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HomeMy WebLinkAbout1476 vl~!vh promi~~dry noco prdviJoe tnr piynwpt~ ~1~~~inl~alntr• ~~1 sar~h~ an~ ehr ~Nid Mortgagors ahell duly, promptly and ~ully pertora~, diecharge, lxeCUte. elfect, . complete, comply with and abide by each a~d every stipulation, agreement, condition and covenant of said promisaory note hereinbefore referred to a~d of this.Mortgage. thea this I~tortgage and the estate hereby created ahall cease and be nutl and void; other~?ise, to reisain in full force and effect. And said Mortgagors, for themselvee. and their heirs, legal representatives, succeasors and asaigne, hereby covenant with said Mortgagee, its legal representativea, aucces~ora and assign~. that said Mortgagors are indefeasibly eeized of-said land in fee simple; that said Mortgagore have full pawer and lawful right to convey the sanie in fee simple as aforeeaid; that it shall be laWful for said Mortgagee, its heirs, legal representatives, succeeaors and aeaigns, at all times peaceably and quietly, to enter upon, hold, occupy and enjoy said land and every part thereof; that said land is f ree from all incumbrancee; that said Hortgagors, their heira, legal repreaentatives, ~succeseora and assigna, will make auch further assurances to perfect the fee sfmple title to said land in said I~Iortgagee, its fegal repreaentatives, succeasors and assigt~s, ' ae 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 laaful claims of all pereona vhomsnever. lt is understood that each of the words. note. mort~agor and mortgagee respectivelr, whether in the _ sin~ular or plural anywhere in this mortgage. shall be smgulu it one only and shall be plursl ~oinlly and sevcrally it more than onc, and that the word their as uaed anywhere in this mortQaQe shall be taktn to mean his. her or _its„ wherever the context so impliea or odmits. And said Moctsagors. for themselves and their heirs, legal representauves. successors and sssigns, hereby jointly and severatiy covenant and arrce W and with said ~io~tiasee, its legal representatives, succeuors and asaigns: - 1. To pay ali and singular the principal and interest and the various and sundry sums ot money pay able by virtue oi said promissory notes, interest coupon notes and this mortgage. each and evrry~ promptly on ti~e days respectively the s~me aeverally beccme due. • 2. To pay all and singular the taxes. assetsments„ levies. liabilities, obligations and incumbrances of every nature and kind now on said described property. and/or that hereatter may be imposed. s~utfeced. placed, levied or assesscd tliereupon. and/or that hereatter may be levied or usessed 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 bctore any intereat attaches or any penalty is incurred: and in so far as any tl~ereof is o[ record the same shall be promptly satisfied and discharged oi record and lhe original ofticial document (such as, for . instance, the tax receipt or lhe satisfaction paper ofticially endorsed or certitied) shall be placed in the liands of said ~:ortgagcc, within ten days next after payment; and in the event that any thereof is not so paid. satis- ticd and discharged. said Morlsasce may at any time pay the same or any part thereof without waiving or aftecting any option. lien, equity or right under or br virtue oi this mortgage. and the tull amount ot each and ~~•ery such p:?yment shall be immediately due and payable and sh~ll bear interest trom the date thereot until pa~d at the rate of ei~ht per centum per ~nnum and together ~rith such inte:est shail be secured by the lien ot this mortgage. 3. To place and continuously keep on the buildings now or hereatter situate on said land haz- ard iruurance as required by Mortra`e~, ~n the usual standard policy form. in a sum not ~less than ~ the indebtedness due and vwing on said Mortgage, evidenced by the promissory note, ~ in such company or eompanies as may oe approved by said Dlortga6ee , and aQ sucn insurance ~ policics on any of said buildings. any interest thecein or part thereof. ~n the aQgregate sum a[oresaid or i ~n eacess the~eof. shall contain the usual standard tnortgagee clause making the loss under said policies. each ~ and every, payable to said ll4origagees as their interest may appear, and each and -evrry such policy shall ~ be promptiy dclivered to and held by aaid Mort; ascc and, not less than ten days ln ad. ance of the cxp~ration ~ ot cach policy. to deliver to said K.oct~ee a renewal thereof. together with a receipt for the premium of cuch rcne«al; and there shall be no such insurance placed on an~r of said buildings. any interest there~n or part z thcrcof. unless in the form and with the loss payable as atorese~d; and in the event any sum o[ money becomes payable under such policy or policies aaid Mort6aeec shall have the option to receive and apply the same on ~ account of the indebtedneu secured hereby or to permit said Mort~agoss to receive and use it or any part a thereof for other purposes without thereby waiving or impairing any equity. lien or right undet or by virtue ~ of this mort~~ge; and in the event aaid Mort~a~oss shall for any reason fail to keep the said premises so ~ - insured. or iatl to deliver promptly any oi said policies of insurance to said 111ortgaeee, or fail promptly to pay fully any premium theretor, os in any respect fail to perform, discharge. execute, ettec~ ~omplete. comply K v?:t~i and abide by this covenan~ or any part hereot, said Mort6asce mqy place and pay foc auch insurance „ or any part thereof without waiving or aitecting any option~ lien. equity or right undPr or by virtue ot this ~ morigage, and the full amount of each and every such payment shall be immediately due and payable and ~ shall bear interest from the date thereot until paid at the rate of eight per centum per annum and together with such interest sheli be secured by the lien oi this mortgage. ~ 4. To permit~ commit or sutfer no waste, impairment or deterioration of said property or any part thereot. ~ 5. To pay all and singular the costs, charges and expensea. [ncluding reasonable lawyer's fees and cost of y abstracts of title. incurred or paid at any time by said Dlorts~~ea 1?ecause and/or in ihe event v1 the failure ~ on the part of the said Mortsagors to duly. promptty and fully perform. dischargt~ execute. etfect. compiete. ~ comply w ~th and abide by each and every the at~pulations. agreements. conditions and covenants of said ~ promissory notes, interest coupon notes and this mortgaRe. any or either. and said costs. charges and expenses. each and every. shall be immediately due and payable. v?hether or not there be notice. demand, attempt to - collect or suit pending• and the full amount of each and every such payment shall bear interest from the date = thercof 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. shall be secured by the lien of this mortgage. 6. That (a) in the event of a~y breach ot ihis mortgage or default on the part ot the 1~Iortgaoors. or (b) in the event any ot said sums of money herein referred to be not promptly and fuliy paid within ten days next a[ter t~~e ~ame severally become due and payable. ~vithout demand or notice. or {c) in the event each and e~ ery the stipulations. agreemen~t, conditiops and co~ enants ot 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 d mentioned in said promissory notes then rema~nmg unpaid. with interest accrued. and ali moneys secured = hcreby, shall become due and payable forthwith. or thereafter. at the option of said ~tort6agce, as fully and completely as if all of the said sums of 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 - therev~on or thcrcafter at the option of said Moslgagce, without notice or demand. suit at 1aw or in equity. ~~erctofore, or thereafter begun. may be prosecuted as il all moneys secured hereby had matured prior to - its instituGon. 7. That in the event that at the beginning of or at any time pending any suit upon tkis mortgage. or to ~ ' forec:ose it, or to reform it, and/or to enforce payment of any claims hereunder, said 1~Iortgagee ~hall apply ~ to the cow•t having jurisdiction thereof for the appointment ot a Receiver. such court shall lorthw•ith appoint ~ - a Fecci~•cr of said morlbaged property all and singular. including all and singular tlie rents, income, profits. ~ r_:; issues and revenues from whatever source derived, each and every of which. it being expressly understood. is hcreby mortsaged as if specifically set forth and dcscribed in the granting and habendum clauses hereof. ~ - and such Receiver shall have all the broad and e[tective functions and powers in any wise entrusted by a ~ court to a Receiver. and such appointment ahall 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 ot ~ = the property mortgaged or to the solvencq or insolvency oi said Mortga~ors and/or ot the defendants. and ~ that such renb, profits. income, iasuea end revenues shall be applied by such Recelver accordin~ W tht lien _ and/or equity oi said Mortsa~ee ~~nd the pracUce ot ach oourL ' ~o 8. To duly~ ptomptlq and fullr perform~ discharge, extcute. eKec~ complete. comply with and abide o0 "_7 bp each and everp tht stipulations. agreementa, conditiona and coven~nb in ~aid promissoe~? nota ~nd caid interest cou~n nQtu aad in this mortaaae set torth.