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HomeMy WebLinkAbout0516 And o~! oomply with and abide by each and erery of the stipulations, aereemcnts,conditioos and covenants set forth ia 1hi~r~q~ and in the promissocy note secured hereby, and any rcn~wals or otAe~ notea given in accordance herew•ith, then thu mortp~e and the estate hercby cteated shall cesse snd be nuU and void. And said Mortgagor for himself and his hein, legal ~epresentatives, succeuors and usigns, hercby conrenants and a6rces to and with said Mongagee. its leaal ~epreseatatives. successon and assigns: 1. To pay all'and si~qtulu ~he p~incipal and interest and the rarious and aundry wms of mooey payabk by rirtue of said promissory notes, and tAis mort~aae, each snd erety. prompUy on IAe days respec~ivety the same bernme due. 2. To pay dl and singular the taxes. assessments. kvies, liabilities. obiigations and incumbrances of every nature and kind nuw on said described p~operty. that hereafter may be imposed, suffered, placed, leviod or assessed thercupon, and that hereafter myy be ler~od or assessed upon this mortgaae, the indebtedness sctiured hercby, or both, e~ch and every, when due and payabk accordi~ to law, before ~hey become delinquent, and beforc any interest atlaches or any penalty is incureed; and in so far as aoy thercof is of record the same shall be promptty satisfied and dixharged oi rccord and the urginal ofC~cial documenl lsuch as, for instance, the tsx receipt or the satisfaction papet oificjaUy endotsed ot certified) shaU be platx+d in the hands ot INortgagee with- in ten days next she~ payment. • 3. To keep said buildings, and any which may hereafter be erected upou uid p~emises, insured a6aiost loss or damaae by fue and such other hazuds or risks u may be requirod by MortgaEee in such amount or amounts u may bercq uired by said Mortga~a, in such insurance company or companies u Mortgagee, its wrccssots br assigns, may appmre. and to deliver to said Mortaagee. as additionat security heceto, the policies of such inwrana and of any additional inwrance which shall be Uken out • upoa wch buildinas whik any put o[ the iadebted~sa afaresaid shall remain unpaid. havina attached to said policies such mort- gage indemnity clause u Mortgagee shaU d'uect. ttenewals of wch policies shaQ be so deliverod at kast ten days before any wch insurance shall expire. AO inwrance cartied shall be satistactory to said Mortgaaee. My wm which msy become due under any such pdicy may be applied by said Mortgagee. at its option, either to reduce said debt or to repait or replace the improvertxnts coveted by said poGcy. Said Mortgagee may procure and substitute for any and all of the inwrance so Mld as aforesaid, such other policy or policies oi insurance. in like amount, as it msq determine, provided Mortpgor fails to replace any such insunnce within ten days afte~ being notified that the lnsuring ~Company is no longer approred by Mortgagee. In case of sale under fote- closurc hercof, all such insurance shall thtnceforth, and unt~7 the period of redemptiun sAall expire, be made payable to the holdar of the cettificate of sale; and in such events said Mortgagee is hereby authorited to collect the uneuned premium on any wch pdiry it may, cause to be cancelled, reganikss of w~hether said premium is paid by Mortgagor ot Mortga~ee. and apply such premium towatds the payment of ptemium on any wch new inwrance so payabk to the holder of such certifiwte. 4, In case said Mott~pgor shall neglect or refuse tu keep said prcmises in good rcpair and condition. to pay promptly when due all laxes and assessments. as aforesaid, or to remove any statutory liens an said premises, or to keep the buildings and improremeots insu~ed, u aforesaid, and deliver the poticy nr policies of insurance, or tl~e renewals thereof. to said Idortgagee,as afuresaid, then said Mortgager may, if it shall so ekct, make repairs, maintain said property and pay such tazes and assessments, with the accrued interest. penalties, officer i fces, at~d expenses Ihereon, redeem said premises which may have been wld or for- feited for taxes or assessments thereon, purchase any tax title thereon. cemove any statutory liens and prosecute or defend any suits in relption thereto. insure and kcep insured said buildings in the sum, as aforesaid, or for any less sum and for such time, as uid Mortgagce may deem proper. Any sums v?hich may be so paid out by said Mortgagee, and aU sums paid out for substituted insunnce; u aforesaid, including the rosts, expenses and attorney's tee paid in any suit afiecting said real estate, w•hen neces- sary or appropriate to protect the lien hereof, shall bear interest from the date of such-paymentc at the same rate as is specified, in the note secured hereby, as payable afler default in paymcnt of slid note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part af the debt hereby secured, anJ reco~rrable as such in all respects. Any surh liens claims, taxes, assessments, or tax tiUes so purchased, paid, ~r redeemed by said Mortgagee shall, as betwcen the parties h~reto their successors in interest, be deemed ralid, so lhat in no event shall the neceuity or validity ut any such pa~ ments be disputed. Neither such payment by Mortgagee nor its colkction fr~m MortgagoP shall waive or affect any option, lien, equity or right ot Mortg,agec's. ' S. If requested by Ihe Mortg~gee, the Mortgagor. together with and in addition to the monthly payments under the terms of aU nates secured hereby; un the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee an insiallment ot the taxes and assessments next to bernme due against the mortltaged premises, an installment of premiums next to become due on insured policies required by the MortpEee, and any other charges payabk according to the commitment to finance. Such instaUments shall be equal rcspectively to wch taxes and assessments, inwnnce premiums and other charges, all u estim~tod by the Mortgagee, less att wrsu aUeady paid thereon, divided by the number of months that ue to elapse before one month prior to the date when such taxes and assessments, inwrance premiums and other charges will become due. Said install- , ments shall be txld by the Mortgagee (bearing the interest Cor Mortgagor) to pay, such taxa, assessments. insunnce premiums and oiher chuges. All paymeats made under the tetm of this pangraph and under the ~wte scrured hereby shaU be added together and the a86regate amount theteof shall be paid by the Mortgagor in a single payment each month to be applied by the Afortgagee in payment of !he terms and in the order following: (a) taxes and assessments, and insunnce ptemiums and other charges payabk according to the rnmmitment 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 aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insunnce premiums and other charges fall due, if the amounts deposited by the Mort- gagor for such purposes are not sufficient to pay said taxes, assessments, insurancr premiums, and other charges, as the case may be, then due, then the Mortgagor will pay to the Mortgagee such defrciency immediarely. When such taxes, asseurr~ents, ir~suran~Y premiums and other charges fall due, if the amounts deposited by the Nortgagor for such purposes exceed ~he amounts due for such taxes, assessments, insurance premiums and other charges, the excrss may, in the discretion of the Mortgagee, be applied ' on subset~uent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended ~ funds in the hands of the Morigagee deposited by the Mortgattor to meet the obligations of taxes, assessments, inwrance E premiums and other charRes, shall be applied by the Mortgagee upon the indebtedness hereby secured in the follow~it~g order; ~ (a) intetest on advances made by the Morteagee; (b) adrances made by thr Mortgigee; (c) interest on lhe principal; and (d) the principal debt hercby secured. When any such taxes, asseuments, insuranoe premiums or other charges fall due the Afortgagor will promptly obtain_ and deliver to the Mortpgee statements with respect thereto. " ~ 6. The Mortgagor rcpresenis and agees that this mortgaae lom and atl future Iwns evidenced by the aforesaid promissory ~ notes which ue secured hercby are made and extended by Morigagee in reliance, in part, on the finanaat background and abili- ties of Mortgagor and any co-maken, guanntors or endorsers to, jointly and severally.pay any and all ruious and wndry sums of money and the specific rate of interest payable by virtue of said promissory notes and this mort&age. These mortgage loans are unN.ntood and ageod to be made and extended to the Mortg~or only. It is neither presumed. expressod or implied that the obligations created hereunder may be aswmed or performed by any puty other than the Mortbagor, whether or not upon the sak or conveyance o[ the prcmises herein desctibed or any put thereof. If a conveyance should be rtude by the Mortgagot of the prcmises herein descn'bed, or any put thereof, without the written consent of the Mongagee, (which consent may be withheld ~ atbitnrily or ganted on terms selected by Mortgagee in its sok discretion,) or without auumption both by proper execution of aswmptan ageements and related forms in use by the Mortgagee and by assumption in regulu form of law by the gnntte o! the obligations crcatod hereunder, then, in either of those ev~nts, and at the option of the Mortgaaee md without notice to the )r[ort- gagor or to aey other puty, all sums of money secured hereby shall immediately and concurrenUy and upon mch conveyanoe become due and payable and in default whether or not the same arc otherwise due and payabk or in default by the specific terms hereof. The foregoing option stull be exercisod by Mortgagee at its sole and compkte discretion. The aforenid consent of ~ - Mortgaaee rtuy be either gnnted or withheld without any requirement of the Mortgagee disclosing any reason thereforc. Not- ~ withstanding the foregoing, if the ownership of the mortpged premises, or any put thercof, becomes vested in a person other than the Mortg?gor, the Mortgagee may deal with wch sucxessor ot sucassors in interest with reference to this mortgagee, and the debt hercby secured, regardless of any change in the terms of the obligations created hereunder. Svithout in any manner vitiating or discharging the Mortgagor's liability hercunder or upon the debt hercby secured. The Mortgagor shall at all times a continue liabk [or the indebtedneu secured heroby until this morty~e is fuUy discharged or Mortgagor is formally rekased by an instrument in wTiting duly executed by the Mortgagee. ~ 7. Morlga6or. at the option of Mortgagee. shall pay a"late charge" not exceeding two per centum of any said a~regate > monthly installments including any installment for payment of taxes and insurance-when ptid more than ten days atter Ute due ~ date thercof (provided that in no event shall said `9ate charEe" result in the payment of interest in ezcess of the maximum ~ interest permitted by law~), to corer the extn expense involred in handling delinquent psyments. Such "late charge" shall not be _ payabk out of the prc,ceeds of any sale made to satisfy the indebtedness secured hereby, unkss such proceeds are first sufft- § cient to discharge the entire indebtedneu and all proper costs and expenses secured thereby. A reuonable minimum "late chuge" ~ will be chuged u customarily fixed by Mortgagee from time to time, and Alortgagor agrees to psy said minimum "late charge: ' ~ if incurred. ~ 8. To permit, commit or suffer no waste and to maintain the improrements at all times in a state of good repair and con- dition; and to do or permit to be done to said premises nothing that will altet or change the use and chuactet of said property or ~ in any w•ay impair or weaken the security of said mortgage. ln pse of the refusal, neglect or inability of the Mortgagor to repair ~ and rtuintain said property, the Mortgagee may at its option make such rep~ir or cause the sune to be made and advance monies . in ihat behalf which sums shall be secured by the lien hereof and beu interest at the same rate u is speciGed in the note secured hereby, u payabk after default in payment of said note. ~ ~ . ~ = R 276 5~~ ~~a~ , ~ ~ _ . . . . _ ~ _ _ - - - - ~ ~ _ _ ~