HomeMy WebLinkAbout1899 and shall duly, promptly and fully perform, discharge, execute, effect, coanplete,
comply with and abide by each and every the stipulations, agreements, conditions
and covenants of said pro~issory note and of this mortgage, then thia mortgage
and the estate hereby created shall cease and be null and void.
It is understood that each of the words, "note", "mortgagor" and "mortgagee"
respectivel.y aad the pronouns referring thereto, whether in the singular or plural
anywhere in thia mortgage, shall be singular if one only and shall be plural jointly
and severally, if more than one, and shall be masculine,fedinineand/or neuter,
wherever the context so implies or admits.
It is understood and agreed that the land encumbered hereby ahall be
released from this mortgage, in I00 foot wide contiguous strips, beginning at the
southerly boundary and proceeding north, upon the principal paya~ent of $14,000.00
£or each said 200 foot strip. All principa2 payments shall be cumulative toward
said releases.
And said Mortgagor for himself and his heirs, legal representatives,
successors and assigns, hereby covenants and agrees to and ~aith said Mortgagee,
his legal representatives, successors and assigns;
1. To pay alI and singular the principal and interest and the varioua
and sundry sums of money payable by v~rtue of said proa~issory note, and this
mortgage, each and every, promptly o~ the days respectively the same severally ~
become due.
2. To pay all and singular the taxes, assessments, levies, liabilities,
ot,ligatiQns and incumbrances of every nature and kind now on said described
property, and/or that heteafter may be imposed, suffered, placed, levied or
assessed thereupon, and/or that hereafter may be Ievied or assessed upon this
mortgage and/or the indebtedness secured hereby, each and every, whea due and
payable according to law, before they become delinquent, and before any interest
~ -at~actt~s-o~any -penal-ty~s-~~urfezl;- and-in so -far 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 tax receipt or the satisfaction paper officially
endorsed or certified) shall be placed in the hands of said Mortgagee within ten days
next after payment; and in the event that any thereof is not so paid, satisfied and
discharged, said Mortgagee may at any time pay the same or any part thereof without
waiving or affecting any option, lien, equity or right under or by virtue of this
mortgage, and the fu11 amouat of each aad every such payment shall be immediately
due and ~ayable and shall bear interest from the date thereaf until paid at the
rate of ten per centum per annum and together with such interest shall be secured
by the lien of this mortgage.
3. To place and continuously keep on the buildings now or hereafter
situate on said,land fire and windstorm insurance in the usual standard policy
form, in a sw~n not Iess than full insurable value in such company or coa~panies
as may be approved by said Mortgagee; and aZl such iasurarece poZicies on any
of said buildfngs, any interest therein or part thereof, in the aggregate sum
aforesaid or ia excess thereof, shall contain the usual standard mortgagee clause
makiag the loss under said policies, each and every, payable to said Mortgagee
as his interest may appear, and each and every such policy ahall be promptly delivered
to and held by said Mortgagee; and, not less than ten days in advance of the
expiration of each policy, to deliver to said Mortgagee a renewal thereof,
together with a receipt for the premium of such renewal; and there shall be
no such insurance placed on any of said buildings, any interest therein or
part thereof, unless in the form and with the loss payable as aforesaid; and
in the event any s~mn of moaey becomes payable under such policy or policies
said Mortgagee shall have the option to receive and apply the same on account
of the indebtedness secured hereby or to permit said Mortgagor to receive and
use it or any part thereof for other purposes without thereby waiving or
impairing any equity, lien or right under or by virtue of this mortgage; and
in the event said Mortgagor shall for any reason fail to keep the said premises
so insured, or fail to deliver promptly any of said policies of insurance
to said Mortgagee, or fail pranptly to pay fully any premium therefore, or in
any respect fail to perform, discharge, execute, effect, complete, comply with ;
and abide by thia covenant, or any part hereof, said Mortgagee may place and
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