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Home My WebLink About0514 PROVIDED ALWAY3 snd theso presants are uport the eYQresa conditiort lhat ii Mortgagon ahalt pa?y to Mortgagee a certain negotiable proraissory note oi even date herewith, aigned by Mortgago~~$~le to the order oi Mortga- gee At ita principal oRice~ in the principal aum oi OI19 HU11dt@d FOtty FOLit' OTIOQ DOLLARS ci 144, O~Q.00 ` g intereat at the ri?te set forth therein, with princips! snd irttereat payable in monthly inatalments oi = 133~~~1' 8n~ tyle Ipst instalment oi the entire unpa'd balance oi principal and intereat b ~ become due and psyable on the 8nt day oi ALICJLSt A.D. 19 ~4 . ` t and all renewals, modiflcations and extenaions thereoi. with intereat thereon. snd auch other note or tiotea as may be given upon the security of thia mortga~e and all renewala. modifice?tiona or extensiona thereof. as snd when therein res~ec- tively provided, and shall promptly and fully pertorm, execute and rnmplete each and every covenan~ agreement, obl~ga- tion. condition and stipulation oi each said pmmisaory note and of this mortgage deed. then this mortgage and the estate hereby create~. ahall cease and be null and void. It ia agreed that this mottgage ia given to aecure~ in addition to the note or obligafiaon above deacribed any addl- tional loans or inture adva?nces made within twenty yeara irom date hereof by the mortgagee to asid mortgagors or any successor in title oi said mortgagon of the property hereby conveyed: provided that the total unpaid balaACe of the iodebtedness aecured hereby at any one time shsU not exceed the maximum principal amount of the note sbove deacribed. • plus interest thereon and any diaburaementa made bY the mortgagee for the payment oi tazea. levies or inaurence on the property encumbe~ed hereby. with intenat on auch disburaements. ; It ia agreed that each of the worda, "r.ote" and "morlgaBee"? if it appeara hereby that there ~re more than one. ahall. wherever herein used~ be construed in the plurel. thst the word "mortgagora". if it appeies heseby that there is only one. ahall wherever herein uaed. be construed in the singular; and that all the covenants, sgreements and undertakiags. herein set forth, shall be joint aad aeveral. It is also sgrecd that all notea hereby aecured ahall be of equal rank and dignity and shall be hereby secured equally and without preference or priority as ta lien or other~viae of any one note over any other note. AND the said mortga~tora do hereby covenant and"'agrei?to and with the said mortgagee: 1. To pay all and aingular~ the principal. interest and other suma of money payable by virtua of each said promis- sory note and this mortgage. promptly on the daya rea~ectively the aame aeverally become due. whether in due coura~ or upon acceleration. All aums hereby aecnred shsll bear ~nterest at the re~te of eight per centura per annum aiter maturity whether in due course or upon accelention. 2. To pay within thirty days after they become due and without requirittg any notice imm Mortgagee all and aingu- lar the taxes. asaessmenta, levies. obligationa and incumbrances oi every nature and kind now on said deacribed propertY. and/or that hereafter maq be imposed, autfered. placed. levied or aaaesaed thereupon. and/or that hereafter may be levied or assessed upon this mortgage and/or the indebtedneas secured hereby, each and every. snd insofar as any thereoi is oi record the same ahall be p=omptly satis6ed and discharged of record and the original o~cial document (auch as, for instsnce. the tax receipt or the satisfaction paper o~cially endorsed or certifled), shall be plsced in the hxnds oi aaid Mortgagee 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- gether with, and in addition to. the monU?ly paym enta under the terms of the aote aecuicd hereby. on the Rrat daq oi each month until the said note is fully paid. wiU puy to the mortgagee the following aume: (a) A sum equal to the premiums that will next become due and paysble oa policies oi Rre and other hazard inaur- ance covering the mortgaged prnperty~ phts the taxes and asaessmenta and other chst~ea described in Paragraph 2. above. next due on the mortgaged pmperty (all ss eatimated by ihe mortgagee) lesa xU suma already pu d theretor divided bq the number of months to elapse before one month prior to the date ahen each oi such items wiA become de-. linquent, such snms to be held by mortgagee in escmw to pay the premiums, tases, aaaeaaraenta, snd other charges as aforesaid. (b) All payments mentioned in the preceding portions of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof ahall be paid by the mortgagor each month in a single paqment to be applied by the mortgagee to the following items in the order set iort6:' I. for the purpoaes set forth in paragraph 3(s) above; II. interest on the note secured hes~by; and . . ~ ~ III. amortiaation of the principsl of said uote. Any deficiency ia the amount of auch aggregate monthly payment shall, unlesa made good by the mortgagor prlor € to the due date of the next such paytnent, conatitnte an event of default under thia mortgage. T6e mortgagee may col- . ~ lect a°late charge" not to eaceed two per centum (29~0) of each instalment on the note or rnquired payment more ~ than fifteen (15) days in arreara. 4. That if the total of the payments made by the mortgagora under Paragraph 3(s) preceding ahall ezceed the amount of payments actually made by the mortgagee, for the purpoaes aet forth in Paragraph 3(s), the mortgagee shaU . credit such excess on subseque~tpa yments to be made bq the mortgagor or ahall refund aneb ezceas to the mostgagor at the option of the mortgagee. If. ho~vever~ the monthlyga ymenta made bp the mortgagor nnder Puagnph 3(s) pre- ceding shsll not be su~cient topa q the items as set forth in Paragraph 3(s), when tbe same ahsll become dae and payable, then the mortgagor shall pay to the mortgagee any amount necessary to make up tl~e de5ciency on or beton the date when p8yment of anch amonnta shall be due. If at any time the mortgagor ahaU tender to the mortgagee in accordance with -the pmviaions of the note secured hereby. full paymeat of the entira indebtedness represented there- by. the mortgagee ahall, in compnting the amount of such indebtedneas, credit to the acconnt of the mortgagos any bal- ance remaining in the funds accumulated under the pmvisiona oi Paragraph 3(s). It there shaU be s defanlt nnder any ~ of the provisions of thia mortgage. reauiting in a public sale of the premiaes covered hereby, or ii tbe mortgsgee ac- quires the pmpertq otherwise after defanlt~ the mortgagee ahall apply. at the time of the commencement of snc6 pro- ceedings or st the time the property.is other~rise acquired~ the balance then remaining in tbe tunds aecntnnlsted nnder Paragraph 3(a) preceding as a credd sgainst the amount of principal then remaining nnpa~ under eaid uote. 5. To keep the impmvements now eziating or het~eafter eree.ted on the mottgsged propert~, insured aa msY be required irom time to time by the mortgagee agsinst losa by Sre snd other hsssrds, cssual~es, and contingenciea in such amounts and for such perioda aa may be required by mortgagee, and psy promptly~ when dne, aay premiums on such inaurance for peyment of which proviaion haa not been made hereinbefore. All insnnmx shsll be carried in com- panies approved by mortgagee snd the policies snd renewala thereof ahall be hdd b mortgag~ee and have attacbed thereto loss papable clausea in favor oi and in form acceptable to the mortgagee. In ~e event of loss he will give im- mediate notice by mail to mortgagee, and mortgagee may make proof of loss ii not made pmmptly b~ mortgagor, and each insurance company concerned is bereby authorised and directed to make payment for anch loss d~rectly to raortgs- Ree instead of to mortgagor and mortgagee jointly. and the insurance proceeds, or any part thereof, msy be spplied by _ mortgagee at its option either to the rednction of the indebtedneas hereby secnred or to t6e reatorstion ot repsir oi the ~ pmperty damaged. Ia the event oi foreclosure oi this mortgage or other transfer oi title to thc mortgaged property in extinguishment of the indebtednesa secured hereby. all right. title and interest oi~ the mortgagor in and to any insnrance policies then in force ahsll pass to the pnrchsser or gtantee. 6. To pay all and singular the costs, fees, and ezpensea of every kind, inclnding reasonable attorney's feea snd cost of abstracts of title. incurred at eny time by said mortgagee in the foreclosnn bereof~ and/or in the event o~ any default on the part of aaid mortgagors in the making of any oi the payments. or in the performance of any of the agreementa, conditiona or covenants oi eacb said pmmisaory note and this mortgage. and/or in enforcing, snataining or defending the lien or priority of thia mortgsge againat any and sll persons including, but aot limited to. the eserciae of the power of eminent domain or other Governmentsl power of any kind, and every auch payment on the part oi aaid . mortgagee shall bear intereat from the date thereoi at the rate of eight per centum per annum and togetl~er with such intereat ahall be secured by the lien hereoi. . ~ FORM HO. f84i-!(a•sf) 80~180 ~ ~~,-.>:i r ~ ~ - - _