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HomeMy WebLinkAbout0985 _ ~ . And sluU per[orm, comp~y with and abide by each and every of the stipulatiuns, agTeements,conditions ~?Kf coYen~nts set forth in this mortgaae snd in the ptomissory not~ secured hereby. and any renewals ur other notes given in accu~dance herewith, • then this mortpae and the estatc hercby created shall cease and be nuU and void. And uid Mort6ago~ for himseU and his hein, legai represenutives, successors and auigr?s, hireby ra?vrnants and agrees to and with said Mortpges, its legal reprcs.nutives; successors and assignr. 1. To pay all and sin6ular the principal and inteiest and the vatious and sundry wms of money payabk Dy virtuo of said promi~sory notes, and this mortgage, each and ev~ry, prompUy on the days aspectivelY the same beoome due. 2. To pay all and singular the taxes, asseuments, kvies, lubititics, o~ligat~ons and inrumbrances of evrr)• nature and kind now on said described property, that hereafter may be imposed. suffered, placed, lavied or assessed thereupon, and tlw~ h~reafte~ may be levied or ascessec! upun this mo~tgage, the indebtzdness securcd hercby, or both, each and eve~y, wheq due and payable accordi~ ta law, before they become delinquent, and beforc any interest attaches or any penalty is incurrcd: and in so fu as any thercot is o( tecord the same shall be promptly satisfied and discharged of tecord and the ot6inal off`~cial documeot (wch u, Cor instance. the tax receipl or ihe satisfxtion paper ot'ficiaUy endorsed or certificd) shaU be place~ in the hands of Mortg~gee w•ith- in ten days next after payrt?ent. 3. To keep said ~uildinas, and any ~vhich may herafter be erected upon said premises. insuted a6ainst loss or damage by fire and such other hazuds or risks u may be required by Mongsgse in such amount or amounts u may be required by uid Mortga~ee. in wch inwranoe rnmpany or companies u blortgsaee, its sucoesson or auip?s. may appmre, and to deliver to sad Mottaa~ee~ u additiotnl saurity hereto, the policies of wch insurana and of any additional inw~ance which shall be uken out upon wch buildiaas ~vhile any put o[ the indeDtedness aforesaiA shall remain unpaid, hsving attached to said policics such mort- ~age indemnity clause u Mortgagee shaU direct. Renewds of such policies shall be so delivered at kast ten days before any such u?.wnnce shaU expire. All insu.rance carried shall be satisfactory to uid Mortgagee. Any sum which may become due under any such policy may be applied by said MortgaEee, at its option, either to rcduce said debt w to repair or replace the improvements rnvered by said poticY. Said Mortgaiga may procurc and substitute fur any and all of the insurance so Mld as aforesaid, such other poliey o~ polic~es of inwrance, in lilce amount, u it may determine, provided Mortgagor fails to nplaee an~ such insurance within ten days aRer beina notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under fore- ciosure hereof, all such inwrance shill thenceforth, and until the period of redemption shall expire, be made payable to the holder of the certifiate o! sak; and in wch events aid Mortgagee is hereby authorizod to collect the uaatnrd premium un any such policy it may cauu to be cancelled. regardkss ot whelher said promium is paid by Morigagor or lltortgagee, and apply such .premium towards the payment of premium on any such new inwrance so payable to the holder o[ such certificate. 4. In case said Mortpgor shall neglect or rciuse to keep said premises in good rcpair and condition, to pay promptly M•hen due all taxes and assessments, as aforcsaid, or to rcmove any sututory liens on said premises, or to keep the buildings and improvements insured, u aforcsaid, and deli~rr the policy or policies of inwnnce, or the renewa[s thereof, to said MortRagee,as afotesaid. then said Mortgagee may, it it shalt so elect, make repairs, maintain said Qroperty and pay such taxes and assecuneots, with the accrutd interest, penalties, officer's fees, and expenses thereon, redeem said premises which may have been wld or for- Rited for taxes or assessments thereun, pnrchase any tax title thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep insured said buildings in the sum, as aforesaid, or for any less sum and for such time, as said MorigaEee may deem proper. Any sums w•hich may be so paid out by said Mortgagee, and aU sums paid out for substituted insurance; u aforcsaid, induding the costs, e~penxs and attorney's fee paid in any suit atfecting said real estate, whrn neces- suy or approprute to protect the lien hereui, shaU bear interes! from the date of such paymenis at the same rate as is specified, in the note secured hereb~, as payabk after default in payment of said note, shall be paid by said l?tortgagor to said Nortgagee upon demand and shall be deemed a pan of the debt hereby secured, and reco~~erable as such in all respects. Any sucA liens dainu. taxes, assessrt~nts, or tax titks so putchased, paid, or redeemed by said Mortpagee shall, as betwren the parties heteto their successotT in interest, be deemed valid, so that in no event shall the necessit~• or validity of any such payments be disputed. Neithet such payment by !?tungagee nor its rulkclion trom Mottgagor shall waive or affect any option, lien, tquity or tight o( Mortgagee's. S. If requated by the MortgaEee, the Mortgagor, together with and in addition to the munthly payments under the terms of all notes securcd hereby, on the due day of cach moRthlY P~Yment and until said aotes are fully paid, shall pay to the Mort- gagee an installment of the taxes and ass~ssments next to bernme due agiinst the mortgaged premises, aq installment of premiums next to become due on insured Policies rcquired by the Mortpgoe, and any other charges payable according to the commitment to fimnce. Such instaUments shall be equal rcspectively to wch taxa and assessments, inwrance premiums and other charges. all u estimated by the Mortgagee, leu al! wms alrqdy paid therrnn, divided by the number af monihs that ue to elapse before one month prar to the date when such uxes and assessments. inmrance premiums and other charges will become due. Said install- ments shall be held by the !1lortgagce (bearing the interest tor Mottgagor) to pay such taxes, assessments, insurance premiums and other chuaes. All payments made under the term of this paragraph and under the note ucured hereby shall be added together and the aB6rcgate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the MortgaEee in payment of the terms and in the order following: (a) taxes an~ assessments, and inwrance prcmiums and other ee char~tes payabk according to the commitment to firunce; (b) interest on the notes secured hereby; and (c) amort'vatiun of the i principal of said notes. Any deficiency in the amount of such aggregate monthly payment shall constitute a default under this ~ mort~eaae. When such axa, assessments, insurance premiums and other chuges fall due, if tl~e amounts depositod by the Mort- ~ gagor for such purposes arc not suffic~ent :o pay said taxes, asieuments, insurence premiums, and other charges, as the case may ~ be, then due, then the Mottga~or K•ill pay to the Nurigagee such deficiency immedutely. When such taxes, assessments. insurance ~ premiums and other charges fall due, if the amuunts depositad by• the llortgagor for such purposes exceed the amounts due for ~ such taxes, assessments, insu~ance premiumt and other charges, the excess may, in the discretion of the Nottga6ee, be.applied on wbsequent monthly paymcnts to be made by ihe ~lortga~eor. In the event of default under this mortgage any unexpended funds in the hands of the Nort~~ee deposited by the Mortgagor to meet the obligations of taxes, ~ssessments, insurance ~ premiums and other charges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the follow•ing order; (a) interest on advances made by the Mottgagee; (b) advances made by the Mortgager: (c) interest on the principal: and (d) the princ~pal debt hereby secured. When any such taxes, assessments, insuran~r prrmwms or other charge~ fall duc ihe ~tortgagor ~ rovill prompUy obtain and deliver to the Mortga~e statements with rcspect thereto. 6. The Mortgagor npresenu and agees that ihis mortgage loan and all futurc loans evidenced by the aforesaid promiswry notes which ue secured 6ereby are made and extended by Mottgagee in reliance, in part, on the financial baekground aad abili- ties~of Mortgagor and any co-maken, guarantors or endorsers to, jointly and sererally. pay any artd all various and sundry sums of money and the specific rate of inte~est Qayable by viitue of said promissory• notes and this mortgage. These mortgage loans arc undentood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the obligations crated hereunder may be aswmed or performed by any puty other than the Mortgagor, a•hether or not upon ihe sak or conveyance oC tt~e premises herein described or any part thereof. If a ronveyance should be made by the MortEaa~or of the premises herein described, or any put thereof, without the written consent of the Mortgagee, (which consent may be withheld arbitrarily or ~anted on terms selected by MortEagee in its sok discretan.) or without assumption both by proper execution of usumption agreements and retated lorms in use by the Mortgagee and by assumption in regular form of law by the gnntce of the obligations cruted heceunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gsgor or to any other puty. all sums oC money secured hereby sha0 immediately and concurrenUy and upon wch conveyance ~ become due and p~yabk and in default whether or not the same are otherwise due and payabk or in default by the specific ; - ternu hereof. Tlu foregoing option shat! be exercised by Mortgagee at its sole and complete d'escretion.'Ihe aforesaid conseot.ot ~ Mortgagee aay be either granted or withheld without any reyuirement of the Mortgagee disclosing any rwson thcreCore. Not- ~ withstanding the foregoing, if the ownership of the mortg~ged premises, or any put thereof~ becomes vested in a person other _ 4 than the Mort~Eor, the Mortgagee may deal with such wccessor or wccessors in interast with re[erence to this mortgagee, and ~ - the debt henby secured, regardless of any change in the tums of the obligations created hereunder, without in any manner ~ vitiatins or di~char6ing the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortgagor shall at all tunes . ~ continue liabk for the indebtedness secured hercby until this mortgage is fully diuharged or Mortgagor is fcxmally rekased by an ~ instroment in writinE duly executed by the Mortgagee. , ~ 7. Morigagar. at the option of Mortgagee, shall pay a"late clurge" not exceeding tw~o per centum of any said aggtegate ~ moethly instaUments including any installment for payment of wxes and insurance w•hen paid more than ten days after the due date theteof (provided that in no event shall said "late ch~rge" result in the payment of interest in exceu o( the maximum ~ interest permitted by law), to cover the eztn expense involved in handGng delinquent payments. Such "late charge" shall not be ~ payabk out of the Proceeds of any sale made to satisfy the indebtedness secured hereby, unkss such procceds arc first wffi- cient to discharge the entire indebtedness and atl proper costs and expenses securcd thereby. A reasonabk minimum "late charge" ~ witl be char6ed as customarily fiaed by Mortga6ee from time to time, and Mortgagor aErees to pay said minimum '9ate charge: ' ~ if incurrod. ~ 8. To perrttit. commit or wffer no waste and to maintain the improvements at all times in a state of good repair and eon- ; ~ dition• and to do or permit to be done to said premises nothing that will alter or chanEe the use and character of said properly or ~ ~ in any w~ay impair or weaken the security of uid mortgage. !n case of the refusal, neglect or irubility of the Mortgagor to repair ` and maintain said property, the Mortgagee may a1 its option make wch repair or cause the same to be made and advanoe monies ~ in that behalf w+hich sums shall be secureA by the lien he:eof and bear interest at the same nte u is specified in the note xcured hercby, u payabk after default in payment of stid note. - , ~ ~~k?,28~ ~act ~~3 ~ ~ ~ ~ _ - _ - b= r- . ~.n.~.~~ ~.~w~_ , w_ -