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HomeMy WebLinkAbout0880 { . , ti ' Md shail perCorm. cumply with and abKie Dy each ar~d eve~y of Ihs stipulations, agrcement;,cund~tiuns arxf curenant~ set fo~th in this moitgase ~nd in ~he prunussury notc secured hercby, and any ~enewals o~ other nota given in arrurdance herc~~~th, then tRis mortpae sod 1he estate hereby crcated shaU reaYe and be nuU and vo~d. And said Murtgagu~ for himxlf and his hti~s, legal reprrsenqtires, successors and xssigns, hereby cw~~~ena~ts and agrees to i • and with eaid M~~tpjee, its legal representati~YS, wccesson and auigm: ' j To psy all and sin~tular the principal rnd interest and lhe vr~ious and surdry wms of money payabk by virtue ot uid t Qromissory notes, and this mortgage, each and every, ptomplly un the days tespectively the same 1~ecome due, i 2 To paY all and singular tht taxes, essessments, kries, liabilities, oblqtatiuns ~nd incumbranres uf every neture ~nd kind ; nn ~;a d~4~r~v t?~~el~[tec mav be im~~. suftect~.l+Jac~,.te ted oi,.~~~5fd hers ~+n~ aud ~hat hereaftrr may be kvied or assessed upun this mortgage, lhe crniebtedness secu~rd hereby, or both, aach and every, whrn due an3 p.yab~e ~ accordit~ to law, beforc they becume ~lelinquenl, and before any interest attaches o~ any penalty is incurred; ~rn1 in so fu as any thercof is of reeord ihe same shall.be prompUy utisfied and diuharged of ~ecoid and the orginal uUicial document (wch u, for instanoe, Ihe tax receipt or the sat~sfxtion pape~ officially endotsed or certiC~ed) shall be plxod in the hamis u[ Mortg~ee w~th- { in teo days next aflet payment. ' 3: To kcep said buildings, and any which may herea[ter be erected upun said premises, inwred a6ainst lou or damage by ~ 1 fue and such other hszuds ~or tis?s u may be required by Mortgaaee in wch amount or amounts u may be required by said AMrtgaga. i~ such insuranee company or companies ss MortEagea, its wccessors or assigns. may app~ove, and to deliver to said ~ Mortgagiee, u sdditioaal security hereto, the policies o[ wch inswana and uf any additional iuw:rnce which shall be uken ou1 ; upon sucb bwldinEs while any put ot the indebtcdness afaesaid shall rcmain unpaid, having attached Lo said policies wch mort- f pge indemiuty clause as Mortgagee shaU dirat. Renewals oi such poticies shall be so deiiverod at least ten days before any wch s insura~ce shall expirc. All insurance carried shall be satisfartay to sa~d Alortgagee. Any wm which may become due unde~ any f such policy may be applied by said Mortga~a, at its optan, either to reduce said debt o~ to repair or rcplace the improvements ~vvercd by said policy. Said Murt~agee may procure and substitute for any and aH of the inwrance so heid as aforenid, such other policy or policies of msurance, in like amount. as it may determine, provided Mort~tagor fails to rcplace any.surh insursna . i within ten days after beirpt aotified that the InsurinR Company is no longer approred by Mortsa~tee. In case of sale under fore- ' clusure heteof. all such insurance shall thenceforth, ancf until the period of redemption shall expire, be made payable to the holder of the cenificate of sak: and in such events uid Mortgagee is hereby autho~ized to collcct the~unearned premium on an~ wch policy it may cause to be cancelled, regardkss of w•hether said premium is paid by Mortgasor w.Mortgagee, and ~pply such premium tow•ards the payment of premium on any such new inwrance so poyable to the holder of such certiGcate. 4. In case said Mortgago~ shall neglecl or re(use to keep said ~+rcmises in goad repa'u and condition, to pay promptly w~hen due aU uxes and assessments, as aforcsaid, or to remove any statutory I~ens on said premises, or to keep ttx buiWings and improvements insured, as aforcsaid, and deliver the policy or policies of insunnce, or the renewals thereof, to said Mortga~e.as • atoreuid, then said Mortgagee maY. if it shall so ekct, make rcpairs, maintain said property and pay such taxes and asussments, with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises which may have been sold or for- feited for taxes or asseuments thercun, purchase any tax utk_thereon, remuve any statutory liens and prosecute ordefend anp suits in relation thereto. inwre and keep insured said buildinp,s in the sum, as aforesaid, or for any less sum and far surh time, as said MottEngee may dcem praper. Any sums which may be so paid uut by said ~tort~agee, and all sums paid oui fot substituted insunnce; u aforesaid, including the cbsts, expenses and attorney's fee paid in any swt affecting said ~eal es~ate, when r~ces- ' wy or appropriate to protect the lien hereof, shill bear intercst from the date of such payments at the same rate as is specified, 3 in the note secured hereb>•, as payable aftet drfault in paymen. of said note, shall be paA by said Atott~tagor to said Mortgagee ~ upon demand and. shall be deemrd a part of the debt hrreby secured, and recoverable as wch in alf respectc. Any such liens ~ daims. taxes, assessments, ot tax titles to purchascd, paid, or redeemcd by said ~foitgagee shall, as betwreen the parties hereto their wccesson in interest, be dcemed valid, so that in nu erent shall ihe neressity or validity of anq such payments be disputeJ. IVeither such payment by lHortg~gre nor its-colkc~iun from ~lortgagor shall u~aive or affect any oplion, lien, equity or righ~ of Mort~get's. i S. If requated by the Mortgagoe, the Mortgagor, togethet vrith aed in addit~un to the munthly payments undet the terms of all nota secured hereby, on ihe due day o! each manthly payment and until said notes ue fully paid, shalt pay to the ~fort- gagee ae installment of the taxes and asseuments next to becorrte due against the mortgaged premises, an installment oi premiums next to become due on insured pdicies required. by tt?e Mort~gee, and any other charges payabk according to the commitment . to financc. Such installments sTuli be equal rospeciirely to such taxes and assessments, inwrau~a premiums and other chuges, all u estimated by the Mortg~gee. !ess all sums atrndy paid thereon, dividod by the number of months that ue to elapse beforc one j month prior to the date when such taxes and assessments, insuranre premiums and oeher charges will bscome due. Said install- mems shall be held by the Mott~aget fbearing the interest fot Mortgagor) to pay such taxa, assessments, insunnce premiums ; and other chuges. AU payments made under the term oi' this pang~aph and under. thc note secured hereby shall be addod 3 together and tht aggteaate amount tixteof shall be paid by Ihe Mortgagor in a singk payment each month to be applied by the ~I bioitgaget in payment of Ihe tecros and ~n the order foUowipE_ Ia) taxes and assessments, and insurance premiums and other I charges payabk accordinR to the ~omm~tment to finance; (b) mterett on the nota secured hereby; and fc) amortization of the ~ prin~ipal of said notes. Any deficiency in the amount ot wch a~rtgate monthly payment shaU constitute a default under this i mortgage. When such taxes, ass~ssments, insurance premiums and other ct~uges taU due, if the amounts deposited by the Nor?- ~ gagor fot such purposes arc not suffirient to pay said taxcs, assessments, insunnce prem~ums, and other chuRes, as the case ma}' ~ be, then due, then the Mortgagor w~ill qy to the Mortgagee such deTiciency immed'utely. Whfn such taxes.a,sessments, inwc,n~~e ~ premiums and other chu6es fall due, if the amounts deposited by the Muttg~gor tor such purposes exceed the amounts due for ~ such taxcs, assessments, insutance premiums and other charges, ihe exceu may, in the discretion of the M~rtgagee, be applied _ on subsequent monthly payments to be made by the Mort~tagor. In the event of default under this mortgaee any une~pended funds in the hands of the Mortpgee depositrd by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and olher chuges, shall be applkd by the Afortgagee upon the indtbtedness hereby securcd in the following order. (a) intetest on advances made by the Mortgagee; (b) advances made by the Mort~gee; Ir) interesi on the principalc and Id) the principal debt heteby secured. 1~l~en any such taxes, assesements, insuranre premwms or other charges fall due the \tortgaytor w•ill prompdy obtain ~od detiver ro the Morig~gex statemenls with respect ihereto. 6. The Mortgagor represents and agees th~t th~s martgage loan and all futun loans evidenced by the aforesaid promissory notes which aze secured hereby arc made and extended by Mortgagee in reliance, in part, on the tinancial background and abili- ties of !ltortgagor and any co-makers, guarantws or endorsen to, joind~• and ceverally, pay any and a!1 rarious and sundry sums of money and the specific nte of interest payable by virtue of said prom~ssory nota and this mortgage. These mort~age loans are undentood and ageed to be made and-eztended to the Mortga~tor only. It 'ss neithec prcsumed, expressed or implied that the obli~tions cratod hereundcr may be auumed or performed kY any puty other than the Mortgagor, whether or not upon the sak or conveyance of the premises herein described or any part thereof. lf a conveyan~ should be made by the NortgaRor of the prcmises herein described, or any put thereof, without the writSen consent of the Mortgagee, (which consent may be withheld arb:tnrily or ganted on terms seketed by Monaager in its sole disctetionJ or without assumption buth by proper execution ot assumption a~reements and related fwms in use by the Mortgagee and by aswmption in iegular form of law by the gnritee of the obli6ations crsatod heteurder, thtn, in either of those.events, and at ths option of the Mortga~es and without notice to tlie iNort- ~agor or to any other puty, all sums of money secured hereby shall immediately aed concurrently and upon such conveyance becortx duc and payabk and in default whethec or not the same are othcrwise due and payable or in default by the specific terms hercof. The forogoing option shall be exercised by Mortgagee at its sok and compkte discretion. The aforeaid consent of Mortgagee may be either gtantod or withheld without any requirement of the Mortgagee dixlosing any rcawn thereforc. Not- withstandin6 the forc6oing, if the ownership of the mortg~ged prcmises, or any put thereof, becomes.fated in a person other t}un the Mortg~gor, the Nortgaga may deal w•ith such successor or successors in interest with reference to this mortgagee, and the debt hercby secured, rcRardless of any change in the terms of the obligations created hertunder, w~thout in any manner ~ vitiatit~ or discharginE the Morig,agor's lubdity hercunder or upon the debt hereby secured. The Mortgagor shall at all times ~ conunue liabk for the indebtedneu securcd hercby until this mongage is fu(ly disciurged or Mortgagor is formatly rekased by an ~ inswment in writing duly executed by the Mortgagee. ` ~ 7. Mortgagor, at tM option of MortgaRee, shall pay a"late charge" not exceeding two per centum of any said apgre~ate monthly instaUments induding an~~ installment fur payment oY taaes and insunnct when paid more tFun ten days aftet the due ~ date thtteof (prorided that in no event shall said 'late charge° result in the payment of interest in excess of the max~mum interest petmitted by law), to cover the extra eapense involved in hsndlinE delmqurnt payments. Such "late chuge" shall not tx F payabk out of the proceeds of any sale made to satisfy the ~ndebtedness secured hereby, unleu su~:h proceeds arc first wffi- cient to discharge the entire indebtedness and all proper costs and expenses securcd thereby. A reasonabk minimum "late charge' will be charged u customanly fixed by Mortgagce from time to time, and Mortpagor agtees to pay said minimum "late charge;' if incurted. . 8. To permit, commit or suffer nu w•aste and to maintain the imptovements at all times in a state of good tepair ~nd cor.- ~ dition; and to do or permit to be done to said premises nothing that w•ill alter or chan~te the use ~nd chuuter of s~id property or in any way impair or weaken ihc security ~f said mort~ge. In case of the refusal, neglect or inability of ihe Mortgagor to repair and maintain said property, the Nortgagee may at its option make wch repair or cause the same to be made and advan~ti momes in t}ut behalf which sums shaU be secured by ihe lien hereof and btu interest at thr same rate u is specified ~n thr note secured hereby, u payable after defwlt in payment of stid note_ . ~ . . . • - , ~ _ soox 2&9 p~~E 869 # _ _ Y~- ~ ~ : ~ s t+cf .,J . ~ . ~`~fiY~-~-. ~,.r~ I ~ ~ ~ 'r°,~ ~ ~,'~=~~-C~~~~g, + ~ ~ ~~~~`~'i . - . . . .rt?~~~~ .