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HomeMy WebLinkAbout0992 And shaU perform, comply with and abide by each and evt~y o[ the stipulations, aareements,cdod•.tiuns a~x1 cuvenants stt forth in this mortaaee and in the piumiswry note mured hercEy. and any renewals or other notes given in acco~dance herewith, then this monp,e and the estate 1?ereby created shaU cease and be null sad void. And said Mortgaaor for himsrlf a~xi I~is hein, lrgal representatives, successors and assiana, hercby conrenants and agrees 10 and with said Mortga~ee, its le`al reprosenuuves. successon and assigns: 1. To ~?ay ail and si~ulsr the principal and inte~est and the various and sundry wms of mo~ey paYabk by vi~tue ot said promiuory notes, and this morytsae, each and erery. prompUy on the dsys rospectively the same bccome due. ~ 2. To pay aU and singular tht taxes, assessments, le~ies, liabilitia, obl~ations and ~ncumb~ances uf every nature rnd kind now an said describcd properry, that hereafter may be impused, suftered, placed, levied or asseurd lhercupon, and that hereafter may be levied or assessed upun this mortgage, tAe ~ndebtedness securcd her~by, or both, each and every, when dua and payabk accurdin6 to larv, before they becume dalinquent. and beCorc a~y inte~est attachzs qr any penalty is incurrcd; and in so fu as xny thercof is of tecord the same shall be prompUy utist~d and dixhuged o[ rerord and the orginal uffKUl document (wch u, for inslance. the tax ceaipt or the satisfaction paper ofl"~ciaUy endorsed or certiPrcd) shaU be placed in the hands uf Muttg~tee with- ~ in ten days ntxt after psyment. 3. To keep said Duildin~.s, and any which may hereafter be erected upon said premises, insured asainst loss or damage by fire and such other huuds or risks u msy be ~equired~by Mortgaaee in such amount or amounts as may berequirod by said Mortga~ee. in wd? iawrance company or compan~es u YortgaEee, its successors or assigns. may approve, and to deGver to said llort~aoe, as additional security hereto. the policies of such insurance ard of any additional inwcaaa which slull be taken out upon wch buildings vrhik any Put ot the indebtedness atoresaid shall remain unpaid. havina attached to said policies such mort- ~e indemaity clause as MortgaEee shaU duect. Renewrals of wch poficies shaU be so delivered at kast ten days before any. wch u~wnnce shall expire. All uuunnce carried shall be satisfactory to said Mortga6ee. •Any sum ahich may become due under any wch policy msy be applied by said Mortgagee, at its option. either to roduce r+id debt or to repair or replace the improvements corered by said policy. Said Mortgaget may procurc and substitute for any and~all of the insunnce so hefd as aforesaid, such other policy or policies of insurance, in likc amount, as it may determine, provided Mortaagor faDs to replace any such ~nsunna . within ten days aRcr being notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under forc- clusute hereof, all such insunnce shall thenceforth, and until the period of redemption shall expire, b~ made payable to the holder of the ceniP~cate of sale; and in surh events said Mortgagee is hereby authotizud to collect the unearned premium on any such policy it may cause to be cancelled, regardkss of whether said premium is paid by Mortgagor or Mortgagee. and apply such premium towards the payment of premium on xny wch new inwrance so payabk to the holder of such cettificata ~ 4. In case said Mortg,~gor shall neglect or rcfuse to keep said prcmius in good repau and condition, to pay promptly when due all ~uxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and improvements inwred, u aforesaid, and deliver 1he policy or policies of insunnce, or the renewals thereof, to said Mortgpgee,as afore:aid_ then nid Mort:neee rtiav_ if it shall so elect, make rcnain. maintain said DropertY and DaY such taxes and assesunents, with the acctued interest, penalties, officer i fees, and expenses thereon, redeem said premises which may have been wld or fur- feited for taxa or assessments thereon, purchase any tu titk 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 Mortp,agee may deem proper_ Any sums which may be w pa~d out by s~id Moctgagee, and all surtts paid out for substitutrd insurance; as afores3ed, including the costs, r~penses and attorney's fee paid in any suit affecting said rwl estate, when neces- suy or appropriate to protert the lien hereof, shaU brar interest from the date of such payments at the same rate as is specified, in the note secured hereby, as payable after default in paymenf of said note, shall be paid by said lllortgagor to said Nortgagre upon demand and slull be deemed a part of the debt hercby srcured, and rccorYrable as such in atl respects. Any such liens ctaims, taxes, asxssments, or tax tiUes so purchased, paid, or rrdeemcd by uid Mortga~e shall, as between the parties hereto their successors in interest, be deemeJ valid, so that in no erent shall the necessity or validity of any such payments be disputed. Neither sw;h payment by !lfortg~tee nor its colkction ftom ?fortgagor shall waive or affect any option, lien, equity or right of Mortga6ee's. 5. If requestcd by the Mortgsgee the Nortaagor~ together with and in addition to the monthly paqments. under the terms of all notes secured hereby, on the due~day of each monthly payment and until said notes ue fuUy paid, shall pay to the Mort- &agee an instaUment of the ta~ces and assessments next to bernme due against the mortgaged prtmises, an insullment of premiums next to become due on inwred policies required by the Mortgagee, and any other charEes payabk accwding to the commitment ~ to Rnance. Such insullments sfu11 be equal respectirely to wch taxa and assessments, inwrance promiums and other chuges, all _ u estimatod by the Nottga~eee, less all sums already paid thereon, dividod by the number of months that ue to elapse before one monih prior to the date when such taxes and assessments, inwrance prcmiums and other charges will become due. Said install- ments shall be held by the ~fortgagee (bearine the interest fur N~rtgagor) to pay such tazes, assessments, insunnce premiums and other charges. AU payments made u~er the term of this paragraph and under the note ucured hereby shaU be added together aM the aggrcgate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Mortgagee in payment of the terms and in the order fotlowing: (a} taaes and aueuments, and inwrance premiums and other charges payabk according to the commitment to finance: (b) interest on the notes secured hercby; and (c) ~mortization of the principal ot said notes_ Any deficiency in the amoun! of wch aggregate monthly payment shall constitute a default under this mortgaae. When such taxes, assessments, insurance premiums and other chuges fall due, if the amounts deposited by the Mort- gagor for such putposes are not sufficient to pay said taxes, asseuments, insurance premiums, and other charges, as the case may be, then due, then the Nortgagor will pay to the Mortgagce such deficiency~ immediately. When such taxes, assessments, insuran~~e premiums.and othtr charges faU due, if the amounts deposited by the Mortgagor for such purposes ezceed the amounts due for such taxes. ass,essrnents, insurance premiums and other charges, the excess may, in the disctetion of the A1ort~aEee, be applied on subsequcat monthly Rayments to be made by the Nortg~gor. In the e~snt of default under this morlgage any unexpended - funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligat~ons of taxes, asxssments, insurance - i prcmiums and other charges, shall be applied- by the Mortgagee upon the indebtedness heerby secured in the following urder ~ (a) interest on adrances made by the Murtgagee; (b) advan.~es made by the ;lort~gee; (e) interest on the principal; an.: (dl the ~ ptincipal debt hereby se~urcd. When any such taxes, asseuments, insurance premiums or other chargex fall due Ihe ~tortgagor ~ will promptly obt~in and deli~rr tu the Mortgrgee statements with respect thereto. ~ ~ i 6. The Mortgagor rcpresents and agrces that this mongpge loan and all futurc Iwns evidenced by the aforesaid promissoq• ; notes which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the financial background and abili- j ties of Monsagot and any co-maken, gwnntors or endotsets to, jointly and severally. pay any and all various and sundry• sums of ; monty and the specific rate of interest payabl~•by vittue of said promissory notes ar~d this mortga6e. These mortgage loans are • ~ understood and apteed to be made aad e!ctended to the Mortgagor only. It is neither presumed, expressed or implied that the j obligations croted hereunder may be assumed ot perCormed by any puty other than the Mortgagor, whether or not upon the E sak or conveyana of the pnmises herein dcscribed or any put thereof. lf a conreyance shoutd be made by the Mortgagor of the f prcmises herein described, or any put thereof, without the w-ritten consent of the Mortgagee, (which consent may be withheld ! arbitnrily or ~anted on tams selected by Mortgagee in its sok discretionJ or without aisumptan both by proper execution of ~ assumption agrcements and related forms in use by the Mortgagce and by aswmption in regular.form of law by ihe gnntce of the t obligat'ans created hereundcr, then, in either of those events, and at the option of the Mortga~ee and without notice to the Mon- ~ gagor or W any other~ puty. aU sums of money secured hereby shall immodiatNy and concwrenUy and upon wch conveyance ~ become due and payabk and in default whether or not the same arc otherwise due and payable or in default by the specific . • ~ terms hereof. The foregoina option shall be exercised by Mortgaget at its sok and compkte discretion. The aforesaid consent of Mortgaaee may be either ganted or w~ithheld ~vithout any requirement of ihe Mwtgaga disclosing any reason therefore. Not- 3 vrithstandin6 the fore6oing, if the oa-nership of the mortpged premises, or any put thereof, becomes vested in a person other ~ than the Mott~?gor, the Mortgagee may deal with such succtssor or wcceuors in interest with refaence to this mortgagee, and the.debt hereby scenred, reaardless of any change in the terms of the obligations cre~ted hereundu, without in any manner ? rituting or discharginE the Mortgagor i liability hercunder or upon the debt hereby secured. 77~e Moctgagor shall at aU times : continue liabk for the indebtedness secured heroby until this mortgage is fully discharged or Mongagor is formally rekased by an ; instrument in ariting duly executed by the Mortgagee. ° 7. Alottgagot, at the option of.'.~tortgagct, shall pay a'Yaie charge" not exceeding two per ccntum of any said aggregate 4 monthly instaliments including any installment for payment of taxes and iasurance when paid morc than ten days after the due g date thereof (Qruvided that in no event shall said "late charge" result in the payment of interest in excess of the maximum ; interest permiited by law), to cover the extra expense involved in hardling delinquent payments. Such "late chuge" shall not be a payabk out of the proceeds of any sale made to satisfy the indebtedneu ucured hereby, unleu such procceds are first suf~- ~ ~ cient to diuhar6e the entire indebtedness and atl proper costs and expenses secured thereby. A rusonabk minimum "late charge" ~ will be charEod u customuily fixed by Mortgagee from time to time, and ?~ortgagor a~ttees to pay said minimum "late chuge: ' ~ if incurred. K 8. To permit, ~mmit or su[fer no waste and to maintain the improvements at aU times in a state of good repair and con- a dition; and to do or permit to be done to said premises nothing that will alter or chanse the use and character of said property or ' ~ in any way impair or weaken the' security ot said mortga6c. In case of the refusal, neglect or inability of ~he Mongagor to rcpair ~ and maintain said propeny, the Mortga6« may at its option make wch repair or ause the same to be made and advanrs monies in that behalf which sums shall be secured by the lien hereof and beu interest at the same nte u is specified in the note xcured ~ hereby, u payabk after default in payment of said note. ~ . ~ ~ . ~ ° ~8~ ~ ~ EUuK FAl;i ~ , K ~ , f~, } ^ 1~ . ~ . . _ " _ Y.~- _ .r £ RI ~ ~s~~~.~a~^-~"~~~'c,_,S'~ .~2ti4 r... ~~b"'~Er~`'~~` _