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HomeMy WebLinkAbout0634 F • . . . . Md shaU per(orm. comply with and abide by esch and evety of the stipubtions. agcements~conditions and covenants set forth ia this mott~a~e and in the promiswry note secured heroby, and any ronewals or othe~ notes given in accordance herewith. then tNs mo~t~aae arid tAe eslate Aereby croated shall cease and be null and void. And said Moctgasor fo? himseU aod his hein. kpl ~eprcsentadves, successors lnd assilp?s, hercby conve~ants and aarcef to and with sald ltortpaee. it:legal rcprcsentative:. wrcesson and asugns: l. To pay aU and si~a~u the pii~cipal and interest and the variou: and sundry sums of money paYabk by virtue ot said promissory notes. and this morteaae. each snd evaty. pmmpUy on the days rcspectively the same bemme due. 2. To psy all snd sinaular the taaes, assesaments, kries, liabilities, obligations and incumbrancei of every natur~ and kind now on uid described property, tMt hereafter may be imposed. suffered. placed. levied cN assessed thereupon. and that hereafter may be kvied or assessed upon this mortgaEe, the indebtedncu securcd hereby, o~ both, each and erery, ~rhen due and payabk accordiog to law, beforo they become delinquent, and beforc any interest attaches or any penalty is incurred; and in so fu as any thereuf is of record the ssme sAall be prompUy satisfiod and diuhuged o! rerotd and the orginal official document (such u, for insunce. the tax rcceipt or the satisfaction paper ot'ficially endorsed or certified) shall be plx~ed in the hatds of Mottaagce with• in ten days next after payment. 3. 'fo keep said buildinas. and any which may he~after be erected upon said premises, insured aaainst loss or dama~e by Cue and such other hazuds or risks u may be requiced by lNortgagee in such amount or amounts as may berequired by said Mortga~ce. in wch insurana company or companies u blortgagee, its wcces:on or usigns, may approve. and to delive~ to said Mortp~ee. as additioaa! security hereto. the policies of wch inwrance and of any additional inwrance which shall be taken out upon wch buildinas while any put of the udebtedneu afaesaid shal! remain unpaid, havina attachod to said policies wch mort- gage udemnity dause as Mo~tgagee shaU d"uect. Renewals of wch policies shaU be so delivered at kast ten days before any wch insurancr shall expiro. All inwrance arried shall be satis[actory to said Mortgaaee. Any wm which may become due under any such policy may be appiied by said Mortgagee. at its option, either to ~educe said debt or to repair or reptace the improrements coveted by said policy. Said Mortgaltce may prorurc and substiwte for any and all of the insurance so held as aforeuid, such other policy ar policies ot iasurance, in like amount, u it may determine, provided Mort~agor fails to reptace any such insurance within ten days after bemg notified that the Insurin6 Company a no longer approved by Mortgagce. In case of sale under forc- closure hereot, all such insurance shall thenceforth, and unt~l the period of redemption shaU expire. be made payable to the holder of the cettificate of sale; and in such erents said Mortgagee is hercby authorized to colleet the uoeuned premwm on any wch policy it may cause to be cancelled, regardless of whether said prcmium is paid by Mortg~gor or Mortgagee, and apply such premium towards the payment of premium on any such new insurance so payabk to the holder of such certificate. 4. In pse said Morly,~aor shall negkct or refuse to keep said premises in good repair and condition. to pay promptly when : due aU laxa and assessments, as aforeuid, or to remove any -stawtory liens on said premises, or to keep the buildings and improvements inwred. as aforesaid, and deliver the policy ot policies of insurance, ot the renewals thereof, to said Mortgagee,u aforesaid, then said Mortgagee may, if it shall so ekct, make rcpairs, maintain said property and pay such u~ces and assessments, with the accrued interest. penafties, officer's fees, and expensa thereon. redcem uid premises which may have been wld or tor- feited for taxes or asseuments thereoo, purchase any tax titk thsreon, remove any sWtutory liens and prosecute ordefend any • . suits in telation the~eto, insure and keep insured said buildinEs in the sum, as aforesaid, or for any less sum and for sach time, as said MortgaEee may deem proper. A~y sums x~hich may be so paid out bp raid Mortgagee, and all sumc paid out for substituted insurance; as aforesaid, including Ihe costs, expenses and attorney's f'ee paid in any suit,affecting said real estate, when neces- suy or apptopriate to protect the lien hereoC. shall b~r interest from the date of such payments at the same nte as is specifrcd, in the note secured hereby. as payable after defaull in paymeni of said note, shall be p~id by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of"the debt hereby secured, and recoverabte as such in all respects_ Any wch liens claims, taxes, assessments, ot tax titks so purchased. paid, or redeemed by said Mortgagee shall. u between the parties hereto their successors in interest, be deemed valid, so Ihat in no event shall the necessity or validity of any such payments be disputed. Neither such payment by Mortp.agee nor its coflection from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee's. S. If requestevl by tM Mortpagee, the Mortgagor, together v~ith and in addition to the monthly payments under the terms of all notes secured hereby, on the due day of each montl?ly payment and until said notes are fully paid, shall pay to the Mort- gagee an installment of the taxes and asseuments next to bernme due against the mortgaged premises, an installmerit of premiums next to become due on insured pdicies required by the Mortpgce, and any other charges payable accotding to the mmmitment to finance. Such installments shaU be equal respectively to wch taxes and assessments, inwrance premiums and other charges. all as estimated by the Mortgagee. leu all wms already paid thereon, divided by the number of months that ue to elapse befon one month prar to the date when such taxes and assesunents, inwrance premiums and other charges w~U become due. Said install- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, asseuments, insunnce premiums and othet charges. AO payments made under the term of this paragaph and under the note secured hereby shall be added together and the aggreg~te amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Mortgaga in payment of the terms and in the order followi~: (a) taxes and assessments. and inwnna ptemiums and other charges payabk according to the commitment to finance: (b) interest on the notes secured hercby: and (c) amortization of the principal ot said notes. My deficiency in the amount of wch a~egate monthly payment shall constitute a default under this mortgaae. When wch taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mori- gagor for such purposes are not wfficient to pay said taxes, assessments, insurance premiums, and other charges, as the case may - be, then due~ theo the Mortgagor will pay to the Mortgagee such deGciency immediatety. VYhen such taxes.assessments, insurance i premiums and other chuges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for i such taxes, asxuments, inwrance premiums and other charges, the excess may, in ihe discretion of tht Mortgagee, be applied ~ on subsequent monthly payments to be made by the Mortgagor. In the e~~nt of default under this mortgage any unexpended I funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insutance ~ premiums and other chuges, shall be applied by the Mortgagee upon the indebtedneu hereby secured in the follow~in(t order: (a) interest on advances made by the Mortgagee; ~b) advances made by the Mort~gee; (c) interest on the prinripal; and Id) the ! principal debt hereby secured. When any such taxes, assessments, insunnce premwms or other charges fall due the Mortgagor ~ will promptly obtain and deliver to the Mortgagee statements with respect thereto. ~ 6. The Mort~gor represents and agees that this mon~ge loan and all futurc loans evide~od by the aforesaid promissory notes which ue securcd hereby are made and ezteaded by Mortgagee in reliance, in part, on the Cu~ancial background and abili- ties of Mottgagor and any co-malcen, guanntors or endorsea to, jointly and severally, pay aay and aU vuious and wndry wms of money and the specific nte of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans ue understood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied lhat the obligations aatod hereunder may be aswmod or performed by any puty other than the Mortp,~got, whether or not upon the sak ot conveyana of the premises herein described or any put thereof. If a ronveyance stwuld be rtude by the Mortgagor of the prcmisa hercin described, or any put lhereof. without the written consent of the Mortgagee, (which consent may be withheld arbitnrily or ganted on terms sekcted by Nortgagee in its sok discretion,) or without auumption both by proper execution of aswmptan agrcements and related lorms in use by the Mortga6ee and by aswmption in regular form of law by the gnntee of the _ obligatans crcated heceundet, then, in either of those events, and at the option of the Mottgagce and without aotice to the Mort- gagor or to any other puty, a0 sums of money securcd hereby shaU immediately ud concurrently and upon wch conveyance become due and payabk and in default whether or not the same are otherwise due and payabk or in default by the specific terms hercoL The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Morigygu may be either ganted or withheld rvithout any requirement of the Mortgagee disctosing any reuon therefore. Not- withstanding the foregoing, if the ownership of the mortg~ged premises, or any put thercof, becomes r•ested in a person other ~ than the Mortpgor, the Mortgagee may deal wilh such sucassor or successors in intecest with rc[erenoe to this mortgagee, and the debt hercby secured. reaardless of. any change in the terms of the obligations created hereunder. without in any manner ~ ritiatina or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mottgagor shall at all times continue liabk for the indebtedness secured hercby until this mortgage is fully discharged or Mortdagor is forrtully releasod by an ~ instrument in writing duly executod by the Nortgagee. _ ~ 7. Mortgagot, at the option o[ Mortgagee, shall pay a"late charge" not exceeding tw•o per centum of any said aggregate ~ monthly installments including any installment for payment of taxes and insurance when paid more than ten days after the due g date thercof (provided that in no event shall said "late chuge" result in the payment of interest in excess of the maximum ~ interest permitted by laa•), to cover the extra expense involved in handling delinquent payments. Such "late charge" shall not be ~ payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first suff- ; cient to discharge the entirc indebtedneu and all proper costs and expenses secured thereby. A reasonable minimum "late charge" ~ w•ill be charged u customuily fixed by Mortp,agee from time to time, and Mortgagor agrces to pay said minimum "late charge; ' if incurred. i 8. To permit, commit or suffer 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 rhange the use and character of said property or in any way impair or weaken the security of said mortgage. In case of the re(usal, neglect or inability of the Mortgagor to rcpair ~ and maintain said property, the Mortgaaee may at its option make wch repair or cause the same to be made and advance monies - ~ in tlut behalf which sums shall be secured by the lien hereof and beu interest at the same rate u is speciP~ed in the note secured - hercby, as payable after default in payment of said note. ~ ~ ~ E~ N,. ~ ~ . ` ~0~276 ~a . 6~ .