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HomeMy WebLinkAbout0350 t ~ ' . ~J 1~~ Md shill pe~torm. rnmply with and aDide by each and erery of the stipulations, aareemenis,rnnditions and covenants xt forth in this mottja=e and ia the prumissory aote recurcd hereby, and any tenewals ar other notes pveo in ac~rordance he~with. thea ihb morip~e aed tAe estate hercby created shap cease and be nuU aad void. And uW INortjaaor [or himself and his hein, legal rtpiesentatives. wccessots aad assi6ns. hereby conrenants and agrees to and with said Mortpaee. its Ic6a1 nprcsentatires, successon and assi6ns: 1. To pay all and sinsular the principal and inte~est and the various and wndry wms of money payabk by virtue of said promiuory notes. and this mort~e, wch and every. prompUy on the days rcspectfvely the same beoome due. 2. To pay all and singular the taxes, asseamcnts. kvies, tiabilities, obl~aNons and incumbrances ot every nature and kirni now on said described property, that hereafte~ may be imposed, sufiered. placed. levied or asxssed theroupon, and that hereafter may be kvied ot assessed upon this mortga6e, the indebtedness secured hereby, or both. each and erery. when due and payabk accordin~ to law, E~fore they become delinqueat. and befoee any interest attaches or any penalty is incurred; and in so fu u say thereof is of ~ecad the same slutl be promptly satisfiod and d'uchuaed of ~ecord and the orsntl otYicial dceument fwch u. for instance. the tax teoeipt o~ the satisfaction paper o~lly endorsed or cedi(kd) shall be placad i~ the haods of Monga6ee with- in ten days aext atler paymeAt, 3. To teep said Mtildjnts aad aay wrhich may hetwfter bo erected upon said premi~es. iawred against loss or damage by fire aad such otl~ huuds or risks as may be requhed Dy Mortpsee in wch amouat or amounts as may be required by said Mortaa~ee, ia such insurancs compaay or compames as Mor~. tts wccassors o~ auiaas. may approre. and to deliver to said Mortaaaee, u additional secutity hereto, the policks of such inwrance and of any additlonal inwraace which shall be hkm out ~ upon such buildiep wldie any put of the Ldebtedness aforesald shall remaL~ unpaid. havina attached to said poticks wch mort- ~e udemaity clause u llort~ee shall direct. Renewals ot such poticies shaU be so delivued at kut ten days before any wch tosucanoe shall expue. All insuraaa arried shall be satisfactory to said Mort~aee. My wm ~rhich may become due under any wch policy may be applied by said )dort6aaee. at its option, either to reduce said debt ot to cepair or repiaoe the improvements _ covered by said policy. Said Mort~agee may procure aad wbstitute for any aad all of ihe inwraace so 1rcW ss aforeuid, such other pdicy or poticies of inwrance, in like amount. u it may determine. provided Mort~o r fail: to replue aay snch inwrana within ten days after being noti!"~ed that the Insuring Compaay is no lungec approved by Mo~laa6ee. In casr of ssle under fore- closure hereof, aU sucA insunnce shall thencelorih, and unt~l thc period of redemptan shall expire. be madc payable to the holder of the certiC~cate of sak; and in sueh events said Mortaagee is hereby aut6oriud to coikM the uaearned ptemium on any wch poticy it may puse to be cancellod, rcgardkss of whether said premium is paid by Mortgasor or Mortgaaee, and apply such premium towards the payment of prcmium on any such ne~v insurance so payabk to the holder uf such certificate. 4. Ia case said Mortgsgor shail xgkct or rcfuse io keep uid premises in good rcpau and rnndition. to pay prompUy when due all taxa u~d uussmsnts, as afonuid, or to remove any statutory liens on raid premises, or to keep the buiidingsaad improveroents insured, u aforaaid, and deliver the policy or policies of insurance. or t6e reaewals thercot, to said Mortgagoe,u aforesaid, then said Mortgagee may, it it shaU so elect. make repairs. maintain said propeny and pay wch taxes and assessmeats, with ihe acerued interest, penalties. officer's fees, and expenses ihereon. redeem said premisu which may have been wM or fw- • feited for taxes or assessments thercon. purchase any tax titk thereon. rcmove any sututo~y liens and pmsecute or defend any . suits in relation thereto. insure and keep inwrod uid buildings in thc sum, as aloresaid, or for any kss sum and for such time, as said Mortgaaee rtuy deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for wbstituted insurance; as aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said rpl esute, when neces- sary or appropriate to protect the lien hereof, shaU bear interest from the date of such payments at the same rate as u specified, in the note secured hereby, as payabk after default in payment of said note, shall be. paid by said Mortgagor to said Mortgagee upon demand and shal! be deemed a pan of the debt hereby secured, and recoren~le as such in all respects. Any wch liens ~ daims. Uxa, assessments~ or Ux titks so purehasod, paid, or redeemed by said Mortgagee shall, u between the parties hereto their successon in interat, be deemed •valid, so that in no event shall the necessity or vaiidity of any such payments be d'uputed. Neiiher such payment by Mort~wgce nor its colkctan ftom Mortgagor shaU waive or affect any option, lien, equity or right of Mortpgce's. - 5. If requested by the Mortgagce, the MortgaEor. together with and in additan to the monthly payments under the terms - of all notes secured hereby. on the due day of each moaWy payment and until said notes ue fW(y paid. shall pay to the Mort- gagee an installinent of the taxes and auessments next to beoome due a~ainst the martg~~ed premises, an installment of premiums next to become due on insured policies required by the Mortga6a, and any other charges payable aocordit~ to tlte oommitment to Cnance. Such installments shaU be equal respectively t~: such taxes aad assessments. iawnnce premiums and Vther chuaes, all ' u estimated by the Mortpaee, leu all wms alrady paid thereon. divided by We aumber of moaths that are to elapse betorc one month prior to the date when wch tazes and assessments. inwrance premiums and other chugies will become due. Said instaU- ments shall be Mid by the Mortgagee (bcaring the iuteteSl for Mortgager) to pay snch taxa, assessmrnts, insunnce premiums and other chuges. All payments rtude unda the tetm of this pangaph acld under the ~rote xcured hereby shaU be added together and the a~regate amount thereof shall be paid by the Mortgaaot in a single payment qch month to be applied by the Mortgaaee in payment of the terms and in the order fdlowitg: (a) taxes and asseuments, aad inwrance premiums and other charges payabk accotding to the oommitment to finance; (b) intuest on the qotes secured hereby: and (c) amortization of the I principa! of said notes. My deficiency in ihe amount of such aagegate monthly payment shaU rnnstitute a de6ult under this ' mortgaae. When such tues. assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort- ~ gagor for such purposes are aot su~cient to pay said taxes, as,~euments, insunnce premiums, and other charges, as the case may ~ be, then due, then the Mortgagor will pay to the Mortg~gce wch defciency immediatety. When wch taxes, assessments, insunnce f premiums and other chuges CaU due, if the amounts depaaited by the Mortgagor for such purposes exceod the amounts due for E such taxes. asses~ments, insurance premiZms and other charges. the excess may. in the discretion of the Mortpagee, be applied E on subsequent monthly payments to be made by ihe Mort~or. In the event of default under this mortgage any.unexpended ( funds in the hands of the Martgagee deposited by the Mortgagor to mect the obligations of taxes. asussments, inwrance i premiums and other chuges, sha0 be applied by the Mortgagee upon the indebtedncss hercby secured in the fotlowin~t order, ° (a) interest on advances made by the Mortgagee; (b) adrances made by the Mortgagee; (c) interest on the principal; and (d) the ~ principal debt hercby secured. VYhen any such taxa, assessmenu, insunnce promiums or other chuses fall due the Mortgagor will prompUy obtain and detiver to the Mort6agee statements with respect thereto_ ~ 6. 7~e Mortgagor reptesents ard ageis that this mortgage loan u~d all futurc loans evidenced by the aforesaid promissory notes which ue secured hereby aro rtude and extended by Mortgagee in td'nnoe, in part, on the ftnancial background and abili- ties of Mortpgor and any co-makers, gwrantws or endorsen to. jointly and severally, pay any and all various and wndry sums of money and the specific rate of interest payable by rittue of said promissory nota and this mort~e. ?hese mortgage loans are undentood and,ageed to be made and exteaded to the Mortgagor only. It is neither presumed. expressed or implird that the obligatiom crqted hereunder may be assumed ot performed by any puty other than the Mortgaaor, whetlxr or not upon the rak or conveyance of the premixs herein described or any put thereof. lf a~onreyance should be made by the Mortgagor of the . Qrcmises hercin descn'bod, ot any put thercof, without ths written consent of tho Mortgaga, (which consent may be withheld arbitrarily or graated on terms seketed by Mortgagee m its.aole discretanJ or without usumptan both•by proper exccution of aswmption agoements aad related forms in usn by the A(ortsagee and by assumption in regulu form of law by the 6rantes of lhe obligations creatcd heteundcr, then, in either of those e~Ynts. and at the option o[ the Mortgaeee and without notice to the Mort- gaaa or to any otha puty, all sums of money securcd hereby shaU immed"utely and concurrently and upon wch rnnveyance becorne due and payabk and in default whether or not the same are otherwrite. due and pa~abk or in default by tt~e specific ~ terms hercof. The foregoing option shaU be exercised by Mortaagee at its sok aod compkte ducretion..The aforesaid consent of Mortgagoe ~ray be either granced or w~ithhdd w~iWout any rcquirement ot the Mort~ce disclosina any rcuon the~eforc. Not- withstandinE the foregoir~g, if the ownership of ihe mortg~aed premises. or any Qut ttrereof, becomes vested ia a person other than the Mort~~or, the Mc+stgaaee rray deal with such sueceuot or successon in interest with reference to this mo:tgagce, and the debt hercby securad, re6ardlets of any :han6e in the terms of the obligatinns crated hereunder, without in any manner a ritiating or discturging the Mortga6ot's tiab~7ity htrcunder or upon the debi henby sccuted. The Mortgasot shall at all times „ contin~u fiabk [m the in;lebtednest secured hereby until thu mortgag is fully discharged or ~iortgygor is focma0y released by an ~ instrument in writing duly txecuted by the Mort~,aEa. 7. Mortgaitor, at the option of l~iortgagee, shall pay a"tate charge" not exceeding two per centum of any said aggregate ~ monthly installments includin6 any insta0ment for payment of t~xes and insunnce when paid mACe than ten days after the due date thercof (provided that in no event shall said •'late chuge" result in the payment o! intereri in excess of the maximum ~ interest permitt~d by law), to cover the extra expense involvea in handling delinquent payments. Such °late chuge° shall not be ~ payabk out o£ tl;e procceds o! any sale made to sat~siy the iadebtedrKU secured hercby, unless wch prooeeds aie Cust suf6- cient to distharR~ the enEirc indebte.~ncss and all proper costs and expenses secured thereby_ A reuonabk minimum "late charge" ~ wiU bs chargdd~xc customarily ~xed by M~;. ~a~ee from time to time, and Mortgagor agrees to pay uid minimum 'Yate chuge; ' if incurred. 8. To permit, comrimit or suffer no waste and tu !naintain the improvements at all times in a state of good repa~r and con- dition; and to dn or permit to be done to said premises nothing that will alter or change the use and chuacter of said property or in any way impair or weaken the security of said mortgage. In ase of the refusal, ne6lett or inability of the Murtgagor to rcpair and mainttin.uid property, the Mortcagee may at its option make such «paic or cause the same to be made and advance monies in ihat behalf wh~ci, su~ns ;.ha~1 y.; fecured by the lien hereof and beu interest at the same nte u is spec~fied in the note secured hereby, u payafik after default in payment of said note. 80G~ zs7 348 ~ . _ _ _ ~ ~ ~ ~~w,: ~_,~.Y`~~