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HomeMy WebLinkAbout0885 And shall perWrm, comply with and abide by each and every of lhe stipulations, a6reements,conditiun: and cove~ants set forth in this mortgage and in the p~umiswry nute stru~ed hereby, and any rrnewals ur othar nutts giren in sccordYnce herewith, then this mortpge and Ihe esta~e hereby creued shaU cease and be nuU and void. And said Mortgagor for himselt and his he~n, legal rep?esentatives, successors and assigns. hercby convenants snd agrees w and with said Mortgsgrt, its legal reprcsentatives, succeawn arxi assigns: I. To pay all and sin~tular the principal and interest and the vsnous and sundty sums of mooey payabk by vittue ot said promissory notes, and this mortgaite, each and every. pmmpUy on the days rospectively the same become due. 2. Tu pay all and sinqular the taxes, assesxments, kvies, liabilities, obligations and incumbnnces of every nature and kind now• on said dexrib~d propcrty, that hrrea[ter may be imposrd. suffered. placed, levird or assessed thercupon, and that hereafter may be Icvied or asussed upon this mortgage, the indebtedness ucured hereby, or both, each and every, when due and payabk :~ccording to law. beture thiy become delinqueot, and beforc any interest atuches oc any penalty is incurred: and in so fu as any thereof is of rccord the same sFwll be promptiy satistied and d?schargrd uf record and the urginal ofl`icial document (such u, for instance, the tax receipt or the s~tisfaction paper omcially endorsed or certified) shall be placed in the hands of Mortga6ee with- in ten days next afte~ paymenl. 3. To keep said buildings, and xny which may hereafter be erected upun said premises. insurcd against loss or damage by fire and such other hazuds or risks as may be oequired by Mortgaaoe in such amount or amounts as may berequired by said Nurt~tagee, in such insurance comQany or companies as Mortgagee, its wccessors or auigns. may approve; and to deliver to said Atortgagee, as additional security hereto, the policies of such inwrance and of any additiona! inwnnce which shall be uken out upon such buikiines whik any put of the indebtcdnest aforesaid shall nmain unpaid> having atuched tosaid policies such mort- p,age indemnity clause as Mortgagee shaU direct. Renewals of wch policies shaU be so delivercd at kast ten days before any wch insurance shall expiro. All insunnce carried shall be satisfactory to said Mortgagee. Any sum ahich may become due under any such pdicy may be applied by said hlortgagee, at its oplion. either to reduce said debt or to tepair or teplace the imptovements covered by uid policy. Said Nortgagee may procure and substitute for any and all of the insunnce so held as aforesaid, such other policy w policies of insurance, in like amount, as it may determine, provided Murtgagor fails to ~eplace any such insurence w•ithin ten days after being notified that the Insuring Compan~ is no longer approved by Afortgagee. In case of sale under fore- ~losure he~eof, all such insurance shall thenreforth, and until the period of redemption shall eYpire, be made payable to the holder of the ~rrtificatr of sale: ~nd in such evenls said Mortpagee is hereby authorited to rdlecl the unearned premium on 3ny wch policy it may cause to be cancelled, regardkss of whether s~id premium is pxid by Nortgagor or Mortgagee, and apply such premit~m towards the payment of premium on any such new inwrance so payable to the holdet of such certifK-ate. 4. In case uid Afortga~r shall neglect or refuse to keep said premises in good repair ~nd condition, to pay promptly when due all taxes and assessments, :~s aforesaid, or lo remave any statutory liens on said premises, or to keep the buildings and improvements insured, as aforesaid, and delivcr the policy or poliries ot insurance, or the renewals thercof, to said Mortgagec,as aforesaid, then said Mortgagee may, if it shall so ekct, make repairs, maintain said propetty and pay such taxes and assessments. with the accrued interest, penalties, offcer's fees, and expenses thereon, redeem said ptemises which may have been suld or for- feited for taxes or assessments thereon~ purchase any tax titk thereon, remove an~~ statutory liens and prosecute ot defend any suits in relation thereto, insure and keep insured said buildings in !he wm, as afaresaid, or for any less sum and for wch time, as said Mortgagee may deem proper. Any sums which may be w paid out by said Mortgagee, and all sums paid out for substituted insurance: as atoresaid, including the rosts, rzpenses and attorney's ~fee paid in an> cuit affecting said real estate, when neces- sary ur appropriate ta protect the lien hereof, shall bear interest from the date of such payments at the same rate as is specified, in the note secured hereby, as payable after default in paymznt of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemrd a part of the debt hereby srcured, and recoverable as such in all respects. Any wch liens ciaims, taxes, assessments, or tax titles so purchascd, paid, or rrdeemed by said MonRagee shall, as between the parties hereto Iheir succeswrs in interest, be deemed valid, so that in no event shall the ne~~essity or validity of any such payments be disputed. IVeither such puyment by Nortgagee nor its colkrtion from Mortgagor shall waive or affect any option, lien, equity ot right of Mortgagee's. S. If tequested by the tl~ortgagee, the Nottgagor, together w~ith and in additiun to thz monthty payments undec the terms uf all notes secured hereby, on the due day o: each monthly payment and until said notes are fully paid, shal! pay to the Mort- gagee an instaUment of the taxes and assessments next to become due against the mortgaged premises, an installment of prcmiums next to become due on inwred policies required by the Murtgagce, and any other charges payabk according to the mrt:mitment to finance. Such inshUments shall be equal respectively to such taxes and asussments, inwrance premiums and other charaes, all as estimated by the Mortp,agee, less all sums already paid thereon, divided by the number of months that are to elapse beforc one month ptior to the datc when such taxes and assessments, insurance premiums and other charges will become due. Said insull- ments shaQ be held by the Mortga~eee (bearing the interest for Nortgagor) to pay such taxa, assessments, insurance premiums and other chazges. All payments made under the term of this paragaph. and under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Morigagee in payment of the terms and in the order following: (a) taxes and assessments, and inwrance premiums md other charges payabk accordir~ to the commitment to finance: (b) interest on the notes secured hereby; and (c) amortization of the principal of said notes. Any deficiency in the amount of such aggtegate monthly payment shall constitute a dehult under this mortgage. When suc6 taxes, assessments, insurance premiums and other chuges fal! due, if the amounts deposited by the Mort- i gagor for such purposes are not wfficient to pay said taxes, assessments, insurance premiums, and other charltes, as the cau may j be, then due, then the Mortgagor wil! pay to the Mortgagee such deficiency immediately. When such taxes, asseuments, insurence ! premiums and other charges fall due, if the amounts deposited by the Afortgagur for such purposes exceed the amounts due for { such taxes, assessments, inwrance premiums and other charges, the e~cess may, in the discretion of the Mongagee, be applied ~ on subsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unezpended ~ funds in the hands of the Mortgagee deETosited by the blortgaigor to mcet the obligations of taxes, assessments, insurance premiums and other charges, shall be applied by the Mortgagee u{wn the indebtedness hereby secured in the following order, ~ (a) interest on advances made by ihe Mortgagee; (b) advances made by ihe Mort~gee: (c) interest on the principal; and (d) Ihe principal debt hereby secured. When any such taxes, assessments, insurance prem~ums or other charges fall due the Nortgagor ~ will promptly obtain and deliver to the Mortgagte statements with respect thereto. 6. The Mortgagor represents and agtees that this mortgage loan and all future loans evidenced by the a.oresaid promissory rates w~hich are secured hereby are made and extended by Mortgagee in rel'eance, in part. on the ta?ancial backgtound and abili- ties of Mortgagor and any co-makers, guarantws or endotsecs to, jointly and severally, pay aay and all vuious and wndry wms of money an~ the ~ecific rate of interest payable by virtue of said promissoty notes and this mortgage. These mortgage loans are ~ understood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the obligations crqted hereunder may be assumed or performed by any party other than the MortgaEor. whether or not upon the sak or conveyance of the premises herein dexribed or any put thereof. If a conveyance should be made by the Mortgagor of the premises herein described, or any part thereof, without the written consent of the ?Nongagee, (which consent may be withheld arbitcatily or ganted on terms selected by Mortgagee in its sole discretion.) or without assumptan both by ptoper executiort of assumption agreements and related forms in use by the Mortgagee and by assumption in regular form of law by the grantee of the obligations crcated hereunder, then, in either of those events, and at the option of the Mort6agee and without notice to the Mort- gagw ot to any other puty, all sums of money secured hereby shaU immediately and concurrently and upon such conreyance become due and payable and in default whether or not the same are otherwise due and payabk or in default by the speciGc terms hercoL The foregoing option shall be exercised by Mortgagee at its sole and compkte discretion. The aforesaid consent of Mortgagee may be either gru?ted or withheld without any requirement of the Mortgagee disclosing any reason therefore. Not- withstanding ihe foregoing, i! the ownership of the mort~ged premises, or any put thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such successor or successors in interest with reference to this morlgagee, and the debt hercby secured. rcgardless of any change in the terms of the obligations created hereunder, without in any manner vitiating or discharEting the Mortgagor's liability hereunder ot upon the debt hereby ucured. The Mwtgagor sha0 at all times continue liabk [or the indebtedness secured hereby until this mortg~ge is fuUy diulurged or Mortgagor is formally released by an instrument in wTiting duly executod by the Mortgagee. ~ 7. Mortgagor. at the option of Mortgagee, shall pay a"late charge° not exceeding two per centum of any said aggregete ~ monthl; installments including any install~mnt for payment of taxes and insurance vvhen paid more tFun ten days after the due ~ date thereof (provided that in no event shall said "late chargt" result in the payment of interest in excess of the maximum i7terest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late charge" shall not be payable out of the proceeds of any sale m:de to satisfy the indebtedness secured hereby, unless such proceeds are first suffi- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonabk minimum "late charge" will be chargod as customarily fixed by Mortgagee from lime to time, and btortgagor agrees to pay said minimum "late chazge;' if incurred. 8. To permit, commit or suffer no waste and to maintain the improrements at all times in a state of geod repair and con- ditiun; and to do or permit to be done to said premises nothing that w•ill after or change the use and character of said property or in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advana monies in that behalf which sums shall be secured by the lien hereof and beu interest at the same rate u is specified in the note secured hereby, as payable after default in payment of said note. . . . 600K~~ PAGE V~'t