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HomeMy WebLinkAbout0796 And shall per[otm, comply wilh and abide by each and erery of the slipulations. aarrements,conditiuns and curenants set forth in this moitjate and in the p~omisx~ry note secuted hereby, and aay rehewals ur other ~otes 6iven in a:cordance he~ewhh, theo thls mortpde and the estate hereAy crcated shaU cease and be null and void. And said Mort6aieor for himself and his hei~s. leEal represontatires, successon and assigns, heteby convenants and aarces to :u?d with said Mortgagee, its Icgal repcesentatives. succeswn and sssi~ns: l. To pay all and singulu tht principal and interest and the variou: and sundry sums of money paysbk by virtue ot said promissory notes, and this mortga6e, each and every, promptly on the days respectively the same bemme due. 2. To pay all snd singulst the taxa, assessments, kvia, liabilities, obligations and incumbrances of every nature snd kind nuw un said described ptoperty, that hertafter may be imposed. suf(ered. placed, levied or assessed theceupon. ami ~hat hereafter may be kvied or asassed upon this mortgage, lhe indebtedness secuced hereby, or both, each and every, when due snd payabk arcordina to law, before they become deGnquent. and before any interest attaches or any penalty is incutred: and in so fu as any thereof is of record the same shall be promptly satisCxd and disrharged uf record and 1he orginal oflicial dceument Iwch u. fur ir?stance, the tax ~e~Yipt or the sitisfaction paper oflicially endorsod or certified) shaU be pbced in the hands of Mortgagee with- in tan days next afler payment. - 3. To keep said buildings, and any which may hereafter be erected upua said promises, inwred aaainst lou or dams~e by fue and such other huuds ot nsks u may be rcquired by Mottgagoe in such amount or amounts u maq berequired by said Alortgagee. ia such inwnnue company or companies u Mortgagee. ~ts wceesson or assigns, may approre. and to deliver to said Mortga~pee. as additioaal security hereto, the polk~ies ot wch iowrana and oi any additional insurana which shall be uken out upon wch buildia6s ~whik any put of the iadebtedness atonsaid shaU remain unpaid. having attached to said policies wch mort- gage indemnity clause u MortgaEee shall d'uect. Reoewals of such policies shall be so delivered at ka:i ten days before any wch insurance shall expirc. All inwnnce canied shall be satistactory to said INoctga6ee. Any sum which may become due undsr any wch policy may be applied by said Mortgaaee. at its option. either to reduce said debt or to repair or replaee the improvemeats covered by uid policy. Said ~lortgagee may procurc and substitute tor any and all of the inwrance so held as aforcsaid, such othec pdicy or policies of inw~ance, in like ~mount, as it may determine, peovided Mortgaaor fails to replace aay such insunace within ten days after beinE notified that the Insuring Company is no longer approved by Mortga~tae. In case of sak under fore- closure heKOf, aU such inwrance shall thenceforth, and until the period of redemption shall expirc, be made payable to the holder of the certifirate of sale; and in such events said MortRa~ee is hereby authorized to collect the uneuned prem~um on any wrh policy it may cause to be canc~lled, regardkss o[ whether said premium is paid by Mortgagor or Mortgagee, and apply such premium tov?-ards the payment of prcmium on any such new inwrance so payabk to ihe holder of such certificate. 4. In cue uid Mortgagor shall ne~tlect or ~efuse to keep said ptemises in good repair.and condition, to pay promptly w•hen due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the buiWmgs and improvements insured, as afores~id, and deliver the poGcy or policies of insurance, or the renewals thereof, to said Mortpgee,as aforesaid, then said Mortga~tee may. if it shall so elect, make rcpairs, maintain said property and pay such taxes and assessmeats, with the accrued interest, prnalties, offi~er's fees. and expenses thereon, redeem said premises wfiich may havr been wld or for- feited for taxes or asseum~nts thereon, purchase any tax tilk thereon, remove any statutory liens and prosecute or de[end any suits in relation thercto, insura and keep insurrd said buildings in the sum, as aforesaid, or for any kss sum and for wch timr, as said Mortgagee may dcem proper. Any sums w~hich may be so paid uut by sair! Mortg:+gce, and all sums paid out fot wbstituted insurance: u aforesaid, includinF the rosts, expenses and attorney's fee paid in any suit affecting said real estate, ahen neoes- sary or apprupriate to prutect the lien hereuf, ~hall brar interest from tt?e date of such payments at the same rate as is specified, in the notc securcd hercby, as payable aftrr delault in payment of said note, shall be paid by said Mortgagor to said Afortpagee upon demand and shall be deemed a part uf the debt hrreby secumd, and recuverable as such in a0 resperts. Any wch liens claims, taxes, usessmen:s, or tax tiUes so purchased, paid, or redermed by said Norigag~e shall, as betaYen the parties heteto their successors in internt, be deemed valid, so that in no event shall the necessity or vatidity of any su.h payments be disputed. Ne~ther such payment by Mortgagee nor its colkction from Morig:~or shall waive or 3ffect any option, lien, equiry or right of Mortp,agcc i. , ' 5. !f requated by the Mortgagee, the Mortgagor, tagether with and in additiun to the monthly payments under the terms of all notes securcd hercby, on the due day of each monthly payment and until said notes ue fully paid, shall pay ~o the Mort- pgse au iastallment of tl~e taxes and usessments next to become due against the mortga~ted premises, an instaltment of premiums rxxt to become due on inwrcd policies required by the Mortp~gee, and any other charges payabk according to the oommitment to finance. Such inst~Uments shall be equal respectively to wcfi taxes and assessments, insurance premiums and other charaes, a~l u estimated by the Mortgagee, less all sums already paid thereon, divided b)• the number of months that are to elapse befoce one month prioi to the date when such taxes and asasunents, inwrance premiums and other charges wifl become due. Said inuaU- ments shaU be held by the Mortgagee (bearing Ihe interest for Mortgagor) to pay such uxes, assessments, insunnce premiums and other chuges. A!I payments rtude under the term of this pangraph and under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor in a sinitle payment each month to be applied by the Nortgaaee in payment of the terms and in the order following: (a) taxes and assessments, and insunnce premiums and other cturges payabk according to the commitment to finanoe; (b) interest on the notes secured hereby; and (c) amortization of the principal of said notes. Any deficiency in the amount of such agge~tate monthly payment shaU ~ronstitute a default under this mortga~te. When such taxes, asseuments, insurance premiums and other charges faU due, if the amounts deposited by the 11(ort- gagor for such purposes are not sufficient to pay said tares, assessments, insurance premiums, and other charges, as the cax may be, then due, then the Morigagor will pay to the Mortgagee such deficiency immedutely. When such taxes, assessments, insunnce premiums and other charges fall due, it the rmouats deposited by the Mortgagor for such purposes exceed the amounts due for i such taxes, asuuments, insurance premiums and other rharges, the ~xcess may, in thr discretion of the Mortg~gee, be applicd ( on subsequent monthly payments to be made by the Mortp,agor. In the event of detault under this mortgage any unexpended ~ funds in the hands of the Morigrgee deposited by Ihe ltortgagor to mrtt Ihe obligations of taxes, assessments, inwrrnce ~ premiums and other charges, shnll be applied by the Mortgagee upon the indebtedness hercby secured in the following order- G (a) interest on advances made ~y the Mortgagee; (b) advances made by the Mort~gee; Ic) interest on the prinripal; and ldl ttx principal debt hereby secured. When any such taxes, asseuments, inwnnce ptem~ums or other charges fall due the afortg~or j will promptly obtain and deliver to the Mortgagee statemtnts with respect Ihereto. ~ 6. 'Ilu Mongagor represents and agees that this mortg~ge Iwn and all future loans evidenced by the a[oresaid promissory notes which ue secured hercby are made and extended by Htongaga in reliance, in part, on the fwncial background and abili- ties of blortg~gor and any eo-makers, guarantors or endorsers lo, jointly and sererally, pay any and a0 various and wndry wms of money and the specific cate of interest payable by virtue of said promissory notes and this mortgaae. These mortg~e Iw~n are undentood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expreued or implied that the obligations crated hereunder may be aswmed or performed by any party other than the Mortp~gor,-whether or not upon the sale or conreyana of the premises hercin described or aay put ihereof. lf a ronveyana should be made by the Mortgagor of the premises herein described, or any part thereof, without the w•ritten consent of the Mortgager. (which consent may be withheM arbitnrily or gnnted on terms selected by Mortgagce in its sok discretion,) or w~ithout auumption both by proper execution of aswmption agreemenu and related forms in use by the Mortgaaee and by assumption in regular form of hw by the grantce of the obliptiora created heceunder, then, in either of those erents, and at the option of the Mortgaaee and v~tithout notice to the Mort- - gagor or to any other puty. all sums o~ money secured hereby shall immediately and concunently and upon such conveyance become due and payable and in dtfault wt~ether or rwt the same are otherwise due and payabk or in default by the specific terms hereof. The forcgoing option shall be exercised by Mortgaaee at its sole and compkte discretion. The aforesaid consent of Mortga~a may be either granted or witAheld without any requirement of the Mortgagee disclosing any rcuon theteforc. Not- withstanding the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person other than the Mortpgor, the blortgaget may deal v~7th such suocessor or wccessors in interest with refaence to this mortga6ee, aed the debt hereby secured, rcgardless of any . change in the terms of the obligations created hercuader, without in any manner ~ vitutinE or dischargina the Mortgagor's liability hereunder or upon the debt hereby secured. Tlrc Mortgagor s1u11 at all times ~ continue liabk for the indebtedneu secured hereby until this mortgage is fully discturged or Mortgagor is formally rekased by an ~ instrument in aTiting duly executed by the Mortgaga. ~ 7. Mortgagor, at the option of Mortgagee, shall pay a"late charge" not exceeding twa per centum of any said aggeRate ~ monthly installments including any installment for payment of taxes and insunnce when paid morc ihan ten days aftet the due date thereof (prorided that 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 extra expense involved in handling delinquent payments. Such "late charae° shaU not be ~ payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unkss such proceeds are frst suffi- cient to diuharge the entirt indebtedness and all proper eosls and expenses secured thereby. A rasonabk minimum "hte charge" ~ will be charged as customuily fixed by Mortgagee ftom time to time, and ~tortgagor agrees to pay said minimum "late charge: ' ~ if incurred. ~ 8. To permit, commit ot suffer no waste and to maintain the improvements at all times in a sUte of good repair and con- ` dition: and to do ar permit to be done to said premises nothing Ihat will alter or chanjte the use and chuacter of said property or in any way impair ot w•eakee the security of said mortgage. In case of the refusal, nepJect ot inability of the Mortpa~or to rep~ir and mtintain said property, the Mortgagee may at its option make such rcpair or cause the same to be made and ad~ynce mon~es ~ in that behalf which wms shall be secuted by the lien hereof and beu interest at the same rate u is specified in the note se.urod hereby, u payabk after default in payment of said note. ~ ' ~ ~ • ~ ~ 6LOK~ Ia7 PACE ~ - ~