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HomeMy WebLinkAbout1996 and shsll duly, Qrnmptly and fnlly pcrform, discharge. execute, etfect, complete~ comply with s+nd abide by each and every the ~t~pulstions. agreements. cond~tions and covenants oi aaid pmmissory notea and of this mortga~e, then this mortgage e?rtd the estate hereby created shall cease and be null a~~d void. ~ lt is understood thst each of the words, "notes;' mortgagors" and "mortgagees" respectively. whether in the sin- guler or plural anywhere in this mortgage. shall be singular it one only. ~nd ahall be plural jo~ntly a~d aeverally it more than oae, and that the word "their" as used anywhere in this mort~age shall be taken to mean hui. her or its. ~.hc~•e~•c:r the context so impliea or admits. The worda "promisaory notes' as used herein. ahall 'enclude intereat coupon notes (if provided tor in this morigage) wherever the context so requires or edmita. :~nd the 1liortgagors, hereby jointly and aeverally covenant to and with Lhe Mortgagecs: 1. To pay all and singular the priocipal and interest und the varioua and sundry aums oi money payable by virtue of said promissory notes and this mortgage, eack and every. promptly on Lhe daya respectively the same ae~erally become due. 2. To pay all and singular the taxes. asseasi~enta.~levies. liabitities. obligstions snd incumDrancea of every nature and kind now on said desctibed property~ and/or that hereafter may be imposed. suffered~ placed, levied or assessed thereupon, and/or that hereafter may be levied or assessed upon thia nnortgage and/or the indebtednesa secured hereby. each and every, when dve and payable according to law, before they become delinquent, and befoTe any interest attaches or any pettalty is incurred; aad in so far sa any thereoi ia of record the same ahall be promptly satisfied and discharged of record and the original officiat document (such as. for instance. the tax receipt or the sutisfaction paper officiallp endorsed or certified) shall be placed in the hsnds of the Mottgagees within ten daya next after payment. 3. To keep the improvements now existinP or_hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee aga~nst loss by fire and other hazards, casuatties, and contingencies in such amounts and for such neriods as mav be reauimd by 1liortAagees, and to pay promptly. when due~ any premiums on such insurance. All insi~rance sha11 be carried in companies aeceptable to Mortgag ees and the poli- c~es and renewals thereof shail be held by I~iortgagees and have attached thereto lo~~ paysble clauses in favor oi end in form aecepLable to the lfortgagees. In event of loss Diortgagors will give immediace notice by mail to Mort- gagees and biortgagees may make proof of loss if not made promptly by Mortgagors~ and each insnrance companq { concerned is hereby authorized and directed to make payment for such loss directly to Mort~agees instead of to _ Mortgagors and Atortgagees jointly. and the insurance proceeds. or any part thereof, may be applied by Morfgagees - at their option either to the reduction of the indebtedness hereby secured or to the re~toration or repair of the roperty damaged. In evenL of foreclosure of this mortgage or other transfer of title to the mortgaged pmperty in extinguish?nent of the indebtedness secured hereby. all riQht, title. and interest oi the '~dort~agors. in and to ~ any insurance policies then in fo~ce sha11 pass to the parchaser 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 buitding on said premises without thP wtitten consent of the 3lortgagees; to permit, commit or suffer no waste~ impairment or deterioration of said property or any part thereof. and to keep • the same and improrements thereon in good condition and repair. - : That in the event the ~tortgagors fail to pay and/or discharge the taxes. assessments, levies. liabilities. obligations and incumbrances. or fail to keep said premises ~nsured or to deli~er the policies. premiums paid, or fail to repair the said premises, as herein agreed, the ~Iortgagees are hereby authorized at their election to paq andlor discharge said taxes. assessments~ levies. liabilities, obligations and incumb-ances or any part thereof~ to procure and pay for such insurance or to make and pay for such repairs, witheut any obligation on their part to determine the validit~ andlor necessity of any thereof and without the liortgagees ~siv~ng or affecEing any option, lien. eqaity or right under or by virtue of this mortRage; and the futl amonnt of esch and every such psqment shall be immed- iately due and payable and ahall bear interest from the date thereof until paid at the rate of ten per centum per annum. and. together with such interest, shall be secured by the lien of this mortgage; but nothin~ here~n contained shail be constrned as requiring the biortgagees to nd~ance or e:pend moneya for any oi the pnrposes in thia paragraph mentioned. ' 6. To pay alt and sin~ruiar the costs, charges and eapenses, including reasonable lawyer's tees. lawyer's disbursements and cost of abstracts of title, incurred or paid at any time by the Mortgagees because and/or in the event of the failure on the part of biortgagors duly~ promptly and fully to perforra. diacharge. eaecute, eifect complete, complp with and abide by each and every the stipulation~, agreements~ conditions and• covenants o~ ' aaid promissory notes and this mortgage, anq or either. and said costs. charges and e:penses. each and everp, shsll be immediately due and paysble. 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 from the date thereot until paid at the rate oi ten ~ per centnm per annum; and all such costs. charges and expenses so incnrred or paid, together with such intereat, shal] be secured by the iien of this mortgage. ~ 7. That (a) in the event of any breach of this mortgage or default o» the vart of the Mortqagors. or; (b) in the event any of said sums of money herein refernd to be not promptly and fully paid within 10 daya next ~ sfter the same se~erally become due and payabie, without demand or notica; or (c) in the event each and every the ~ : stipulations, agreemenEs, conditions and covenants of said promiasory note:, and this mortgage, anq or either. are not duly, promptiy and fully performed. diacharged. executed. eHected. completed. com~tied with and abided by. ; or• (d) upon the rendering by any court of last resort of a decision that an undertak~nyr by the Mortgagora sa ; herein provided to pay taxes, assessments, le~ies, liabilities. obligationa and incnmbrancea ~s legallq inoperative or ~ cannot be enforced, or in the event of the passage of any law changing in a~y way or respect the lawa now in force ! for the taaation of mortgages or debts secured thereby for any purpose. or the manner of collection o! any auch taxes, so as to affect this mortgaRe or the debt secnred hereby; then. in either or snq auch even~ the said aggre- s gate sum mentianed ~in said promissory notes then remaining nnpaid, with interest accrued. and all moneya secnred ~ hereby shall become due and payable forthwith. or thereafter. at the option of the Mortg-agees. a~ fally and cotn- pletely as if all of the said sums of money were oriRinally stipulated to be paid on such daq, anything in esid ~ promissory notes and/or in ti?is mortga~e to the centrary notwithatanding; and thereupon or thereafter. at the • option of the Mort~taRees. without notice or demand, suit at law or in equity~ theretofore or thereafter beg~n, may ' be prosecuted as if all moneys secnred hereby }+ad mstured prior to ita institntion. ~ F. 1'hat, in the event th9t at the beginning of or at any time pendin~ any suit npon this mortgage. or to fore- x close it, or to reform it, and/or to enforce payment oi anq cla~ms hereunaer, the Mortgagees ahall apply to the 3 court having jurisdiction thereof for the apvo~ntment of a Receiver anch court shall forthwith appoint s Re- - ceiver of sa~d mortgaged property all and singular. including a11 and singular the income. profits. iasues and ' revenuea from whatever aonrce derir,ed each and evety of ahich, it being expreasly nnderstood. is hereby mor~ gaged as ii apecifically aet iorth and deacribed in the granting and hsbendum ctauses hereot. and auch Receiver ~ shall have all the broad and eifeetive fanctions and powers in any wise entrnsted bq a eourt to s Receiver. and anch ; appointment ahal! be made by auch conrt ae an admitted equity and a matter of absolute right to the MortgsReea. and aithout reference to ahether or not aaid mortgaged prnpertY be ia ~vhole or in part a homestead and without reference to the sdequacy or inadeqnacy oi the valne oi the property mortBaged or to the aolvency or inaolvency _ appl d bq such Rece ver ae o d,ngeto the iien a d or equ ty ofnthe ~ortgigees and the practice ofeauch ~nr~t. be ? 9. Di~ly, promptiY and fully to perform. dis~harRe. execute, effect. rompiete, comply u~ith and abide by each 3 and e~•ery the st~pulations, agreements. condit~ons and co~•enants in said promissory notes and in this mortgage set forth. The ~Tort~a~;ee mat collect a"late charRe" not to exceed an amount equal to 5~: of any installmertt which is not pa?~1 w-~thin 10 days from the due date thereof to cover the extra expense invoh•ed in handling delinquent pay- ments. EOOK 2~~ ~r1~E 1{3~U _ : , . _