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HomeMy WebLinkAbout2837 . i which nole pro~•~d~s for papment ot inlrre:t, but w•hich inierest is not evidenced by inlerrst coupons or in- ;erest coupon notes, it Ueing und~ r~tood that ~~~liere~•er coupons, interest coupons, or interest coupun notes, are refcrred to in this prc~c~~t mort~agc, thr ~ntem.t mentioned in said note is intended; and shall duly, pror.ipil~ and f~lly perfo:m, discl~arge, execute, efi~rt, complete, comply w~ith and abide by each and every tiie stipulations, agreements, conditions and co~•enants of said promiasory notes and ot 1he interest coupuns re- ferred to therei~ and of this mortgage, then this mortgage and the estate hereby created shall cea~r and be nuli and ~•oid. lt is undcrstood that cach of the ~~~ords, note. mortgagor and mortgagce respectively, ~vhether in the ~ singular or plural an~•wl~ere in this mortgage. shall be singular if one only and shall be plural joinlly and ` ~e~•erally if morn than one, and that the v~ ord their as used any~•here in this mortgage shall be taken to mcan his. her or its, w•hcre~•er the context so implies or admits. ± And said Mortgagors, for themselves and their heirs, legal representatives, successors and assigns, hereby jointly and se~•erally co~•enant and agree to and with ~aid Mort~a~eea. their legal representati~~es, succeasors ahd as~igns: t 1. To pay all and singular the principal and interest and the various and sundry sums oI enoney pay- ~ able by ~•irtue of said promissory notes, interest coupon notes and this mortgage, each and e~•: ry•. promptly 1 on the daps respecti~•ely the same se~erully becc~ne due. _ 2. To pay alt and singular the taxes. assessments. le~•ies, liabilities, obligations and incumbrances oi every nature and kind now on said described property, and/or that hereafter may be imposed. sutfered, placed, levied or assessed thereupon. and/or that hereatter may be levied or assessed upon this mortgage and/or the in- debtedness secured thereby, each and every, hen due and payable according to luw, before they become delin- quent, and before any interest attaches or any penalty is incurred; and in so iar as any tliereof is oi record the same shall be promptly satisfied and discharged of record and the original official document (such as, for instance, the tax reccipt or the satisfaction paper otticiaUy endorsed or certified) sh~ll be placed in the liands of said 111ortsagees within ten da~ s next after pa~ ment; and in the event that any thereof is not so paid, satis- tied and discharged, said :Nortsaaees may at any time pay the same or any part thereof without vvaiving or aflecting any option, lien, equity or right under or by virtue of this mortgage, and the full amount of each and r~•ery such payment shall be immediately due and payable a:~d shall bear interest trom the date thereof until pa~d at the rate of eight per centum per annum and togcther with such interest shall be secured by the lien of this mortgage. 3. To place and continuously keep on the builciings now or hereafter situate on sa:d land haz- ard insurance as reqttired by Mort6agees in the usual standard policy form, in a sum n~t less than ----------------_~11.~~Slir~~~18 V8Y1i@_. . Dollars. s t in such company~ or companies as inay be app:o~~ed by said hiostgagees; and all such insurance ~ policies on any of said buildings. any interest therein or part thereof. in the aggregate sum a[oresaid or ~n excess thereof. shall contain the usual star~dard mortgagee clause making the loss under said policies, each ~ and e~~ery, payable to said Mottaasees as their intemst may appear, and each and e~~ery such policy shall - be promptly delivered to and held by said Mortra;eea; and. not less than ten days in ad~~ance of the expiration i of each policy, to deliver to said Modpae~s a renewal thereof. together with a receipt for the premium of ~ such renevkal; and there shall be no such insurance placed on any of said buildings, any intemst therein or part ~ thereof. unles~ in the form and with the loss payable as aforesaid; and in the event any sum of money becomes pa~•able under such policy or policies said Mort~agesa shall have the option to recei~•e and apply the same on account ot the indebtedness secured hereby or to permit said Mortia~ots to seceive and use it or any part thereof for other purposes without thereby waivir,g or impairing any equity, lien or right under or by virtue of this mortgage; and in the event said Mott;a~ors snall for any reason fail to keep the said premises so insvred. or fail to deliver promptly any of said policies of insurance to said Mortgagces. or fail promptly to pay fully any premium therefor. or in any respect fail to perform, discharge. execute, ef.*ect, complete. comply ~rith and abide by this covenant, or any part hereof. said Mortgagees may place and pay for such insurance ~r any part thereof without waiving or afiecting any option. lien. equity or right und~r or by virtue of this mortgage. and the full amount of each and every such payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of eight per centum per annum and together w ith such interest shall be secured by the lien ot this mortgage. 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thereof. 5. To pay all and singular the costs. charges and expenses. including reasonable laWyer's fees and cost of abstracts of title, incurred or paid at any time by said Mortaa6ees because and/or in tre event of the failure t on the pazt of the said 3iort6agors to duly~ promptly and fully perform. discharge, execute, effect, complete. ~ j comply H ith and abide by each and every the stipulations, agreements, conditions and covenants of said ; promissory notes, interest coupon notes and this mortgage, any or either, and said co~ts, charges and eapenses, ~ each and e~•ery, shall be immediately due and papable. w•hether or not there be t~otice, demand, attempt to ( collect or suit pending; and the full amount of each and e~•ery such payment shall bear interest from the date thereof until paid at the rate of eight per centum per annum: and all said costs, charges and expenses so i ` i:curred or paid, together with such interest, shall be secured by the lien of this mortgage. ~ 6. That (a) in the e~•ent of any breach of this mortgage or default on the part of the Mort6aaora, cr (b) ~ ~ in the event any of said sums of money herein referred to be not promptly and fully paid w•ithin ten days next aft~r the ~ame se~•erally UecQme due and payable, ~vithout demand or notice, or (c) in the event eaeh and ~ e~•ery the stipulations, agreements, conditions and co~•enants of said promissory notes and said interest cou- ~ pons and this mortgage, any or either, are not duly, promptly and fully performed, discharged, executed, ~ e;fected, completed, complied with and abided by; then. in either or any such e~~ent. tlie said aggregate sum = mentioned in said promissory notes then remaining unpaid, with interest accrued, and all moneys secured ~ hereby, shall become due and pay able forth~rith, or thereatter, at the option of said ~tottgagees. as fully ~ and completely as if ali of the said sums of money were originally stipulated to be paid on such day, any- 5 thing in said promissory notes, interest coupons and/or in this mortgage to the contrary notv~ ithstanding; and ~ thercupon or thereafter at the option of said Morl6a6ees. H•ithout notice or demar.d, suit at law or in equity, ~ ~heretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to ~ its institution. ~ i. That in the event that at the begiming of or at any time pending any suit upon tliis mortgage, or to ~ forec!ose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortsagees shall appty to Lhe court ha~ing jurisdiction thereof for the appointment of a Recei~•er, such court shall forthw~ith appoint = a Recei~•er of said mortgaged property all and singular, including ali and singular the rents, income, profits, issues and re~•enues from whate~•er source derived, each and every of v~hich, it being expressly understood, is hereUy mortgaged as if specifically set forth and described in the granting and habendum clauses hereof, : and such Recei~~er shali ha~•e all the broad and effective functions and po~vers in anv w•ise entrusted by a court to a Recei~~er, and such appointment shall be made by such court as an admitted equity and a matter G of absolute right to said lfortgagees. and without reference to the adequacy or inadequacy of the value of the properiy mortgaged or to the sol~ ency or insolvency of s3id Mort6aaors and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien and/or equity of said Mort;a6eea and the practice ot such court. _ ~ 8. To duly, promptly and futly perform, discharge. execute, eHect, compiete, comply with and abide ~ bl• each and every the stipulations, agreements, conditions and co~•enants in said promissory notes and said interest co~~pon notes and in this mortgage set forth. ~ ~ ~ ~ rx i ~ ,-y: = t a°~cK Z~ z~~ ~ t = ~ . . _ . _ ,