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HomeMy WebLinkAbout2498 and shal) duly, promptly and fully perform. discharge. execute, effect, complete, comply with and abide by each ~nd every the stipulations. agreements, conditions and covenants ot said pronussory notes and of this mortgage, then this mortgage and the cstate hereby crcated shall cease and be null and void. . And the Mortgagurs hereby joinUy and severally covenant to and with tfie Mortgagee: l. To pay all and singular the principal and interest and the various and sundry sums oC moncy payable by virtue of' said promissory notes and this mortg~ge, each and every, promptly on the days respectively the same severally become due. 2. To pay all and singular the taxes, assessmcnts, levies, liabilities, obligations and cncumbrances ot every natuce and kind now on said described property, and/or that hereafter may be imposed, suCfered, placed, levied or assessed thereupon, and/or lhat hereaf'ter may be levied or assessed upon this mortgage and/or the indebtedness sccured hereby, each and every, when due and payable according to law, before they become delinquenl, and before any interest attaci?es or any penalty is incurred; and in so far as any thereof is of record 1he same shall be promptly. satisfied and discharged of record and the ori~nal o~cial document (such as, for instance, the tax receipt or the ~ satisfaction paper offtcially endorsed or certified) shall be placed in the hands of the Mortgagee within ten days next after payment. 4 3. To keep the improvements now existing or hereafter erected on the mortgaged property, insured as may ; be required from time to time by ihe mortgagee against loss by fire and other hazards, casualties, and contingencies ~ 'r in such amounts and for such periods as may be required by Mortgagee, and to pay promptly, when due, any ~ precniums on such insurance. All insurance sha11 be carried in ~ompanies designated by Mortgagees and the policies s and renewals thereof shall be held by Mortgagee and have attaclic.! thereto loss payable clauses in favor of and in ~ form acceptable to the Morlgagee, ln event of luss Murtgagors will gi~~ i~nmediate ~otice by mai! to Mortgagee and r~ Mortgagee may make proof of loss if not made promptly by Mortg;~gura, and each insurance company concerned is ~ hereby authorized and directed to make payment for such loss directly to Mortgagee instead.of to Mortgagors and ~ Mortgagee joindy, and the insuranGe proceeds, or any part thereof, may be applied by Mortgagee at its option either ~ to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgdge or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors, in and to any insurance policies then in force shall p~ass to the purchaser or grantee, appropriate credit being given therefor, aCier, but as of the date of such : transfer and delivery of possession. ~ 4. To remove or demoGsh no building on said premises without the written copsent of the Mortgagee; to s perntit, commit or suffer no waste, impairment or deterioration of said property or any part thereof, and to keep the ~ same and improvements thereon in good condition and repair. _ 2 t 5. That in the event the Mort$agors fail to p3y andJor discharge ihe taxes, assessments, levies, liabilities, ; oblig~tions and encumbrances, or fail to keep said premises insured or to deliver the policies, premiums paid, or fail ~ to repair the said premises, as herein agreed, the Mortgagee is hereby authorized at its election to pay andJor ; °---discharge said taxes, assessments, levies, liabilities, oblig~ttions and encumbrances or any part thereof, to prceure and ; pay for such insurance or to make and pay for such repairs, without any obligation on their part to determine the ~ validity and/or necessity of any thereof and without the MortgAgee waiving or affecting any option, Gen, equity or ~ right under or by virtue of this mortg~ge; 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 ten per centum per annum, ; and together with such interest, shall be secured by the lien of this mortgage; but nothing herein contained shall be construed as requiring the Mortg~gee to advance or expend moneys for any of the Qurposes in this paragraph mentioned. - 6. To pay all and singular the costs, charges and expenses, inciuding reasonable lawyer's fees, lawyer's disbursements and cost of abstracts of title, incurred or paid at any time by the Mortgagee because and/or in the event of the failure on the part of Mortgagors duly, prompily and fully to perform, discharge, execute, effect, complete, compty with and abide by each and every the stipulations, agreements, conditions and covenants of said = promissory notes and this mortgage, any or either, and said costs, charges and expenses, each and every, shall be immediately due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from the date thereof until paid at the rate of ten per centum per annum; and all such costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this mortgAge. 7. That (a) in the event o( any breach of this mortgage or default on the part of the Mortgagors, or; (b) in the event any of said sums of money herein referred to be not promptly and fully paid within 10 days next after the ~ same severally become due and payable, without demand or notice; or (c) in the event each and every stiputation, ~ agreement, condition and covenant of the promissory notes and this mortgage, any or either, are not duty, promptly ~ and fuIly pertormed, discharged, executed, effected, completed, complied with and abided by, or, (dj upon the ~ rendering by any court of last record of a decision that an undertaking by the Morigagors as herein provided to pay taxes, assessments, levies, liabiiities, obligations and incumbrances is legally inoperative or cannoi be enforced, or in ~ ~ the event of the passage of any law chanAng in any way or respect the laws now in force for the taxation of ~ mortgages or debts secured thereby tor any purpose, or the manner of collection of any such taxes, so as to affect ~ this mortg,~ge or the debt secured hereby; then. in either or any such event, the said aggregate sum mentioned in said ~ promissory notes then remaining unpaid, with interest accrued, and all monpys secured hereby shall become due and a able forthwith, or thereaf'ter at the o t~on of the Murt e, as full and com [etel as if all of the sums of ~ P" Y' , P BaBe Y P Y : moncy wcre uri~inally stipulatcd to be paid on such day, anything in the promissory notes and/or in this morigage ~ tu the cuntrary notwithstanding; and thereupon or thereafter, at the option of the blortgagee, withuut notice or ~ demanJ, suit at (aw or in equity, therefore ur thereafter begun, may be prosecuted as if all moneys secured hereby ~ ~ had mawred prior to its institutivn. ` ~ ~ : FA(;[ ~ ~ 212 2499 ~ ' ~"3 ~~a .y.'., a - t°',~v . ~ k - .