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HomeMy WebLinkAbout0680 I - V ~t 4'•i Md s1uU petform, comply with and ahide by each and every of the stipulatiuns, agreemrnts,condi~i~~ns and coreoants ut forlh in this mortaa;e and in the promiswry nute securcd hercby, and any renrwals ur uther notes ~ven in accu~dance herewith, then this mortp~e and the estate hereby created shall cease and be nuU and rvid. And said Mortgagor for himxif and his hein, legal repreunlatives, tucceuon and assigns, heret+y coovenanls and agrees to and with said Mortga~tee, its legal reprcsentau~~es, surceuan anJ assigns: I. To pay all and singulu the ptincipal and interest a~d the various and wndry sums of money paya~k by vittue oi said p~omiuory notes, and this mott~age, each and every, promptly on the days respectively tht same become due. 2. To pay all and singular ~he u~ees, asseumenls, leries, lubilities, oblqtations and incumt+noces of every naturr and k~nd now• on said dexribed proper~y, that hercafter may be imposed, suffered, placrd, levied or assessrd thereupun, and that hereafter may be kvied or assessed upun this mortgage, the indebtedness securcd herrby, or both, each and erery, when due and payable accordir~ to law, beforc they become delinquent, and before any interest aturhes or any penalty is incurred; and in so fu as any thereof is of reco~d the same shail be promptly satisfied and dischuged uf rccord and the or~inal oft~cial document (wch u, for instance, the ta~i receipt or the satisfxtion paper o('ficiaUy endorxd o~ ce~tit~ed) shall be placed in the hands of Mortgagee with- in ten days aext after payment. 3. To kap uid buildings, and a~y which may hereafter be etectod upon said premises. insured a6ainst lou ot damage by fue and such othar hasuds or risks as may be reQuired by Alortgagee in such amount or amount: as may bcre~uired by said Mortga~ee. in wch insu~ance company or companies u MortsaEa. its successors or usigns. may approve. and to deliver to said Morigagee. at additional security heteto, the policies of wch insurana and of any additional inwrance whicA slwll tie taken out upon wch buildinas whik any put of the indcDtedneu ataesxid shall remain unpaid, havina attached to said policies wch mort- ~6e indemnity clause u Mortaasee shall d'uect. Renew•als ot such policies shall be so deln~ered at kast te~ days befwe any wch ~nsunnce shall expire. All insunnce anied shap be satisfactory to sa~d Mortgagee. Any sum which may become due utxier any such policy msy be apQlied by said Mortgagee, at its optan, either to reduce said debt or to repa'v or rcplace the improvements rovered by said policy. Said Mortgagee may procu~e and substitate for any and all of the inwrapce so held as a[oresaid, such other policy ot policies ot insucance, in like amount, as it may determine, provided Mortgagor fails to replace any such insurance within ten days after being natified that the Insurin~t Company is no longer approved by Mortgagee. ln case of sak under fore- closurc hereof, all such insunnce shall thenceforth, and until the period of redemption shall expire, be made payable to the hulder of the certificate of sale; and in wch events said Mortgagee is hereby authorized to cdlect the uneuned prem~um on any wch pdicy it may rau~e to be ~an.~rlled, re~rdtess of whelher said premium is paid by ~iortgagor or Mortgagee, and apply such ' premium towards the payment of prcmium on any such ncw insurance so payable to the holder of such certiC~cate. 4. In case uid Mortgai[or shall neglect or refuse to keep said prcmises in Rood repair and condition, to pay prompUy vvhen due all taxes and asseuments, as aforesaid, or to remove any sututory liens on said premises, or to keep the buildings and improvements inwred, u aforcsaid, and deliver the policy or policies of insunnce, or the renewals thereof, to said Mortgagee,u aforesaid, then said Mortgagee may, if it sha14 so ekct, make repaus, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thercon, redeem said prcmises which may have been wld or for- feited for taxa o~ assessments thercon, purchase any tax titk thereon, remo~~ any statutory liens and prosecute ot defend any suits in relation thereto, insure and kce~ insurM said buildings in the sum, as aforesaid, or for any less sum and for such time, as said Mortgagee may deem proper. Any sums which may be so paid out by said Morfgagee, and all wnu paid out for substituted insunnce; u aforesaid, including the costs, e~penses and attorney's fee paid in any suit alfecting said ral estate, when neces- sazy or appropriate to protect the lien heteof, shall brar interest from the Jate of such payments at the same rate as is specified, in the note secured hereby, as payable after default in payment of srid note, shall be paid by said 1lfortgagot to said Mortgagee upon demand and shall be deemed a part of the debt hereby securcd, and recoverable as surh in ail respects. Any such liens claims, taxes, assessments, or tax titles so purchased, paid, or redermed b~• said Mottgagce shall, as between the parties hereto theit successors in interest, be deemed vaiid, so that in nu event shall the necestity or ~alidity of any such payments be disputed. Neither such payment by Mortgagee nor its cullection from Mortgagor shall w•aive or affect any option, lien, equity or right of Mortgagee's. S. If requated by the Mortgagee, the Mort~taaor, together vvith and in addition 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 to the Mort- gagee an instaUment of the taxes and usessments next to become due against the mortgaged prcmiscs, an installment ot premiums next to become due on insured policies required by the Mortgagee, and any other charges payable according to the commitment to finance. Such insullments shall be equal respectively to wch taxes and asseuments, inwrance prcmiums and other chuges, aU u estimated by the MortgaRee, less all sums already paid ihereon, di~tided by the number of months that ue to eUpse before one month priot to the date when such taxes a~d auessments, inwrance premiums and other charges will become due. Said install- ments shall be held by the Nortg~gee (bearing the interest for Mortgagor) to pay such taxes, assessments, insunnce prcmiums and other chuges. All payments made 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 single payment each month to be applied by the MortgaRee in payment of the terms and in the order following: (a) taxes and assessments, and inwrance premiums and other clur6es payabk according to the commitment to finance; (b) interest on the notes secured hereby; and (c) amortiution of the principal of said notes. Any deficiency in the amount of such aggregate monthly payment stuU constitu:e a de[ault under this 'i mortgage. When such tares, assessments, insurance premiums and other charges faU due, if the amounts deposited by the Mort- gaeor (or such purposes are not suffic~ent to pay said taxes, assessments, insunnce premiums, and other chuges, u the cast may ~ be, then due, then the Mortgagor w~ill pay to the Mortgagee wrh deficiency immedutely. When such taxes, assessments, insunnce ~ premiums and other char~tes fall due, if the ~mounts deposited by the Mortgagot for such purposes excted the amounu due for ~ such taxes, asseuments, insurance premiums and other charges, the exceu may, in the discretion of the Mc?ttgagee, be applied ~ on subsequent monthly payments to be made by the ~tortgagor_ In the event of default under this mottgage any unexpended funds in the hands of the Atortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insunnce ptemiums and other charges, shall be applied by the Morigagee upon the indebtedneu hereby secured in the following order; I (a) interes! on adrances made by~ the ~tortgagee; (b) advances made by ihe Mortgagee: (c) interest on the principal; and (d) the ~ principal debt hereby secured. When any such uxes, assessments, insunnce prem~ums or other charges fall due the Mottgagor will promptly obtain and deliver to the Morigagee statements with respect thereto. ~ 6. The Mortga~tor rcpresents and agrees that Ehis mortgaEe loan Snd all future loans evidenced by the aforesaid promissory notes which ue mund hercby arc rtude and oxtended by Mortgagee in reliance, in part, on the fuuncial background and abili- des of Mortgaaor and any co-makers, guarantors or endorsen to, jointly and severally, pay any and all vaiious and wndry sums of money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans are undentood and agad to be made and extended to the Mortgagor only. It is neither pcesumed, expressed or implicd that the obligations created hcreunder may be auumed or performed by any party other than the MortpEor, whether or not upon the sak or conveyance of the prcmises herein described or any put thereof_ If a conveyance should be made by the Mortgagor of the premi~es herein described, or any put thereof, without the w•ritten consent of the 1ltortgaRee, (which consent may be withheld ~ arbitnrily or ~uanted on terms selected by Mortgagee in its sole discretio~,) or w•ithout aswmptan bolh by proper execution of auumption ageemenu and related forms in use by the Mortg~tec and by assumption in regular form of law by the gnntee of the obligations created hereunder, then, in either oC those events, and at the option of the Mortgagee and without notice to the Mort- gagor or to any other puty, all sums of money securM hereby shaN immediately and concurrently and upon such conveyance become due and payable and in def:ult whether or not the same are otherw~ix due and payabk or in default by the specifc terms hereoL The forcgoing option shall be exerrised by Mortgagee at its sole and compkte dixrction. The aforesaid consent of Mortgagoe may be eitha granted or withheld without any requirement of the Mortga6ee disclosing any reason therefore. Not- withstandina the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person other than the MortgaEor. the MortgaEee may deal with such successor or successon in interest with reference to this mortgagee, and x? the debt hereby secured, reEardless o( any change in the terms of the obligations created hereunder, without in any manner vitiating or diiclurging ihe Morigagor's liability heteunder or upon the debt hereby xcuted. The Mottgagor shall at all times ~ continue liabk for the indebtedness secured hereby until this mortgage is fully discharged or Nortgagor is formally rcleasod by an ~ instrument in writinE duly exeruted by the Mortgagee. ~ 7. Mortgagor~ at the option of Mortgagee, shall pay a"late charge" not exceeding two per centum of any said aggregate monthty instaUments including ~ny inst~llment for payment of taxes and insu~ance when paid more ihan ten days after the due ~ - date thercof (provided that in no crent shall said "late charge" result in the payment of interest in exceu of the maximum ~ interest permitted by law•), to cover the extn expense involved in handling delinquent payments. Such "late chuge^ shall not be ~ payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unleu such procads are Cust suffi- cient to discharge the entire indebtedness and all proper rosts and expenses securcd thereby_ A teasonabk minimum "late chuge" ~ will be chargod as customarily fixed by Mortgagee from time tu time, and Mortgagor agrees to pay said minimum "late chuge: ' ~ if incurrcd. ~ 8. To permit, commit or sufter no waste and to maintain the impro~-ements at all times in a sute of good tepair and con- dition; and to do or permit to be done to said premius nothinE that will alter ot change the use and chuacter of said property or ~ in any way impair or weaken the secutiry of said mortgagc. In case of the refusal, neglect or inability of the Mottgagot to rcpair ~ and maintain said ptoperty, the Mortltagee may at its optwn make wch repair or cause the same to be made and advance monies ~ in that belulf which sums shall be secured by the lien hercof and bear interest at the sartx nte u is specified in the note xcored ~ hereby, u payable after defauit ~n payment of said note. ~ ~ : ~ '.i~~~ PAGt ~ ~ . - . . - .