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HomeMy WebLinkAbout1470 • a Vl;ioh pr0~1l~~dtiy nor~ prnuiJoe tor p~ynhnti~ ~»r~int,acar• larkh~ aqJ ch~ rMl~l Mortgagors shall duly, promptly and tully periorA, diecharge, exeeUta, effect, complete~ comply With and abide by each a~d every stipulation, agreement~ condition and c wenant of eaid promi8eory note hereinbefore referred to and of this MoYtgage~ thea this Mortgage and the eetate hereby created shall ceaeo and be null and void; othen+ise, to reinain in full force and effect. And gaid Mortgagors, for themaelves, and their heir8, legal represencatives, auccessors and aesigna, hereby co~venant with said Mortgagee, its legat repreaentatives, succe~~ors and astig~~, that said Mortgagors are indefeasibly aeized of said land in fee si~ple; that said,Mortgagore have full parer and lavful right to convey the same in fee simple as aforesaid; that it shall be lavful for said llortgagee, its heirs, legal represe~tatives, succesaors and asaigna, at all times peaceably and quietly, to enter upon, hold, occupy and eajoy said land and every part thereof; that said land is free frao all incu~abrances; that said Mortgegora, their heira. legal representatives, successors and a8eigne. will make such further aseurances to perfect the fee.simple , title to said land in said ?lortgagee, its Iegal repreaentatives, successors a~nd assigns. 'ae may reasonably~be requlred; and that said Mortgagors do hereby fully warrant the title to said land and every part thereof and aill defend the same against the lawful claims of all persona whans~ever. lt is understood that each oi the words. note. mortgagor and mortgagee respectively. whether in the singular or plural anywhere in this mortgage. shall be singul~r ii one onlr and shall be plural ~oinUy and sevcrally it more than onc. and that the word their as used anywhere in this mort~a~e shall be takcn to mean his, her or its. wherever the context so implles or admits. And said Mort=agors. for themselves and lheir heirs. legal representatives. succeasors and •uigns. hereby jointly and severally covenant and aCrce to and with aid Mortsasee, its legal representatives. successors and as3igns: ~ 1. To pay all and singular the principal and interest and the various and sundry sums o[ money pay- able by virtue of said promissory notes. ~nterest coupon notes and this mortrage. each and evrry. prompUy on tl~e daya respectively the s~me severally beccme due. • 2. To p~y all and singular the taxes. assesaments. levies. liabilities obligations and incumbrances of every naturc and k;nd now on said descnbed psoperty. and/or that hereafter may be imposed. suttcred. placed, lcv;ed or asscssed thereupon. and/or that hereafter may be levied or assessed upon this mortgage and/or the in- debtcdness secured thereby. each and every. when due and payable according to law~ betore they become delin- qucnt. and betore any interest attaches or any penalty is incurred; and in so far as any tl~ereot is oi record the same shall be promptly satisfied and diacharged oi record and the original ofticial document (sucli as, Sor . instance, the tax receipt or the satisiaction paper oiticiaily endorsed or certified) shall be placed in the l~ands ot said ~:ortsa~ct, within ten days next atter payment; and in the event that any thcreof is not so paid, satis- ' tied and discharged. said Morttascc may at any time pay the same or any part thereof without waiving or atfecting any option. lie~. equity or right under or br virtue oi this mortgage. and the tull amount of each and e~•ery .such payment ahall be immediately due and payable and shall bear interest trom the date thereof until paid at the rate of eight per centum per annum and together with sueh interest shall be secured by the lien of this mortgage. 3. To place and continuously keep on, the--buildinga now or hereafter situate on sa2d land haz- ard insurance as required by Mortta`ea, in lhe usual standard policy form~ ie a sum not ~less than ; the indebtedneas due aad vving on said Kortgage, evidenced by the promissory note, ~ ~n such company or companies as may oe app:oved by said Dlortgasee , and all sucn insurance i policics on any of said buildings. any interest there~n or part thereot. in the a~gcegate sum atoresaid or ~n excess thereof. shali contain the usual standard mortgagee clause making the loss under said policie~, cach ~ and every, payabie to said ll•Iorisagces as their interest map appear. and each and e~ try such policy shall be promptly dclivered to and held by said Mor~ascc and, not icss than ten days in adr~ce of the expication of cach policy~ to deliver to aaid K.oct~ee a renewal thereot. logether with a receipt- for the premium oi ; cuch rene~~a1; and there shall be no such insurance placed on anY ot said buildings. any interest therein or part ~ thcrcof, unless in the form and with the loss payable as aforesa~d; and in the event any sum of money becomes ~ payable under such policy or policies aaid Morisasee sha11 have the option to receive and apply the same on account of the indebtedneu sccured hereby or to permit said Mort=agors to receive and use it or any part x thcrcof for other purposes without thereby waiving or impairing any aquity. lien or sight under or by virtue ~ of this mortgage; and in the event aaid M.ortsa~ors shall for any reason fail to keep the said premises so insured, or iail to deliver promptly any ot said policies of insurance to said 111ortgasce, or iaii promptly to ~ pay fully any premium therefor. or in any respect faii to pertorm~ discharge, execute. eftect~ complete. comply vrit;i and abide by this covenan~ or any part hereot. said Mort~a`ee mqy place and pay for such insurance ~ ~r any part thereoi without waiving or afiecting any option. lien. equity oc right under or by virtue of this mortgage. and the full umount ot each and every such payment shall be immediately due and payable and - shall bear interest irom the date thereof until pajd at the rate of eight per centum pec nnnum and together ~ with such interest shell be secured by the lien oi this mortgage. ~ 4. To permi commit or suffer no waste, impairment or deterioration oi said property or any part thereof. 9 5. To pay all and singular the costs. charges and expenaes, including reasonable lawyer's fees and cost of ~ abstracts of titl~, incuned or paid at any time by said Diort~a~et 1?ecause and/or in the event nf the failure ~ on the part of the said Mort~a~on to duly. promptly and fully pertorm. discharge, execute, ettect. complete. ~ comply K ith and abide by each and every the st~pulationa, agreements. conditions and cove~ants of said ~ promissory notes, interest coupon notes and this mortgage. any or either. and said costs. charges and expenses. < each and every. shall be immediately due andpa yable. v?hclher or not there be notice. demand, attempt to ~T collect or suit pending; and the full amount of each and every such payment shall bear intetest from the date ~ thereof until paid at the rate oi eight per centum per annum~ and all said costs. charges ~?nd expenses w . incurred or pa~d, to~ether with such interes~ shall be secured by the lien ot this mortgage. ~ 6. That (a) in the event of any breach of this mortgage or default on the part of the ?1lott6aoors, or (b) in the event any ot said sums of moncy herein referred to be not promptly and fully paid within ten days next atter tne ~ame severally become due and payable, ~vit8out demand or notice, oc (c) in the event each and - e~•ery tiie stipiilations. agrecments, conditiops and co~enants oI said promissory notes and said interest cou- pons and this mortgage, any or either, are not duly, promptly and fully performed, discharged, executed, ~ e:fected, completed, complied with and aUided by; then. in either or any such event, the said aggregate sum ~ mentioned in said promiuory notes then remaining unpaid. with interest accrued~ and all moneys secured hereby. shali become due and payable forthwith. or thereafter. at the option of said ~iort6agce, as fully and complctely as it aU of the said sums of money were ori~inally stipulated to be paid on such day. any- = thing in said promissory notes. interest coupona and/or in this mortgage to the contrary notwithstanding; and s~ thercupon or thcrcatter at the oplion ot aaid Morlgagce, without notice or demand, suit at 1aw or in equity. c'~erctoforc, or thereatter begun. may be prosecuted aa ii all moneys secured hereby had matured prior to 0 - its institution t~.. ~ 7. Ttiat in the event that at the be~innin~ of or at any lime pending any suit upon th'is mortgage. or to .QI forec!ose it, or to reform it, and/or to enforce payment of any claims hereunder. said Diortgagee :hall apply ~ x~ to the court ha~•ing jurisdiction tl~ereoi for the appoinlment o( a Receiver, such rnurt shall forthM•ith appoint a Recei~~cr of said mortbaged property all and singular, including ail and singular the rents, income, pro(its, ~ ~ ~ssues and revenues from whafever saurce derived. each and every of which. it being expressly understood. 4 is hereUy mortgaged as it specitically set forth and dcscribed in the granting and habendum clauses hereot. ~ ~ and such Receiver shall have all the broad and ettective tunctions and powers in any wise entrusted by a ;r~ court to a Receiver. and such appointment shall be made by tuch eourt as an admitted equity and a matter ~ oE absolute right to said Mortsagce, and without reference to the adequacry or inadequacy ot the value of ~j the property mortgaged or to the solvency or insolvenay ot said Mortgarors pnd/or ot the defendants, and , = that iuch rents, profits, income. issues and revenues shall be applied by such Recelver sccordin~ to the lien `so - and/or equity oi said Motts~ee ,~nd the practlce ot such court ' a~O 8. To dulr. pranptly ~nd tully perform. dkcharge, execute. eKec~ complete. comply with and abtde bp each and everp the stipulations, agreementa. conditions ~nd coveaants in said promissory notei ~nd snld interest cou~on notea attd fn thi~ mort[aae set forth.