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HomeMy WebLinkAbout1042 A~d said Mortgagor fo~ himself and his heirs, legal representatives, successors and assigns, hereby covenants and . to and with said Mortgagee, its legal representatives, successors and assigns: 1. To pay all and singular the principal and interest and the various and sundry sums of money payable by virtue ~,aid promissory note, and this mortgage, each and every, promptly on the doys ~espectively the same become due. 2. To pay all and singular the taxes, assessments, levies, liabilit;es, obligations and incumbra~ces of every nature ,~n:i kind now on said described property, ihat hereafter may be impos~d, suffered, placed, levie~ or ~ssessed ~t,e~eupon, and that hereafte~ may be levied or assessed upon this mortgage, the indebtedness sec~red hereby, or both, :•a~ h and every, when due and payable according to law, before they become delinquent, and before any i~terest attaches ~~r any penalty is incurred; and in so far as any thereof is of ~ecord the same shatl be promptly satisfied and discharged of r:=:ord and the original official docume~t (such as, for instance, the tax receipt or the satisfaction paper officially endorsed ~r certified) shall be placed in the hands of Mortgagee within ten days next after payment; and in the event that an~~ tl~ereof is not so paid, satisfied and discharged, Mortgagee may at any time pay the same or any part the~eof without wa~ving or affecting any optwn, lien, equity or right under or by virtue of this mortgac,~e, and the full amount of each and :~~~ery such payment shall 6e immediately due and payable and shall bea~ interest from the date thereof until paid at the rate o` ten per centum per annum and togethe~ with such interest shall be secured by the lien of this mortgage. 3. To keep said buildings, a~d any which may hereafter be erected upo~ said premises, insured against loss or damage by fire and such other hazards or risks as may be required by Mortgagee in such amount or amounts as may be requi~ed by said Mortgagee, in such insurance mmpany or mmpanies as Mortgagee, its successors or assigns, may approve, and to deliver to said Mortgagee, as additional security hereto, ihe policies of such insurance and of any additional insurance which shall be taken out upon such buildings while any pa~t of the inde5tedness aforesaid shall remain unpaid, having attached to said policies such mortgage indemnity clause as Mortgagee shall direct. Renewals of such pol~cies shall be so delive~ed at least ten days before any such insurance shall expi~e. All insurance carried shall be satis- factory to said Mortgagee. Any sum which may become due under any such poliq may be applied by said Mortgagee, at its option, either to reduce said debt o~ to repair or replace the improvements mvered by said policy. Said Mortgagee may pro=ure and substitute for any and all of the insurance so held as aforesaid, such other policy or policies of insurance, in I~ke amount, as it may determine, provided Mortgagor fails to replace any such insurance within ten days after being noti- f~ed that the Insurin9 Company is no longe~ approved by Mortgagee. In case of sale under foreclosure he~eof, all such in- _ surance shall thenceforth, and until the per'wd of redemption shall expire, be made payable to the holder of the cenificate of sale; and in such events said Mortgagee is he~eby authorized to collect the unearned premium on any such policy it may cause to be cancelled, regardless of whether said premium is paid by Mo~tgagor or Mortgagee, and apply such premium towards the payment of premium on any such new insurance so payable to the holder of such certificate. 4. In case said Mortgagor shall neglect or refuse to keep said premises in good repair and mndition, to pay prompt- ly when due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the build- ~ngs and improvements insured, as aforesaid, and deliver the policy or policies of insurance, or the renewals thereof, to ! said Mortgagee, as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said prope~ty and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises ~vhich may have been sold or forfeited for taxes or assessments thereon, purchase any tax title thereo~, remove any statutory liens a~d prosecute or defend any suits in relation thereto, insure and keep insured said buitdings in the sum, as aforesaid, or for any less sum and for such time, as said Mortgagee may deem proper. My sums which may be so paid out by said Mortgagee, and all sums paid out for substituted insurance, as aforesaid, including the msts, expenses and attorney's fees paid in any suit affecting said real estate, when necessary or appropriate to protect the lien hereof, shall bear interest from the dates of such payments at ten percent, per annum, shall be paid by said Mortgagor to said Mortgagee upon demand and shail be deemed a part of the debt hereby secured, and recoveroble as such in all respects. Any such liens, claims, taxes, assessments, or tax tittes so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto and their successors in interest, be deemed valid, so that in no event shall the necessiry or validity of any such payments be disputed. 5. If requested by the Mortgagee, the Mo~tgagor, together with and in addition to the monthly payments under the terms of the note secured hereby, on the due day of each monthly payment and until said note is fully paid, shall pay to the ~ylortgagee an installment of ihe taxes and assessments next to beaorne due against the mortgaged premises, an installment ~ af premiums ~ext to become due on insurance policies required by the Mortgagee, and any other charges payable according to the commitment to finance. Such installments shall be equal respectively to such taxes and assessments, insurance premi- ! ums and other charges, all as estimated by the Mortgagee, less all sums already paid thereon, divided by the number of i months that are to elapse before one month prior fo the date when such taxes and assessments, insurance premiums and other ~ charges will become due. Said installments shall be held by the Mortgagee (bearing no interest for Mortgagor) to ; pay such taxes, assessments, insurance premiums and other charges. All payments made under the terms of this paragraph a~d under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Moriga- ~ ger in a single payment each month to be applied by the Mortgagee in payment of the items and in the order following: (a) taxes and assessments, and insurance premiums and other charges payable according to the oommitment to finance; (b) ~nterest on the note secured hereby; and (c) amortization of ihe principal of said note. Any deficiency in the amount of such aggregate monthly payment shall mnstitute a default under this mortgage. When such taxes, assessments, insurance pre- miums and other charges fall due, if the amounts deposited by the Mortgagor for such purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the case may be, then due, then the Mortgagor will pay to ~he Mortgagee such deficiency immediately. When such taxes, assessments, insurance premiums and other charges fall due, ~f the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such taxes, assessments, insurance ~ ~ ~remiums and other charges, the excess may, in the disuetion of the Mortgagee, be applied on subsequent monthly payments } ?o be made by the Mortgagor. In the event of default under this mortgage any unexpended funds in the hands of the Mort- gagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and other charges, < shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order; (a) interest on advances = made by the Mortgagee; (b) advances made by the Mortgagee; (c) interest on the principal; and (d) the principat debt here- t by secured. When any such taxes, assessments, insurance premiums o~ other charges fall due the Mortgagor will promptly obtain and deliver to the Mortgagee statements with respect thereto. 6. The Mortgagor represents and agrees ihat this mortgage loan, evidenced by the aforesaid promissory note :•:hich is secured hereby, is, made and extended by Mortgagee in reliance, in part, on the financial background and abil+ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums F ~ of money and the specific rate of interest payable by virtue of said promissory note and this mortgage. This mortgage loan ' is understdod and agreed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied _ ~hat the obligations created hereunder may be assumed or performed by any party other than the Morigagor upon the sale or ~ conveyance of the premises herein described or any part thereof. If a conveyance should be made by the Mortgagor of the ~ rremises herein described, or any part thereof, without ihe written consent of the Mortgagee, and without assumption both _ by proper execution of assumption agreements and related forms in use by the Mortgagee and by assumption in reqular ~ form of law by the grantee of the obligations created hereunder, then, in either of those events, and at the option of the ~ ".~ortgagee and without notice to the Mo~tgagor, or any ofher party, all sums of money secured hereby shall immediately and concurrently and upon such conveyance become due and payable and in default whether or not the same are so d~e ~ 3nd payabfe or in default by the specific terms hereof_ The foregoing option shall be exercised by Mortgagee at its sole and ~ ~omplete diuretion. The aforesaid consent of Mortgagee may be either granted or withheld without any requirement of ~ the Mortgagee disclosing any reason therefore. Notwithstanding the foregoing, if the ownership of the mortgaged prem- ~,es, or any part thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such suc- ~:essor or successors in interest with reference to this mortgage, and the debt hereby secured, regardless of any chan~e ir. terms of the obligations created hereunder, without in any manner vitiating or discharging the Mortgagor's liability ~ hereunder or upon the debt hereby secured. The Mortgagor shall at all times contin60QM~~~r t~E~~b~e~ness secured ~ t' ' ~y~ ~ ~ .~:A ~ v : - ~ _ __n.~~W~.. _ . _ , _