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HomeMy WebLinkAbout1028 PROVID~D ALtiVAYS, And these presenta ure upon ine.te expresa conastsons, inaz, sl zna said mortgagors , shau pay the said mortgagee that certain promissory note , of even ; date herewith, signed by mortgagors ~ and made payabie to the order o/ the mortgagee at . in the principal sum of $36,000.00, payable in six annual installments of $5142.85 each, and a seventh installment of $5142.90, commencing on the day of , 1972 and on the day of each -thereafter until whole of said indebtedness has been paid, with interest after date at the rate of 8% per annum, payable annually; prodded, however, that should the rate oF interest which the mortgagee or any successor of mortgagee by consolidation or merger charges its regular association members increase or decrease before this note is paid in full, then interest on this indebtedness shall accrue at the increased or decreased rate charged the ? association members from the effective date of each such increase or decrease; provided, however, that in any event theinterest charged under this note shall not exceed the rate of 1096 per annum. ~ And until the payment of said ~note , and each of them, or any estensions or renewais thereof 3 in whole or in part, and any other indebtedness secured hereby, and the performance of a11 cove- nants and agreements herein, shaA promptly ~aJ ail taxes and assessments of every kind levied or assessed on the said property (aiso upon th~s mortgage a»d the moneys secursd hereby to the extent hereinafter set forth), and shaA not permit or se~f/er said property, or any part thereof, ; to be sold for »on~ayment of taxes or assessments, or the said taxes or ossessments to become deZinqt~erst; and shall keep the buiidings and other improvements +ohich are now or may here- a f ter bs erected on the premises insured against ali risk by f ire in a sum not iess than insurable value Dollars, in a pood and responsible i~surance oompany, for the benefits of the mortgagee , said insurance company to be approved by and the pol~cies or any renewals thereof to be deposited with the said mortgagee ; and in the event of Ioss or da»:age to the buildings or improvements on said ~uremises, the proceeds of such insurance shall be applied in reduction of the debt, or in re.9toring the premises or property, as the mortgagee ~ shail elect; a+~d shall not commit, permit, or aurf er any strip or toaste o f said premises or prop- erty, and shaR pay a~l the moneys and perform ail octs and carry out ail promises~ and agree- ' ments that are secured hereby, at the time arad in the manner herein specified, then these pres- ents ahall be void. dnd the said mortgagor s do hereby promise, cove~ant and agree to - pay fo the said E mortgagee , the said sums of money and ireterests as mentio~ed in and represented by said ~ promissory note , ared each of them, or any extensions or reneioals thereof, arv3 secured to be ~ paid as -a f oresaid, and also to carry out and per f orm each and even~ other covenant and agree- ~ m.ent herein set forth, and do promise, covenant and c~gree to pc~ ail taxes and assessments ~ of every kind and character levied or assessed on said praperty, and every part thereof, before the same become delinquent (and also upon this mortgage and the moneys secured hereb~ to the e~- ~ tent herei~after set forth), and not to permit the said property or any part thereof, to be sold on ~ account of non-pa~ment of taxes or assessments of any ~.-ind; and to promptly paJ alt insurance ~ premiums that may become due upon insurance policies i.isued upon buildings or other improve- ~i ~ ments on said premises during the continuance hereof; and to pay aI1 costs, charges and ex- ~ pense.Y in collecting the mone~~s hereby secured or in enforcing or protecting the rights and intcr- ~ ests of the said mortgagee herein, or secured hereby, including reasonable attorney's fees and _ ~ commissions, whether collected by fareciosure or otherwise. ~ ~ ~ And the mortgagor s, covenant and agree to pay aii taxes that may be levied or = ~ assessed on this mortgage and the moneys secured hereby, PROYIDED that in tto event shaR = ~ the amount paid on account of such taxes, together toith the interest paid an the indebtedness ~ secured by this mortgage, exceed the ma.ximum interest rate allowed by law. ; It is further covenanted and aqreed that, if default sha11 be made in the payment of said - sums of money, or any part thereof, as s~ecified in or represented by said note , or either of ; them, or any extension or renewals thereof, or if the interest that may become due thereon, or ; any part thereof, shall be behind and unpaid for the space of thirty days, or if defauit ~ shall be made in the payment of taxes or assessmenta of any kind or character, as hereinabove ~ set forth, insurance premiums, or ~n_y sums of money as provided herein, or if there sha1l be a ; ~ breach or violation of, or defauit in, any of the covenants or agreements herein cantained on the ~ part of the mortgagor s, then it shaA be optional with the mortgagee to consider aR unpaid ~ note , or the principaZ sum hereby secured and remainin9 :~npaid, and accru,ed interest thereon, ; ~ y payable, and- said mortgagee shall have the right to institute pro- i h-= as immediatel due and ceedings to enforce the collection of ai1 sums due hereunder, or to foreclose the lien of this mort- ~ ~ gage by reaaon of auch breach or violation hereof, or defautt herein by the mortgagor s. ~ ~ ~ s~F~~~o ~n~5 l ~ ~ ~ ~ ~ ~ ,y~~ - ` ~ ~ ' .mt~.~.3M"Lr.~~ ~o-~Y~l``~fi~5~~„~h4f t ~ - _we~`i.~4