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Home My WebLink About2057 which note provides tor payment of interest, but which i~terest is ~oi evidenced by interest coupons or in- terest coupon nates, it being under~tood that wherever coupons, interest coupons, or interest cau{wn notes, arc refermd to in this prc~eut inortgage. thc interest mentioned in said note is intended; and shall duly. promptly and fully perform, discliarge, execute, eff~rt, complete, comply with and abide by each and every the stipulat~ons, ugreements, conditions and covenants of said promissory notes and of the intere~t coupc,ns re- ferred to therein and of this mortgage, then this mortgage and the estate hereby created shall cease and be null and void. ~ It is understood that each of the Nords. note. mortgagor and mortgagee respectively, whether in the singular or plural anywhere in this mortgage. shall be singular ii one only and shall be plural joinlly and severally if morc than one. and that the word their as used anywhere in this mortgage shal! be takEn to mean his. her or its. wherever the co~~ext so implies or admits. And said Mortgagors, for themselves and iheir heirs. legal representatives, successors and assigns. hereby jointly and serprally covenant and agree to and with said rlorigagees, their legal representatives. successors and assigns: 1. To pay all and singular the principal and interest and the various and sundry sums of ~noney pay- able by virtue of said promissory notes. interest coupon notes and this mortgage. each and ev: ry. promptly on the days re~pectively the same severally beccme due. 2. To pay all and singular the taxes, assessments, levies. liabilities, obligations and incumbrances of every nature and kir.d now on said described property. and/or that hereafter may be imposed, suifered, placed, levied or assecsed thereupon, and/or that hereafter may be levied or assessed upon this mortgage and/or the in- debtedness secured thereby, each and every, when due and payable according to law. before they become delin- quent, and before any interest attaches or any penalty is incurred; and in so far as any thereof is of record the same shall be promptly satisfied and d'escharged of record and the original official document (such as. for ii~stance, the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the liands of sai3 rlortsagees within ten days next after payment; and in the event that any thereof is not so paid, satis- ficd and discharged, said :ltorigagees may at any time pay 1he same or any part thereoP without waiving or aifecting any option, lien, equity or right under or by virtue of this mortgage. and the full amount of each and every such payment shall be immediately due and payable ahd shall bear interest from the date thereof until paid at the rate of eight per centum per annum and together with such interest shall be secured by the lien of this mortgage. 3. To place and continuously keep on the buildings now or hereafter situate on said land haz- ard insurance as required by Mortgagees in the usual standard policy form, in a sum nut less than THREE THOUSAND SIX HUNDRED AND _NO/100---------------------_~~~a~, ;_3, 600.00 in such company' or companies as may be app.oved by said Mortgagees; and alt such insurance policies on any of said buildings, any interest therein or part thereof, in the aggregate sum aforesaid or in excess thereof, shall contain the usual standard mortgagee clause making the loss under said policies. each and every, payable to said Mortaagces as their internst may appear, and each and e~~°ry such policy shall be promptly delivered to and held by said Mottga5ees; and. not less than ten days in ad~•ance of the expiration of each policy, to deliver to said Mort~eea a renewal thereof, together with a receipt for the premium of such rene~val; and there shall be no such insurance placed on any of said buildings, any interest therein or part thereof, unless in the form and with the loss payable as aforesaid; and in the event any sum of money becomes payable under such policy or policies said Mortgabees shall have the option to recei~ e and apply the same on account of the indebtedness secured hereby or to permit said Mort=agors to receive and use it or any part thereof for other purposes without thereby waiving or impairing any equity. lien or right under or by virtue of this mortgage; and in the event said Mortgagora shall for any reason fail to keep the said premises so insured. or fail to deliver promptly any of said policies of insurance to said Mortgagees, or fail promptlq to pay fully any premium therefor. or in any respect fail to perform, discharge, execute, effect, complete. comply w•ith and abide by this covenant, or any part hereof, said Mortgagees may place and pay for such insurance or any part thereof without waiving or affecting any option. lien~ equity or right under or by virtue of this mortgage, and the fuli amount of each and every such payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of eight per centum per annum and together w ith such interest shall be secured by the lien of this mortgage. 4. To permit, commit or suffer no waste, impairment or deterioration of said property or any part thereof. 5. To pay all and singulaz the costs. chazges and expenses, including reasonable lawyer's fees and cost oi abstracts of title, incurred or paid at any time by said Morigagees because and/or in tre event of the failure on the part of the said Mortga6ors to duly~ promptly and fully perform, discharge, execute. effect, complete. ; comply w•ith and abide by each and every the stipulations, agreements, conditions and covenants of said ~ promiasory notes, interest coupon notes and this mortgage, any or either, and said costs, charges and expenses. ; each and e~•er3. shall be immediately due and payable, vehether 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 E thereof until paid at the rate of eight per centum per annum• and all said costs. charges and expenses so ~ i.^.curred or paid, together vrith such interest, shall be secured by the li~n of this mortgage. ~ 6. Tnat (a) in the event of any breach of this mortgage or default on the part of the 11~ortgagors, or (b) ~ in the e~~eat any of said sums of money herein referred to be not promptly and fully paid w•ithin ten days next atter the ~ame se~~erally become due and payable, ~vithout demand or notice, or (c) in the event each and s e~~ery the stipulations, agreements, conditions and co~•enants of 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, compiied with and abided ~y; then, in either or any such event, the said aggregate sum mentioned in said promissory notes then remaining unpaid, with interest accrued, and all moneys secured ~ hereby, shall become due and pa~ able forthwith, or thereafter, at the option of said Diortgagees, 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 therevpon or thercafter at the option of said lforlgagees, W~ithout notice or demand, suit at law or in equity. ~ theretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to ~ its institution. 7. That in the event that at the beginning of or at any time pending any suit upon tNis mortgage. or to ~ foreclose it, or to reform it, and/or to enforce payment of any claims hereunder, said Mortgagees shall apply ~ to the court having jurisdiction thereof for the appointment oi a Receiver. such court shail forthwith appoint ~ a Recei~•er of said mortgaged property all and singular, including all and singular the renfs, income, profits, ~ issues and re~~enues irom whatever source derived, each and every of which, it being expressly vnderstood, - is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereoi, - and such Receiver shall have all the broad and effective functions and powers in any wise entrusted by a ~y court to a Receiver, and such appointment shall be made by such court as an admitted equity and a matter ~ of absolute right to said Dlortgagees, and without reference to the adequacy or inadequacy of the value oi the property mort~aged or to the solvency or insolvency of said Mortgagots and/or of the defendants. and that such rents, profits, income, issues and revenues shall be applied by such Re~eiver according to the lien ~ and/or equity of said Mortgagees and the practice of such court y, promptly and fully perform, discharge. execute, effect, compiete, comply with and abide 8. To dul ~ by each and every the stipulations, agreements, conditions and covenants in said promissory notes and said ~ interest coupon notes and in this mortgage set forth. ~ ~ ~ ~ ~ooK238 PAGE2054 ~~~;::n~w ~~:~<F r . XF : _ ~ ~`~„s~:i ~~'r,' ~ ~ 3 ,L~ .A . _ _ _ ~