HomeMy WebLinkAbout0587 And slull petfufm, comply with and abWe by each and every uf the stipulatiuns, agrerments,runditiuns and cuven~~ts set
furth in this mur~ga~er and in the prumiswry nute serured hereby, ~nJ rny ~rr?ew•~Ic or uther nutes givr~ in acrordance herrwnh,
then this mn~tKagr ~nd the estate hrreby crcaled shaU ccase and br null and void:
And s:iid 4lottgagor for himself ~nJ his hein, legal ~ep~esentativ~s, wccrsson and a~cigns, hercby runvrnants and ~grert to
anJ wilh said Nort~gee, its Irgzl eeprrsen~aures, successots and av?gnx'
1. To pay all and singular the p~incipal and interest and the various and sundry ~ums uf mon~y payabin by virtue of uid
prumissory notes, artd this mortgage, earh and eveiy, promptly on the days respectirely thc same became due._
2. To pay aU and singular ~he laxrs, asseuments, leries, liabilities, obliKatiuns and incumbnnces of rvery nature and k~nd
nuw un ~aid dcxribed property, that herraftet may be impuscd, sufCered, plared, lrvird ur a~srsscd thercupun, arxl ttut hereafcer
may be tevied or :+ursscd upo~ ~his mortg~e, the indebtedneu ucured hrreby, or both, rach and ~ve?y, when due and payi~le
ac~u:ding to law, before ~hey berume delioquent, and befure •rny interes? attarhrs u~ any prnalty is incurred; aixl in so fat as at?y
thrreuf is of rerord the s,inr sh~tl be promptfy satisfied ar+ei dischuged of record and thr urginal atficial docum~nt (surh as, for
instanrr, the tax re~ript or the satisfactiun paper, officully endorsed ur certified) shalt be placed in the hands of Mung;?gre w•ith-
in ten Jays nr~t af~er paymrnt.
3. To keep said buildings, and any which may hereafter be ererted upun said premises, inwred againsl luss or damage by
fire and such other hazards or risks as may be required by I?fortgagee in surh amount or amounts as may be rcquired by said
\t.~rtgager, in wch insurxnoe company ur companies as Mortgagee, its wrressors or assigns, may approre, and to delirer to said
Afortgrgee, as additional serurily. hercto, the poliries of wch inwran~ro and of any additional inwrance which shall be taken out
u~+c,n such buildings while any put of the indebtedness aforesaid shall remain unpaid, having attached to said policies such mort-
R:+tee indemnity ciause as Nortgagee shall direct. Renewals of such pulicies shall be so deli~~ered at kast ten days before any such
insuram-r sh~ll expirc. All insurance carried shall be satisfactory to said I?tortg,agee. Any sum wfiich may bewme due under any
curh poli~-y may be apptied by said Mortg~gee, at its optiun, eithcr to reclu«: said debt or to repair or ceplaoc the imProvements
ruvrred by srid 4wlicy. S3id ~tortg;qtee may procute and subsiitute for any and all of the insuranre so held ax aforesaid, such
other policy or policies of insurance, in like amount, as it may drtermine, provided Mortga~r fails to replace any surh insurrn~r
within ten days •rfter being notii7ed that the Insuring Company is no lungrr appro~~ed by ~lortgagee. In casc of vale under fore-
rlusun hercof, ~II wch insurance shall lhenceforth, and until the petiod of redemptiun shall e~pite, be made payable to the
hulder oi the cerfifir~te of sale; and in wch e~~ents s~id Mort~tager is hercby authorizrd tu co8ecl Ihe unearned prrmium un any
wrh puli:y it may cau~r [o be cancrlled, reg~rdless of whether ~id prcmium is paid b~• \furtga~r or Morlgagee, and apply su.h
prcmium towards the payment uf premium un any such new insurance sp payable to the holder of sunc ~ertifi~~ate.
4. In case said Nort~-rgur sh•rlt negtect or refuse to keep said premiu s ~rt guod reprir and rondition, to p~y prompUy when
due aU taxes and acseuments, as aforesaid, or to remove any statutory liens on said premisc~s, or to kcep thc buildings and
improrYments insurrd, as afuresaid, and drliver the policy ur poliries of~ insurence, or the rrneM•als thereuf, to vid 11ort~+~e,~s
aFurcs:iid, then said 11mtg~gee ma>•, if it sh~ll K~ ekcl, mrke repairs, maintain ~id properi~• and pey such tarr~ and acsecsments,
with the arcrued inlere~l, prnaltics, uffcei s fees, and expenxs thereun, redeem siid premises which maq ha~r been suld or for-
feitcd fi~r taxes or asseciments thereon, purcha,r any tax title thereon, renio~Y ~ny siatat~yry liens arxl prosecute or defend any
suits in relation therero, inwre rnd-krep incun~d said buildings in the sum, as afores:~Ki, or for any less sum and for such time, as
said Mortgagee may d~m pro{?er. Any sunis x~hich may 6r so pai:i uut by said Nurt~agrc, and atl sums prid out f~~r substitutrd
msur~nce; as aturesrid, induding thr cmts, ex{?~nses and atturney's fee paid in any wit :+ftecting said real estate, w~hen neces-
sary ur :~ppruprialc to prote.t ihc licn hereuf, shrll bcar interesi froni the date of such payments at the same r~te as is spcrifir.i,
io the nute secured hrreby, as payable aiter default in pa}•meni of s~id note, shall be paid b}~ said Mortgagor to said \tortgagee
upun demand and sh•rll be deemed a part of the debt hereby sttured, and recovrrable as such in all respects. Any wch liens
clainn, taxes, assesiments, ur tax tiUes w pur~haxd, paid, or redecmed by said \fortgagee shall, rs between the parties hereto
thcir surcrswrs in intrre.t. be dremcd val~d. so Ihat in no cvent shall the necessity or vrlidity of any such paym~nts be disputed.
Neither such p-ryment by_ \lurt¢agre aor its collection from Mortgagor shall w~aive ot aifert any option, lien, equity or right of
ilurtgatnr's. -
5. If reqursted by Ihe ~tort~agee, thr ~tortgagor, together w•ith and in additk~n t~~ the munthly payments under the terms
of all notes secured hereby, un the due day of each monthly payment and until s~id notes are ful(y paid, shall pay to the tfort-
gagee an insta0mrnt of the taxes and asseumrnts next to become due against the murtgaged premises, an installment of premiums
next to become due on insured polKies required by the NortgaRee, and any other charges payabk according to the ~-ommitment
to finance. Such installments shall be equal respectiveh• tu surh taxes artd assessments, inwran~~c premiums and other charges, all
u extimated by the Mortgagee, leu :+11 sums alrrady paid thereon, divided by the number of months that are.to elapse beforc one
munth prior to the date when surh taxes and assessments, insurance premiums and other charges witl become dua Said instalt-
ments shall be held by the ~lqrtgagee Ibearing the interest for Mortgagot) to pay such taxes, assessments, inwraqce premiums
and other charRes. All pa~•ments made under the term oi this patagraph and unciet the note secured hereby shall be added
together rnd the agltregate amvunt thereof shall be paid by ihe Mortga~or in a single payment each month to be applied by the
~fortgagee in payment of the rerms and in the order folluwing: (a) taxes and assessments, and inwrance premiums and other
charges payable according to the rommitment to finance- (b) interest on the notes securrd hereby; and (c?amortezatioa of the
principal oi said notes. Any deficiency in the am6Ulk Of~sdch aRgregate montMy.payrt~ent shall constifLte a de~ult under this
morqtage. When such taxes, asse~sments, inwrance.pce~iy~s ~nd other charges~fall Que, if the amount,~ deposited by ti?e Nort-
Kagur for such purposes ~re not sufficieni to pay sale'farti, -rssessments, insuranc`e premiums, and other chrrges, as the case may
M~, then due, thrn the \lurtgagor w~ill pa)• tu thc !11ott~6yt def~ieney~i~t~ned~:ttely. When wch ta~es, acs~s~mcnts, ~nsuran~~e
premiums and other rharKrs fall 1uc, if the ~mouots deposit~ by thr Mortgagor for such purposes exceed thr ~muuntti due ior
wrh ta~es, assessmerits, inwrance premiums ~nd other charges, th~ exoess mey;-in tfie discretion of the ?lfurtgagre, be applied
on subsequrnl munthlp paymems fo be m~dc by the lfurt~}~9r. In ihe e~•ent.uf default u~xier this murtga~e any unr~prnded
funds in the h~nds of ihe bfort~eger depusited by the iV(artga¢bi to` meft the~obliFations of taxes, as~essments, insur;~nce
premiums and uther charges, chall be applird by the Nortg:qtec upon the indebtedr~cs hereby sccured in the follow~ing urdcr;
(a) ~ntrrest on advanres made bq the 5lortgagee; (b) advancea m~de br the ~lort~rger; (c) inleres! un the prin~ipal: rnd Id1 the
principal debt hereby secured. When any such taxes, assessments, insurance premiums or uther charges fall due ihe !lfortKaeor
will promptly obtain and delirer to the Mortgagee statemcnts with respect thereto.
6, "il~e Mortdngor represents and agrees that this mortgage loan and ail future loans e~~denced by the aforesaid promissory
notes which are secured hereby are made and extended by Mortgagee in reliance, in part, on the finanaal background and abili-
ties of Nort~gor and any co-makers, guarantors or endorurs to, jointly and severally, pa}• an~• and-all various and sundry sums of.
money and the tpeci5c rate of interest payable by virtue ot said promissory notes and this mortga~te. Theu mottgage loans are
understood and agreed to be made and extended to ihe lforigagor only. It is neither presumed, expressed or implied that the
oblip,ations created hereunder may be assumed or perfarmed by any party oiher than the Mort~pgor, whether or not upon the
sale or conveyance of the premises herein described or any put thereof. If a conveyance should be made by the Mortgagor of the
premises herein described, or any part Ihereof, without the N~ritten consent of the tiortgagee, (which conxnt may be withheld
arbitrarily or granted on terms selected by Jlortcagee in its sole discretion,) or w•ithout assumption both by proper execution of
assumption agreements and related forms in use by the Mort~tagee and by auumption in regular form of bw by the graatce of the
obligations crcated hereunder, then, in either of those erenis, and at the opiion ot the Afortgagee and w•ithout notice to the Mort-
gagor or to any other party, all sums of money xcured hereby sha0 immediately and concurrontly and upon such conveyance
become due and payable and in default whether or not the same are otherv~~se due and payabte or in default by the speci(ic
terms hereof. The foregoing option shall be exercised by Nottgagee at its sole and complete disctetion. The aforesaid consent of
Mortgagee may be tither granted or v~ithheld w~thout any requirement of the Mottgagee disclosing any rcason therefore. Ivot-
withstanding the foregoing, if the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other
than ihe Nortgagor, the Mortgagee may deal a•ith such successor or successors in interest with reference to this mortgagee, and
the debt hereby secured, regardleu of any change in the terms of the obligations created hereunder, without in any manr+er
vitiating or discharging the Mortgagor's liabil4ty hereunder or upon ihe debt hereby secured. The ~fortgagor shall at all times
continue liable for the indebtedness secured hereby until this mortgage is fuUy discharged or Mortgagor is formally released by an
instrument in K-riting duly exeruted by the Mortgagee.
7. ~iortgagor, at ihe optiun of 4fortgagee, sha11 pay a`9ate charge" not exceeding tw•o per oentum o[ any said aggregate
neonthly installments including any installment for payment of taxes and insurance w~hen paid more than ten days afte~ the due
date thereof (provided that in no e~~ent shall said "late rharge" result in the pa}•ment of interest in excess of the m:~ximum
interest permitted by law•), to co~~er the exira expense involved in handling delinquent payments. Such "late charge" shrll not be -
payable out of the proceeds of any sale made to satisfy the indebtedness serured hereby, unless such proceeds are firsi ~ufh-
cient to disrharge the entire indebtedness and all proper costs and expenses cecured thereby_ A reasonabk minimum "late charge"
w•ill be charRed as E~Lstomarily fixcd by Mortgagee from time tu time, and ~fortgagor agrees td pay said minimum "latc rhar~e;' ~
if incurred. .
8. Ib permit, cvmmit or suffer no waste and !o m~intain tLe improvements at 3U times in a state of good repair and con-
ditiun: and to du or permit to be done to said premises nothing that w ll alter or change the use and character of sa~d ptoperty oc
in any w•ay impair or w~aaken the secunty ot said mort~ge. In rax of the refusal, nepJect or inability of the Mortgagw to repair
and maintain said property, ihe btortgagee may at its option make such repair or cauce Ihe same to be mrde an~1 adran~~r mon~es
in that behalf which sums sh~ll be secured by the lien hereof and bear ~nterest at the wme ratr as is specified in the no!e secured ~
hereby, ~s payable after default in p~yment of vid note. ;
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