HomeMy WebLinkAbout0995 And stuli perfurm, comply u~ith and ~biilr by each and rrrry uf the stipul:,n~~ra..,grirrnrnt~.i~nduiuns and cuvenann .rt
f~uth in th~s murtg:yse rnJ m thr piunussury nutr sr.utrJ hercby, anJ eny rrncwal~ ur uther nute~ g~vrn irt accurd:?ncr hrrrN uh,
thcn this mort~+ge and thr rstate hcceby rrcatrd shall rease anJ be nult and ruiJ.
AnJ c~Ht Aturtg:?itor fur him~if ~nd his hrits, le~! rcprrs~ntahvas, ~urcc~sun ~nJ a+,ign., hrrcby rum~rnsnt~ and ~Krcr. to
~nd w~ih said \turt~gre, its Iegal represenWti~•es, sucreswn ~nd a~+~nc:
1. l~o pay all and cinguirr th~ prin:iFal rnd inttrest anJ ihe variouc and turniry ~ums uf muney payablr by virtue uf ..~id
prumiswry notrs, and this mottg;qto, cach and erery, promptly on the days rrspecUvely tAe same brcomr due.
2. To pay ~N rnd singular the taxes, a~srssments, levin~, IiabiLtie+, obl~ention~ and incumb~ances of every natwr and kuxl
nuw on u~d Jrsrribrd prup~ity, thal hrrerftrr mry br intpusrd, suClered, plrrrd, lr~~rd ~r a.~ts~rd tl~rrcupun, ancl that hercaiter
mry be Ie~~iaJ ur rsse~sc6 upon this mortgage, the irniebtrdnrss se~urcd hrnb~•, ur both, rach and rvary, whrn Jur ~nJ pa>able
~.•ru~ding ta I•rw, brfora thry brrume drlinyuent, and before any interest atlaches ur any prnalty is incurred; ~rxi in w far a~ any
thrrcof is oi' rerurd the s:~mr ~hall be prompQy ~a~ufied arni Jisrhar~ d of re:ord and the ur~inat otficwt dcx~urnent hurh a+, for
in+tan~-r, the 1ax rc~Yipt ur th~ ~rt~sl~rliun papar uf~irinlly rndarud ur rrnii~rd) tih~ll bc plared in the h•rrnf~ of ~turlgaKer with-
in ten Jayt next •r(ler pa~•ment.
3. To keep uid buildings, snd ~ny which may heteafler be etected upun said premixs, insurcd :~ainst luss or d~mag~ by
fire und surh other hazuds or risks as may be requited by !1lortgagee in surh amcum or amounts as may bt reyuired by said
4lon~~, in such insuranee rompany ur compa~ies as *turtg;?ltee, its succecsors or as~igns, may approve, and to deliver to s~id
\turt~a~er, as rJdiuonal security hereto, the polie•ies of surh insuran~r and uf any additional insurrnce w~hich shrll be taken aut
upon surh buildings while any part of the indebtedneu afcxesaid shall ~emain unpaid, having attarhed to said policies such murt-
gagte indemniry dause as Nortgagc~e ~hall dirn t, Reneaats of wch policies shaU be w delivered at least ten days before any such
insur.~nce shall expirc. All insurance carried shaU be sat~sfactory to said Mortgsgee. Any sum w•hich may become due under any
~uch pulicy may be applird b~• sakl ~lurtgagec:, at its option, eilher 1o reJu~~: vid debt ur to repai~ or repla~r the impro~•rn?rnts
rv~•rted by seed policy. S~id 1}urtgaKee m-ry prucure ~nd substitute for •rn~• anJ all of th~ inwran.e so held ~c afure~~d, surh
oth~r poliry or polirie~ af insurance, in like amount, as it may determine, pn~viJed Alort~r~eur tails 1o teplare anp curh inwrance
within trn d~ys attet being nu~ilicd Ihat thr tnsu~ing ('ompany is na longcr appro~rd by \lortgagee, !n cacc u1 ~le under furr-
.lu~um hereof, ~II surh insurance ch~ll thenceforth, and until the prricul ot redemptiun shall expire, be made payable to the
hulder of the cettificate of srle; and in ~uch r~~rnlc v~W \lurtkagee ic hereb~• auth.~riu~i to cullert the unrrrnrJ prcmiuni un an?
suth policy it may l':lU~C 10 bc :anrrlled. ~e~ardlr.s uf w~hrther s,ud prcmium is p3id by \tongagut or \1urt~agce, ~nd apph .uch
prcmium toaards the paymrnt of premium on any such new insurancr so payable tu thr holder of such certifirate.
4. In c•rse said Mortgagor chall neglect or refuse to krep said premix~ in gwxl repair and condition, ro pay~ prrrmpdy when
due all taxes and assessmcnts, ~s aforevid, ur to remove an>• statutur~• Ihns on ,aid premiies, or tv kcep the buildmgcand
impro~~ments insur~vl, as aforesaid, and drlner thc policy or pulicies of insurinre, or the renewals thereof, to s:iid ~tottgagre,ac
:+fomcxid, ~hc~ said Mort~ta~ee may, if it shsll x~ rlrct, make repaers, maintain .:iid property •rnd pay wch taxes and a+~e.,mcnis,
aith the arcrued interest, Enn~ltirc, oftirrr'. frrs, and ex~nsec thereon, redecro s;rid premises whKh may have been sold ur fur-
ieited for ta~es or assex.mrnts th~rcun. pur:hace any ta~ uUe therron, remove any stalu[ory lienc and proserure ur deter?d •rn~~
suits m rela~iun iheretu, insure and krr~ insur~d Uid buildings in the wm, as aloresaid, or fur any less wm and for su~h time, as
said \1un~;agee may drrm proper. Any ,unu whirh nuy be st~ paid uu[ by +aid ~lortz~g~e, and all .umc paid out fc~r .ubstituted
inwrance; as afuresaid, including thr cusis, e.~penus ~nd atturne~•'~ Yee ~aiil in an> ,uit atTerting said real e.tate, ah~n ne.r.-
sar}• or appropnate to protect th~ li~n hireuf, shall brar interect Crum the dale of curh p~~ m~m. at the c~me ratc a. is specif~cxi,
io the nute secured hereby, as payable rfter defauh in pa~•mint ut vid ilUlt, ~~l"JII bl' F1Jid VkI ~I~~t(f,'S~L'07 ~O Sdfl} ~~OT~CJYCC
upun demand and shrll be dremrd a part uf the d~bt hrrrb)' xcuttJ, and rcro~crable ~s ,uch ~n ~11 respech. Any ~urh liens
claims, ta+~es, asse~sments, or tax titles so purrhakd, F~rKi, ur redermed M• ,aid ~turtga?re .hall, r~ betxren the prrtie~ herctu
the~r surcrs~cors in i~tere~t, be deen?rd vrlid. .o thal in nu r+rnt ~h~U the nr~ec.ity ur .~I~dity ol ~n} such paymrnts t.z dispu[ed.
IYeither surh p~ymcnt b}~ Murtgager nur it; eollr.tion frum ~tortga~or ~t~:?II wai~e or alfect anp uption, lirn, eyuity or right vf
!?lurtgegre's.
5, If requesied by the ~lort~a~r, thr ~fo: tgagor, together with and in additiun to the munthly paymrnt~ under the trrms
of all notes secured hrrrby, on the due day u( rach monihl}• payment and until vid notec ar~ fully paid, shall pa)' to the Nort-
~gee ao instatlment of the ta~es and asirssments next tn becorree due a~inst the mort~aeed premises, ~n installment of premiums
- nrxt to become due on insured poliries required by the \tortg;igee, and an}• other charges payable according to the commitment
to C~nance. Such inswllrtxnts shall be equal respecti~•ely to such taxes ~nd assessments, inwrance premiums and othrr chargrs, all
~ as estimated by the Afoitgagee, less all sums already paid thereon, di~~ided by the number of months that are to etapse before one ~
j month priot to the date when such taxes and assessments, insurance premiums and other charges w•ill become due. Said install-
~ menls shalt be held bp the ~tortgagee /bearin~ the interest for !?fort~¢agor! to pay such taxes, assessments, incurance prcmiums
` and othzr chaiges_ All pr}•ments made under the term of this paragraph and under the note secured hereby shall be added
~ together and the a~re~tate amuunt thereof shail be prid by' the 3:ortg:~tor in a single paymertt each month to be applied by ihe
! ~fong-rgrc in payment of the trrms rnd in the urder follow~ing: la) taxes and a~sessments, and insurance premiums and other
` charges payable acrording to the cummhment to tinance; (b) ~nterest un thr notec se~urrd herrby; and (c1 amortization of the
~ principa! of said notec. Any de~iriency~ in the amount uf surh aggregate munthly payment shell constitute a deCault under thii
! mortgage. When su~h taxes, assessments, insurance premiums and other char~c fall due, if the ~mounts deposited by the ~turt-
~ ~zatio~ for wch purpose~ ate not sulfirienl tu pa}• wid ta~rs, acsessments. msuran~~e premiums, ~nd uther rharkcs, as ihr crse m~y
I b~, thrn Jur, Ihen the ~1urt~agor will par to ihe ~turtgsgrr su~~h dctici~nry immedi;~tely_ \1'hen such taxe..a.secsm~nts, in>ur~n~-e
! prcmiums •rnd other rharRrs fall dur, if ihe ~mount~ drposit~d b}• thr ~t~~rtK:e~ur t~.r .urh purpoces e~ceed the amuunt. due for
~ wch taxes, assrssmcnls. insuran.e ptemtwn: ~nd other rhrrgrc, the r~rr., ma~', in thr diccretiu~ of the ~tortgager, be appl~rd
E on wbceyuent munthty pa~-mrntc to be made by the ~tuttgagur. In the c~rm uf drtauh under thic murtgage an~• une~{~endrd
~ iund, in the hands c~f thr \iort~gc~ depusiied by the ~}oriYrg~rr to mcrt ~hc nbliYatic~nc ot taxcs, ascr.,mcnts, in,uranre
i premiums •rnd olher charcec, .ha0 t~ applird by the ~lortx;~gee up~~n the indrbtednes~ hereby securcd in the fullow•ing ~~rdrr,
la) interest un advances made b} the lturt~~gee: (b) advanies made bp thr Murt~Y~r: tc1 interect un the principal: ~nJ Id! the _
pnncipal debt hereby serured. W~hen any swh ~a~ec, assescments, inwran.~e premiums or uther charges fall due the ~forteagor
will prompUy obtain and dcli~er to the Mort~Kee statements wi~h respert theretu.
~ 6. The Mortgagor represents and agtees lhat this murtgage loan and ail futurc toans e~idenced by the afaresaid promiuor}~
rwies whirh are secured hereby are made and e~tended by ~tortp,agee in reliance, in part, on the finan~ial barkground and abili-
j ties of N~rtgagor and any co-makers, gurrantors or endorsea to, jointl~• and severally, psy any- and all ~~rrious and sundr>• sums of
' money and the specifir rate of interest payable b~~ virtue of said prumiuory~ notes and this mongage. Theu mortgage loans are
~ understood and agteed to be made and extended to the ~turtgagor only. It is neither pre~umed, expressed or implied that the
ubligations crwted hereunder may be assumed or performed by any party other than the Nortgagor, w~hether or not upon the
sale ot conveyance of the premises herein described or any part thereof. If a ronveyan~Y should be made by the Afortgagor of the
premises herein described, or any part thereof, w~thout the w•ritten consent af the Jiortgrgee, fw•hich consent may be w~ithhetd ~
arbitrarity or granted o~ terms selecied by ~iortgagee in its sole discretion./ or w~iti:uut assumption both by proper execution of
, assum t' e
p ion agr ements and related forms in use by the 11urt ee and by assum lion in re ular fotm of law b the an ee
RaR P € Y !tr t of ihe
obligations created hereuader, then, in either of those errnts, and at the aption of ihe !?tortgagee and w•ithout notice to the tilort-
~ Ragor ot tu any other party, all sums of money secured hereby shall immediately and conrurreatly and uppn such com~eyanm
become due and payable and in default whether or not the same are otherwise due and payable or in default by the specific
terms hereof. "fhe foregoing option sF~al1 be exerciseJ by Sfortgagre at its wle :+nd complete discretion. The aforesaid consent of
, ~fortg•rgee may be either granted or withheld without any requirement of the ~tortgagee disclosing any reason therefore. Not-
withstanding the foregoing, if the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other
than the Mortgagor, the Mortgagee may deal w•ith such successor or successors in interrst with reference to this mortgaget, and
the debt hereby secu~ed, regardlesz of any change in the terms of the obligrtiuns created hereunder, withuut in any mannet
vitiating or diuhargeng the ~fottgagor's liabilit}• hereunder or upon the debt hereby secured. The Jtortgagor shall at all times
continue liable tor the uxiebtedness cecured hereby until ihis mottgage is fully discharged or Mortgagor is fotmally relea~d by an
instrument in w~riting dul~• rxecuted by~ the Nortgagee.
7. tlort~agur, at the uption of ~iori~a¢ee, shaA pay a"I~te rharge" not exrerding twu per centum of any said ap,~regate
munthly installments in~luding rny in~tallment for pay ment of taxes and insurance when pa~d morc ttwn ten days after the due
date thercof (provided that in no event shall said 'Yate charge° rewtt in the pa~•ment of interest in ezcess of the maximum
in~rrest permit~ed by Iaw1, to c~ti~er the ettra ezpense imolred irt handling delinquent pa~•mcnts. Such "late charge" shall not be
pa>~able out of the proceed, of any sale made to satisfy the indebtednrcc ~erurcd hercby, unless such proceeds are first sufh-
cient to dixharge the entire indrbtedneu and a!! praper costc and e~~nsec u.ured Ihercby. A reasonable minimum "late charke"
w~~ll be char~ed as rustomariiy fi~ed by Mortga~ee from time tu time, and \lurtgakur ~~;rers ro pay caid minimum "late rhar~e: '
if incurred.
8. To permit, commit or suffer no w~aste and to mainiain the ineproti•ements at aU times in a state of good repair and cun-
diliun; and to do or pcrmit to be done to wid premises ~othine that will aNer or firnge the uce and rhararter of vid property or
in any wry impait or weaken the securiW, of stid motiga¢r. In rase of the refusal, neglect ur inahility of the ~lvrtga~!or to ~epair
and maintain said property, the Nortgagee may at its optiun make wrh repair or cauu the vme to he made and ad~~anre m~~mes
in that behalf which sums thal! be secuted b~~ the lien hereoi and bear interest ~l thc .,imr r~tr ae is speriiied in the nute cerured
hereby, as payable atter default in payment of said note.
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