Loading...
HomeMy WebLinkAbout2141 vl~ioh promi~~dry noc• prtnridoe tor p~ymdnt~ •I (trr~ir~l~alatr~ ~~t tar~~,~ th~ ~p~,~ Mortgagors ahall duly~ promptly and fully pertor~. diacharge, exe~Ute. etfect, . complete, comply vith and abide by each and every stipulation, agreement, condicion aad cavenaat of aaid Promieeosy note hereinbefore referred to and of this Mortgage. then thia tiortgage and the eetate hereby created ehall ceaee and be ~ull and void; otherwise, to remain in full force and effect. And 88~d Mortgagors, for themselvea~ and their heir8, legal representatives, auccessora and assigne, hereby cavenant with said Hortgagee, its legal represe~tativea, succa~~ors and ~s~igns, that aaid I~lortgagors are indefeaeibly eeized of said la~d i~ fee si~ple; that said Mortgagora have full power and lavful right to convey the same in fee simple as aforeeaid; that it shall be lawful for said Mortgagee, its heirs, legal repreaentatives, succeeaors and asaigns~ at aLI times peaceably and quietly, to enter upon, hold,-occupy and eajoy said land and every part thereof; that safd land is free frao all incumbraacee; that said I~lortgagors, their heire, legal repre8entatives. suc:~s~ors and aseigns, vill make auch further asaurances to perfect the fee simple title to said land in eaid Mortgagee, its Iegal representatives, auccessors and assigne, as may reasonably be required; and that said Mortgagora do hereby fully warrant the title to said land and every part thereof and will defend the same against the laWful claime of all persone Whans~ever. It is understood that ~ach of the words. nate. mortgagor and mortga~ee respectivcly. whethe~ in the sin~ular or plural anywhere in this mortgagt. ahall be singular it one only and shall be plurai joinlly and severally i[ morc thae one. and that the word their as used anywh~re ie this mort8s~e shall be takcn to mean his, her or its. wherever the context so implles or ~dmits. ~ And said Motl=agors. for themselves and lheir heirs. legal representatives. successors and auigns. hereby jointly and sev~r~lly covenant and agree to and with aid klorisa~ee, its legal representatives. successors and asaigns: 1. To pay all and singular the principal and interest and the various and sundry sums ot mooey pay- able by virtue ot said prnmissory notes. i~terest coupon notes and this mortrage. each and evrry. promptly on tiie day~ re~pectively the s~me severally beccme due. • To pay all aad singi~lar the taxes~ assessments, levies. liabilitics. obligations and incumbrances ot every nature and kind now on said described property. and/or that hereai/er may be imposed. sultered, placed, levied or a~sessed tiiereupon. and/or that hereatter may be levied or assesaed upon this mortgage and/or the in- debtcdness seeured thereby. each aod every. when due and payable according to law. before they become delin- qucn~ and betore any interest attaehes or any penalty is incurred; and in so far as any tl~ereoi is oi record the same shatl be promptly satisiied and dixhargt~ of record and th~ original of(icial document (such as, for . iastance, the tax receipt or the satisfaction paper oi[icialty endoraed or ceriified) shall be placed in tlie iiands of said ~:art~agcc, within ten days next dter payment; and in the event tt~at any thcreof is not so paid. sat;s- t~ed and discharged~ said Mor2saacc may at any time paY the same or any part thereoE without waiving or atfecting any opt~on. lien. cquity or right under or br virtue oi this mortgage. and the tull amount of each and r~ ery such payment shait be immediately due and pay:ble and sh~ll bear interat trom the date thereof untii ~a~d at the rate oi eiQht per centum per snnum and together with such interest shall be secured by ihe lien ot this mortga~e. • 3. To ~+lace and continuously keep on the buiidings now or he~eafter situate on sa:d land haz- ard insurance as required by Mortra6ea, in the ~uual standard policy form. in a sum nut less than the indebtednese due and a+ing on said Hortgage, evidenced by the promissory note, ~n such company or eompanies as may oe app:oved by said Diortgasee , and aii sucn insurance policics on any of said buitdings. any i~terest iherein or paK Lhereol, in the a~gregate sum aforesaid or ~n cacess thereof. shali contain the usual standard mortgagee clause making the loss under said policie~, cach and evcry. payable to said 1tlorl.gagees as their interest may appear. and each and e~ rry such pol~cy shail i~e promptly delivered to and held by said Mortga;ce and. not lcss than ten days in ad~ance ot the cxpiration ot c~ch policy. to deliver to said K.oct~ee e renewal thereot. together with a receipt for the premium of ~t~ch rcne~~al; and thei^e shall be no such insurance placed on anx of said buildings. any interest therein or part thcrcof, unless in the form and with the loss payable as aforesa~d; and in the event aor sum oE money becomcs pa~ able undcr such policy or policies said Mortsa~ec shall have !he option to receive and apply the same on account of t~e indebtedness secured . hereby or to permit said Mort:agors to receive end use it or any part thcreof tor other purposes without thereby waiving or impairing any equity. lien or right under or by virtue of this :norttiage• and in the event aaid M.ort~~ors shall tor any reason fail to keep the said premises so insured, or ia~l to deliver promptly any ot said policics of insurance to said 1ltottgagct, or fail promatly to pay fully any premium theretor. os in any respect iail to perform~ discharge. execute, tttec~ complete. compiy v?:ti~ and abide by this covenan~ or any part hereoi~ said Mortsa`et may? place and pay for such insurance or any part thereof without waiving or aifecting any option. lien. equity or right under or by virtue ot this mortgage. and the full amount oi each and every such payment shaii be immediately due and payable and shall bear interest trom the date thereot until paid at the rate of eight per centum per annum and together with such interest shall be secured by the lien oi thia mortgage. 4. To permit~ commit or sutfer no waste. impairment or deterioration oi said property or any part thereot. " S. To pay ail and singular the costs, charges and expenses. including reasonable tawyer's tees and cost ot abstracts of t~tle. incurred or paid at any time by said Diorlsare~ 1+ecause and/or in the event of the failure on the part of the said Mortsasors to du1y~ promptly and tully perform. discharge, execute. et[ect. complete. comply v~ith and abide by each and every the siipulations, agreements, conditions and covenants ot said prom~ssory notes, interest coupon notes and this mortgage. any or either. and said costs. charges and eapenses. each aod every. shali be immediately due and payabie. v?hethet or not there be noti~e, demand. attempt to coilect or suit pending; and ihe fuli amount of each and every auch payment shall bear interest from the date ti?crcof until paid at the rate of eight per centum per annum• and all said costs. charges and expenses so iacurred or paid, to~ether with such interest. ahaii be secured by the lien oi this mortsage. ' 6. That (a) in the event ot any breach ot this mortgage or default on the part oi the 1?iortgabors, or (b) i~ the event any ot said sums ot money herein reterred to be not promptly and fully paid within len days next atter t;ie ~ame severally become due and payabie. witnout demand or notice, or (c) in the event each and e~•ery the stipulations, agreements, conditiops and cocenants o[ said promissory notes and said interest cou- pons and this mortgage. any or either. are not duly, promptly and fully performed, discharged. executed, e:[ected, compteted, complied with and abided by; then. in either or any such event, the said aggregate sum nientioned in said promissory notes then remaining unpaid. with interest accrued, and all moneys secured hcreby, shall become due and payable forthwith. or thereaftes, at the option of said }iort~agce, as tully ~ and completely as ii all of the said sums oi money were originally stipulated to be paid on such day. any thing in said promissory notes. interest coupons and/or in this mortgage to the contrary notwithstanding; and ~ thercupon or thcrca[ter at the option of said Morlsagce, without notice ot demand, suit at Iaw or in eQuity, ~ c~erctofore, or thereatter begun, may be prosecuted aa ii all moneys secured hereby had matured prior to ~ts institution ~ That in the event that at the beginni~g of or at any lime pending any suit upon this mortgage. or to torec:ose it, or to reform it, and/or to eniorce payment of any claims hereunder. said 1~Iorlgagee ;hall apply ~ to the court having jurisdiction thereot for the 3ppointment ot a Receiver, such court shall forthv?ith appoint ~ a Recci~•cr of said mortgaged property asl and singular. including all and singular tl~e rents, income, profits, ~ssues and revenues from whatever source dezived, each and every of which, it being expressly understood, x is hereby mortgaged as if specitically set forth and described in the granting and habendum clauses hereof, °`Oo and such Receiver shall have a!! the broad and etfective functions and powers in any wise entrusted by a G~° couct to a Receiver. and such appointment shall be made by such rnurt as an admitted equity and a matt~r ot absolute right to said 1liortsagce, and wiihout reference to the adequacy or inadequacy ot !he value ot the property mortgaged or to the solvency or insolvency ot said Mortga~ors and/or oi the detendants~ and that such rents, profits, income~ iasuea end revenues shall be applied by such Receiver accordin~ to the lien uid/or equity oi a~id Mort~asee ~ ar~d the practtce of such CourL • S. To dulr. promptl~ ared tu~~r perforrr~. diacharge, execute, rHec~ complete, comply with and abide bp each and everp the ttipulationa, agreements. coeditions ~nd covenar~b i~ wid promissory notes ~nd caJd ~nterect co~pon notea and in thi• moct~aae set forth.