HomeMy WebLinkAbout0787 ~ And ihall perfurm, comply w~ilh and abKte by each and erery of the slipulatiaos, agrcemenls,~onJitiuns and cavenants ae~
forth ~n this moitgage and in the prumissory note xcuted he~eby, and any tenrw•als ut other notts g~ren in arcordanct hetawith,
ihcn tAis mott~qae and the estate hereby cteated shaU cease and be nul! and roiJ.
pnJ said Alprtgagor tor himself and his Aein, legal reprrsentstives, successors and assigns, Ae~eby conrenents and a6rtes to
snd with said Murt~gre. i~s legal represcntruveti, swcriwn and assiltns:
1. To pay all and :inltulu the principal and interest and thr various and sundry sums uf money payabk by vi~tue ot said
promissory nutes, and this mortgage, each and every, promptly on the days rcspeclively the same become due.
2. To pay all and ~inRular the taxes, assessments, kv~es, liabilities. obligations and incumbtances of every nature and kind
nuw• on s:~id dcuribrd propcrty, that hrrrafter may be impused, suflered, plared, levird or assessed Iheteupun, and that hereal ter
may br k~~ied ur assesu~l upon this mortgage. Ihe indebtedness secured hereby, or both, earh and every, w•heo due and payable
arrording to law, before they become delinquent, and before any interest attarhes or any penalty is incu~rcd; and in so fu as sny
thnreuf is of record the samr slwll be prompUy satisfied and dixhu~ted of rccord and tt?r orginal official d~cument (such u, for
in~l~n.ti, thr tax rercipt ur the s~tisfaition paprr ol'`iciully e~xforsrd or rertil~ed) shall be placed in the hands of Mottg~ce w~ith-
m trn days nr~t aflet paymenl.
3. To keep said buildings, and sny which may hereafte~ be ere~:tod upun said premises, insured altainst loss or dama~ by
fire and surh other hazards o~ risks ;?s may be rcquired by Mortgagee in such amount or amounts as may bercq uired by said
~turtgagae, in such insuran~Y rompany ur companies as Mortgaltee, its surcecsors or assigns, may approve, and to de8ver to said
~tortyagee, as additional securiry hercto, the policies of wch insunm~e and of any additional inwnnce which shall be taken out
upon wch buildings while any pul of the indebtedness atocesaid shall ~emain unpaid, havin6 atuchod to said policies wch mort- -
~wge indtmnity clause as Mortgagee shaU direct. Renew~ls of wch policies shaU be so delivered at last ten days 6efore any such
insuranre shall expire. All insurance carried shaU be satisfactwy to said Mortgagee. Any sum which may become due undet any
such policy may be applied by said Mu~tgagee. at its opiian, either to reduce said debt or to regair or replace the improvements
covered by said policy. Said \turtK:~er may procure and substitute fur any and all of the inwrance so heW as aforesaid, cuch
other pulicy or poliries of insurance, in like amounl, as it may determine, pmvided Mortgagor fails to replxe any such insunnce
w•ithin trn days after being notilied that the Insuring Company is no lung.r approred by Nurtgagee. In case of sak under fore-
clusure hereof, all such insurance shall thenceforth, and until the period uf redemption shall expire, be made payable to the
holder of the crrtifirate of srle; and in surh erents said AfortgaKee is herrby authurized to collect the uneuned premium un any
wrh polky it may cause to br cancelled, regardless of whether xiid prcmium is paid by Mortgagor or Mortg~ee, and apply wrh
premium tow~ardx ihe payment of premium on any such new insurance so payable to the hulder of such certificate.
4. In rase said Mortgagor shall nep,lect or rcfuse to keep said premises in good repau and rundition, to pay promptl> wheo
due all taxes and assrssmrnts, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and
improvements insured, •rs afores~id, and deliver the policy ot poliries of inwrance, or the ~enewals thereof, to said Mort~gee,as
aforesaid, then said MurtRagce may, if it shall so elecl, make repairs. maintain said pwperty and pay such taxes and ~ssessments,
with the accrued interest. penallirs, uC~cer's fees, and expenses thereon, redam said premises whk-h may hare been wId or for-
feitrd for .taxes or assessments thereun, purchase an~• tax title thereon, rcmove any statutory liens and prosecute or defend any
suits in relatiun thereto, inwre ~nd keep insurrd said buildings in the sum, as aforesaid, or for a~y less sum and for such time, as
said Mort~gee may deem prope~. Any sums whhh may be so paid out by said Mortga~ee, and all sums paid out for subsliwred
insurance; as afores~iJ, includinR the costs, rxpanses ~nd attomey's iee pyd en any suit affeeting said real estate, v?•hen neces-
~ sary or apprupriate to protect ihe lien hereoC, shall bear interest from the date of wrh payments at the same ratr as is spacified,
in the note sccured Ixreby, as payable after default in paymrnt of said note, shall be paid by said Alortgagor to said \lortgagee _
upon demand aod shall be Jeemrd a part of the debt hereby secured, and recoverable as such in al! respects_ Any such liens
rlaims, taxes, assessments, ur tax tiUes so purchascd, paid, or rrdeemed by said Nort~gee shall, as between the pa~ties hereto
their successors in interest, be deemed valid, w thal in no event shall the necessity or validiry of any wch payments be disputed.
Neither such payment by Mortgagce nor its collection from Murtgagor sh;~ll waive or affect any option, lien, equity or right of
Mortp,agec's. .
S. If requested by the Mortgagee, the Mwtgagor, together with and in addition to the monthly payments under the terms
of all notes securcd hercby, on the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort-
@agee au instaUment of the taxes ard assessments next to become due against the mortgaged premises, an installment of premiums
next to become due on insured policies required by the Mortgagee, and any other charges payable accordi~ to the commitment
to finance. Such insullments shall be equal respectively to wch taxes and assessments, inwrance premiums and other charges, all
as estimatod by the Mortgagee, leu aU sums already paid thereon, divided by the number of months that ue to elapse before one
rtwnth prior to the date when such taxes and xssessments, insurance prcmiums and other charges will become due. Said install-
ments shall be held by the Mortgagce fbearing the interest for MortAagor) to pay such taxes, assessments. insunnce prcmiums
and other charaes. AU payments made undcr the term of this paragaph and urtder the note securod hereby shall be added
together and tht aggre~wte amount thereof shall be paid by the ~tortgagor in a single payment each month to be applied by the
Atortga~tee in payment of the terms and in the order following: (a) taxes and assessments, and inwrance premiums and other
charges payabk accordin~e to the commitment to finance; (b) interest on the notes secured hereby: and (c) amortization of the
, priecipal of said notes. Any deficiency in the amount of wch a~tegate monthly payment sha0 rnnstitute a default under this
! mortgage. W'hen such taxes, assessments, instuance premiums and other charges fall due, if the amountsdeposited by the Mort-
gaoot for such purposes are not sufficient to pay said taxec, ascessments, insurrn~~ premiums, and other charges, as the rax may
tx, then due, then the Nottgagor v~ill pay to the !lfortga~ee such deflciency immediately_ When wch taxes, acsessments, insurance
premiums and othe~ charges fa0 due, if the amounts depositrd by the Mortgagor for surh putposes exceed the :~mounts due for
wch taxes, asussments, insurance premiums rnd other charges, the eu-rss may, in the diccretion of the Murqw~ee, br applied
on subsequent monthly payments to be made by the 1lortgagor. In the evrnt u! Jeiault under this mortgage any unexpended
funds in the hands o( the ~lortpgee deposited by the \tort~eagor to meei the obligations of taxes, asussments, insurance
premiums and other char~s, shall be applird by the Nurtgagee upon the indebt~~dnesc hereby secured in the follow•ing order,
fa) imerest on advances made by the !Nortg•rgee: (b) advances made by the Nurtgagee: Ic) interest on the principal; and (d) th:
pnncipal debt hereby secured. When any such taxes, assessments, insunncY prem~ums or other charges fall due the Nortgagor
w~ll promptly obtain and deli~~er to the Mortgageartmm~nt's with respect thereto.
6. The Mortgegor represents and agrees thal this mortgage loan and a0 future loans e~idenced by the aforesaid promissory
notes w~hich ue secured hercby are made and extended by ~tortgagee in reliance, in part, on the financial background and abili-
ties of Mortg~gor and any co-makers, guanntors or endorxrs to, jointly and severally. pay any and aU various and wndry sums of
money and the specific nte of interest p~yable by virtue of said promissory notes and this mortgage. 7'hese mortgage loans are
understood ard agreed to be made and extended to the Mortgagor only. It is neither presumed, expressod or implied that the
obli~+tions created hereunder may be aswmed or performed by any puty other than the Mort~gor, whether or not upoo the
sale or conveyance of the premises herein dexribed or any part thereof. lf a conreyance should be made by the Mortgagor of the
premises herein described, or any part thereof, without the written consent of the Mortgagce. (which consent may be aithheld
arbitnrily or p,ranted on terms selected by 1~ortgagce in its sole discretion,) or w•ithout assumption both by proper execution of
aswmption aRreements and related forms in use by the Mortgagee and by assumption in regular form oi law by the gnntee of the
obligatans crcated hereunder, then, in either of those events, and at the option of the Mortgagee and w7thout notice to the Mori-
gagor or to any other puty, all sums of money secured hereby shall immediately and concurrently and upon such conveyance
become due and payable and in default whether or not the same are othervvise due and payable or in default by the specific
terms hereof. The foregoing option shall be exercised by Mortgagec at its sole and complete discretion. The a(oresaid consent of
y[ortgagee may be rither gnnted or withheld without any requirement o( the Mwtgagee disclosing any reason therefore. Not-
withstanding the foregoing, ~f the ownership of the mortp~ged premises, or any put thereof, becomes vested in a person other
than the Mortpgor, the Mortgaigee may deal w~ith s~ech successor or wccessors in interest with reference to this mortgagee, and
the debt hereby secured, regardleu of any change in the terms of the obligations created hereunder, aithout in any manner
~itiating or discharging the Mortgagor's liabdity hereunder or upon the debt hercby secured. The Mortgagor shall at all times
rontinue liabk for the indebtedness secured hereby until this mortgage is fully discFurged or Mortgagor is formally released by an
~ instrument in writing duly executed by the Alortgagee.
7. Mortgagor, at the optiun of Mortgagee, shall pay a"late charge" not exceeding tvvo per centum of any said aggregate
monthly installments including any installment for payment of taxes and insurance v?hen paid more than ten days after the due
date thereof (provided lhat in no event shall s~id "late charge" tesult in the payment of interest in excess of the maximum
interest permitted by law), to cover the extra expense inrolved in handling delinquent payments. Such "late charge" shall not be
payable out of the ptoceeds nf any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first suffi-
rient to discharge Ihe entire indebtedness and all proper costs and expenses secured thereby. A reasonabk minimum "late charge"
. w-ill be charged as customarily fixed by Nortgagee from time to time, and ~tertgagor agrees to pay said minimum "late charge; '
if incurred.
8. To permit, commit or suffer no w~aste and to maintain the imerovements at all times in a state of teood repair and con-
dition: and to do or ~+ermit to be done to said premises nothing that w•ill altet or ch~nRe the use and ~huacter of said property or
in any w~y impair or weaken the security of said mortgage. In ~ase of the refusal, nep,lect or inability of the Nottgagor ro repair
and maintain said property, fhe Nortgagee may at its opt~on make such repair or cause the same to be made and advance monies
in that belwlf which sumc shall be secured by the lien hereof and beu intercst at the same rate u is specified in the note secured
hereby, as payabk after defaull in payment of said note.
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