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HomeMy WebLinkAbout0011 And said ~'k~r ~~agc?r tor h~msP'• a~:d .'s i~2~r~, ieyal rcpreseNatives, scx. .:.-~=s and a:signs, he~eby covenants and ,:,f. to an.: wii.~ ~ n'rAurtya~e~, its Iegal :eprr~snta!ives, successors and assic+ns: 1. To pa~~ a~t and s~ngular the principbl `~nd irtteres~ and Ihe va:~~us and sund~y sums of money payable by vi~tue ~aid promissory n.^.1e, and this mortgage, each a~d every~ p~~mptly on the da~s ~espactiv_ely the same be:or~ze due. 2, To pay s': and singula~ tF~e taxes, assessments, ~evies, li~bi~ities, obligations incumbrancES of every nature _ ~rci k~rd now un said V3SCfiI3E(I property, that 1-~ersafte~ may be imposed, suffe•Pr1, placed, te~ried o~ assessed rt,ereupnr. and that heraarter may I~e leviEtd or assessed up~n this mortga~e, the ~rniebtec:ness setured hereby, or both, ea:h and every, W!~Pn due and pay3ble accordmg to law, before they become d~ •~ent, and before any interest attaches or any penalty is inc~•red; ancl in so as any thereof is of record the samP shal~ b F ~ptly satisfied and d~scharged of ; ecord and the original official d~cum~nt (sexh as, for insta~ce, the tax receipt o~ ~~~~sfaction paper officially endorsed certified) shall be placed in the hands af Mongagee within ten days next ~ __:~ymeni; a~d in the event that any ~:aof is not •o p:id, s-'isfied ar,~ discharged, Mo~tgagee may at any time p~y the same or any part che~ec`• ••~ithout ~.~~vi~g er .~-iec ~g ary ap~:~', i`t]ts~h~ or right under or by virtue of this rr~ortgaqe, and the full amo~~nt of each and e~ery such ~y: •:nt t~ '-e ~:T~~r,ec~a!e~~/ due and payable and shall bear interest from the date ther-of untii paid at the r~te of ten por ~c~r.t ~n ~um an~ together with such interest shall be srcured by the lien of this mo•+gage. 3. T:, k~e;+ sa:c~ bu~lc`~n_y;;, ~nd a;~y which may hereafter ~ e*e..-:d ~~pon sai.i ,~rerr~ises, insured against loss or damage by fire anai such other ha=ards or risks as inay be rea,~+~*~f by +iRo~tgagee in s~s=h amount or amouNs as may k,~e required by said Mortgage.:, in such insurar?ca ~mpany •~~~mpanies 1s '~.~rigagee, its svccessors or assigns, ^~a~ apnrove, end to cieiiv~r :a sa~d Mortgagee, as -•-iiiionai secvrs:~ _:e*' pc~licies of such insv:ance and `isf any a~~~r+unal insur2r:• ~ wi~ich shall be taker~ ou' • uild'engs whifti ar~y , s.' of the inde5terlness aforesaid shall remain unpaid, having attacheci ~ said policies suth indemniy claut~ 3s Ma~tgagee shat) direct. Renewals of such poi~cies shall be so delivered at least ten days any such E:~t-~~ancf '-~1 expire. Alt insurance carried shall be satis- f?:tory to said Mortgagee. My sum which rr.a; _ ciue undar an~+ suci. ; olicy may be applied hy said Mortgagee, at its option, either to reduce said debt or to rep.?ir . "~O ':2 1F1@ improvements covered by said policy. Said Mortgagee may pro:ure and substitute for any and all o( • r- ':+~L~a~sc^ so held as aforesa~d, such other policy or pal:cies o` insurance, in ~~ke amount, as it may determine, provided r. ~g-r; ~+Is to ~eplace any such insurance Y'`hin ten days a?ter being noti- f~ed that the Insuring Company is no ionge~ aR•~.:ov~ .sy Mongagee. In wse of sale under fo~eclosure hereof, all such in- ;urance shall thencefoNh, and until the per'~c+d af redemption shall expire, be made payable to the holder of the certificate of sale; and in such events said Mortgagee is hereby authorized to cotlect the unearned premium on any such Policy it may cause to be canceiied, ~egardless of whether said premium is paic3 by Mo?tgagor or Martgagee, and apply such premium towards the payment of premium on any such new insurance so payable b the holder of such certificate. 4. In case said Mortgagor shall neglect o~ refuse to keep said premises in c,~ood repair and condition, to pay prompt- Iy when due a1S taxes and assessments, as aforesaid, or to ~emove any statutorv lir.:s~on said premises, or to keep the build- ings and improvements insured, as aforesaid, and deliver !he policy or policies of insurance, or the renewals thereof, to sai~ Mortgay~z, as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said property and pay such taxes and ~ssessments, wilh the acuued interest, penalties, officer's fees, and expenses thereon, redeem said premises - which may have been sold or forfeited for taxes or assessments thereon, purchase any tax title thereon, remove any statutory c !iens and prosecute or defend any suits in ~elation thereto, insure and keep insured said buildings in the sum, as aforesaid, or for any less ~um and for such time, as saic! Mortgagee may ciseim proper. Any sums which may be so paid out by saia Mortgagee, and all sums paid out for substituted insurance, as aforesaid, including the costs, expenses and attorney's fees paid in any suit affecting said reat estate, when necessary or appropfiate to protect the lien hereof~ shall bear interest from the d~tes of s~ch payments at ten percenl, pe~ annum, shali be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of the debt hereby secure.~, and recoverable as such in all respects. Any such liens, claims, taxes, assessments, or tax titles 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 necessity or validity of any such payments be disputed. 5. If requested by !4~e Mortgagee, ihe Mortgagor, together v+rith and in addition to the monthly payments under the terms of the note secured hereby, on the due day of eacl~ monthly payment and until said note is fully paid, shall pay to the Mcrtgagee an installment of the taxes and assessments next to beoome due against the mortgaged premises, an insiallment of premiums next ta becAme due on insurance policies required by the Nbrtgagee, and any other charges payable according ! to the mmmitment 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, divid~d by the number of ~ menths that are to elapse before one month prior to the date when such taxes and assessments, insurance premiums and other ~ charges will beoome due. SaEd installments shall be held by the Morigagee (bearing no interest for Mortgagor) to ~ pay such faxes, assessments, i.~sur~nce premiums and other charges. All paymenis made under the terms of this paragraph ar~d under the note secured hereby shall be added together and the aggregate amount thereof sha~l be paid by tfie AAoriga- gor in a single payment each month to be applied by the Morigagee in payment of the items and in ihe order foflowing: (a) taxes and assessments, and insurance premiums and other charges payable according to the commitment to finance; (b) interest on the note secured hereby; and (c) amortization of the principal of said ~ote. My deficiency in the amount of such aggregate monthly payment shall ~nstitute a default under this mortgage. When such taxes, assessmenis, insurance pre- m~ums and other charges fall due, if the amounts aieposited by the Mortgagor for such purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as ihe case may be, then due, then the Mortgagor will pay to ths Mo~tgagee such deficiency immediately. When such tax~s, assessme~ts, 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 p,-emiums and other charges, the excess may, in the disuetion of the Mortgagee, be applied on subsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended funds in tF~e hands of tne Mort- g;gee deposited by the Mortgagor to meet the obligatans of taxes, assessments, insurance premiums and other charges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order; (a) inte~est on advances made by the Mortgagee; (b) advances made by the Mo?tgagee; (c) interest on the principal; and the principal debt here- - by secured. When any such taxes, assessments, insuronce premiums or other charges fall due the Mortgagor will promptly obtain and deliver to the Mortgagee statements with respect thereto. 6. The Mortgagor represents and agrees that this mortgage loan, evidenced by the aforesaid promissory note ~.ti~h~ch is secu~ed hereby, is made and extended by Mo~tgagee in reliance, in pa~t, on the financial background and abilitips - of Mor*gagor ar,d any co-makers, guarantors or endorsers to, jointly and severally, pay any and a!1 various and sundry sums ~ of money and the specific rate of interest payable by vi~tue of said promissory note and this mortgage. 7his mortgage loan ~ is understood and agreed to t~e made and extended to the Mortgagor only. It is neither presumed, expressed or implied ;t~a: the obligations created hereunder may be assumed or pe~formed by any party other than the Mortgagor upon the sale or conveyance of the premises herein described or any part ihereof. If a conveyance should be made by the Mortgagor of the ~remises herein described, or any part thereof, without tfie written cons~ent of the Morfgagee, and without assumpiian both by proper exec~tion of assumption agreements and r~lated forms in use by the Mo~tgagee and by assumption in regular fo; m of law by ihe grantee of the obligations created hereunder, tfien, in either of those events, and as the option af the ~,^ortgagee and without notice to ths I,fo?tgagor, or any other party, all sums of money secured hereby shall immediafely an~ concurrently and upon such conveyance become due and payable and in default whether or not the same are so due and payable os in defa~lt by the specific terms hereof. The foregoing option shall be exerciseci by Mortgagee at its sole a~id comp~ete discretion. The aforesaid consent of Mortgagee may be either gronted or withheld without any requirement of tF~e Mortgagee disctosinc~ any reason therefore_ Notwithstanding the foregoing, if !he ownership of the mortgaged prem- ~ses, or any part thereof, becomes vesteci in a person other than the Mortgac,~or, the Mortgagee may deal wish such suc- cessor cr successc?rs in interest with reference to lhis mortgage, and the debt hereby secured, regardless of any chan~e in rh~ terms of the obligatwns created hereunder, without in any manner vitiating or discharging the Mo?tga~or's liatiility h~reunder or u~on the debt hereby secured. The Mortgagor shal{ at all times continue IiablP for the indebteciness sec~red ~ ~zs ~A~E u ti ~ ~ .a:_~*-- . . ~ s~--"~. ~ r , w^^ 1_ ? #i -tx i ~ ~ - r ~ : _ - _ ~ ~ .