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HomeMy WebLinkAbout0887 . . And shall perform. rnmply with and abide by each and erery ot the stipulatior~, streemonts,sonditions aad corenams set forth ia this mortsase aod 'u+ the promissory noto sawed fiereby. and any renewals or other ~otes given in accordance hercwith. then this mortpae and the estate heroby crcated shaU cease aed be auU and vaid. • And said Morttagor for himself and his hein. leaal ~epresentatives. successors and usigns. hereby conrenmts and agas to a~+d with said Mortpjee. its {eaal npresenutives. wccessoa and ass~ns: l. To psy all and sinsulu the principal and interest and the various and wndry sums of money payabb by virtue of said promissoty notes. and this mort~e, each and erery, promptly ou the days rospectively the same beoome due. 2. To pay atl and slnEulu the taxes, assessments, kries. liabilities. obligatiorts and incumMances of every nature and kind rtow on uid described pcope~ly. thst hecqftec m~y be imposed, wffered. placed. levied or assessed thercupon. and that hereai'ter may be kviod o~ assessed upon this mort~aae. tl~e indebtedness securcd heroby. or both. each snd erery. whea due and payabk ac~o~dina to law. before they become deluiquent, and beforc sny interest attaches or any penalty is incurred; aad ia so fu u any thercof is of rccord the same shall be prompQy satisfied and dischuaed ot ncord and the orgJna! ofYicisl document (such u, foc instaace, Ihe tax rec~ipt or the s~tisfaction paper oflici~lly endo~sed ot ce~tifkd) shaU be pbced in the hands of Mortgaaee with- in ten dayt next afte~ payment. . 3. 'fo keep said buildinEs, and sny ahich may herafta be erected upw~ s~id premi~es, inwred a6ainst lou or damage by fite and such other hazu~ or risks u rtuy be required by Mortgagte in wch amount or amountx as may berequired by said MonpEee. in wch inwnna company or companies u Moct6agee. its wccessors o~ assipu. may appmve. and to ddiver to said Mortas~ee, as addiUonal security hereto; tde policies of wch insurance and of aay additional inwrance which sfull be hken out - upon wch btWdi~s ~rhik any part ot the indebtedaess afores~id shall remaia unpaid.hariaa attached to said policiea wch mort- ~6e indemnity clause as Mortgagee shaU d'uect. Renewals o[ wch policies shaU be w delive~ed at kast ten days before any wch iasunnce shail expin. All insunnce anied shaU be satisfactoty to sa~d Mort6aaee. My sum whlch may become due under any wch policy may be applied by said Moct6agee, at_ iu optan. eithat to cedua uid debt or to repair or replace the impro~rements vovercd by said policy. Said Mwtgagee may pmcure and substitute for any and all of the insurance so hekt as aforesaid. such othec policy or policies of insurance, in l'ike amouat. u it may dete~minr, pmrid~d Mortp~or fa~1s to repla~.~e any such inwrance within len dsys after bemg notified that the Insurina Company is no longer approved by Mortaagee. In case of sak under fore- clcnure htreof. all such insunnce shail thencefonh, and until ihe period of rodemptron shall exp~re, be made payabk to the holder of the ceAificate of sale; and in wch erents said Mort~ee is heroby authoritod to coUect the unarned pceenwm on any such policy it may cause to be cancellod, reaardless ot whether said premium is paid by Mortgaaor or Mortgagee. and app(y sur.h ~ premium to~ards the payment of premium ort anY wch eeMr insurance w payabk to the holder oE such cettificate. 1. In case said Mort~pgor shall neslect or rclLse to Iceep said premises in Rood repau a~d condition. to pay promQtly when due all taxes and assessments~ as aforesaid. or to rcmore any statutory liens o~ said premises. or to keep the buildingsand improvemenu insured, u aforesaid, and deli~er the poticy or policies of insunnce: or the renewals thereof, io said Mortgagee,as ' aforeuid. ttien sajd Mortaagee may. if it shall so elect, make repairs, maintsin said propeity and pay wch taxes and assessments, with th~ acctued interest, penalties. otficer's (ees. and expet?ses thereon. rodeem said premises which may hare been sold or for- feited fot ta:es ar assessments thereon, purchase any tax titk thereon. remore any statutory liens and pmsecute or defend any suits in relation thereio, inwre and keep inwred said buildings in the sum, u aforesaid. or for any kss wm and for wch time, as said Mortgaget may deem propec. Any wms which may be so paid out by said Moiigagee, and al{ sums Qaid out for substitutai insurance: u aforesaid. including ~he costs. expenses and attorney's fee paid in any wit affecting said ral esute, vEhen neces- sary or appropriate to protect the lien hereof, shali bear interest from the date oP wch payments at the same nte as is specified, in the note secured hereby, as payable atter default in payment of said note, shaU bc paid by said ~ortgaaor to said Mortgagee upon demand and shall be deemed a part of the debt hereby secured, aid rewo+rerabk as such in all respocts. Any wch tiens daims. taxa, assessments, or tax titks so purchased, paid, or rcdeemed by uid MottgaEee shall, u betvrten the parties hereto their successon in inte~at, be deemed valid, so that in no erent shall the necessity or raldity ot aay wch payments be disputed. Neithec such payment by Mortgagee nor its coUection from Morigagor shal! waive or affect any optiod. lien, oquity or ri6ht of ~ Mortgaaoe's. - - S. I[ tequestod by the Mortg~~ce, the Morttgaaor. toaether with and in a~itan to the monthly payments under the terms E of all nota secuced heceby, on the due day of pch month{y payment and untii said notcs ue fu11y paid, shatl pay to tlie Mott- ! pgee an imtaUment_of the taxes and assessments next to bernme due against tde moctgaged premises. an installment of premiums ~at to bccome due on insured policies roquired by thE IdortEaaee, and any other charEes payabk according to the cammitment to fiaa~xe. Suc6 insWlments shall be equsl respectively to wch taxes and assasments, iasurance poemiums and other charses, a!1 as estid~atad by the Mortpa,ee, less aU sums alrcady paid thereon, dirided by the number of mont6s ihat are to etaQse before one month prior to the date when wch taxe; and assesss~nts, inwraace premiums and other cAarges wiH becoma due. Said install• ments shaU be heW by the Mortgagee (beuing the interast [or Mortgagor) to pay such Uxa, usesunents. inwnnce pcemiums and other charEes. All payments mado- under thc term of this Wngraph aad under the aote secured bereby shall be sddod together and the aag+eaate amount thereof shall be paid by the Mortgagor in a singk payment each moath to be appliod by the A1ort6sg~e in payment of the terms and in the order foUo~vi~: (s) taxes and assesunents. and inwraoce pnmiums and other clnr6es payabk accotding to the comautment to fina~ce; (b) interat on the notes secured hertby; and (c) amoniution of tfie principal of said notei. My deCiciency in the amount of wch aggegate monthly payment shall oonstitute a default under this aiortga6e. Whea such t~xes, usessments. insurana premiums u~d other charga faU duc. if the amounu deposited by the Mort- sagor for wch purposes an not wtficient to pay said taxes, assessmentt, insunnce premiums, and other chuEtes, u the case may be, tfien due, then /he Mortgagor will pay to the Mortgagee wch deficiency immediatety. When wch taxes, asseuments, inwnnce premiums and othet chargas fall due, if the amounts deposittd by the Mo~tgagor Cor wch purposes exceed the amounts due for such taxes, assessments, insurance prcmiums and other charges, the excess may, in the discretion of the Mortgagee, be applied on wbsequent monthly paymrnts to be made by the Mortgasor. In the event of default under this mortgage any unexpended - funds in the hands of the Nort~gee deposited by the Mortgagor to meet the obligations of taxes, assessments. inwnnce premiums and othcr cfiugts, shaU be applied by the Mortgagee upon the indebtedness hereby secured in the following or~er- (a) interest on advances made by the Mortgagte; (b) advances made by the Mortpgee; (c) interest on the princip~l; and (d) the priacipal debt t~ereby securcd. When any such taxa. assesunents, inwrana premiums or other charges fall due ihe Mortgagor will prompdy obqin aad deliver to the Mori~gee statements with rapect thereto. 6. The Mortgagoc rcptesents and agees that this awn~e toan and att future loanseridenced by the aforsraid Qranissory notes which are securod heroby are made and exteMed by Alorigagee in reliancs, in part, on the Tuuncial background and abili- ties of Mort~o~ and aay co-malcen. guarafltors or endasen to. jointfy and xreraily, pay any and a11 rarious and wndry sums of morxy and tl?e specific tate ot interest psyable by virtue of said promissory notes ud thls mortgage. Thae mortgage loans are undentood and agteed to be made and exteaded to the Mortaa6or only. It is neither presumed. exptessed or implied that the obliptiont aated hercunder may be aswmed otpe d~med by any puty other than the lltoRg~got, vrhether or not upon the - sak or oonreyanoe of the pnmises herein described or any put thereof. lf a conveyana should be made by the Mortgaaor o! the . prcmises herein described, ~ any put thereof. uithout the written consent of the Mortpgee, (which consent may be wnthheld arbitnrily or Ennted on terms sekcted by Mortaaaee in its sok discretionJ or without assumptwn both by proper execution ot ~ assumption aEmmenb and rel~taf torms in use by the Nort~ee and by aswmptioo in reaulu form of larv by the Erantee of the . obliaatioas cn~ated hcreurder, then, in either ot those erents, and at the option of the Alortaa~ce aad without aotice to the Mort- gas5r or to any oWer puty, all sums of money secured henby slull immediately and concunrndy and upon wch conveyance become due and payabk and in default ~rbether or not the same are othawise d~x and payabk or in dFfault by the specific terms hereot. The fore6oing option shall be exercisod by Mortgngee at its sok and compkte discretion: The aforwid consent of Mortgager may be either granted or w~ithheld without any requirement of the Mortgasee discldsina any reuon themfore. Not- withstandina tde forc6oi~, if the oa~nership of the mortpged premises. or any put thereof, becomes rested in a person other than the Mortpgor, the Mortaagee rtuY dea! with wch sacassor or wccessors in interest with refereaoe to this mortg:gee, and the debt bereby secured, regardleu of any change in the tecrns o! the obtigataas created hereunder, withow in any manner vitiatinE or discharaina the Mortgasor's tiab~7ity deauuder or upoa the debt hereby securod. The Mortgaaor shall at sll times . contioue Ilabk foc the indebtedness secured henby untit thu mort~e is fuUy dischat~ed or 1Nortpgor is formally rekasod by an instrument in writing duly executed by the Mortgaaee. ~ 7. Mortaagor, at the option of Mortgagee, shall p~y a"late charge" not exceeding two per centum ot any said aggregate monthly iratallments inctuding ~any instaUment for qyment of taxes and insurance when paid more than ten days atter the due date thercof (provided that in no event sha11 said "late chuse" rewlt in the payment of interest +n excess of the m~xi:num ~ interest permitted by law), to cover tlx extta e~cpeose inrolred in handlueg delinquent payments. Such "I~te chuge" shall not be payabk out o[ the proceeds of any sak made to satisiy tht indebtedness secured hereby. unkss wch procceds are first suffi- cient to dischatge the entirc indebtedness and all proper costs u~d expenses secured thereby. A reasonabk minimum "late char6d' - wiU be charaed u customuily fixed by Mort6aace from time to time, and Morigagor agrces to pay said minimum "late chuge." if incurcod. 8. To permit. commit or suffer no ~vaste and to maintain the improrements at all times in a state of good repair and con- dition; and to do or {+ermit to be done to said prcmises nothing that wiU alter or change the use and chuacter of said property or in any waY impair or weaken the security of said mort6age. In case of the tefuul, ne~ect or inabitity of the Mostgagor to repair and maintain said property, the Mortgaga may at its option make such tepair or ause the same to be m~de and advance monxs in ttut behalf which sums shalt be secuced dy the lien hereof and beu interest at ihe same nte as is specified in the note secured heroby. u payabk after default ir?payment of said note. f ~ - ~ ~ ~ . ~ ~ , • • * ~ ' a~ ~ . . e e M~AA AI~w