HomeMy WebLinkAbout2309 This mortgaRe ts g~~~~ co ~~re the pa~rm«~t oi a certain promissory note of even
date herewith in the principal sum of $7,500.00, executed by
Mortgaqors and payable to the order of Mortgagee, with interest at
the rate therein specified, with principal and interest payable in
accordance with the terms of said note, and with the last instalment
of said debt fallfng due and payable on Februarx 21, 1985.
(hereinafter referred to as the indebtedne3s) and also to sccure the payment of any renewal or renewals of the
said indebtedness or extensions of its time or times of pay ment and to secure the payment of any additional loans
or other extensions of credit hereafter mude or e:tended by the \tort~agee to th~ ~tort a~or and any instruments
evidencing such loans or extensions of credit up to but not exceeding the sum of S•.Z.*~~~1..OII Nithin ._te~l_._..
years fmm the date hereof. -
And the 111ortgagor expressly agrees:
(1) to pay the sum or sums of money abo~e secu red, and al) interest thereon and all other charges or pay-
ments for which provision is made herein when and as due, r.ithout relief from ~aluation or appraisement laws
together with attorneys fees;
(2) until all o[ said indebtedness secured hereby is fully paid (a) to keep all legal taxes, a~~essments and
Qther charges upon said real estate and premises paid as they become due; (b) to promptly pay when due each
installment of principal and interest on any other mortgage lien or mechanic's or materialman's or other lien upon
said real estate or premises whether junior or senior to this mortgage, and to protect the priority of the lien of
this mortgage; (cj to insure and keep insured the buildings and al) insurable improvements now ~or hereafter on
said nai estate insured for the benefit of the 1lfortgagee, as its interest may appear, against loss by reason of fire,
lightning, windstorm and such other casualties as are covered by extended insur n clp usgs written on improve-
ments on real estate of the nature of that mortgaged hereby, to the amount of ~.i~0u_• u_0 or such
lesser amount from time to time satisfactory to the blortgagee, and with insurance companies satisfactory to the
Mortgagee, all policies for which insurance or certificates of the issuance thereof shall be at all timcs delivered to
. and 6eld by the Mortgagee with mortgage clause or other evidence of the ;~tortgagee's interest in said policies attached;
(3) to keep and maintain all buildings and other depreciable improrement~ on the premises in good condi- ~
~ tion and repair; ~
' The mortgagor further expressly agrees that: ~
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~ 1. ~f the Mortgagor shall fail, neglect or re[ux to do or perform or comply with any of the obligation~
; hereof upon the Mortgagor binding when and as due to be done and performed, the Mortgagee may, at its option,
~ do and perform the same, including the payment of ta~ces and assessments, the payment of other liens, the payment
~ of insurance premiums and the payment for the cost of repairs; and any sums so expended by the Mortgagee shall
; be and become a part of the indebtedness secured by this mortgage and shall immediately hecome due and payable ~
i with interest at the rate of eight per cent per annum from the date of the payment or advanc~ment of the same until `
~ paid. and upon failure or refusal of the blortgagor -to pay the same on demand, the wkole of the• debt 6ereby ~
~ secured shall, at Mortgagee's option. become due and payahle, and thi~ morigage may bt foreclosed accordingly; and i
s the Mortgagee ahall be subrogated to ail the rights, equities and liens which may be discharged by such payments ~
~ and advancements by the Mortgagee; .
i
~ 2. In anticipation of suit upon any indebtedness secured hereby or for the foreclosure of this mongage, or i
F during the course of the prosecution of any such action, the ~liortgagee maq procun abstracts of the chain of j
~ title to aeid reai estate or continuation of abstracts or other dceumentary evidence of title and ownership of ~
F the mortgaged real estate or of the eaistence of other liens thereon, and the expense tliereof necessary for the ~
3 protection and adjudication of the htortgagee's lien shall be deemed a part of the Mortgagee's lien upon said ~
~ nal estate and premises;
s 3. 'I~e lien of this mortgage may be released a~ to any part of the nal estate or pnmises mortgagcd without
3 a([ceting the lien thereof on the remainder; additional security for the payment of any indebtedness hereby xcured
may be talcen by the Mortgagee from any person without in any wix affecting, dixharging or releasing the lirn of
- thia mortgage; and the taking of any such additional security, or the extension of time of payment of any indebted-
5 ness aecured herebr s6a11 not release or impair the lien of t6is mortgage or the liabilitr of anr maker. endo»er
or surety of any indebtedness secured hereby or the lien of any other aecurity taken by the Mortgagce;
ti
~ 4. The Mortgagee shal) be entided to have a receiver appointed to take charge of the mortgaged propert~
~ at the time o[ institution of prceeedinga to forecloae this mortgage, or at anr time during the pendency of sucL
a proceedings, for the purpoxa provided br law and without ahowing that t6e propertr is in danger of being lost,
removed or materiallr injured or that the real estate mortgaged is not sufficient to discharge the debt secured hereb~;
5. The Mortgagee, by its agenta or employees, ahall at all reasonable timea hare free acxeas to the mortgaged
; premiats and t6rough aar building thereon for t6e purpose of inspecting the condition of the same or of e:ercising
any right or poMrer aranted to the Mortgagee under the terms of thes mortgage;
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~ 6. Notwithatanding an~ indulgence or ~ta~sion b~ the Mortgagee in caee of default or breach in anr pm~i-
~ sion of thia mortgage or the note or notes or indebtedaese secured berebr the Mort6a~ee maY dedare the entire
- mortg~ge indebte~ness due in caae of an~ wbsequait dJault or breach and t6is mortsage ma~ bt fareclo~ed
aa;ordinglr:
~ 800R~ tACE~~~
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