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HomeMy WebLinkAbout0496 ~ f' Md ahaU per[orm, comply with and abide Ey each and eve~y of the stipulations, ag~eemeots,conduions and covenants set forth in this moitgage and in 1he p~umissory note sxured hercby. aod any renewals or other notes given in acconlance he~ewith, then this mortpge and the estate hereby created shall cease and be nuU and void. And said Mortga`or for himself and his hein. leaal representatives. successon and sssig~:, hercby convenant: and agrees to and witA said Mortgraee, its legal rcpresentatives. successon and assigns: 1. To pay all and singulu the principal and intercst and the various and sundry wms of money payabk by virtue of said promissory notes, and this mortaaee, each and erety. pmmpUy on the days rospectively the same beoome due. 2. To pay all and sinaular the ~axes, asseuments, kvies, liabilitia. obligation: and i~cumbrances of every nature and kind now on uid described prope~ty. that herea[ter may be imp~sed. wffered, placed, levied o~ asse3sed thereupon. arod that hercaCter may be kvied o~ assessed upon this mortga~e. the indebtedness secured hercby, or both, each and every, w•hen due and payabk accordir~ to law. befo~e they become delinquent. a~d beforc any inte~est attaches or any penalty is incurted; and in so fu u any therroi is of rccord the same shall be promptly satisP~od and discharaed of rccord and the orginal official document (wch u, for instance, the tax rcceipt or the satisfaction paper ot'liciaUy endorsed or artified) shaU be pl:ced in the ha~ds of Mortgagee with- in ten days next afler paymen~. 3. To keep said buildings, and any which may hereaftu be erected upon said premises, inwred against loss or damage by fue and wch other huuds or risks u may be required by Mortgaga in wch amount or amounts u may berequued by said Mortgagee. in wch iawraace company or companies u Mortgaaee, its wccesson or assigas, may approve, and to deliver to sajd Modga~ee. as additional security hercto, the policies of wch inwrance and of any additional insurance which shall be taken out upon wch bwldinas while any put of the udebtedaess aforesaid shaU remain unpaid. having attached to said policies wch mort- ~age indemairy dause as Mort6agee shall dircct. Renewals of wch policies shall be so dclivered at kast ten days before any wrh u~sunna shaU eapin. All inwnace carried shall be satisf~ctory to said Mortgaaee. Any wm w~hich may Decome due under any such pdicy may be applied by said Mortgagee. at its optan, either to reduce said debt or to repair or replaa the improvements covered by uid policy. Said AfortgaEtce may procure and wbstitute for any and alt of the inwnnce so held as aforeuid, such other policy or policies of insurance, in like amount. aa it msy determine, provided Mort6a6or fails to replace any such insurana within ten days atter beinE notit~ed that the Insuring Company is no longer approred by Mortgagee. ln case of sak under fon- closurc hercof, aU such insunnce shall thenceforth, and unt~7 the period of redemption shafl expire. be made payable to the hofder of the certificate of sale: and in such events said Mortgagee is heteby authorized to collect the uneuned premium on any such policy it may cause to be cancelled. rcgardkss of whether uid premium is paid by MortgaEor or Mortaagee, and apply such premium towards the payment of ptemium on any wch new insurance so payabk to the holder of such cettificate. ~ 4. In case said Mortgagor shall negkct or refuse to keep said premises in good repair and mndition, to pay prompUy when due all taxes and assessments, as aforcsaid. or to remove any statutory tiens on said premises, or to keep the buildings and improrements inwred, u afocaaid, and deliwer the po6cy ot policies of inwnnce. or the renewals thercof. to said Idortpgee,u aforesaid, then said Mortgagee may, if it shall so elect, make repain, maintain said property and pay wch taxes and assessments, with the accrued interest, penaltia, officer's fees, and expenses thereon, redeem said prcmises vhi~.~h rtuy havc bee~ wld or for- feited for taxes or auessments thercon. putchase any ux titk thercoa, remove any statutory liens and prosecute or deknd any wits in ~elation thereto. insure and kcep inwred said buildings in the wm, as aforesaid, or for any leu sum and for such time, as said MortgA6ee may deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for wbstituted insuranee; as aforesaid, includina Ihe costs. expeases and attorney's fee paid in any wit aUectiag said real estate, when neces- ~ suy or approptiate to protect the lien hereof, shaU bear interest from the date of such payments at the same rate as is specifiod. in the note securod hereby. u payabk after default in payment of said note, shall be pad by said Mortgagor to said Mortgagee upon demand and shall be dcemed a part o( the debt hereby secured, and recoverable as such in atl rcspects. Any such liens daims, taxes, assessments, or tax titks so purchased, paid, or redeemed by said Mortgagee shall, u between the parties hereto their suci.-essoa in interest, be deemed valid, so that in no event shaU the necessity or validiry of any such payments be d'uputed. Neither such Qayment by Mortgagce nor its colkction from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee's. 5. If requested by the Mortgagee the Mortgagor, together with and in addition to the monthly payments under ttte tetms of all nota secured dereby, oa the due~day of each monWy payment and until said notes ue fully paid, shall pay to the Mort- gages an insWlmeat of the taxes and ass~ss~nents neat to bccome due aa,ainst the mortgaged prcmises, an installment of p~emiums next to bocome due on inwred policia roquirod by the Mort6a6ee, and aay other charges payabk accordi~ tu the oommitment to finance. Such insWlmeats shall be eqwl nspectively to wch taxes and assessments, inwnnce premiums and other charees, all as estimatod by the Mongagee. Icss aU wms alrady paid thereon, divided by the number o[ months that are to elapse before one month prar W the date when such taxes and assesxmeots, iawrance premiums and other chuges will become due. Said install- ments shall be held by the Mortaagee (bearinE the interest for Mortgagor) to pay such taxes. assessments, insunace premiums and ot6er chu~es. M payments made under the term of this pangraph and under the note secured hereby shall be added togetha and the aggepte amount thereof shall be paid by the Mortgagor in a single payment qch moath to be applied by the Mortsa6ee in payment of tde terms and in the order fotlowing: (a) taxes and asxsunents, aod inwnnce ptemiums and other ctnraes payabk accordit~ to the commitment to finance; (b) interest on the notes sxured hereby: and (c) amortization of the principal of said notes. My deficiency in the amount of wch aggegate monthly payment shall oonstitute a default under this ' mortgage. When wch taxa. assessments, insunna premiums and other chuges fa0 due. if the amounts deposited by the Mort- - ~ pagor for such purposes are not wfficient to pay said taxes, assessments, insunnce premiums, and other chuges, as the case may 'i be, then due, then the Mortgagor will pay to the Mortgagee such deficiency immedately: When wch taxes, assessments, insunnce ~ premiums and other chuges fall due. i( the amounts deposited by the Mortgagor for such purposes excced the amounts due for ~ wch taxes, asseuments, insurance prcmiums and other chuges, the excess may, in the discretion of the Mortgagee, be applied on subsequent monthly payments to be made by the Mortgagor. In the erent of defauit under this mortgage any unexpended funds in the hands of the Mortgagee deposited by ihe Mortgagor to meet the obligations of taxes, assessments, insunnce ~ premiums and other chuges, shaU be applied by the Mortgagee upon the indebtedness hercby secured in the following order• ! (a) interat on adrances made by the Mortg~gee; (b) advances made by the Mortgagee; (c) interest on the principal- and (d) the ~ Principal debt hereby secured. When any wch taxes, usessments, insunnce premiums or other charges fall due the Mortgagor ` arill pmmptly obtain and deliver to the MottEagee statements with respect theteto. ~ 6. The Mortga~or represents ard agees that this mortg~ge loan and all fuwre loans evideaced by the aforesaid promiuory [ nota which ue secured hereby are made and exteaded by Mortgag~a in reliana. in part, on the financial backgrouud and abili- i ties of Mortgagor and any co-malcers, auarantors or endotsen to, jointty and severaUy. pay any and all vuious and sundry wms of money u~d t6e apecific rate of interest payable by virtue of said promissory notes a~d this mort~ge. Thae mortgage loans ue undeatood and agreed to be made and extended to the Mortga6or only. lt u neither pnsumed, expressed or implied that the oblig~tions crated hereunder may be assumed or pedormed by any puty other than the Mortpaor, whet6er or not upon the sak or coaveyana of the prcmises herein dacribed or any put thereof. If a comeyance should be made by the Mortgasor of the prcmises fierein descn"bed, or any put thereof, without the written consent of the Mortgaga. (which consent may be withheid arbitrarily or ~anted on terms ukcted by Mortgagee in its sok discretionJ or without assumption both by proper execution of auumptan saroements and relatal forms in use by tbe Mortsa6ce and by usumption in regulu form of law by the gnntee ot the obligatans created hemunder, then. in either of those ereots, and at the option of the Mort6aaee and without aotice to the Mort- gaaor or to any other puty, all wms oi money secured hereby shall immediately and conanenUy and upon such conveyance become due and payabk and in default whether or not the same are otherwise due and payabk or in defaalt by the spaific . terms hereot. The fore6oina option stull be exetcised by Mortgaaee at its sok and compkte discretion. The aforesaid consent of MoRgagce may be either granted or withheld wiWout any requirement of ihe Mortgagee disctosina any reasoa thsreforo. Not- ~ withstanding the fore6oing. if the ownership of 1he moriptaed premises. or any put Wereof, bocomes vested in a perwn other than the Mortp~or. the Mort6.~ee may deal with such wocessor or sucasson in interest with refaenoe to this mortgagee, and the debt hereby secured, rcsardkss of any change in the terms of the obligations crcated heceunda, without in aay maaner ~ vitiating or discbarging ihe Mortgagor's tiability hereunder or upon the debt hercby securod. The 1~lwt~or shaU st all times continue liabk for the indebtedneu secured hercby until this mortgage u full~ discharged or Mortaagor it forrtnlly released by an ~ instrument iti writing duly executed by the Mortgagee. - ~ 7. Mortga6or, at the option of Morigagee. shall pay a"late charge" not exceeding two per oentum of any said aggngate ~ monthly installments including any installment for payment of taxes and insunnce when paid more than ten days after the due date thercof (provided ihat in no event shall said "late charge" result in the payment of interest in excess of the maximum ~ interest permitted by law), to cover the extn ezpense involved in handling delinquent payments. Such "late charge" shall not be ~ payabk out of the proceeds of any sale made to satisfy the indebtedness securod hereby, unkss such procceds arc fint wffi- ~ cient to discharge the entirc indebtedness and all proper costs and expenses secured thereby. A rasonabk minimum "late charge" will be chargod u customuily fixed by Nortgasee from time to time, and Morigagor agrees to pay said minimum "late chuge; ' ~ if incurrod. ~ 8. To permit. oommit or sufter no waste and to maintain the improvements at all times in a state of good repair and con- dition; and to do or permit to be done to said prcmises nothing that will 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 refusal, neglect or inability of the Mortgagor to rcpair and maintain said property, ihe ltortaagoe may at its option make wch repair or cause the same to be made and adranct monies in that behalf which wms shall be secured by the lien hercof and beu intercst at the ume rate u is specifeed in the note securod hereby, u payabk after default in pvyment of said note. . i . f~~2?~ P,~E 495 ~ . . . . . ,