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HomeMy WebLinkAbout0243 and shall duly, promptly and fuUy perform. discharge enecute, effect, complete. comply with and aDida by each and every the stipulations, agrecment~. conditions ana covensnts of said promissory notes and of this mortqage, then this mortgage and the estate hereby created shell ceaae and be null and void. ~ It is under'tood ~hat each oi the worda. "aotea:' "mortgagon" and "mort~ageea" re~pectively. whether ia the ~in- ~ular or plural aaywhere in thi~ mortgage, ahall Le sin~ular if one only, and shall be plural jo~nUy aad severaUy if more than one. and th~t the word "their" u3 used anywhere ~a th~s mort~age ahall be talcen W mean hi~. Qer or ita, wherever the context yo impliea or admits. T6e words "promis3ory notes' as uaed herein, shuA iaclude intere~t coupon notes (if prv~~ded for io this mortgage) wherever the cont~st ao reyuires or admits. And the Siortgavors. hereby jointly and sevesally covenant to and with the Mortg~~ees: 1. To pay all and aingular the priacipal and interest and tLe various and sundry auos of money pay~blt by virtue of ±aid prumi3aury notr9 und this mortga~e. each and every, prumptly on the days re9pc~ctively the eame ~everally become due. 2. To pay all and aingular the taxes, nsaessmenu. levies, Iiabilitiee. obligations end incumbrances ot e~•ery nsture and kind now un aaid described property, andtor that here:itter msy be imposed, suffered. placed, levied or ussessed the~eupon, aad/or that herealter may be levied or asseysrd upoa Wia mortgage and/or the indebtedness secured hereDq. each and every. when due and psyable according tu law, before they become delinquent. und betore any interest a:taches or any penuliy i9 incurred; and in so t~r as ~?ny thereof ie of recorJ the ssme ehall be promptly eati3fied and disch•rr~ed of record und the ori~inal oificiel document (such as. for in~tan e. the tax receipt or the eati~fact~un paper otficially endursed or certified) adall be placed in the 6ands ot the ~l~tgageea withia teu dsys uext uftcr paynient. 3. To keep the improvementa now ezistine or hereafter erected on the mortgaged property~ insured ae may De reyui~ed from time to time by the mortgagee against loss by fire and other hazards. ca~usltiee, snd cc?ntingenciea in auch amounts and for such periods as map be ~eyuircd by Mortgageea. and to paq prompdy, when due. an~ premiums oa auch inaurance. All insuraace s6a11 be carried in cumpanie~ designrted by Mostgagee~ snd the poli- ciea and renewals thereof ahap be held by biortgagees und have attached thereW losa payable clauses ia favor o! and in torm acceptabte to the Mortgageea. !n event oi loss Mortgagors will give immediate notice by mail !0 111orF ~agees And Jiortgagees ms~r make proof of loss if not made promptly by Mortgagors. and each insurance company cuncerned i~ hereby suthorized and dirrcted to make payment for such loss directly to ~1ortQagees instead of to ~ortgagurs nnd alortgagees jointly. and the insurance proceeds. or any part thereof. may be appl~ed by 3lortgagees at their option either to the reduction of the indebtednea3 herebq srcured or to the restoration or repair of the property damuRcd. In event of foreclosure of this mortgage or other transfer of title to the mortgagcd pmperty m eztinguishment of the indebtedness aecured hereby~ aU right, title. and interest of the bdortQagors, in and W any insurance policiea then in [orce ahall pass to t6e purchaser or grantee. appropriate credit being Yiven t6erefor. after. but as of the date of auch tranaftr aad del~verq of poseesaion, 4. To remove os demolisb no bnildin~ on said pramises without the writien coasent of the Mortga~ees: to permit~ commit or suifer no wsate, impsirment or deteriontion oi aaid pmpart~ or any part thereoi. and to keep tha same and imprnvements thereoa ia ~ood conditioa and repair. 6. That in the •event the Mort~agors fail to psy and/or discharge the tszes. asaessmente. levies. liabilitie~~ obligations and incumbrances, or fail W keep said premises insured or to deliver the policies. premiums paid. or isil W repa~r the suid prem?9ca, as 6erein sYreed, the ~dortga~ees are hereby authorised at Weir election to pay and/or discharge said taxea. asae~smenta. levies. liabilities. obl~gataona and incumbrancea or any part t6ereof. to procure and pa~ for auch insurance or to make and pay for euch repsirs. without any obligation on t6eir part to determine the validitp and/or necessity of any thereof and without the ~iortgagees waiv~ng or affectinQ any option. l~en. equity or right under or by virtue of th~s mortgage• and the full nmount of each and every auch payment ahall be immed- iately due and payable and shall bear interest from the date thereof until paid at the rate of ten per centum per annum, and, together with such interest, shaU be secured by the lien o! thi~ mortgage; but nothin~ 6ere~n contained ahall be coastrued as requiriag the Mortgsgeea to advance or ezpend moneys for sny oi the purposes in this paragraph mentioned. i 6. To pay sll and 9ingular the cost~. chargea snd ezpenses. including reasonable lawyer's feea, lswyer'a ~ disbursements and cost oi abstracts of title. incurred or paid at any time by the MortgaYeea betanae andlor in the i event of the failure on the part of mortgagors duly. pmmptly and fnlly to perform. dischuge. ezecnte. effect " complete. comply wit6 and abide by each and ever~ the atipulationa. agreementa~ conditions and covenant~ of ; eaid promissory notes and this mortgage, any or either. and aaid costs charges and ezpenses. each and every. ahall ` be immed~ately due and payahle, whether or not there be notice. demaa~, attempt to collect or suit pending; and the tull amount of eac6 snd every such payment shall bear interest from the date thereof until paid at the rste of ten per centum per annum• and zll such coats, chargea and espensea ao incurred or paid. toget6er w-ith such interest, shall be secured by the lien oi this mortgage. e 7. That (a) in the event of any breach of this mortgaRe or default on the part of Lhe 3tortRagors, or; (b) in ~ the event any of snid sums of money herein referred Lo be not promptly and tully puid within 10 days nezt t after the same ?F~ernllS become due and payable, without demand or notice; or (c) in the event each and every the g ~tipulations, agre~ments, conditions and covenants of said prumisaory notes and this morttage, ADy or either, are not duly. pr~~m{~tly and fu{ly perfnrmed, disch:irged, e~~cuted, effected. completed, complied with and abided by. ~ or; id) upon the renderinA by any court of las! resort of a decision that an undertakinR by the D1ortRa~ara aa hcrein proeided to pay tazes, assessments, levies. liabilities, obl:Rationa and incumbrances is legally ino~erati~e or ~ cannnt bP enf~~rced, or in the event of the passage ot any law chanRing in any way or respect the laws now in force. for the taxatiun ~f mortgages or debt~ secured thereby for snq purpose, or the m~nner of collection of anq suc6 " taxe3, go as to a!fect this mortgaRe nr the debt secnred hereby: then, in either or any such event. the said agRre- ; gat~ ~um mFnt:oned in said promi;sory notes then remaining nnpaid. with intere.t accrued. and all moneya secured hercb~ ghall become due and payable forthwith, or thereafter, at the option of the DlortgaQees, es fuily and com- pletely a9 if all ~~f the said sums of m~~ney wcre or~inally stipulated to be p:?id on such day, anything in asid promis~ory nntc•~ and: ~r in thi~ mort~aqe :o the contrary notwith~t~nding; and therPUpon or ther~ aftrr, :?t the ~ption of the Jic~rtKaeees, cr"sthout not;ce or demand, suit at law or in equity, theretofore or thereafter beBun, may - bP prosecu!~d a~ if all moncys secured hereby had matured prior to its institution. 8. That, in the event thnt at the beqinninR ~f or at any time pendinR anp auit up~n thie mortga ~e, or tn fore- = clo~e it, or to refnrm it, and; or to entorce payment of any claims hereunder, the ~1~oTtKa2ec3 shnll apply to ihe court h::~inR jurisdiction thereof for Lhe appointment of a Keceiver suth court shall forthwith apooint a Re- ' ~'PIVr~ o! ~aid mort~afied property all end sinqulsr, includin~ aU and sin~lar the income, profita, i3sve~ and - re~enues from ~hatPver ~ource den.ced eac6 and every of which, it beinQ expre.aly understood, i~ hereby mort- ; qaRed as it ~pecificslly set forth and described in the Rr:?ntinR and habendum clau!a~ hereof, and aueh Bceeirer shall havP all the broad nnd effective fnnetiona end pocvers in any wise entrwt~d by a co~~rt to a Receiver, and anch appointm~nt shall be mad~ by auch court a~ an admitted eyuity 3nd a matter of sMolute riRht to the Mortee¢ees, and without refercnce to avhether or not snid mortgaged property be in whole or in part a homestead and without reference to the adequacy or inadequacy of the value of the property mortqaRed or to the ~olvency or insolvency of th~ NortRa~or9 a~d/or oi the defendanta, and that snch mnts, pro~ta, income. ~s~uea and revenve~ ahall be - Rpplied by ~urh Rereiver secordinQ to the lien and/or equity of the Mort~Reea and the practice of auch wur~ " 9. Duly, promptl~ and fully to perform. diacharge. execute, eftect. :nmplete, comply with and abide by each and ecery the atipvlatioa~, agreemenb. conditions and covenanta in said promisaory notes and in this mortgage set - forth. ~'L} - FORM /1 - PAGE , 6~~K 200 ~A~E 243 _ . ~z-_ - ~ . . = P „C,'°et ~ ~ . ' F ~ :_~.2>.. y.-=.,,i'`„ ~ ~x, ~'c~~,.~~ a ~r-.+s~ ,n y r r ~ ^+n.V.. E a ~ s u 3 ~ s,~~~ ~~~s~ ~zr a.`~-'~%~~ ~~8 .:?"~''s. ?`=y°^ ~+~.h-~ti- 'y: ~ ~i 7 °s _ ' .y..~~ ~ ~~^`~_.~_~~fs., , , . . . ; T.~a,ti ~ ~~~~~'.:.,t~?