Loading...
HomeMy WebLinkAbout0355 , PROVIDED ALWAYS, That if said Mortgagor shall pay unto ~ the said Mortgagee the certain promissory note, and shall ~ duly, promptly and fully perform, discharge, execute, effect, complete, comply with and abide by each and every~the stiupla- tions, agreements, conditions and covenants of said promissoxy note and of this mortgage~ then this mortgage and the estate hereby created shall cease and be null and void, a copy of said note is attached hereto and marked as "Exhibit B". It is understood that each of the words, "note", mort~agor" and "mortgagee" respectively and the pronouns referring thereto, whether in the singular or plural anywhere in this mortgage, shall be singular if one only and shall be plural 3ointly and severally, if more than one, and shall be masculine, feminine _ and/or neuter, wherever the context so_implies or admits. And said Mortgagor for himself and his heirs, legal repre- sentatives, successors and assigns, ~ereby covenants and agrees to and with said Mortgagee, his legal representatives, successors and assigns: _ 1. Mortgagor is lawfully seized of said property in fee simple and has a perfect right to convey same; there are no encumbrances or liens whatsoever on-said property except this mortgage. _ . ~ 2. To pay all and singular the principal and interest and the various and sundry sums of money payable by virtue of said ~ promissory note. and this mortgage, each and every, promptly on the days respectively the same severally become due. . 3. It is further understood and agreed by Mortgagor and Mortgagee hereto that the execution by Mortgagor and the acceptance by Mortgagee of any notes, renewal notes or other ~instruments, or the agreement by Mortgagee to any reamortizations, extensions,"de- ferments or other rearrangements as contemplated herein shall not be construed as payment of any indebtedness hereby secured, (whether or not, among other changes in terms, the interest rate or rates remain the same and/or time for payment is thereb~ extended or lessened), and shall not discharge the lien of this mortgage ; which is to remain in full force and effect until the total ~ indebtedness secured hereby has been paid in full. All notes or ~ other instruments contemplated herein.shall remain uncancelled and in possession of-Mortgagee, its successors and~assigns, until the total indebtedness hereby secured is paid in full. ~ 4. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind now on said described property~ and/or that hereafter may be imposed, suffered, placed, levied or assessed thereupon, and/or that hereafter_may be levied or assessed upon this mort- gage and/or the indebtedness secured hereby, each and every, when due and payable accordfng to law, before they become delinquent, and before any interest attaches or anq penalty - is incurred; and in so far as anq thereof is of record the same shall be promptly satisfied and discharged of record and the original official document (such as, for instance, the~tax receipt or the satisfaction paper officially endorsed or certi- fied) shall be placed in the hands of said_:~iortgagee within ten days next after payment; and in the event that any thereof is ~not so paid, satisfied and discharged, said Mortgagee may at any time pay the same or any part thereof without waiving or affect- ing any option, lien, equity or right under or by virtue of this ' mortgage, and the full amount of each and every such payment . shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per centum per annum and together with such interest shall be secured by the lien of this mortgage. . _ -2- e~c274 n~ ~ _ ~?w ~ ~ ~ ~ _ _ :r~:..r:~~ ~ _