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HomeMy WebLinkAbout1473 Vl~ioh pk01~i~~dtiy NoCO pCn1?iJoe tor pl~ymrh6~ It~t~~Lni,alrr~ ~~1 sqMOh~ atti~ th~ ~Mld Mortgagors ahall duly~ promptly and tuliy perlorA~ diacharge, exe~uta~ ettect, complete~ comply vith and abide by each and every stipulation, agreement, conditior and coveaant of eaid promisaory note hereinbefore referred to and of this Hortgage, thea this Mortgage and the eetate hereby created shall cease and be null and void; otheraise, to re~osin in full force and effect. . And eaid Mortgagors, for themaelvea, and their heir8, legal represe~catives~ eucceasors and aeaigne, hereby cavenant with said Mortgagee, its legal repreaentatives~ succa~sors and as~ign~, that said Mortgagars are indefeaeibly seized of aaid land in fee simple; that said Nortgegors have full pa+er and laWful right to convey the same in fee simple as aforesaid; thac it~shall be lavful for said Mortgagee, its heirs, lega~ repreeentatives, succeasora and assigna, at all times peaceably and quietly, to enter upon, hold, occupy and enjoy said land and every part thereof; that said land is free fraa all incumbrances; that said Mortgagora, their heira, legal representatives, eucceasors and a8eigns, Will make euch further assurancee to perfect the fee simple title to said land in said Hortgagee, its Iegal repreaentatives, succeasors and assigns, as may reasonably be required; and that said t~tortgagors do hereby fully Warrant the title to said land and every part thereof and will defend the same~against the lawful claima of all pereone vhoa,s~ever. lt is undcrstood that cach of the words. note. mortgagor and mortgacee respectivcly. whether in the sin~ular or plural anywhen in this mort8age, shall be sineular ii ona onlr and shall be plurai joinUy and severally it more than one~ and that the word their as used anywhere ~n this mort~aQe shall be takcn to mcan his, her or its, wherever the context so impliet or admits. And said 1Kort=agors. for themselves and their heirs. legal representauves. succeasors and auigns. hereby jointly and sev~r~lly covenant and a~ree to and aith said 1V[ortjasee, ite legal representative~ successors and asaig~s: l. To pay all and singular the principal and interest and the various and sundry sums ot money pay- able by virtue of said promisaory notea. interest coupon notes and lhis mortgage. each and evrry, promptly on tl~e day~ re~pectively the t~me severally beccme due. • 2. To pay all and singular the taxes. asseasments. levies. lfabllities. obllgations and incumbrances of every nature and kind now on said described propert,y. and/or that hereafter may be imposed. suttered, placed. Ievied or a~sesscd tlicreupon. and/or that hereaiter may be levied or assessed upon this mortgage and/or the in- debtcdness secured thereby. each and every. whe~ 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 thereot is oi record tlie same shall be promptly satisiied and discharged ot cecord and the original of[icial document (such as. for . ;nstance, the tax receipt or the satiEfaction paper ofticially endorsed or ceriif~ed) shall be placed in the hands ot said ~:ortsagcc, within ten days ncxt dter payment; and in the event that any thcreot is not so paid. satis- ' fied and discharged. said Mortr:?ece ma~? at any time pay the same or any part thereoE without wa~v~ng or atfecting any option. lien. equity or right under or by virtue oi this mortgage. ~nd the fuil amount oi each and ~~ery such payment shall be immediately due and pa~able and shall bear interest irom the date thereoi until aa~d at the rate of ei`ht par centwn per annurn and together with such interest chall be secured by the lien of this moNgage. 3. To place and continuously kcep on the buildinga now or hereafter situste c?n sacd land haz- ard insurance as required by Mortrases, in the usual standard policy form, in a sum not less thsn the indebtednesa due and a+ing on said Mortgage, evidenced by the promissory note, ' ~n such company or companies as may oe app:+oved by said 117ortRa6ee , and aU sucn insurance policics on any of said buildings. any interest there~n or paK thereot, in the aQgregate sum atoresaid or ~ ~n excess thereof. shall contain the usual standard mortgagee elause making the loss under said policie~, each ~ and every. payable to said l~Zortsagees as their intecest may appear. and each and every such policy shall ~ Ue promptly del~vered to and held by said Mortgasce and, not less than ten days in ad~ance of the expiration = ot cach policy. to deliver to said K.ort~ee a renewal thereot, togethcr with a receipt for the prem~um of ~ cuch rene~~al; and there shall be no such insurance placed on an~r ot said buildings. any interest therein or part R thcrcof. unless in the form and with the loss payable as aforesa~d: and in the event any sum of money becomcs payable under such policy or policies said Mort;asec shall have the option to receive and apply the same on ~ account of the indebtedness secured hereby or to permit said Mort~agors to receive and use it or any part ' thereof for other purposes without thereby waiving or impairing any equity. lien or right under or by virtue ~ of this :nort~age; and in the event aaid Mort~a~ors shall for any reason tail to keep the said premises so ~ insured, or ia~l to deliver promptly any oi said policies ot insurance to said biortgasce, or fail promptly to pay fuliy any premium therefor. or in any respect fail to pertorm, discharge. execute. eftec~ complete. comply. ~ ~:tii and ab;de by this covenant, or any part hereof, said Mort~acee ma~y place and pay for such insurance = or any part thereoi without waiving or aftecUng any option, lien. equity or right undPr or by virtue oi this e mor:gage, and the iull amount oi each and every such payment shall be immcdiatelp due and payable and ~ shali bear interest from the date thereot until paid at the rate oi eight per centum per annum and together ~ with such interest ahail be secured by the lien of this mortgage. ~ 4. To permit~ commit or auffer no waste, impairment or deterioration of said property or any part thereof. ~ S. To pay aU and singular the coats. charges and expenses. including reasonable lawyer's fees and cost of ~ abstracts of title, incurred or paid at any time by said Dlortsaee~ 1+ecause and/or in the event of the failure ~ on the part of the said iv~ortsa~ors to duly. promptly a~d fully perform, discharge. execute. ettect. complete. ~ comply w ith snd abide by each and every the stipulations. agreements„ condit~ons and covenants of said promissory notes, interest coupon notes and this mortgage. any or either. and said costs. charges and expenses. each and every, shali be immediately due and payable, v?hether or not there be notice. demand, attempt to ~ coUect or suit pending; and the full emount of each and every such payment shall bear interest from the date thcreof until paid at the rate of eight per centom per annum• and all said costs, charges and expenses so . izcurred or paid, together with such fnterest, shall be secured by the lien ot this mortgage. 6. That (a) in the event of any breach ot this mortgage or default on the part of the Tiort6a;ors, or (b) in the event any of said sums of moncy herein refened to be not promptly and fuily paid within ten days next ; atter t~~e same severally become due and payable. without demand or notice~ or (c) in the event each and c~•ery the stipulations. agcecments, conditiops and corenants o[ said promissory notes and said interest cou- ;j pons and this mortgage. any or either, are not duly, promptly and fuUy performed. discharged, executed. c:fected, completed, complied with and abided by; then. in either or any such event~ the said aggregate sum = mentioned in said promissory notes then remainmg unpaid. wilh interest accrued, and all moneys secured hereby. shall become due and payable forthwith. or thereafter. at the option of said ~tocteagee, as fully - and completely as if all of !he said sums oi money were originaily stipulated to be paid on such day. any- thing i~ said promissocy notes. interest coupons and/or in this mortga~e to the contrary notwithstanding; ar.d ~ thereupon or thcrcatter at the oplion oi said Morlsagce, without notice or demand. suit at law or in equity, ~ therctofore, or thereafter begun~ may be prosecuted as ii all moneys secured herebr had maturcd prior to °a its institution. 7. That in the event that at the beginning of or at any time pending any suit upon ttiis mortgage. or to t""~ - forec'.ose it, or to reform it, and/or to enforce payment of any claims hereunder. said 1liortgagee :hall apply to the court having jurisciiction tliereoi tor the appointment oi a Receiver. such court shall forthv?ith dppoi~~t a Fecei~•cr ot said mortgaged property all and singular~ including all and singular the rents. lncome, prof~ts., ~ issues and revenues irom whatever source derived, each and every of which, it being expressly understood, is hereUy mortgaged as it specifically set torth and described in the granting and habendum clauses hereof, - and such Receiver shatl ~havc all the broad and etEective functions and powers ~n any wise entrusted by a court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortsagee, and without reference to the adequacy or inadequacy oi the value of ao - t he proper ty mor tgag e d or to t he so lvencq or inso lvency o t sai d Mo r t g a ~ors and/or ot the defendants, and c.~ ' that ~uch rents, profits, income. iuues and revenues shall be appljed by such Receivsr aceordin~ to ths UeA and/or equity ot s~id Mortsarce , and the practice ot such court ' ~ A. To duly, promptlr and lullr perform. discharge, execute. dtect, complete, comply ~rith and ablde by each ond every the ~tipulations, Agreementa, conditiona and covenants in ~aid promwwry notea ~nd cald , inierest coupon notea and in thi! morteaQe ~et torth.