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HomeMy WebLinkAbout1400 snd shal! duly, ~romptlp and fully perform, discharge. execute~ effect, complete. complp with and ebide by cach and every the st~pulationa, agreemenb, co~ditions and covenants of said promissory notes and of this mortga~e. then this mortgage and the eatate hereby created shall cease and be null and void. It is understood that each of the words. "notea;' mortgagors" and "mortgagees" reapectively~ whether in the ain- ttvlar ar plural :nywhere in thia mortgage. sball be singular if one only. and shall be plural jointly and severally ii more than o~e, and thst the woM "th2ir" as used anywhere ite this mort~age ahall be taken to raean hia, her or it3. ~~•hererer the context so implies or admits. The worda "promissory notes' aa used herein. shall include intereat coupon notes (if provided for in this mortgage) wherever the context ao requirea or admits. :?nd the ~iortgagors. hereby jointly and severally covenant to and with the Mortgagees: T^ ul: u::Y •.tie ~~tr~~~.l and in~.rpat and the ~arioua and sundry aums o! money _payable b~ virtue of said promissor anotes and this mort a e each aad ever ~ Y B 6. y. promptly on the daya respect~vefy t~ie ~r.re se~•erall~ become duc, Y• Topa y all and singular the taxes. as~essment~.~levies. liabilitiea. obligations snd incumbrancea of every nature and kind now on said described property, and/or that hereafter may be iroposed, auffered. placed. levied or assessrd thereupon, and/or that hereatter may be ievied or assessed upott thia mortgage~ uad/or the indebtednes~ secured hereby, each and every, when due and payable according to law~ beiore they become delinquent. and before any interest attuches or any penalty is incurred; and in so far ea any thereof ia of record the same shalt be promptly sstisfied and discharged of record and Lhe original official document (snch as, for instance. the taz receipt or the satisfaction paper oificially endorsed or certified) shall be placed in the handa of the aiortgagees withit~ ten daya next after payment. 3. To keep the improvements now existin~ or hereafter erected on the mortgaged property. inaured sa raay be required from time to time by the mortgagee against Ioss by fire and other hazards~ casualties. and contiagenciea ia such amounts and for such ueriods as mav be required by Mortaagees~ and to pay promptly. when due, any premiums on such insurance. All insurance shall be carried in companies acceptable to Mortgagees and the pdi- c~es and renewais thereof shall be held by ~11orLgagees and have attached thereto loss payable clauses in iavor oi and in form acceptable to the ltortgagees, In event of loss :liortgagors will give immediaie notice by mail to Mott- gagecs and 111ortgagees may make proof of loss if not made promptly hy Diortgagors, aad each insurance compsny concerned is hereby authorized and directed to make payment for such loss directly to MortQagees instead ot to Mortgagors and Dtortgagees jointly~ and the insurance proceeds. or any part thereof may be apptied by Mortgageea at their option either to the redncLion of the indebLedness hereby secured or Lo t~e restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property ~n extinguishment of the indebtedness secured hereby~ a11 riRht. title. aad inLerest of the Mort~?agors. in and to any insurance policies then in force shall pass to the purchaser or grantee. apprnpriate credit being given therefor, after, but as of the date of such transfer and delivery of possession. To remove or demolish no building on said premises without thP written consent of the a~tortgagees; 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. o. That in the event the ~iortgagors fail to pay and/or discharge the taxes. assessments, levies. liabilitees. obligations and incnmbrances~ or fail to keep said prFmises insured or to deliver the policies. premiums paid. or fail to repair the said prnmises, as herein agreed. the blortgagees are hereby sut~otized at their election to pay and/or discharge said taxes. assessments~ levies, liabiiities. obligations and incumb~ances or any part thereof, to procure and pay for such insnrance or to make and p.1y for such repairs. without any obligation on their part to determine the validit~ and~or necessity of any thereof and without the Mortgagees waiv~ng or affecting anp option. lien. equity or right vnder or by virtne of this mortgaRe; and the full amount of each and every snch payment shall be immed- iately due and payable and shall bear interest from the date thereof antil paid at the rate of ten per centum per annum, and, together with such interest, shall be secared by the lien of th4s mortgage; but nothin~ herein contained shall be construed as requiring the biortgagees to ad~ance or expend moneys for any oi the purposes in thia psragraph mentioned. 6. To pay all and sinRvlar the costs, charges snd expenses, including ressonable lawyer's fees, lawyer's disbursements and cost oI abstracts of titie. incurred or paid at any timc by Lhe ~lortgagees becttuse and/or in Lhe event of the failure on the part of Mortgagors dnly, promptly and fnllp to perform. diacharge. e:ecute~ efiect comptete, comply with and abide bq each and every the stipulations. agreements. conditions and• covenants o~ said promissory notes and this mortgage, anp or either, and ssid costs. charges and e:penses. each sed every. ahall be immediatelq due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the inll amount of each and every such payment shall bear interest irom the date thereof until paid at the rate of ten per centum per annam; and all such costs, charges and expenses so,_~ncurred or paid, together with sueh intereat, shall be secnred bq thP lien of this mortgage. i. That (a) ie the e~ent of any breach of this mortgage or default ou the aart of the Mort~agors. or; (b) in ; the event any of said sums of money herein referred to be not promptly and fully paid within 10 daya next , after the same severaliy become due and paysble. without demand or notict; or (c) in the event each and every the stipulations, agreements, conditions and covenaets of said promisaory note:: and this mortgsge. anq or either, are ~ not duly, promptly and fully pertormed, discharged, executed. effected. completed. com~lied with and abided-by, ! or; (d) upon the rendering by any court of Iast resorY of a decision that an nndertak~nR by the Mortgagora aa ~ ; herein ptovided to pay taxes, assessments~ leries. liabilities, obligations snd incnmbrances is legally inoperative or ~ cann~t be enforced, or in the event of the passage of anp law changing in a~y waq or respect the laws now in force for the taxation oi mortgages or debts secured thereby for any putpose. or the manner of collection of any aaeh ~ taxes. so ag to affect this mortgaRe or the debt secared hereby; tt~en~ in either or anp such event, the said sggn- gate sum mentioned ~in said promissory notes then remaining unpaid, with interest accrued. and all moneya secured t herebv shali become due and payable forthwith. or thereafter. at the option of the Mortgagees, as fully and com- i pletel_v as if sil of the said sums of money were oriRinally stipulated to be paid on such day. anqthing in eaid ? promissory notes and/or in tois mortgaee to the contrary notwithstanding; and thereupon or thereafter. at the option of the Mortgayrees, without notice or demand, suit at law or in equity, theretofore or thereafter begun, may be prosecuted $s if a]l moneys secured hereby had matured prior to ita inatitution. F. That, in the erent th~t at the beginning of or at anp time pending any suit npon thi~ mortgage. or to iore- close it. or to reform it, and/or to enforce payment of any claims hereunder, the Mortgagees ahsll apply to the court having juri~diction thereof for the appointment of a Receiver anch court shail forthwith appoint t Re- ; ceiver of said mortqaged property a11 and singular. including ell and singular the income. profita. issuea and ~ revenues irom whatever aoune deriv,ed each and every of which, it being expres~ly under~tood. is hereb~r morb : gaged as if specifically aet forth and deacribed in the granting and habendum clan~e~ hernot, snd auch Rece'r'rer ! shall have all the broad and effective fanctiona and powers in anq wise entrusted by a conrt to a Receiver~ snd auc ?f - appointment shall be made by anch court aa w admitted equity snd s matter of absolute right to the Morigattees. and without reference to whether or not aaid mortgaged prnperty be in whole or in part a homestead i?nd without reference to the adeqnacy or inadequacy of tl~e value oi the ptoperty mortgaged or to the aolvency or insoivency of the biortgagora and/or of the defendants. and that aach rents~ protits, income, issuea and revennea ahsll be applied by such Receiver accordinjt to the lien snd/or equity ot the Mortgagees and the prectice o! auch conrt. ~ 9. Dul}~, promptly and fully to perform, discharRe. execute, etfect. complete, comply w•ith and abide by each and e~•ert• the stipulations, aRreements, conditions and co~•enants in said pmm~ssory notes and in this mortgage aet ~ torth. The ~tnrt~a~ee may c~llect a"late charRe" not to exceed an amoimt equai to S': of any installment which i9 ; n~t pai~t ~rithin 10 days frcm the due date thereof to co~~er the extra expence invoh•ed in handling delinquent pay- ments. r dpp~ fAf.~