HomeMy WebLinkAbout2468 which note pro~~ides fos payment of interest, but which interest is nui evidrnced by interest coupons or i~-
terest coupon notes, it being understood that wl~ere~~er coupo»s, interest coupons. or interest coupon notes. '
are reterred to in this prc~eut *nort~age. thc intcrrst mentioned in said note is intended; and shall duly. ;
promNtly and , fully perform. discharge, execute. eff~rt. complete. comply with and abide by each and every ~
the stipulat~ons. agreemenls, conditions and co~•enants of said promissory notes and of 1he intemst rnupons re- .
ferred to thereia and of this mortgage, then this mortgage and the estate hereby crentcd shall cease and be null
and void. ~
It is understaod that each oi the words. note. mortgagor and mortgagce respectively. whether in the
singular or plural an~ where in this mortgage. shall be singular it one only and shall be plurel joinUy and
severally if more than one. and that the word their es used anywhere in this mortgage shall be taken to
mean his, her or its. wherever the context so implies or admits.
And said MortSagors. for themselves and their hein, legal representatives, successors and auigns, herebq
jointly and severally covenant and agree to and wlth said Mortsaseea. their legal representatives. successors
and as~igns:
l. To pay all and singular the principal and interest and the various and sundry sums of money pay-
able by virtue of said pmmissory notes. interest coupon notes and this mortgage. each and ev:ry~ promptly
on the days respectively the same severally beccme due.
2. To pay all and singular the taxes, assessments. levies, liabilities, obligations and incumbrances oi every •
nature and l:ind now on said descsibed properRy. and/or that hereafter may be imposed. sufiered, placed. levied
or assessed 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 penaltq is incuned; and in so far as any thereoi is oi record
the same shall be pmmptly satisfied and discharged of record and the original ofticial document (such as, for
in~tance. the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands
of said 1liortsasees within ten days next after pay-ment; and in the event that any thereof is not so paid. satis-
fied and discharged. said 13orlaaaees may at any time pay the same or any part thereof without waiving or
affecting any option, lien. equity or right under or by virtue of this mortgage. and the full amount of each and
Nvery such payment shall be immediately due and payable and shall bear interest trom the date thereoi until
paid at the rate of eight pes centum per annum and together with such interest shall be secured by the lien
ot this mortgage.
3. To place and continuously keep on the buildings now or hereaiter sitaate an said land haz-
ard insurance as required by Mortsa~ees in the usual standard policy foim. in a sum not less than
full insurabl~ v~l~s ~n~- ~
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in such company' or companies as may be approved by said Mortaaaees; and all such ~nsurance
policies on ar~y 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 Mort6asees as their interest may appear, and each and e~ ary such policy shall
be pmmpUy delivered to and held by said Mortsu~as; and, not 2ess than ten days in ad~ ance of the expiration
of each policy~ to deliver to said Mort~e~s a renewal thereof. together with a receipt for the premium ot
such renewal; and there shall be no such insurance placed on any of said buiIdings, any interest therein or part
thereof. unless ia the torm and with the loss payable as aforesaid; and in the event any sum of money becomes
payable under such policy or policies said Mort~ees shall have the option to receive and apply the same on
account of the indebtedness secured hereby or to permit said Mort~asors 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 Moet~aaors shall for any reason fail to keep the said premises so
insured, or fail to deliver promgUy anq oi said policies of insurance to said Mort~taees, or fail promptly to
pay fully any premium therefor. or in any respect isil to perform, discharge, execute, effect, complete, complq ~
with and abide by this covenant, or any part hereof, said Mort6a~ees may place and pay for such insurance
or any part thereof without waiving or aifecting any option~ lien, equity or right under or by viriue of this
mortgage. and the full amount oi each and every such payment shall be unmediateIy due and payable and
shall bear interest irom the date thereof until paid at the rate oi eight per centum per nnnum and together
with such interest shall be secured by the lien o! thia mortgage.
4. To permit, commit or suffer no waste. impairment or deterioration of said property or any part thereoi. ~
5. To pay all and singular the costs, charges and expenses, induding reasonable lawyer's fees and cost of ;
abstracts of title. incurred or paid at any time by said Diortaa6ces because and/or in the event of the failure
on the part of the said MortSa6ora to duly. promptly and fully perform. discharge, execute. effect. complete. ~
compiy v~ith and abide bq each and every the stipulations. agreements, conditions and covenants ot said ~
~ promissory notes. interest coupon notes and this mortgage, an~• or either, and said costs. charges and expenses,
~ each and every, shall be immediately due and payable, ~•hether or not there be notice. demand, attempt to
collect or suit pending; and the full amount of each and every such payment shall beaz interest fmm the date i
~ thereof untii paid at the rate of eight per centum per annum• and all said costs. chazges and expenses so _
E incurred or paid. together with such interest, shall be secured by the lien of this mortgage.
i 6. That (a) in the e~ent of any breach of this mortgage or deisult on the part of the Mortaaaors, or (b) :
E in the event any of said sums of money herein referred to be not promptly and fully paid within ten days nest
~ atter the same severally become due and payable. without demand or notice. or (c) in the event eaeh and
~ erery 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. ;
effected, completed. complied with and abided by; 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. shali become due and pay able forthwith, or thereafter, at the option of said Mottsasees, as fully
~ and completely as if all of the said sums of money were originally stipulated to be paid on such day, ans-
thing in said promissory notes, interest coupons and/or in this mortgage to the contrary notwithstanding; and
~ thereupon or thereafter at the option of said Mortaaaees, K~ithout notice or demand. suit at law or in equity,
~ iheretofore, or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to
a its institution
~ T. That in the event that at the beginning oi 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 Mortgageea shall apply
to the court having jurisdiction thereof for the appointment of a Receiver, such court shall forthwith appoint
g a Recei~er of said mortgaged property ail and singular, including ail and singular the rents, income, prnfits,
~ issues and revenues from whatever source derived, each and every of which. it being expresslq understood,
~ is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereoi,
3 and such Receiver shall have all the broad and effective functions and powers in any wise entrusted by a
~ court to a Receiver. and such appointment shall be made by such court as an admitted equitq and a matter
~ oi absolute right to said Mortga~ees~ and without reference to the adequacq or inadequacy of the value of
the property mortgaged or to the solvenry or insolvency of said Mottaa6ors and/or of the defendants, and
~ that such rents, profits, income, issues and revenues shall be applied by such Rereiver according to the lien
~ and/or equity of said Mortsaaees and the practice oi such court
~ 8. To duly. promptly and fully perform, discharge, euecute. eHect, comptete. comply with and abide ?
s by each and every the stipulations. agreements, conditions and co~ enants in said promissory notes and said #
~ interest coupon notes and in this mortgage set forth. • ~
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