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HomeMy WebLinkAbout1410 and shell duly. promptlp and futly perform, disc6arge, execute~ effect, complete~ comply with and abide by eteh and every the st~pulations. agreements, cond~tions dnd covenants of said promissoty notes and of thi~ mortga~e, then this mortgage and t1~e estste hereby crcated shall c.ease and be null and void, It is understood that each of the aords. "notes;' mortgagors" and "mortgagees" reapectively~ whether in the ain- 8ular or plural anywhere in this mortgage. shall be singular it one only. and ahall be plural jo~ntly and aeverally if mvre than one. e~nd that thc word "their" as used anywhere in this mort age shall be tnken to mean hia! her or its, ~eherc~•er the context so implies or admit~. The worda "promissory noies~' as used herein. shall include mterest coupon notes (if provided for in this mortgage) wherever the context ao requires or admits. and the Diortgagors, hereby jointly and severally covenant to and with the Mortgagees: 1. To pay all and singular the principal and interest and the various and sundry aums of money payahle b~• vii~tue of said Promissory notea and this mortgage. each and every. promptly on the days respectively the same se~•erall~ become du~. Topa y all and singular the ts:es, assessments.~levies, liabilitiea. obligations and incumbrancea of every aature und kind now on said described property, and/or that hereafter may be impo~ed. suffered~ placed, levied or assessrd thereupon, and/or that hereafter may be levied or assessed upoa thia mortguge ~nd/or the indebtedness secumd hereby, each and every, when due and payable according to law, before they become delinquent, and before any interest attnches or uny penalty is incurred; and in so far aa any thereof ia of record L6e same shall be promptly satisfied and discharged of record and the original official document (such as, for instance~ the tax receipt or the satisfaction paper officially endorsed or certified? shall be placed in the hands of the Dlortgagee~ within ten days next after payment. 3. To keep the improvements now existin~ or hereafter erected on the mortgaged property, inaured aa may be required from time to fime by the mortgagee against loss by fire and other hazards~ casualties, and contingenciea in such amounts and for such neriods as mav be required by MoctRagees. and to pay promptly. when due. anp premiums on such insurance. All insurance shall be carried in companies acceptable to Mortgagees and the pdi- cies and renewals thereof shall be held by ;~iortgagees and have attached thereto loss payable clauses in favor oi and in form acceptable to the ~tortgagees. In event of loss ~IortgaKors will give immediace notiee by mail to MorU gsgees and Dlortgagees ma~ make proof of loss if not made promptly by Diortgagors, and esch insurance corapany concerned is hereby author~zed and directed to make payment for sueh loss directly to :ISort~agees instead of to Mortgagors and ~lortgagees jointly. and the insurance proceeds, or any part thereot~ may be applied Sy 1Hortgageq at their option either ta the reduction of the indebtedness hereby secured or to the restoration or repair of the ~ropertp damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in El[tltlguisi~nieut vi «~r ~r~de~ce~ :ess secured hereby~ a11 ri¢ht, title, and interest oi the 11~orteagors. in and to any insurance 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, To remove or demolish no building on said premi~es without thP written tonsent of the 1liortgagees; to permit, commit or suffer no waste, impairment or deterioration of said preperty or any part thereof. and to keep Lhe sgme ~n~1 impro~~ements thereon in good condition and repair. 5. That in the event the ~lortgagors fail to pay and/or discharge the taxes. assesstnents, levies~ liabilities, obliRations and incumbrnnces, or fail to keep said premises insured or to deliver the policies. premiums paid, or fail to repair the said premises, as herein agteed, the lfortRagees are hereby authorized at their election to pay and/or discharge said taxes, assessments. leries. liabiliLies. obligations and incumbrances or sny part thereof, to procure and pay for such insurance or to make and pay for such repairs. without an~r obligation on their part to determine the validitl and/or necessity of sny thereof and without the \iortgagees waiv~ng or affecting any option, lien, equity + or right under ar by virtue of this mortgage; and the full amount of each and every such payment shall be immed- iatelp 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 snch intemst, shall be secured by the lien of this mortgage; but nothing herein contained shall be .construed as requiring the Mortgagees to ad~ance or expend moneys for any of the purposes in this paragraph mentioned. 6. To pa3 ail and singular the costs, c~arges and eipenses, including reasonable lawyer's fees, la~vyrer's disbursements and cost of abstracts of titie, incurred or paid at any time by the 3lortgagees because and/or in the eveni of the failure on the part of biortgagors dnly. promptly and fnlly to perfalrn. diacharge. execute~ effect complete, comply with and abide by each and erery. the stipulatians. agreements. conditions and~ covenants o~ said promissory notes and this mortgage. any or either, and said costs, charges and eapenses, 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 shali bear interest from the date thereof until paid at the Tate of ten per centum per annum; and all such costs, charges and expenses so incnrred or paid, together with such intereat, shall be secvred hq the Iien of this mortgage. That (a) i» the event of any breach of this mortgage or default oi~ the oart of the Mortgagors~ or; (b) in I the event any of said sums of money herein referred to be not promptty and futiy paid within l0 days nezi after the same severally become due and payable, without demand or notica; or (c) in the event each and every the stipulations, agreements, conditions and covenants of said promisaory notes and this mortgage. any or either. are not duly. promptly and fully performed, discharged. execated~ etfected. compleied. complied with and abided bq, ` or; (v i ~p~n the rendering by any court of last resort of a decision that an undertakinR by the MorkAagora aa ~ herein provided to pay taxes~ assessments, le~ies. liabilities. obligationa an3 incumbrancea is legttllp inoperative or cannot be enforced, or ~n Lhe event of the passage of sny lave changing in s~y way or respect the laws now in force ; for the ta~cation of mortgages or debts secured thereby for any purpose, or the manner of collection of any such ; taxe~. ¢A 89 to aifect this mortgaRe or the debt secured hereby; then, in eiLher or anq such event, the said aggre- gste •um mentioned'in said promissory notes then remaining unpaid. with intereat accrued. and all moneys secured ~ herebQ shall become due and payable forthwith, or thereafter. at the ontion of the Mortgagees, as f~)ly and com- pletetp as if all of the said some of money were oriRinally stipulated to he paid on such day~ anqthing in asid promissory notes and/or in tnis mortga~e to the centrary notwithstanding; and thereupon or thereafter. at the option of the MortRaRees. without notice or demand, suit at law or in equity, theretofore or thereafter begnn, may be prosecuted as if all moneys secured hereby had matured prior to ita ~nstitution. R. That, in the event that at the beginning of or at any time pendin any suit npon this mortgage, or to fore- ` close it. or to reform it. and/or to enforce payment of any claims hereun~er. the MortgaKees ahall apply to the court hacinR jurisdiction thereof for the appointment of a Receiver anch couK shall fotthwith appo~nt a Re- ceiver of said mortgaged property all and singular, including all and singular the income. profita, issues and revenuea imm whatever source deriv,ed each and every of which, it being expressly understood. ia hereby mortr gaged as ii apecificallq set forth and described in the granting and hAbendum clanses hereof. and euch Receiver shall have all the broad and eifeetive fnnction~ and powers in nny wise entrusted bq a court to a Receiver. and ench appoint~nent shall be made by anch court aa ea admitted equity and a matter of absolvte right to the MortgsRees. and without reference to whether or not said mortgaged property be in vvhole or in part a bomestead and withont reference to the sdequacq or inadequacy of the value oi the propetty mortgaged or to the aotveacy or insolveney of the btortgaRor~ and/or of the detendanta. and that ~uch rents~ prniits, income, issuea and revenues ahall be applied by such Receiver accordin~ to the lien snd/or equitq of the Mortgagees and the practice oi auch court. 9. Dulc. pmmptly and fully to perform. dischar~e. execute, effeet, tomplete, comply ~+•ith and abide by each and eti•er~ Lhe stipulations, a~reements. conditions and cot•enanis in said promissory notes and in this mortgage set E fnrth. The ~i~rt~agee may c~,llert a"IatF charge" not to exceed an amotmt equa! to 5': of any installment which ie nnt paid «•ith~n 10 da~'s fr~rm the due date thereof to co~•er the extra expence invoh•ed in handling delinquent pay- ments. . ~ ; soo~2~~. ?~A~f1~0