HomeMy WebLinkAbout0742 A~xi shall pctturm, cumply w~th and :+Dkfr by each rnd e~•rry uf the shpulat+.~ns, ag~r~mrnts,r.~n.lniuns anJ ruvenan~s ~rt
iurih in lhii morig:y~r and in ~hr prum~u.~iy nutr srcurrd herrby, anJ :+ny rrnewrk ur othtr notrs givrn in rrcurd~nce herrwith,
thrn this m~utgr~ r~xi thr rs~-r~r hrrtby creattd shail ~Yasr :~nd be null and vuid.
And uid !NarlgaKur for him~lf and his he~rs, Irgal rrprexn~anves, ~uc.eswr. ;?nd as+igns, hereby .om~~ant+ and ~gtre, to
~ ~nJ with ~id ~i~~rt~wgrr, ils legal ieprrxn~~t~ves, surcrsuxs arxi acciKns:
1. 'fa pay all and cioKular tt~e prinriQat and intrrest and the varicwc ~nd sundry ~ums of money pryable by ~tirtue of ca~d
prumiswry notrs, and this mortgage, narh and ercry, prompdy on the dayc respect~veiy ~he same i~eruuK duc.
2. To paY ~II and sinRular thr ta~e~, rccrssments, levic~, liabil~uex, obli~rtions and incumbrance~ uf every nature and k~nd
nuw un ~riJ d~scntxd proprrty, th;~t hrrerftcr may br impuuKi, ~uffereJ, plared, h+ird ur a~~es~d Ihenupun, arni th•rt hercafter
m~p he Icv~~d ur ~ur~.~yi upun this mortKagr, the indebtrdness urured herrby, ur both, rach and rvery, w•hen due and payable
~r.urJing (o I~w, be(ore thry berome delinyuent, and befure rny intrrcsl •rttrche~ ut ~ny prnatty is ~ncurred: and in w far ~s any
therruf is ol reiurd the s;ime dwll br promptly satisfird rnJ dischargrd uf rec~rd and thr urginal uftic~al dcxument Iwrh as, for
in~t~nce, the tax receipt .~r thr sa~iSCartion paper officially endorud or rrrtified) ctull be placi-~i in the hands of Mortg;?gre w ith-
in ten d•ryc ne~t afler p~ymenl.
3. To krep saiJ builJings, :+nd an>• which may hereaftr[ be erected upon s-aid prem~sts, inwred ~aiost lou or damage by -
firr and wch uther hatards or ~isks as m3y be rcyuired by tdortgugee in wrh amount ur amuunts as may br r~quired by saict
liurty,agre, in wrh insuran~Y comp~n~• or cumpanies ~s Alottg:ytee, ~Is succe.sors or assigns, may approve, and to deliver to said
Nortgrleee, as adJitional security hereto, the policies of such inwrance and of any additional insurance which ~hall be taken uut
. uFx~n wch buildinics while any part of the indtbtedness aforesaid shalt remain unpaid, having atwched to rrid policies such mort-
ga~e irnlrmniry dause as !lfortg;?teee shall direct. Renew•als of such policies shall be so delivered at le~st ten days before any such
~ insurance shall expirc. All insurance ~~arried shall be satisfactory to said Mortgagee. An~• sum which may become due under any
,uih p.~iicy may be ~pplird hy s:~id Stotlgagee, -r1 Ns opUon, eithet to reciuce said debt or lo repeir o~ repla~~ Ihe imp~uvrmrnts
cuvrrrJ by said pulir~~. Said \furt~a~:ee may procure and wbstitute for any and all of the inwrance so heW as :~fore~aid, such
~~Ih~t policy ar ~x~liciec of inwranc~, in tikc rmount, as it may determine, provided Murtp,~gui lails to replact any su~h ~nsuranre
wi~hin ten da>•. ~lter bein~ nutif~ed that the In.urin~ Compsny is nu lon~eer epprovrd by \turtgag~. In rase of vlr under forc-
clu,ure hrmoi, all such insuranre sha0 thenrr(orth, and untit the period of redemptiun shatl expire, tx made payable to the
hoWer of the errtitic•rte oP calr: and in Such r~•rnts ~id \tort~axer is hereby authoriz~Yi tu coll~tit the un~arned premiwn un any
su~h poliry it may rrusr to br c~n~ellyd, rr~rrdless of Nhether +aK1 premium i+ p:+id b~~ Uurtgagor or MortgaKee, :IRII dPQI} SUCII
prcmium towards the p~ymcnt uf premium on any mrh new~ m+urrnce so pryablr to tlir hulder of such certdfir~te.
4. In case said ~lurtp,;~gor shal! ne~lert ~r refu+e tu kcep wid prem~sez in go~~ repair arxi condition, to pry prumptlp when
due ~II tr~es and a.srscmcnts, as J~OICVId, Oi 10 rcmu~e d0)' ~I31lll0f)' iKM on vid premises, or to kecp the buildings and
impruvrments insur~K1, as aforrsaid, ~nd delierr the pulecy or puli.ir. of imurenrr, ur the r~newals thereuf, to s;~id \turtgagre,as
aiure.rid, thrn c;wid \1ort~:agce may. ii it chall w rlect, make repair~, maintain ,aid prupert~~ and pay wrh tacrs ~nd :+scessmentc.
with the arcrueci intereu, prnaltics, uffi.rr'. fers, and e~~xnce. Ihrmun. rcdrrm c;wid prrmixs Khich may ha~e been wld ot for-
fe+ted for t~xe. or asx~.mrntc thrrrun, purchaG any tax t~tle thrrron, rrmu~r an~ ~tatut.~ry licns •rnd prosc~ute ur defend any
suit. en relatiun thrtetu, in.urr and kerp in+urrd wid buildin~s in the cum, •rs rforr~aiJ, ur for eny lec. ~um and for ~uch timr, rs
w~d ~tortg~g~~ may dcrm ptu{kr. :~ny' sutti~ ~thich m;~y ix .u paiJ uut by vid \furt~aK~ti, and all .umc p~id ~w for substitutrd
imuran~r; as afurcwkl, induding th~ :u+ts, r~prou. and auurnry', la~ peid in an~• tuit alfccting said real eet~te. when nece.-
.:?ry ~v apprupnatr to pr~~tert thr li~n hereot. ~hall bear in[rrcct trom thr date of.uch p:~yrruntc ai the c~me rate as is cperified.
in the note secured hrreb}~, a. pryablr ~fter default in p~qmrm uf .aid nute, tiF1JII IlC ~:lld b~~ C:il(I ~IUfI![;lQOf (O C311~ ~~Pil~i~,1'B~ '
upun demand anJ shall M: deerrnd a part ot the debt hrreby .erurrd, and reco~erabtr wch in all respert~. An}~ .uch 6enc
claimc, taxes, assessment+, or tat titlee ~u purrhased, paid, or reJeemed M~ vid ~lurte~ger shall, as Aelw~een the parties hrreto
their wr.eswrs in inir~ect. be deemed valid, co th~t in nu r~ent sh~ll thr nrcrs.ity or c~lidity of any wrh paymems t~e disputed.
\either wrh p3yment by ~turt~tagee nor it. rullertion from Murtc~gor +h~l! aaive or .,ffec~ any optiun, lien, equit~- or ri~.ht uf
11~~rtFr~rr's_
5, If requrstrd b>'the MorteaRee, the \fortg;~or, together w~ith and in additiun t~~ the monthly payments under the terms
of alt notes secured herrby. un the due da>• of each monthl}• pa~~mant :~rtd uNif Uid notes are fully paid, chall pay to the ~tett-
~ grYer an installmrnt of the ta~es and asscssments nexrro becomr due agrinst the mortgaerd premi~es, an installment uf premium~
ne~t :o become due on insurec! policies reqnirevi by the No~tva~, and :~ny other charges pay36te according to the ~ommitment
to firtance. Such installmrnts shaA be equal resperti~~ely to such taxes and assessments, inwrance premiums and other ci~ar~~, aii
as estimat..d by the ~fort~a¢ce, less all cums already paid ihereon, divided b)• the number of monihs that are to eiapse Aefore one
j month prior to the date wFien such ta~es rnd assessments, insurrnce premiums ~nd othet chai~tea ..iii bewmc ;iuc. S~
~ e^s!=!!-
~ mrntc shall be held by the ~ton~a~ce Ibeanng the interest for ~tortgagor) to pay wch taxes, :~sseuments, insurance premiums
and uther charges. All paymenta made uMier the term of this paragraph and under the note secured hereby sh•rll be added
together -rrxi the ag~regate amuunt thereof shall be prid b~• the Nurt~agor in a single pr~•ment each month to be applied by the
~lortgagee in payment of the termc and in the urJer lollowing: la: taxes rnd assessments, and insurance premiums and other
' charltes payable acrordin~ to the rommitmeni to firuncr; (b) interest on the notes securrd hereby; and (e) amortizatiun of the
~ principal uf s•rid notes_ Any drficiency in the amount of sueh r~regate munihly payment sh•rll constitute a default under this
mon~agr. 1L'hen wch ta~r~, „~zssnien~;, irsurar.:e prenuums snd ~the! ch-~r~~ i~l1 due_ if the rmountsdepositetil by the ~tort-
g:]~ur ti~r wch purpuse+ are nut wflicirnt tu pa} uiJ t~xes, a,tie.cmrntc. inwranie prem~ums, and other char~ec, ac the :ase m•ry
Ix. thun dur. thrn tf?r ~IUf(YJYUf MIII F13)' 1~~ thc MUt1~:1~'l'l' SUl'II 1It11Cll'fll')' Iq1fTlllll:l1l'I)'. «~IlCfl SUCII Id~l'S,:t~SrlSfllt:pl~, mwrsnrr .
prrmiumc ~nd ulhrr ch~r~r, fall dur, if thr am~wnts Jrpu~itcd M• ~hr Nurt~agur fur wrh putpusrs c~~tied thc emuuntc duc for
w~h ta~r.. a,cr~,mrnt~. inwran:c prrnuum~ ~nd ~~iher charge., thr r~..~r.. ma), in Ihr dixrruun of the ~t.rrt~agre. Fx ~pplird
~~n .ubcryuent ~uunlFil~ pr~~mrnh lo hr madr ht~ thc ~tort~~g~~r. In the rcent u1 del~u!! unJer thi+ murtgake ~m une~~xnded
fundc m the h,,nJ. uf thr ~turtt:;iK~c Sep~nited bp the Nort~r~ur tu mert the uUlrertiune ul W~~s, r~s~K~ments. i~wr~ncc
prem~um~ and uther ill:lltCl~, ~IIdII F1~ applird hy the titort~r~ee upu~ thr indebtednr~. hereb}~ .ecured in thr lolluw ing urd~r:
la) mtrrrst un advanrcc r»adr h} thc ~turt~agrr. Ih1 adv~nrrc m~dc by~ thr \fun~+ger: 1~1 intcrest on thr prmc~pal: and Id) ~hr
pnnripal Jtbt hereby cerured. N~hen an}• wch taxes, ac~escmentx, insuran~~e prcmiums or uther chat~tes fall due the tlurt~:agur ~
uill promptip ob[ain and delrver to the Alortgalcee ctaiements w~ith respect thereto.
6. T7~e Nortgagor repr~sents and ap.tces that this mort~a1¢r luan and all future loans evidenced by the ~foresaid promis~ory
notrs which are serured hrreby are made and exterxied by ~lortgagee in relunce, in part, on the financial background and abili-
ties of Mortgagor and any co-makers, guarantc.s or eredorsers to, jointl~• and severally, pay rny ~nd dll ~•arious and sundry sum~ of
money and the specific rate of interest pay~able by virtue of s:~id promiswp~ notes and this mortgage. These mortgage loans are
understood and agreed to be made and e~tendeJ to ihe 1lfortgagor only. It is neither pmsumed, expressed or implied that the
oblig:itions created hereunder ma}• be assumed or performed by any party other than the !lfortgrgor, w~hether ur not upon the
ule or conveyance ot the ptemises herein dexribeJ or any part thereof_ If a~onveyanre should be made by the !11ort~.a~or uf the
premises herein described, ur am~ p~rt thereof, without the u~ritten consent of the !lfortgagee. (which consent may be withheld
arbitrarily or granted on terms ~rlerted fi~• )tort~t~gee in its sole diccretionJ or without ascumption both by proper execution o(
assumption agreements and related forms in use by the Mortgagee and by auumption in reLtular form of law by ~he grantec of the
obligations created hereundet. then, in either of those zveMS, and at 1he option of ihe Afortgagee and without notice to the Mort-
~aleor or to any other party, all sums of monry secured hereby shall immediately and concurrentiy and upon such conveyance
become due and payahle and in default whether or not the same are otherwise due and payable or in default by the specific
terms hereof. The forcgoing option shall be exercised by Nortgagee at ils sole and romplete diuretion. The aforesaid conxeni of
Mort~:agee may be either granted or withheld without any requirement of the Nortga~tee disrlosing any reason ihercfore. Not-
withstanding the foregoing, if the ow~nership of the mort~pged premises, or any part thereof, becomes vested in a perwn other
than the !ltortgaRor, ihe ~lortgagee may deal with such successor or successors in interest with refetence to this mottgagee, and
the debt hereby secured, regardless of an~~ change in !he terms of the ubligations created hereunder, without in any manner
vitiating or discharging the Nutt@agot's liabilit~~ hereunder or upon the debt hereby sewred. The Atortgagor shall at all times
continuc liable for ihe indebtedness ~ecured hereby until this mortgage is futly dixharged or ~forieagor is formaliy released by rn
imtrument in writing duly rxecuted by the ~lortgagee.
7. Nort~eagur, at the option ol ~fortgegee, ihall pa~• a"late cherge" not exceeding two per centum of any said a~ytregate
munthh• installments inrludin~ am• mctallment for payment uf taxes and insuranrr when paid mure than ten days after the due
J~te rhereof (pro~ided that in no e~en? chrll ~id "late char~e° recull m the pa} rr~nt of interest in exces~ uf the ma~imum
interest permitted by lawl, tu ro~rr the e~tra expense im•olved in handling delinquent pa~~memc. Surh "late char~e".ha(1 not be
payable out uf thr ptcKeed~ ol any srte madr to satisfy Ihe indrbtrdnecs cecured hereby, unless wch proceedc are first witi-
~ient to dixharge the entirr indehtedness rnd all proper roctc ~nd expenses cecurcd thereby_ A reawnable minimum "late char~e"
will he char~eed as customanl~• fised by ~lurt~eagee from time t~~ tinse. and tinrt~.aK~~r agrees to pay w~d minimum "late .h:erKC."
if in~urred_
8. To permit, rumm~t or suFfer no waste and to mrintam the improvements at all time~ ~n a uate of guod repair and con-
Jition: and to d~~ or permit to be dune to c~id premises nothine tha~ w~dl atrer or chan~e thr uce and character of said pruprrty ~~r
in an}~ way' ~mpair or w~eaken ihe securit}• of said mortgage. In cese of the refuwl, nr~lect or inability of the ~tortga~er to repair
and maintain s~id property, the Mort~tagee may at its option make w.h repair nr cruse the came to be made and ad~~dnre monies
in that tn:half whtch sums sh~ll be secured by the lien hereof and bear intrre~t at the wme rate as is sperified in ihe note secured
hereby, as payable after default in payment of said note. .
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