Loading...
HomeMy WebLinkAbout2135 and shall duly~ }~romptly and fully perform, discharge. execute, effect. complete. comply with and abide by each e~d every the stipulstions. agrcements, conditiona and covenants of aaid pramissory note3 and of this mortga~e~ then this mort~cage snd the estate hereby created shall cease snd be null aud void. lt is undcrstood that each of the words~ "notes;' mortRagors" and "mortgagees" reapectively. whether ie the sin- Bular or plurat anywhere in this mortgage. shall be singular if one only, and shall be plusel jointly und severally it morc than one, and that the word "their" as used anywhere in this mort~age shall be taken to mean hi~. her or its, ~ehcre~•er the context so implies or admits. The worda "promissory notes' as used herein, shal! ir+clude intereat coupon notea (ii prnvided for in ihis mortgage) wherever the context so requirea or sdmits. and the ~Iortgagora. hereby jointly and severally covenant to and with the Mortgagees: 1. To pay all and singular the principal and int~erest and the varioua and sundry aums of money paypble bg virtue of said promissory notes and this mortgage~ each and every~ promptty on the days respectively the same severaU~ become du~. 'L. To pay all and singular the taxes. assessments.~levies. liebilitiea. obligations and incumbranzea oi every ~aturr and kind now on said described property. and/or that hereafter may be imposed, auffered~ placed. levied or asscssed thereupon, and/or that hereafter may be levied or assessed upon thia mortgage and/or the indebtedness secured hereby. each and every, when due and payabie according to law~ before they become delinquent. aad betore any interest attuches or any penaliy is incurred; and in so far aa any thereof is of record the same ahall be prnmptly satisfied and discharged of record and the original official docutnent (saeh a~. tor instance. the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of the Diortgagees within ten daya next nfter payment. 3. To keep the improrements now existine or hereafter erected on the mortgaged property~ inaured aa may be required from time to time by the mortgagee against loss by fire and other hazards, casualties. ard contingencies in such amounts and for such aeriods as mav be reauired by biortAagees. and to pay promptly. when due. any premiums on such insurance. All ins~irance sha11 be carried in companies acceptable to Mortgageea and the polt- cies and renewals thereof shall be held by Diortgagees and have attached thereto los~ payable clt~uses in iavor oi and in form acceptable to the ~tortgagees. ln event of loss Dlortgagors will give immediace nutice by mail to Mort- gagecs and 1liortgagees may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereb~ authorized and directed to make payment for such loss directiy to Morteagees ittstead of to MortgaKors and Alortgagees jointly. und the insurance proceeds, or any part thereof may be applied bp 3lortgagees at their option either to the reduction of tt?e indebtedness hereby secared or to tfie restoration or repair oi the • propert~ damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property ~n eztinguishment of the indebtedness secured hereby. all right, title. and interest of the ',iort¢agors. ~n and to sny insursnce policies then in force shall pass to the purchaser or grantee, appropriate credit being given therefor, after, but as of the date of such transfer and delivery of possession. y_ To remove or demolish no building on said premises without thP written consent of the Mortgagees; to permit, 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. 5. That in the event the ~iortgagors fail to pay and/or discharge the taxes. assessments. levies. liabilities. obliRaiions and incumbrances, or fail to keep said premises insured or to deliver the policies. premiums paid, or fail to repa~r the said premises, as herein agreed. the ;liortgagees are hereby authorized at their election to pay and/or discharge said taxes, assessments. levies. liabilities, obligations and incumbrances or any part lhereof, to procure 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 anq thereof and without the liortgagees waiv~ng or affecting any option. iien. equity or right vnder or by virtue of this mortgage; and the f~ll amount of each and everp such paqment shall bg immed- iately due and payable and shall bear interest from the date thereof until paid at the rate of ten per ceatum r annum, and~ together with such interest~ shall be secured by the lien of this mortgage; but nothin~ herein containeed shal) be constrned as requiting the Mortgagees to ad~ ance or expend moneys for any o! the purposes in this paragraph mentioned. 6. To pay all and sinRvlar the costs, c~arges and expenses, including reasonable lawyer's fees, lawyer's disbursements and cost of abstracts of title. incurred or paid at any time bv the 111ortgagee~ because and/or in the event of the failure on the part of Mortgagors duly. promptly and fully to perform, discharge. e:ecute. effect complete, comply with and abide by each and every the stipulations. agreements, conditions and• covenants o~ said promissorp notes and this mortgage. any or either, and said costs. charges snd experases. each and every. shall be immediately due and pasable, whether or not there be notice. demand~ attempt to collect or suit pending; and the fnll amount of each and everq such payment shalt bear interest from the date thereof unti( paid at the rate of ten per centum per annum; and all such costs, chsrges and expenses so incurred or paid, together with such intereat, sha11 be secured by the iien of this mortgage. , ; 7. That (ai in the event of any breach of this mortgage or defsult on the uart of the Mortgagors, or; {b) in j the cvent any of said snms of money herein referred to be not promptly and luily paid withia 10 days next ~ after the same severally become due and payable, without demand or noticr; or (c) in the event each and every-the stipulations, aqrnements, conditions and covenants of ssid promisaory notes and this mortgage~ anq or either. are ~ not duly, promptiy and fully performed. discharged~ executed, eHected. completed. com~tied wjth and abided by. ~ or; (d? upon the rendering by any coUrt of last resort of a decision that an undertak~nR by the Mortgagors aa i - herein provided to pay taxes, assessments. lecies. liabilities, obligations and incnmbrsncea is legally inoperative or ( cann~t be enforced, or in the event of the passage of any taw changing in asy way or respect the~wa now in force ! for the taxation of mortg'ages or debts secured thereby for any purpose. or the manner of coll tion of any auch taxes, so as to affect this mortgaRe or the debt secnred hereby; then, in either or sny such event, the said aggre- gate cum mentioned'in said promissory notes then remaining unpaid~ with interest accrued, and all moneys secored hereby shall become due and payable forthwith, or thereafter. at the option oi the Mortgagees, as inlly and com- pletely as if all of the said snms of monep were originally stipulatea to be paid on such day, anything in aaid promissory notes andlor in tnis mortga~e to the centrary notwithstanding; snd therenpon _ or thereafter. at the option of the MortgaRees. without notice or demand. suit at Iaw or in equity. theretofore or thereafter begun, msy j be prosecuted as if sl) moneys secured herebq had matured prior to ita institntion. _ F. That, in the event th~t at the beginning of or at anp time pendin~ any suit npon this mortgage, or to fore- close it, or to reform it~ and/or to enforce payment oi any claims hereunaer, the Mortgagees ~hall apply to the court having jurisdiction thereof for the appointment of a Receiver auch conrt ahall fortbwith appoint a Be- ; ~ ceiver of said mortgaqed property all and singular. including sll and singular the income. profits, issues and ' revenues from whatever aource deriv~ed each and every of which. it being expressly underatood. is hereby mort- gaged as ii apecifical)q aet fotth and deacribed in the granting and habendum claases hereof, and auch Receiver shatl have all the broad and eifective fanetions snd powers in any wise entrusted by a court to a Receiver, snd ench i appointment shall be made bq auch court aa sn admitted equity and a matter oi absolute right to the MortgaRees, ' and without reference to whether or not aaid mortgaged property be in whale or in part a homestesd and without ; reference to the sdequacy or inadequacy of the value of the pmperty mortgaged or to the solveacy or insolvency ; of the Mortgagors snd/or of the defendants. and that such rent~, profita, income. issuea and revenues ahali be applied by such Receiver according to the lien snd/or equity of the Mortgagees and the practice of auch conrt. ~ 9. Duh•. promptlV and full~ to perform, discharge, execute, effect, complete. compty u~ith and abide by eacn and e~•er~• the stiptilations, aqreements, conditions and co~•enants in said promissory notes and in this mortgage aet forth. The ~tortKa~ee map c<~llect a•'late charRe" nat to exceecl an amount equal to 5`: of anV instaliment which ie n~t pa~ri ~ti•ithm 10 da~s from the due date thereof to co~~er the extra expence invol~•ed in handling delinquent pay- ; ments. ~ooK~~.~ P,~c.~~~.~~ ~ ~ - ~ _ ~ . . . _ . . - ~s: