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HomeMy WebLinkAbout1405 and shall duly. ~romptly snd fully perform. diacharge. execute. etfect, coatplete. comply with and abide by each and every the at~pulstio~a, agreeraenta, conditions and covenanLs oi ~aid pmmi~~ory notes and o1 this mort~a~e. then this mortgage aad the eaiate hereby created shall cease and be null and void, lt is understood that each of the word~~ "notea;' mortgagors" nnd "mortgagres" respectively~ ahether in the ain- Sular or ylural anyv?here in this mortgage. shall be singular if one only~ and ahall be plural jointly and ae~erally if more than one. snd that the word "their" as used anywhere in this mort~age ahalt be taken to mean his her or it~, i~•t~cre~•er Lhe context ~o implies or admits. The worda "promissory notea' aa used herein. ehall include ~nterest coupon notes (if provided for in this mortgage) wherever the context so requirea or admita. :1nd the Diortgagora. hereby joiatly and severally covenant to and with the Mortgagees: 1. To vay all and ainjtular the pripcipal and interest and the varioua snd sundry sums of money payable by virtue of said promissory aotea and this mortga~e, each and every, promptiy on the daya re3y?c~iiva y.4a aame ae~erall~ become due, 2. To pay all and singular the taxes, assessme~ta.~leviea. liabilitiee. obligations and incumbzancea oi every nature and kind now on said described property, and/or that hereafter may be impoaed. auffered~ pixced. le~ied or assessed thereupoa. and/or that hereafter may be levied or assessed npon thia mortgage u?d/or the indeDtedness secured hemby, each and every, when due and payable according to law, betore they become delinquent, and before any interest attuches or any penalty is incurred; and in so far as any thereof is o! record Lhe asme ehall be psomptlq satisfied and dischsrged oi record and the original oificial document (sneh aa. for instance. the ta~c reeeipt or the satisfaction paper officialty endorsed or certified) shall be placed in the handa of the Diortgagees within ten days next after payment, 3. To keep the impro~ements now existin~ or hereafter erected on the mortgsged property. inaured ss raay be requircd from time to time by the mottgagee sgainst loss by fire aad other haasrds, casualties, and contingencies in such amounts and for such neriods as mav be reouired by MortRagees. and to pay promptly. when due. any premiums on such insurance. Alt insurance shall be carried in companies aceeptable to Mottgag ees and the pol- cies and renewals •thereof shall be held by Mortgagees and have attached thereto loss payable clausea in favor oi and in form acceptable to the ~iortgagees. In event o! loss blortgagors will give immediace notice by mail to MorE- gagecs and 1lfortgagees max make proof of loss if not made promptly by Ddortgagors, and each inaurance company concerned is hereby authorized and directed to make payment for such loss ditectly to MortRagees instead oi to ~ . Mortgagors and Dtortgagees jointly, and the insurance proceeds, or any part thereof may be applied Sy Mortgageea at their option either to the reduction of the indebtedness hereby secared or Lo tfie restoration or repair oi the ~roperty damaged. In event of foreclosure of this mortrage or other transfer of title to the mortgaged property tn extinguishment of the indebtedness secured hereby~ all riRht, title, and interest of the Mort~agor~. 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 deiivery of possession, y. To remove or demolish no building on said premises without thP written consettt of the Mortgagees; to permit, commit or suifer no waste, impairment or deterioration of said property or any part thereof. snd to keep the same and impro~ements thereon in good condition and repair. That in the event the Mortgagors faii to pay snd/or discharge the taxes. assessments. levies. liabilities, obligations and incumbrsnces, or fail to keep said premises insured or to deliver the policies. premiuma paid, or fsil to repair the said premises, as herein agreed. the biortgagees are hereby authorized at their etection to pay andlor discharge said taxes~ assessments. le~ies~ liabilities. obligations and incumb-ances or any part thereof. to procure and paq for such insurance or to make and pay for such repairs. withouL an~r obligation on their ~art to determine the validity and tor necessity of anq thereof and v~ ithout the Mortgagees waev~ng or affecting any option, lien, equitq or right under or by virtue of this mortgage; and the full amount oi each and every such payment shall be immed- iately due and psyable and shall bear interest from the date thereof until paid st the rate of ten per centum per annum, and, together with such interest, ahall be secured by the lien of this mortgage; but nothinQ herein contained ahall be construed as requiring the Mortgagees to ad~ance or ezpend moneys ior any of tbe purposes in thia paragraph mentioned. 6. To pay ali and singvlar the costs, charges and expenses. including reasonable lawyer's fees, lawyer's dishurseraents and cost ~f abstrscts of tiile. incirred or peid at anp iime by the MortF[ageea becanse and/or in the event of the failure on the part of Mortgagors duly, promptly and fully to perform. discharge. execute~ effect, complete, comply with and abide by each and every the stipulation~, agreements, conditiona and• covenants of said promissory notes and this mortgage, any or either. and said costs, charges and expenses. each and every. ahall be immediately due and payable, whether or not there be notice. demand. attempt to collect or suit pending; and the fall amount of each and every auch payment shall bear interest from the date thereof Until paid at the rat~ of ten per centum per annum; and all such costs, charges and e:penses so incnrred or paid, together with such interest, sha11 be secured by the lien of this mortgage. Tbat (a) in the event of any breach of this mortgage or defanit on the vart of the Mort~agors~ or; (b) in ~ the event any of said sums ot money herein referred to be not promptty and futly paid within !0 days ne:t i after the same severally become due and payable, without demand or notica; or (c) in the event each and everq the stipulations, agreements. conditions and covenants of ssid proraisaory notes and this mortgsge, anq or either. are ; not dnly, promptiy and fuliy performed. discharged. executed. elfected. completed, complied with and sbided by. ~ or; (d) upon the rendering by any coutt of last resort of a decision that an undertalnnR by the Mortg~gora aa herein provided to pay taxes. assessments, levies. liabilities. obtigations an3 incnmbrancea is legally inopentive or ~ cann~t be enfoned, or ~n the event of the passage of any Iaw changing in a~y waq or respect the lawa now in force ' for the taxation of mortgages or debts secnred thereby for any purpose, or the manner of collection of anq such taxes, so as to affect thia mortgaRe or the debt secnred hereby; then~ in either or any such event, the said sggre- ~ gate ~um mentioned "in said promissorq notes then remaining unpaid. with interest accrued. snd all moneys secnred herebp shall become due and payable forthwith, or thereafter, at the option of the Diortgagees, ss fu11y and com- pletely as if al) of the said sums of money were originallq stipulated to be paid on auch day~ anything in esid promissory notes snd/or in tnis mortgage to the contrary notwithatanding; and thereupon or thereafter. at tt~e option of the MortgaRees, without notice or demand, suit at law or in eqnity. theretofore or thereaiter begun, may be prosecuted as if all moneys sec>>red herebq had matured prior to ita inatitution. R. That, in the event th~t at the beginning of or at any time pendin~ anp suit npon this mortgage. or to fore- close it. or to reform it. and/or to enforce payment of any claims hereunaer, the Mortgagee~ ahall apply to the court ha~ing jurisdiction thereof for the appointment of a Receiver anch court ahali forthwith appoint a fte- ceiver ot said mortqaged property sll and singular. including ali and singular the income. profits. issuea and revenuea from whatever aonzce derivkd each and every oi which. it being expresaly understood. ia hereb~y mor~ gaged as if specificslly aet forth and deseribed in the grantSng and hsbendum clanses hereof. and such Receiver ' shall have all the broad and eifective innctions and powers in any wise entrusted by a conrt to a Receiver, and aneh appointment shall be made by anch court aa an admitted eqnlty and s matter of absolute right to the MortgaRees. and withont referenee to whether or not aaid mo ged prnperty be in wbole or in pa~ a bomestead snd ~vitbout reference to the adequacy or inadequacy oi the va ne of the pmperty mortgaged or to the solvenc~ or insolveney ~ of the Mortgagora and/or ot the detendanta. and lhat anch rents, profita, income, issuea snd revenues ahall be i spplied by such Receiver according to the lien and/or equitq oi the Mortgagees and the practice o! auch court. 9. Duly, promptty and futty to perform. disc•harge. execute. effect, complete. comply wiih and abide by each and e~•ery the stipulalions, a~;reements, conditions and covenants in said promissory notes and in this mortgage set f forth. The ~t~rt~a~ee ma~• rnlleci a"late charQe"' not to exeeeci an amouni equal to 5~~ of any installment which is 'r nf~t pai~i a•ithin lU days from the due date thereof to co~•er the extra expense ~mol~•ed in handling delinquent pay- i ments. ~o~ 2?~. r~~E ~.405 _ ,