HomeMy WebLinkAbout0448 The Mortgagee is to have and to hold the property and all
appurtenances thereto as described above in fee simple forever
provided always, however, that if the Mortgagor discharges the
obliqation evidenced by the promissory note described above,
and performs each and every obligation imposed upon Mortgagor
by this mortqage then the interest of the Mortgagee created by
this mortgage shall cease and be null and void, otherwise to
remain in full force and effect.
So long as this mortgage remains unsatisfied, the Mortgagor
covenants and agrees with the Mortgaqee as follows:
1. The Mortgagor is lawfully seized of the property in
fee simple and has good riqht to seii ~nc~ convcy Yr~;~:~: ~j
the Mortgagee. The property is free and clear of and from all
liens, whe~her prior to or subject to this mortqage, taxes (except
taxes for the current year is same are not yet payable), tax titles
or certificates, judgments, mechanics liens, tax Iiens, and other
encumbrances of any nature or kind, whatsoever. Mortqaqor fu21y
. warrants and will defend the property aqainst the claims and de-
mands of a11 persons whomsoever and will make such further
assurances to perfect the fee simple title to the land as the
Mortgagee may reasonably require.
2. Mortgagor will pay all sums and perform all agree-
ments set forth in the note hereJby secured promptly when due
according to the true tenor and effect of the note.
3. Mortgagor will pay a21 taxes, assessments, l~vies,
liens and encumbrances requirinq the payment of money of every
nature on the property promptly when due. The Mortgagor will
promptly deliver copies of receipts evidencing said payment, cer-
tified by a notary public to Mortgagee within 10 days from the ~
date of payment, and in any event no later than 30 days prior to
the date any required payment is delinquent. If any such payment
is not promptly paid by Mortgagor when due, Martgagee may make
such payment (but will not be obliqated to do so) without waiving
or affecting any right to accelerate the due date of the princi-
pal amount secured hereby or the right to exercise any remedy
provided hereby or by law, and any amount so paid, together with
a service fee of 10$ of the amount will be due and owing from
Mortgagor to riortgagee and will be added to the principal amount
secured hereby. Interest from the date of payment on the amount
paid, plus the service fee, will accrue at the highest rate pro-
vided by law. If receipts evidencing payment of any obligation
described in this paragraph are not delivered by Mortgagor to
Mortgaqee within the time provided herein, then Mortgagee may
cause such investigation, title searches and other inquiries to
be made to ascertain whether or not default exists, as Mortgagee
may deem advisable, and all costs and charges incurred in connec-
tion with such inquiry will become immediately due and payable
from Mortgagor to Mortgagee, plus a service fee of 10$ of all
sums paid. Such sum, including the service fee, will be secured
hereby and will bear interest from the date of payment at the
highest rate provided by law. Mortgagee agrees to promptly
apply for and maintain in full force and effect any exemptions
from taxation which may be available to the property. Mortgagor
will furnish copies of such applications to Mortgagee not later
than 10 days prior to the date such application~ are to be filed,
and Mortgagor will furnish Mo~tgagee copies of all papers eviden-
cing the granting of such exemptions promptly upon receipt. If
Mortgagor fails to furnish to Mortgagee copies of such applica-
tions, Mortgagee is hereby designated by Mortgagor to be Mortgagor's
duly authorized and er.?powered attorney-in-fact for the purpose
of making and pursuing such applications. All sums expended by
Mortgagee in acting as Mortgagor's attorney-in-fact will be
due and payable from Mortgagor to Mortgagee, plus a service tee
of 10$, all of which sums will be secured by the lien hereof and
will bear interest at the highest rate provided by law.
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