HomeMy WebLinkAbout5320 And said Mortgagor for himself and his heirs, legal represen~atives, successor,s epd ass~as,,,he~eby covenants and
j~~~es to and with said ,Nortgagee, its legal ~epresentatives, successors and assghs: .
1. To pay all and singula~ the principal and interest and the variou~ and sundry sums of money payable by virtue
:,r said promissory note, and this mortgage, each and every, promptly on the days respectively the same become due.
2. To pay all and singula~ the taxes, assessments, levies, liabilities, obligations and incumbrances of every ~ature
and kind now on said described property, that he~~after may be imposed, suffered, placed, levied or assessed
~t,ereupon, and that hereafter may be levied or assessed upon this mortgage, ihe indebtedness secured hereby, or both,
~ach and every, when due and ~ayable accor~ing to law, bafore they become delinquent, and before any inte~est aNaches
or anv aenalty is incurred; and in so far as any thereof is of record the same shall be promptly satisfied and discharged of t
r~cord and the original official document (suth a5, iOf I/IS1ar1C@, the tax f8C@IP1 Of f~1@ Sdi~3id~iit~ii ~O~i UiiiC.i611Y cc:~'~,cviScu
~r certified) shatt be placed i~ the hands of Mortgagee within ten days next after payment; and in ihe event that any
rhereof is not so paid, saiisfied and discharged, Mortgagee may at any time pay the same or any pa~t thereof without
~vaiving o~ affecting any option, lien, equity or right under or by vi~tue of this mortgage, and the full amount of each and
~very such payment shall be immediately due and payabie and shalt bear interest from the date thereof until paid at the ~ate
of te~ per centum pe~ a~num and together with such interest shall be secured by the lien of this mortgage.
3. To keep said buildings, and any which may hereafter be erected upon sa+d premises, insured against loss or
damage by fire and such other hazards or risks as may be required by Mortgagee in such amount or amounts as may
be required by said Mortgagee, in such i~surance mmpa~y or companies as Mortgagee, its successors or assigns,
may approve, and to deliver to said Mortgagee, as additional security hereto, the policies of such insu~ance and of any
additional insurance which shail be taken out upon such buildi~gs while any par? of the indebtedness aforesaid shall remain
unpaid, having attached to said policies such mortgage indemniry clause as Mo~tgagee shall direct. Renewals of such
policies shall be so delivered at least ten days before any such insurance shall expire. All insu~ance carried shall be satis-
factory to said Mo~tgagee. Any sum which-may become due under any such policy may be applied by said Mortgagee, at its
option, eithe~ to re~duce said debt or to repair or replace the improvements covered by said policy. Said Mongagee may
~roc!~re aRd suk~stitute for any and all of the insurance so held as aforesaid, such other policy or policies of insurance, in
!:ke amount, as it may deternnine, provided Mortgagor fails to replace any such insurance within ten days after being nofi-
t~ed that the Insuring Company is no longer approved by Mortgagee. In case of sale under foreclosure hereof, al! such in-
surance shaN thenceforth, and until the period of redemption shall expire, be made payable to the holder of the certificate
of sale; and in such events said Mortgagee is hereby authorized to collect the unearned premium on any such policy it may
.ause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such premi~m
towards the payment of premium on any such ~ew insurance so payable b the holder of such ce?tificate.
4. In case said Mortgagor shall neglect or refuse to keep said premises in good repair and condition, to pay prompt-
~y when due atl taxes and assessments, as aforesaid, or to rernove any statutory lie~s on said premises, or to keep the build-
~ngs and improvements insured, as afaresaid, and deliver the ~oolicy or policies of insurance, or the renewals thereof, to
said Mortgagee, as aforesaid, then said Mortgagee may, if it sf>~II so elect, make repairs, maintain said property and pay
such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises
.vhich may have been sold or forfe+ted for taxes or assessrr~ents thereon, purchase nny tax title thereon, remove any statutory
!;ens and prosecute or defend any suits in relation thereto, insure and keep insured said buildings in the sum, as aforesaid,
or for any less sum and for such time, as said Mortgagee may deem proper. Any sums which may be so paid out by said
rtilortgagee, and all sums paid out for substituted insurance, as aforesaid, including the costs, ezpenses and attorney's fees
paid in any suit affecting said rea~ estate, when ~ecessary or appropriate to protect the lien hereof, shall bear interest from the
dates of such payments at ten percent, per annum, shall be paid by said Mortgagor to said Mortgagee upon demand and
shall be deemed a part of the debt hereby secured, and recoverable as such in all respects. Any such (iens, claims, taxes,
assessments, or tax titles so purchased, paid, or redeemed by said Nb~igagee shall, as between the parties hereto and their
s~ccessors in interest, be deemed valid, so that in no event shall the necessity or validiry of any such payments be disputed.
5. If requested by the Mortgagee, the Mortgagor, together with and in addition to the monthly payments under the
terms of th~ note secured hereby, on the due day of each rr~nthly payment and until said note is fully paid, shall pay to the
".'lortgagee an installment of the taxes and assessments next to become due against the mortgaged premises, an installment
of premiums next to become due on insurance policies required by the Mortgagee, and any other charges payable according
ro the commitment to finance. Such instaltments shail be equal respectively to such taxes and assessments, insurance premi-
ums and other charges, all as estimated by the Mortgagee, less all sums already paid thereon, divided by the number of
months that are to elapse before one month prior to the dase when such taxes and assessmenis, insurance premiums and other
charges will become due. Said installments shall be held by the Mortgagee (beari~g no interest for Mortgagor) to
pay such taxes, assessments, insurance premiums and other charges. All payments made under the terms of this para ra h
and under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mo~tga-
gor in a single payment each month to be applied by the Mortgagee in payment of the items and in the order following:
%a) taxes and assessments, and insurance premiums and other charges payable according to the commitment to finance; (b)
i n!srest on the note secured hereby; and (cj amo~tization of the principal of said note. Any deficiency in 1he amount of such
aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insurance pre-
m;ums and other charges fall due, if the amounts deposited by the Mortgagor for such purposes are not sufficient to pay
said taxes, assessments, ins~rance premiums, and other charges, as the case may be, then due, then the Mortgagor will pay to
~he Mortgagee such deficiency immediately. When such taxes, assessments, insurance premiums and other charges fall due,
:f the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such taxes, assessments, insurance
oremiums and other charges, the excess may, in the discretion of the Mortgagee, be applied on subsequent monthty payments
to be made by the Mortgagor. In the event of defau(t under this mortgage any unexpended funds in the hands of the Mort-
, gagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and other charges,
shall be applied by the Mortgagee upon the indebtedness hereby secured in tne following order; (a) interest on advances
made by the Mortgagee; (b) advances made by the Mortgagee; (c) interest on the principal; and (d) the principal debt here-
!?y secured. When any such taxes, assessments, insurance premiums or other charges fall due the Mortgagor wiN promptly
obtain and deliver to the Mortgagee statements with respect thereta
6. The Mortgagor represents and agrees that this mortgage loan, evidenced by ihe aforesaid promissory note
.vhich is secured hereby, is made and extended by Mortgagee in reliance, in part, on the financial background and abilities
of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums
of money and the specific rate of interest payable by virtue of said promissory note and this mortgage. This mortgage loan
~s understood and agreed to be made and extended to the Mortgagor only. !t is neither presumed, expressed or implied
+hat the obligations created hereunder may be assumed or performed by any party other than the Mortgagor upon the sale or
conveyance of the premises herein described or any part thereof. If a conveyance should be made by the Mortgagor of the '
aremises herein described, or any part thereof, without the written consent of ihe Mortgagee, and without assumption both
^y proper execution of assumption agreements and related forms in use by ihe Mo?tgagee and by assumption in regular
torm of !aw by the grantee of the obligations created hereunder, then, in either of those events, and at the option of the
~.",ortgagee and without notice to the Mortgagor, or any other party, all sums of money secured hereby shall immediately
and concurrently and upon such conveyance become due and payab(e and in default whether or not fhe same are so due
and payable or in defautt by the specific terms hereof. The foregoing option sha!! be exercised by Mortgagee at its sole and
complere discretion. The aforesaid consent of Mortgagee may be either gra~ted or withheld without any requirement of
the Mortgagee disclosing any reason therefore. Notwithstanding the foregoing, if the ownership of the mortgaged prem-
~ses, or any part thereof, becomes vested in a person other than the Mo~tgagor, the Morigagee may deal w+th such suc-
~essor or successors in interest with reference ~o this mort_qage, and the debt hereby secured, regardless of any change in
~he terms of ihe obligations created hereur.der, without in any manner vitiating or discharging the Mortgagor's liability
hereunder or upon the debt hereby secured. The Mo?tgagor shall at all timeg qp ~liable f~ F~e debtedness secured
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