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HomeMy WebLinkAbout2993 oc en~ ~o~.see esoo~,. ~,nea~ace~ a~e ana~?aws. w~chout noace. cnd Proceedin~s ansY be indltuted by the l~ort- ~ee tor the recovei7 thereol br loreclo~ure tNs i[crt~e. or fa eny otber maaner permitted b7? law ~s tbe Mort- ~e~ ma~? ~1ect. an7tNns 1w t1k nota or fn this ldcrt~ oonWAed to tAe oontnrY tbereto notwltbst~adint. Upon fore- closure ot Ws l[ortt+~e. tD~ Yoet~e~ shall bs Wawed as a part al tLe lndebtednea aecured herebY. a~ the Mort- p~or s~e~eas to pyr. all cwti aM ~ema lacutred tn ooeuNCtbn thee~ewfW. tndudto~ r~a~o~able attornr7's fea. oost ot tltle and tax iearch ~A tM extena{oa to date a[ an abstnct oi ttUe ot titN po11cY: and in ~ase wcb tore~]owre Pe~ooe~d- ings are aettled before Lbe cona~ao~aatlon thereot or tt?e es~ti7?' ot iudg~neat, Rn3? such coats ~nd ~~od other chas'~es w lncurred. Includint a rtdoaabl~ attome7~s fee. d~W neveridele~s be patd. The Mort~atee or W W~V terest. bein~ the hltbed bldder. ma1 M a Wrcha~e~' at ~ay foredowre nle. An~ electloa by the l[ortpje~ as bereln pro- vlded for mq? bs exercLed immedlat~4 nDon 8etavlk ae at ~W? tlme thera~tt~r. eu~d noWng shW be coostrued W be ~ waiver of mch rl~t ualess wl8enoed b7? an la~trument In w ted tl~e tConstttutlonyaad I.aws . The Mort~t~or wdves atl ri~l?t of A~t~ and ex~taP~ P'~r p7? AND THE HORTGAGOR FURTHSR OONVSNANIB AND AGREES: 1. To pay the prindpal Indebtednest wiW interest as la the aote provided. To pay monWy unto the Mort~a~ee. in addiUoa to and at tUe ti~ae and placa tor each pay:nent ot prindpal and interest, an installment ot eacA oi the foUow- ~ (a) Taxes aud s~nents. ~eaeral or speclal, and a11 other charHa levied or to be levied ag{~inst tLe premlies. (b) Premiums to becarre due and p~?yable for. and to renew. the lnsurance o~ the premises a~aintt lon by Sre aad sudi other h~aNs. casualtlea and contin~endes as lureln prov[ded !or or required h+om time to tttne. The amount o[ the ~ve moaWY fn~all~°b ~ M~ to the amount of the annual rapcctive c~u'8e next due (as e~timated by tLe lRort~ee)~ les W 1n~taWnen4 alreadY P~ theretor. divided by the number o[ monWy tn- stallmenb t~tretor beooznins due not Lter tl~an oae month prbr W tt~e dae date ot aq~r atch ~har~e ~nd al~ali be sub- fcct to tn~e oe decrea~e to the r:tent l'e4ulred to cra~te as oi a moathUr payment date oa the note not las tban oae p~ ~~~~,e ~~y ~ch char~e. an amonnt su~deut for the paymeat thercof when due aM payable. In uo event shall tde ]~torisaree re~elvin~ wc1? pa~4e~t be lieble [os any lnterest on aq~r amount patd to it as l~erdn re4ulced. and the mar~ey so reoeived maY be helA w[th 14 ow?n funds Pe~B PAYn?ent or appUcation Uureof a~ herefn pcovided. 1l~e 1[ost~agor stWl furNsh unto the Mortgs~ee at least Stteen dsys betore the due date ~n oIDcial statement ot tbe anwunt oi anY taxes or aa~easments next due. and such Mortsasee s~ll P~y the above char~ea to the amount ot tl?e t1~en unwed credit therefor as and whea tbe~r beoome severullp due sod WYable. TRe MortQagee m~y. at 1ts option. p~q any, pt such cAarges when payable. eftUer before or atter tbe7 are deltn~luen~ wlthout noUce. or make advaaces therefor 1n excew ot tLe then amonnt o! credtt for saW cbar~es. TLe es~oes amount advanced ahaII be 1m~nediately due and payable to the Mortgugee and shall be secured as an addttlon~l prindpal sum under tWs instrument and bear the sarae nte oi fnterest lrom date ot advancement as the prindP+~l indebtednese. Aa o~cial i+e~xlpt therefor sAall be oo~dwive evldenoe ot ach payment end of the vWdlty oi wch charges. The Mort~a~ee may apply credlts hNd Dy it ioc tUe above char~es, or aay part thereoi. on account ot anY dell~9uent fnstaIIments ot prindpal or laterest or any other p~yrments maturln~ or due under this Instrument and the amount oL credit eutsting at anY Wne sha11 De reduced by the amount thereot paM or applled as here[n provlded. The amount of the exlsting credlt hereunder at the time oi any transfer ot the p~rqr shall without e~ssignment thereof Inure to the bene8t of We successor owner oi the property and shail be applled under and subject to aU of the provisions hereoi. Upon the payment in tull ot the indebtedness, the amount of any unu~ed credit shall be applied to the payment thereof. The Mort~ee may collect n"late charge" not to exceed tour cents (4c1 tor each one dollar (i1.00) of each monthly Inatallment payment re9uired on the note and under this Mortgage which is more than BKeen (15) days fn arrears, to ~r~r the e~ctra expense involved in handling delinquent payments. Z. To psy, when payable, all taxes and assessments, general or special, water rents and ground rents and all other char~es what~oe~ver levied upon or assessed or placed against the premises, provision Lor which 6as not been made here- lpbefpre~ and wW promptly deliver the ogicial receipts therefor to the Mortgagee• to Wcewiae pay all taxes. asses~nents and other char~es. levled upon or assessed. piaced or made against this instrumen~ or the Wdebtednas or any interest oi ~e ]I~prt~y~ee ~n the premises or the obligations secured hereby, pmvided that the payment oi any such tax assess- meAt or cMrge by the Mortgagor is not contrary to law or would not rnsult ln the petrment of an unlawtul rate ot later- ~ on the Ndeptedness hereby secuced. In the ecent of the passage atter the date of this lnstniment~ oi any Lw of the 3tate. or subdlviston thereot, wherein the pmmises are situated, creating or pmviding for any tax. a~nent or charge ' whtch by the above praviso 1s not to be paid by the Mortgagor, the indebtedness secured hereby together wlth iaterest due therean, shall, at the option of the Mortgagee, become immedfately due and payable. and in the event payment tdet~e- ~ 01 b not made forthwith, the Mortgagee may take or cause to be taken such actton or proceedinQ as may be taken here- j under fu the cate of any other default in the payment of the indebtedness. E 3. To keep the buildings and additions thereto on or hereatter erected or placed upon the land laaured agalnst lo~ ~ by ~re end wch other hazards, casualttes and contingeRClea, Including war damages ii at aqy dme a state oi war e~dsts or it appears to U?e holder of the note that war is imminent. and in such amounts and for such perfods at msy be required irum ttme to time by the Mortgagee. and to pay pmmptly when due aU premiums on sach fi~surance, provlsion for pay- ment of ahich has not been made hereinbetore. The polic[es ot insurance shall have los~ payable pmvlsions acoeptable to the Mortga,~ee and sha11 be delivered to and held by We Mortgagee, or as It may dlrect, uatil thfs Mortgage is satlsfled. Aenewal polides of insurance. pretn[ums for which have been fully paid, are to De furnished to ttu Mortgagee at least Sfteen days prior to the expiration date oi the insurance thereby renewed. The fnsurence shall be wrltt~n In compantes approvcd by the Mortgagee; in no event shalt the Mortgagee be held responsible for failure to pay for any insurance writtea or for any loss or damage growing out of a defect in any poHcy or growing out of any tallure ot anq insurance oompany to pay for any loea or damage insured against. In the event of loas the Mortgagor shall glve unmediate notice by ma11 W the Mortgagee who may make proof of loss it not made pmmptly by the Mortgagor; each lnsurance company oonceraed b.hereby authorised and directed to make payment for laas direcUy to the Mortgagee instead oi to the Mort- ~aQor and the MortQagee ~ofntly• the lnsurar?ce proceeds. or any part thereof. may be applied by the Mortgagee, at !ts option, to the expenses. it any, incurred by it in the collection thereof. to the rPduction of the indebtedness hereby se- cured. to the restoratlon or repalr of the property damaged, or released to the Mortgagor ~aithout ilabWty upon the Mort- ~agee for such releaae. All polictes oE insurance are hereby assigned to the Mortgagee as additional securttq for the pay- ment of the sums and interest secured hereby; in the event ot forecloaure ot thls Mortgage or other transier of tit1Q to the premises in extingutshment ot the indebtedness, all dght, tltle and interest ot the Mortgsgor in and to anq insurance polides then fn torce shall pass to the purchaser or grantee. ~1. To complete v?ftNn a reaaonable time any building or buildings now or st any time tn the procesa of erectlon upon the Lnd and to pmmptly repalr. cestore or rebuild any bullding or improvementa now or hereafter on the land whict~ may beoome demaQed or be dedroyed, snd not oommit or permlt to be done or exist on or about the premt~es aaything ~vhereby the pre~ril~s sha11 become less valuable; to comply with all laws, rules, regulations. or ordinancea oi any gavern- mental a~eacy and not vtolste or permlt the violaUon e~ to tRe premiees of any building or use resWctions; to keep the ~ land and impravements thereon iree irom mechanic's snd materlatmen's llens and wW not suffer anq llen supedor to the 11en created by th4 lnitrument to attach to or be enforced egainst the premises. S. II detault be made In the payment of taxes, as~rnents, Ilens, claims, insurance premiums or any other charge wtutsoever, ot any part thereol, or in the performance of any act~ to be paid or pertormed by the MortQagor under tbe prov~Ltoas hereof, tlie Mort~agee may. at its option. make pe~y*ment thereof or perform any act rtquired ot the Mort~agor in an~ form or manner deemed eapedtent and pay my other sum that 4 necesauy to protect t1u secadty oi thls Instiv- ment; the unounb so paid. v?ith lntecest thereon from tLe date of such payment at the same rste u borne by the prln- clpai Indebtedner. sball be aoeaed as aa additlonal Hen on the premises and sAall be added to and beoome a put of the fadebtedneas secured hereby and be immedfately due and payable W the Mortgagee. Any payment hereby authori~ed to be ' made by the Mort~a~ee nW? be aude acoording W~ay W11. datement or estlmate furnist~ed or procured irom the appro- 1 prlate public office or the party cl~lming p~yment wltta~t taqutry into the accuruy or vWdity thereo~, anQ the reoeipt of : any pubUc o~ioer or p~rty in the hands oi the Mort~ee shall be concluaive evidence ot the vWdity and amount o! items ~ ~O Pald: th! MOl~~iB!!.' shill. at !ts optioa, be subrogated to any encumbrance. lllD~ ClaltlR OP dtAUlod~ Qid t0 W th! l1QhL i and iecudlies for the payment thereof, patd or dlsrharged with the principal sum ~ecured hereby or by the Mort~ce ~ urder tUe Pravldon~ hereot. and aay sucL subro~?tbn ri~hts stull be addidonal and cumulative iecurllf to this Mort- ~ ~ ~ aooxzo~ P~~zsBs - 'c.:~..~;. : - ~ ,~r..-^t.,,,~<"a~ g 3.°S~R~~- . .