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HomeMy WebLinkAbout2975 { ~ I 3 and shall duly, promptly and fully perform, diacharge, execute, effect, completr, comply with and abide by each and every the siipulations, agreements, conditions and covenants of said promisaory note and of Lhis mortgage~ then this mortgage and the estate hereby created shall cease and be null and void. It is underatood that each of the words. "note," "morigagor" and "mortgagee" respectively and the pron- ? ouns reterring thereto, whether in the singular or plural anywhere in thls mortgage, shall be singular 3f one only and ahall be plural i~intly and severally, if more than one, and shall be mesculine, feminine and/or neuter. wher- ever the context ao impliea or admits. And said Mortgagor tor himself and his heirs, legal representatives, successors and assigns, hereby coven- ant~ ana sgrees to and with said biortgagee~ his legal representatives, successors and assigns: 1. To pay all and aingular the principal and internat and the varfous and sundry eums ot money payable by ' vlrtue of said promissory note, and this mortgage, each and every. prompUy on the days respectively the same severally become due. I 2. To pay all aad ~ingular the taxes, essessments. levies, liabilities, obligations and incumbrances of every nature and kind now on said described property, and/or that hereafter may be imposed, auffered, placed, levied or assesaed thereupon, and/or that hereafter may be levied or assessed upon this mortgage and/or the indebted- ness secured hereby, each and every, when due and payable according to law, before they become delinquent, ~ and before any interest attaches or any penalty is incurred; and in so far as any thernof is of record the same ` sha11 be prompUy satisfied and discharged of record and the oriRinal official docum~nt (such as, for instance, ! the tax receipt or the satisfaciion paper officially endorsed or certifiedl shall be placed in the hands of said ~ Mortgagee within ten days next after payment; and in the eeent that any thereof is not so paid, satisfied and discharged, said riortgagee may at any time pay the same or any part thereot v~~thout wai~~ng or affecting ~ any opti~n, lien, equity or right under or by ~•iriue of this mortgage, and ihe full amount of each and every ~ such payment shall be immediately due and payabie and shall bear interest from the date thereof until paid at the rate ot ten per centurn per annum and together v~~th such interest shall be secured by the lieit of thia ~ mortgage. ~ 3. To place and~ continuously keep on the buildin~a now or hereafter aituate on said land fire and windstorm insurance in the usual standard policy form, in a sum not ]ess than s...~..~8~•4~ !n such com- pany or comp^aies as n~ay be approved by said Mortga~ce: an~1 all such insurance policies on any of said build- i ings, any interest therein or part thereof, in the aggregate sum a[oresaid or in excess thereof, shall contain the ~ usual standard mort~agee clause making the loss under said policies, each and every, payable to said Diortga- ~ gee as his interest may appear, and each and e~~esy such policy shali be promptiy deli~ered to and held by said 4 bfortgagee: and, not less than ten days in ad~•ance of the expiration of each policy, to deliver to said biortgagee ; ~ a renewal thereot, togeiher v~~ith a receipt for the premium of vi~ch renewal; and there shall be no such insur- ance placed on any o[ ~aid buildings, any interest therein or part thereof, unless in the form and with the lose ~ payable as aforesaid: and in the e~•ent any sum of money becomes payable under such policy or policies said ~ Mortgagee shaU ha~•e the option to receive and apply the same on account ol the indeDtedness secured hereby or ~ to permit said Mortgagor to recei~e and use it or any part thereof for other purpo9es without thereby waiving ~ or impairing any equity. tien or right under or by virtue of this mortgage; and in the event said Mortgagor ahall for any reneon feil to keep the said premises so insurcd, or fail to deliver prompUy any of said policies of - insurance to said ~tortgagee, or fail promptly to pay f~illy any premium therefor, or in any respect tail to per- - form, discharge, execute, effect, complete, comply w~th and abide by thia covenant, or any part hereof, said biortg- ; agee 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 ihis mortgage, and the full amount of each and every auch payment shall ~ be immediately due and payable and shall bear interest from the date thereot until paid at the rate of ten per = centum per annum and together with such interest ahall be secured by the llen of thia mortgage. ~ 4. To permit, commit or suffer no waste, impairment or deterloraUon oi satd property or any part thereof. ~ 3 ~ 6. To pay all and aingular the cwts, chargea and expenses, induding rea9onable lawyei'e fees and cost o! _ ~ abstracte of tiUe, incurred or paid at any tlme by safd biortgagee because and/or in the event of the tallure " on the part of the safd Mortgagor to duly, promptly and Nlly peKorm, dfacharge, ezecute, effect, complete~ ~ comply with and abide by each and every the atlpulationa, agteementa, condittona and covenanta ot eaid promle- ~ sory note, and this mortgage, any or elther, and said costa, charges and espenees, each arid every, ahall be !m- medtately due and payable, whether or not there be notice, demand, attempt to collect or sWt pending• and the ~ itill amount of each and every such payment ehall bear Intere~t ttom the date thereoi until pald at the rate of ~ ten per centum per annum; and all eald co~te, charges and expense~ so incurnd or paid. together wlih auch ia- terest, ~hall be secured by the lfan of thfe mortgage. ~ ~ 800K ~~8 PAC~ 296~ ~ Z ~ ~ i1~ .'~.h . 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