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HomeMy WebLinkAbout0499 ' , ~ ~ . And said Mortgagor for himself. and his heirs, legal ~epresentativss. successors and auig~s, hereby covenants and ~:;rz~c ~ to and wilh said Mortgagee, its legal represeMatives, successors and assigns: l. To pay all and sin9uler ths princip~l a+~d interest and the various and sundry sums of money payable by virtue ef said promissory nOte. and_this mort~age. each and every, promptly on the days respectively the same become due. To pay all and singula~ the taxes, assessments, levies, liabiliiies, obligations and incumbrances of every nature and kind now on said desuibed property, ~ that hereafte~ may be ~~"P~~~ ~~~bted/ ness setured he eby, or boh thereupon, and that hereaher may be levied or assessed upon this morfgage, each and every, when due and payable acao~ding to law, before they beoome delinquent, and before any interest attaches or any penalty is incu~red; and in so fa~ as any thereof is of record the same shall be promptly satisfied and discharged of record and the original official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed ~~~i~fi~t3j ~~a!! j~ ti'!!?~ Af ~~9~~ W~thin ten days next after payment; and in the event that any thereof is not so paid, satisfied and discharged, Mo~tgagee may at any time pay the same or any part ihe~~af without waiving or affecting any optwn, lien, equiry or ~ight unde~ or by virtue of this mortgage, and the ful) amount of .each. and every such payment shall be immediately due and psyable and shall bear interest from the date fhereof until paid at the rate of ten pe~ centum per annum and together with such interest shall be setured by the lien of this mo~tgage. ~ 3. To keep said buildings, and any which may hereafte~ be e~cted upon said premises, insured against loss or , damage by fire a~d such other hazards or risks as may be required by Mortga9ee in such amount or amounts as may be required by said Mort9a9ee• in such insurance aompa~y or aompanies as Mo~tgagee, its successors or assigns, may approve, and to deliver to said Mortgagee, as additional securiy he~eto, the policies of such insurance and of any additiona) insurance which shall be taken out upon such buildings while any pa~t of the indebtedness aforesaid shall remain unpaid, havi~g attached to said po~ic~es such mo~t9a9e indemniy clause as Mo~tga9ee ahall direct. Renewals of such policies shall be so de~ivered at least ten days before any such insuronce shall'exp~a ~Aellanwra~nb ~~a ~~gagee, attiis factory to said Mo~tgagee. Any sum which may beo~me due unde~ any such po icy Y pP Y option, either to reduce said debt or to repair or replace the improvements aovered by said policy. Said Mortgagee may pro:ure and substitute for any and all of the insurance so held as afo~esaid, such other policy or policies of insurance, in like amount, as it may determine, provided Mortga9or fails to replaoe any such inwranoe within ten days after being noti- ~1i3a Ine~~r! . C1frylqaD~/ is no longer approved by Mo~tgagee. In case of sale under forectosure hereof, all such in- ~i~,- ~f rs?rtifiEAte surance shall thenc~~rth, and until the per'wd of reclernptwn shaii expire, oe maae pajiau~e of sale; and in such eve~ts said Mo~tgagee is hereby authorized to aollect the uneamed premium on any such policy it may cause to be cance~~ed. ~e9ardless of whether said premium is paid by Mo~t9agor or Mortgagee, and apply such premium towards fhe payment of premium on any such new insurance so payable to the holder of such certificate. 4. In case said AAortgego~ shall negle~:t o~ rofuse to keeP said premises in good repair and aonditwn, to paY Pron^ t' I when due all taxes and assessments, as afo~sa~d, or to remove any statutory insu ance~or~ the~ renewals~the ~f, ~to ings and improvements inwred, as aforeaaid, and~ m~a e~ fh +~a~, m~ke repairs, maintain said property and paY said Mortgagee, as aforesaid, then said Mortgag Y• such taxes and assessments, with the aocrued interest, penalties, officer's fees, and expenses thereon, redeern said premises which may have bee~ sold or fo~feited for taxes or auessments thereon. Purchase any tax title thereon, remove any statutory iiens and prosecute or defend any suits in relation thereto, insure and keep ~ sums whach9may be so paid out by sa~~d or for any less sum and for such time, as said Mo~tgagee may dcem proper• Y nh~.r~aaee. and all sums paid out for substituted insurance, as aforesaidy inclu~din~ ~~~f sh II bear~nterest from the paid in~any suit affetting said reai estate, when n~e~ss~~? vr a~i~v~ii~j~ r=~`°'`_ fo said Mortgagee upon demand and dates of such payments at ten percent, per annum, shall be pa~d by said Mo~tgago shall be deemed a part of the debt hereby secured. and recoverable as such ins~~ll'r a pb~ts. PBrt~~ heret and their assessments, or tax titles so purchased, paid, or redeemed by said Mortgagee successon in interest, be deemed valid, so that in no event shall the neaessity or validity of any suth payments be disputed. j 5. If requested by the Mo~t9ag~e~ the Mo~9a9°~• ~9e~r with and in addiYwn to the monthly paymenis under the terms of the note se~u~ed hereby, on the due day of each monthly payment and until said note is full f~~d~' an' ns allment ~ Mortgagee an installment of the taxes and assessments next to beoorne due againsen~ an ~other har9es IwYeble according Y of premiums next to beoome due on insurance policies required by the Nbrt9agee. ~ to the oommitment to finance. Such installments shall be equal respectivel~.to such taxes and a~es ~ by' the anumbe o'f ums and other charges, all as estimated by the Mort9aSee• ~eu a~~ sums a ready paid thereon, months that are to elapse before one month prior to the date when such taxes and ass ai n~ ~ nsnte est f orm~Mort9a9o ~ h~ charges will beaome due. Said installments shall be held by ~e Nb~agee (be 9 pay such taxes, assessmenl6, ++isurance ixemiums andwther char A~~ r t~~un~ ~reof halltbe pa d by the rMortga- and under the note secured hereby sfiall be added to9ether and the a99 ega gor in a si~gle payment each month to be applied by the Mortgagee in payrr~e~~ ~ to the commitment~torfinance,~ (b) (a) taxes and assessments, and insurance premiums arid other charges payabl interest on the note setured hereby: and (c) amortizatiot~ of the princip~l of s~ a xesf~ aeuessments,ainsurance pre- aggregate monthly payme~t shall aonstitute a default under this ~9~• r for such r ses ere not sufficient to pay miums and other charges.fall due, if .the ,~mounls dePosited by the. Mort9ago P~ P° said taxes, assessments, insurance premiums, and other cha~ges, as the case may be, then due. then ihe Mortgegor wi~~ pay to the Mo~tgagee such deficiency immediately. When such taxss, assessments, insuron~e premiums and other charges fall due, ; if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such taxes, assessments, insurance ~ premiums and other charges, be a lied on subsequent monthly payments the excess may, in the disuetion of the Mortgagee. PP to be made by the Mortgagor. In the event of default ti ~ns of~ taxes~9a~ssessnnents.X'^su ee^ eupr~errl ~"~s anddothert chag s, gagee deposited by the Mort9a9or to meet the obl~ga shall be applied by the Mo~t9a9ee ~Pon the indebtedness hereby secured in the following order; (a) interest on advances made by the Mortge9ee: (b) advances made by the Mortgagee: (c) interest on the principal; a~d (c~ the principal debt here- by secured. When any ~uch taxes, assessments, insurance premiums or other charges fall due the Mortgagor wi~~ promptly obtain an~ deliver to the Mortgagee statements with respect thereto- 6. The Nbrtgagor represents and agrees that this mortgage loan, evidenced by the aforesaid promissory note ~ which is secured hereby, is made and extended by Mortgagee in reliance, in part, on the financial background and abilities of Mortgagor and any camakers, guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums of money and fhe specifictroate~ made and extended t tre Mortgagorronl ~It is~nei her p'resumed9 exphessed o9a9mplied is understood and agreed other than the Mo~tgagor upon the sale or that the obligafions created hereunder may be assumed or performed by any party conveyance of the premises herein described or any part thereof. If a oo~veyance should be made by the Mortgagor of the p; emises herein described, or any part thereof, without the written consent of tfie Mortga9ee, and without assumption both by proper execution of assumptwn agreements and related fortns in use by the Mo~tgagee and by assumption in regular form of law by the grontee of the obligations created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mortgagor, or any other Pe ableland n def ult whetheorhnotbhessalme a e so~adue and concurrently and upon such conv~yance becvme due and pay tion shall be exercised by Mo~tga9ee at its sole and and payable or in default by the specific terms her~ f. The~ar ~ther.gra~ted or withheld without any requirement of complete discretion. The afora~aid aonsent gf~Mo gagee Y; the ownershi of the mo~tgaged prem• the Mortgagee disclosing any reason therefore. Notwithstanding the foregom9. P ises, or any part thereof, becomes vested in a person other than the Mortga9or: tF?e .Mort9aqee may deal with such suc- cessor or successors in interest with reference to this mortgage, and the debt hereby secured, regardless of any chanqe in the te~ms of the obligaYwns created hereunder, without in any manner vitiating or diuharging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortgagor shatl at all times cont~inue liable for the indebtedness secured e~oK~~ ~~cE ~ _ x : ~ =o f' ' : F _