest from the date thereof until ,
paid at the rate of ten (1096) per cent per annum and
together with auch interest shall be secured by the lien of this
mortgage.
That Mortgagor will not use, nor permit the use of any
part of the premises for any unlawful purpose or for the commission
of a nuisance. That Mortgagor will not remove, nor attempt
17~ ~f~S~86
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