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HomeMy WebLinkAbout0775 A~d shall perfurm, ~umplp wuh and :tik1r '+y cach .nJ ecer~ uf ~hr .upul,u~~nc, ~Krrtmrnls,iunJ~Uun+ rnd ruven~nt~ srt iurth ~n this mortgagt and m the pn~m~uor)' nutc ~r.urtd hcreb>, and ~m rrnru~l~ ur uther nutc~ Rnen in accurdanct he~rw•ilh, then this mortgage and the r~t~te harchy :irated ,hdl rease and be nuli ~nJ ~u~J. And said Murtga~ur for him+rll arwl hcut, ItFal reprt~tnt~b~r~. cuccncuta ~nd a.cigna, hereby cunreoants and agrcrc to and w~th u~d Nurlgrgre, its Irgal re4~rrtirn~eu~... cuc~e,wr. ~tx1 ~..~m~ 1. To pay all and sirytular the pnncipal and ~nterest and the ~~anuuti ~nd sund~y sums of money payable by virtue of ~s~J promissc~ry notes, and ihis mortgage, each and e~Yry, promptlY on the da~ ~ rcspn tnrly the ume brcome due. 2. To pay all and cm~ular Ihr ta~rs, ~~u..mtnta, le~ie~, lubd~t~es, obi~g~twm anJ mrumbrances of every naturr :~nd kmd nuN• un ~~d dexribed praprrty, that rcalter ma~ be ~mpuuvl. wf[errd, plartd, It~~rd ur ~~xesed thereupun, and that hercafter m~y be,lenr~i ur acsesuri u{x~n th~c munE:4te, the u?deb~rdnres sa:urcd hrreby, or buth, rarh and rvuy, whrn due and payable accutding to Irw, before thr~ br~ume drhnqurn~, and br(orr any mterrst attichre ur an~• penalty ~s ~~rurred; and in so far ae any thereof is of rccord the ~mr ~hrU be prump0y satnLed arn1 dischar~ad u! rc.urd and the orginal oflicul document IsurA ~s, for mstan~~, Iht tax receipt ot the uuif~.tiun paper ufli:uUy en.lwsrd ~r ~rr~ifKd) sh:~u be plarcd in the hands of Mortg~re w•iih- in teu days next ahet paymrnt. 3. To keep said buildmgs, and any wh~ch ma~ hetufter be ere.ted upun sad psemixs, insurcd against luu ot damage by fue and iuch othet hazuds or risks ia ma>~ be rcquuod by !lottgaaee in wch amount ot amounts u may be required by said Murt~gee, in such insurance cumpan~ ur ~omFanKS as Nortgager, rts wccessors or ass~gns, may approve, and ta deliver to said Nortgagee, as additional securiq• hereto, the poLcies of wch inwrance and of any add~tional insurance which shall be taken out upun wch buildings w~hik nny put of the indehtedness.foresaid shall rtrtuin unpaid, having attached to said polwies such mort- qage indemnity clause u Mortg~;ee shaU due:t. Rencwals of wch policxs shall be so deli~•ered at kast ten days befote any sych inwrance chall expirc. All insuianre ~arned chall be cahifa.tMy tp v~d ~lortg3eee. An~• sum w•hich may become due under any • surh policy may Ae applied by said ~tort~agee, uc ctiptiun, eethrr tu re.lucr yd debt or to repair or replare the improvements covered by said polic}•. Sa~d ~furtga~ee mry prcuurc an~i subehtute for any and all of the inwnnce so held u aforesaid, such othet policy w policies of insuranre, m I~ke rm.wnt. as it may det~rm~ne, pro.ideA Mort~gor faih to replace any such insunn~e within ten dayx after being notified that tfie Insun~ Compartm n no lonerr appro~~ed by ~tortgagee. ln case of sale under [ore- rlowre hcteof, all surh insuranre sh~il thenceforth, and until the penod of redemption shall expire, be made payable to the huldet uf lht certificate ol ~alr: and m su.h c~rmt vid Nortg~eee n hrrrb> ~uthorizni tu collect the unearned premwm un rny such policy it may causr tu br ranrelled, rc~;rrdkss uf rhethet u~d prem~um n paxi b~ \lortgrgur or Nortg:?gee, and apply such premium towards Ihe p~~•mrnt of prem~um on an> such new• ?nwrance so Q.~~~blr to the holder of such cettificate. 4. In case sa~d Nortltagor chell ne~te.s or refuse to krep sad prem?ses m Kood repair and cundition, to p:~y promplly when due all laxes and acsessments, a. al~rcvid. ur to remo~t am~ ~tatutur~• l~tn~ on said pr~mises, ot to keep the buildinRs and ~mpruvrments insured, ac afores~id, end delitirr the pulh~ or p:~hrirs uf ~nsurance, or the renewals thereof, to said Mortlwgee,~s ati~resaid, then said !Norte~eee may, ~f it shati sn ekrt. make repa?n, mamtain v~J pruperty and pay such taxes and :~ssessments, with the accrued intetect, ~+tnaltie~. ufflcer'. fces, and t~prn~ee therr.,n, rrdeem caid prem~ses whKh may have bten sold ot for- feited fot taxes or asuccments thereun. punh:.x any tn uik therron, remo~r any ctarotor}~ liens arrd proucute or defend any , suits in relation thereto, inwre and keep msured vid twildm¢s ~n the wm, ac ~furec~xi, or for any leu sum and for such time, as sa~d Nortgagee may deem pruper. Any cums s~hkh may be ~o pricl u~t by c~~d ~turt~ca~re, and all sums paid uut for substituted ~nsurrnce; as aforesa~d, mrlud~ng ihr :u~ts, e~pensee and attornrc's trr pnd in ~ny cuu affectinK saiJ real r~tate, when neces- wry ur appropriate tu prute. t the l~rn hereat, ctull be~~ ~ntrre.t fn~m the dair ~~f wch pa~ rr~ent~ ~i the same r~tr as ~s cpec~fied, ~n the note securcd hcreby, as pa}ahle alter drfauR m pa~mrnt of v~d ~iote. ,hal! hr paid by ~id ~lortga~or to said Murtgagee upon ~emand and shall br d~Ymrd a p~rt thr debt hrrrb~ +rcured. and re.nrrrable ac wch m al! resperts. An}~ surh liens ~la~mc, taxes, ~ssts~mrnh. ur ta~ hUe...~ pur.haxd. prkl. ~~r rr:lermrd h} ,ahl ~tu:t~ragr~ chall, as between thr parues hereto Ihe~r wtcecsors in intetr~t, br drrmrd ~al~. •o that ~n n~. e~rnt ,hell ~he ne.r,s~t~ ur .~alKin} ot an~• wrh payments be disputed. Nehher such ~yment b~ ~t~~rt~.~err n.~r rt. :~~Ae:n~~n fr~.m N~rt~.u~~r ,h.,ll wa~~r ~~r atfe.t am optiun, lirn, equny ~~r right vf NurtRagee's_ 5. If requestrd b}• the 11ort~gtr, thr ~turtg.{c~~r, togethet with and ~n add~tiun co the monthly payments under the terms of all notes securcd hereb}•, un the due da~~ of eacF monthl~ payment and until said notes are fully paid, chall pay to the Mort- gagee an insta0ment ot the ta~ec and a~sr~sments next to beuomr due ac~~nst thr mortgagtd premises, ~n installment of premiums next to become due on insured poli;~cs requ~red b~ the Nortgagee, and any other charges payable according to the commitment ' to finance. Su.h installmentc shrll be equal respect~.-el} to wch ta~cs and asseuments, inwranct premiums and other chuges, all u estimated by thr Mortge~, lzss atl sums alrrady pa~d thereun, dnde.i b~• the number of months that are to elapse before one month prior to the date when suih ta~rs and asses~mrnts, insurance prcmiumt aad other charjtes will become due. Said instalt- ments shall be held b~~ the ~tortgager ~t+earine the mtereu for Nurt~agor) to pay w.h taxes, assessments, insunnce premiums ~nd other charges. All pay~ment, made under thc ~erm of this pacagraph 3nd under the note secured hereby shall be added tugether and the a~rcgate amuunt therrof .h~ll be p~id by tAe \lort~~or in a unglz payment eu6 month to be applied by the ~tortgaEtee in payment of the rerm. and m thr urder foliox~~rre: 1a1 razes .~nd assessmrnts, and insurance premiums and other :har~es payabk accordin~ to the commnmrnt to finan~Y: Ibl mterest un thr notes se.ured hereby: and Ic) amoruzation of the prin~ipal of said notes. Any def~:~encq in the am.,um of w~h aggrr~~tr munthl~ pa~'mrnt ~hall cunstitute a default under this ~ mortgage. \Khen such taxe:, a~tiessmrnts. in.urance psrmwms and .~?her chugec fall due, if thr amounts deposited by the ltort- ~agor for wch purpuce. are nut .uffi.~ent t~~ p~~ vid t~~r.. „~r~.m~ ntc. m.ur~n.r prem~umc, and other cha:gec, as the case ma~ ! be, then due, [hen the ~lortgag~~r wdl pa~ t~~ the Nort~.~er +uch drfi.~rn:~ ~rnmedwtrh. qhen such taxes, accessments, msuran~e premiumc and other :h~r~as fall due. if the am~~un!s dep..uted h} thr ~lurt¢agor f~~r wch purposes etrerd the amountc due for surh taxec, assessments. inwrsnre prem~um+ and othcr ~har~rti. thc e~:eca ma>•. in the dis:retiun of the ~tu:t~agee, be applied E on subseyuent monthl} paymrntc tu be n~~dr h~ thP ~Ir,rtg~g~>r_ In +hr t?ent of default under this mortga~e any une~pended ~ funds in thr hanss of the ~t~~r~+~ee drp.~a~trd b~~ the ~{vztgr~~~r u~ meet the ohl~eatiuns of taxes, ascessments, insurance prrmiums and other rhar~ts. tihall t+~ ~pplird b~ the ~lurtgrgrr u~~n the ~ndrbtedne~s hereby secured tn the follow•mK order. ~ la) ~nterest on advan:et madr hy the ~tntt~lre: !h1 ad~anicc m~dc h~ thr ~1urt~~ee: Iil mterect on the prmc~pal; and (dl ihc pnnc~pal debt hereby ~e.utrd. Nhrn ~m w~h ta~ec. a.se.srrkn:.. ~muren Y prem~um+ ur other rharges (all due the Norc~agor £ aill prompdy ubtam arxl delt~rr t~~ the ~t~~rt~Yer et~tementti w~th rr.~e therct~~. 3 6. The Norigagor representc and ep,tees that this mortga¢e luan ~nd all future loanse~idenced by the aforesaid prumitsory ~ notes which are secured hereby ar~ m~de and ettendcd b} ~lori~aeee m reluarr, m part, on the hnancial background and abili- ~ ties of Motlgagor and any co-makers, Ruanniors or er~dorsen to. ~a~nth~ ar~f se~erally, pay any and all various and sundry sums of ~ money and the specific rate of mterest pa~able b~• rirtue of said promicwr} notes and this murtgage. These mortgagr luans arc ~ understood and apseed tu ~ made and e~tended to the ~lort~.~ror onh. It is neither presumed, expressed or implied that the ~ oblipations created hereunJer may tx assumed ur performed hc any parn• other than the Nurtgagor, w•hether or not upon the. ~ sale or conveyance of the premius here~n dexrihed or 3n~ pu: thrreof. ff a.on.~eyanre should be made oy ihe Mortgagor of the - = prem~ses hetein desrtibed, or am• nart ihereof. unhout thc ~nttrn i~nxnt of tht ~tortga~e. Iwhich c~nsent may be w•~thheld ~ arbitrarily~ or y,tanted on terms sekcted bp ~fortgrcer ~n rtc sok d~~:ret~un.l er W~thuut usumpiiurtboth by proper execution uf assumption agreements and related forms in use bp the Nurt~a~eee and F> assumption in regular form of law by the grantce of the a obligations created hereunder, then. in either of those everts, and u the optiva of the 3lortgagee and without notice to the Mort- gagor or to any other party, all sums of morxy xcured hereby shall ~mmedutel~• and concurrently and upon such conveyance r become due and payable and in defauit whether or not the v:ne ue uth~rw~se due and payable vr in default by the specific ~ terms hereof. The torcgoing ophun shall be eaer.~sed by ~I~~rtgagtc at itti sole and.omplete dixretion. The aforesaid consent of ; Nort~ragee may be either granted or w~ithheld without mp trquirement o! the }turt~agee d~sclosing any reason therefore. Not- ; w~thstanding the foregoin~, i! the ownership of tht mortpged prem?ses, or .~m pazt thereof, becomes vested in ~ person other _ than the MortFagor, the Nortgagee m»• deal with ~uch successor or sucreccon in interest with rcference to this mortgagee, and =3 the drbt hereby secured, regardless of an~ chanee in the trrms of the ublqtai~ons created hereunder, without in any manner ~ihating or dischatgin~t the Mortpa~or'c habdit} hereundrr ur up>n !he drbt hereby cecured. The ~lortgagor shall at all times - continue 6abk fot the indebtedn!ss se.ured hcrebp untJ thn mortgagY is Cull~ d~xhargrd ur 1lortgagor is fwmally released by an inswment in wTiting duly executed b~~ the Nortxafee. 7. Mottgagot, at the optiun of Nurt~~ger, shall pa. ~"I~tr .he:rr" nor r~cerd~ng two per centum of any ziid aggregate ~ monthlq installmeMs includin~ .~n~ mctallment fi+r p~cment ~~f t.e~r~ ~r.d ~nwr~nre uhen pa~d m~~rr than ten days afiet the due g date thereof (pru~~ded that in n~~ e.~ent shall v~d "late rhrrge" resul+ m the pay~ment of interest in ercess of the max~mum ~ interest permiqed by law to cu~er ihe ettra e~pensr ~n~nl~rd in handlmg delmquent pay ments. Such "late charge" shall not be payable out o( the proceed~ of rny sale m~de.to satnf} the irnfebtrdness srcured hereby, unless wch proceeds are first sufti- ~ cient to d~xhargc the entire indehtedM~~ ~nd all pr~~per ~u~tc rnd e~penu. ~e.ured ihereby_ A reasonrble minimutr. "late charge" ~ will be rharged as customarily fized b~ lUurt~a¢ee from !ime to t~mr. and ~tortraRor agrces to pay said minimum "late charge;' :4 if incurred. ~ 8. To permit, commit or sulfer no waet- and to memtam the emprosementc at all t~mes in a starc ~~f good repair and con- dition; and to do or perm~t to he done to said premixs noth~ng that w~ll ~lter or ctunge the ux and chuacter of said property or ~ in any w•ay imp~ir or w•eaken the se.unty ut .3?d mwtp~r. tn .ase uf the refusal, nc~lact ot inability of the Murtgagor to repair " and mamtain said ptoperty, the Nori~a~ee m~~ at ~ts optinn m~ke w~h repur or r~uu the tiame to be made rnd advance mon~es ~ in that behalf w•hich sums chall he ucured b} the lien here„f ~nd hra: intet~tit a* the came nte ac is specified m the nolt secured hereby, as payable after default m paymrnt ~f v~d note_ a ' • ~ sl tJ ~ ~ ~ a S ~ ~ ry _ ~ ~ rY ~ ~~i ~ ;~'<`s- ~ - 3~ y ~ ~ . . „~~~,:.y..-x:.y .