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HomeMy WebLinkAbout0329 And shall prtfurm, rc~mply with and ahKlr by earh and e~rry of the stiputations, agrrrmrnts,rond~tiuns ;,nd cuvenants set forth in Ihis mo~~g~e and in the pronuswry note ucu~ed hereby, anJ any rrnrwalc u? ~~ther note+ F~vrn in •rcrurdanre herewi~h, then this mottgage a~d Ihe astatr htreby rreated shal! ceasr and be null ~nd vuid. And said Mortgago~ for. hims~;lf a~d his hrits, legal tep~eseota~ives, wrcezcors and assigns, herrt+y roncrnants and agrees to and with said Murigagee, its legal represrntat?ves, sucrecx~ts ar?t1 asa~gns: l. To pay atl and singulu the principal and interest and the various a~d sundry sums oi money payabk by virtue of said promiuory notes, and this mortg~e, each and erery, ptomptly on the days ~espectiYely the ume become due. 2. To pay all and cingular the t:~xes, assessments, lenes, ti:ubilities, obliFtations a~d +rtcumbtances of every nsture and kind now o» said descnbrd prope~ty, that hercafter may be impused, suiiered, placed, levied or assessed thereupon, and Ihat hereafter may be levied or assessrd upon this mortg:~e, thc imirbtedneu secured herrby, or both, each •rnd every, when Jue and payable acrordtng to law, before they brromr dclinqucnt, anJ before an)• interest attaches or any penalty is incurred; and in so fu as any thercof is of record the same si~all be promptly satisfied and diuharged uf record and the orginal official document (such u, !ot instance. the ux teceipt or the sa~isfa~•riun paper offic~atly zndorsrd or certefied) shall be placed in Iht hands of Mortgaigee w•ith- in ten days next after payment. 3. To kcep said buildings, and aoy which may herea(ter be ~rected upon said premises, insurcd against lou or dam~ge by fue and such other hazuds or nsks u may be required by Afortgagee in such amount or amou»ts as may bercquired by said Mortgagee, in such insutana company or comQanies u Mortgagee, its successors or assigns, may approve, and to deliver to said Mortgagee, as additional securit~~.hereto, the poliries of surh insurance and of any additionat inwru~oe which shall be taken out upon sach buildings whik any put of the indebtedness aforesaid shall remain unpaid, having atUchod to said polic~es such mort- ~ge indemnity clause as Mortgagee shall d'un;t. Renewals ot such policies shaA be so delivered at least ten days before any such insurance shall expire. AII insurartce carried shall be salisfactay to said Mortgagee. Any sum which may become due under any surh pdicy may be applied by said Mort~;~gee, at its aption, eithrr to mtifuce said debt or ~to repair or rcplace the improvemenls rovered by said policy. Said Mortgagee may pracurc and substitute for any and al! of the inwrapce so held as aforesaid, such oiher polecy or policies of insuranre, in like amount, as it may determine, pmvided Mortgagor fails to replace any such insunnce wtithin ten days afrcr being notified that the Insuring Company is no longcr approved by Mortgagee. In case of sale unde~ forr rlosure here~f, al! such insuranre shal! thenceforlh, and until the period of redemption shall expire, be made payable to the huldec of the cettificate of ~~le; and ~n such events said A~ortgaRee is hereby ~uthorized to rollect the unearned premium on anp wch policp it may cause to be canctlted, regardless of whrther s~id premium is paid by ~longagur or :Nortgagee, aod ayply such premium towards the payment of premiam un any su~h new insuran~~e w pa~~able to the holder of such certificate. 4, In case said A1ort~gor shall neglact or refuse to keep said premists in good repair and condition, to pay promptly when due all taxes and assessments, as afore3:iid, ~r ta remo~~e any statutor>• liens oa said ptemises, or to keep the buildings and imyrovements insured, u aforesa~d, and deliver the policy or poticies of insurance, or the renewals thereof, to said Mortgaget,as aforesaid, then said !~tortg~gee may, if it shall so elect, make repairs. m~intain said property and pay such taxes and assessments, with tht accrued interesl, penalties; officer's fees, and expenses thereon, redeem said premises which may ha~~e been sold or for- feited for taxes or assessments thereon, purchasc any tax title thereon. rcmo~Y an>' ct~tutory liens and prosecute or defend any suits in relation thereto, insure and keep insurcYi said buildirtgs in the sum, as aforewid, or fur any lets sum and for such time, as said Nortgagee may deem proper. ~iny sumc which may 6e ~ prid uut by said .Llortgagee, and all sums paid out for substituted insurance; as afocesaid, including thr .oses, e~penses and attorne}•'s tee paid in any wit affecti~g said real estate, when neces- s~ry or appropriate to protert thc lirn hrrcof, Sh~U brar interest frum the date ol such pa}•mcnls at the same rate as is spe:ified, in the note secured hrre~y, as payable aftcr default in payment of said nute, shall be prid b~' said !ltottgagar to said blottgagee upon demand and shaR be dcYmed a psrt r~t the debt hereb>• secured, and recoverable as such in all respects. Any such liens claims, taxes, asstscments, or ta~ utle~ so purchased, pad, or redeemed by said ~1ort~gee sh:?11, as betw~een the parties hereto iheir succeuors in interrst, he deemeci ~alid, s~~ that in no rvrni shali the necessity or ~~alidety of aoy wch payments be disputed. \either such paymrnt b~ ~tortgag~r nur its collection from ?Nortgagor chall waive or ~17rrt anp option, lien, equit~• or right of Mort~tagee's. 5. If requested b~~ the .ltort~gee, the Nortg~or, together with and in addition tn tho monthly payments unde~ the ttrms of a11 notes xcured heteby, on ihe due da}• of each monthly payment and until said notes are fully paid, shap pay to the Mott- gagee an installment of the taxes and assrssments next to become due apainst the mortgaged prcmius, an installment of premiums next to become due oo. insured policirs required by the ~iortgegcY, and any other charges payable according to the commitment to Cnance. Such instatlments shall be equat respectively to such taxcs and assessments, insurance premiums and other charges, all u rstimated by the Nortgagee, leu all ~urns atready paid thereon, divided by the number ot months that aze to elapse before une month ptior to the date w•hen such taxes and asscuments, insutance premiums and other charges will become due. Said install- ments shall be held by the Atort~ta~ee (bearing the interest for Nortga~tur) to pay such taxes, assessments, insunnct premiams and ofher char~s. AU pa>~ments rtude under the term of this paragraph and undar the note secuted hereby shall be added togethet and the aggregate amuunt thereof.shall be paid h~• the \tortgagor in a single payment each month to be applied by the Mortgagee in Paymeot ot the termc a~d in the order follow~ing_ {a) taxes and assessments, and insurance premiums and other charges payable according to the commitment to finance; (b) interest on the notes secured hereby; and (c) amortization of the principal of said notes. Any deficiency in the amuun[ of such ag~egate munthly paymeot shatl constiiute a default under this mortgage. 1~'hen such taxes. assessnxnts, insurance premiums and other chargts fatl due, if the amountsdeposited by the ~fort- gagor for such purposes are not ~uftic~ent to pay Wid taxes, a.sescments, insurance premiumc, anA other rharges, as the case may be, then due, then the Mnrtgagor will pay to the ~inrtca~ee such defiiiencv ~mmed~alely. When surh taxes. •rssesamenis, insurance prem~ums and uther charges fall due, if the amountc drpusited by the !?tartgagor for such purposes exceed the amounts due for such taxes, as~cessments, iniur~n~e prem~ums and other rhrrgcs, thc excess may, in the discretion of the Mortgagee, be applied on subsequent monthly pa}•men» to he made by the ?turtgagor_ In the e~ent of deCault under this mortgage any unexpended funds in the hands of the ~tongagee depos~ted by the ~tortgagur tu meet the ob(igations of taxes, asstssmertts, insurartce premiums and other chazges, shafl be •rpplird b~~ thr ~1ort~agee upon the indebtedness hereby securcd m the follow~ing order, fa) interest on advances made by the ~1ort~gee: (bj ad.•ancec made by the Mungagee: (c) interest on the principal: and fd) the principal debt hereby secured. 1Vhen any such taxes, assessments, insurance premiums ur other c~arges fall due the Alortgagor Will promptly obtain and deliver to the ~lortgagee ctatements with respect theceto. • 6. ?he Mortgagor rcpresents arni agrees that this mortgage luan and all futurc loans evidenced by the aforesaid promissory notes which are secured hereby are made and extended by Mortp,agee in reliance, in part, on the finanrial background and abili- ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all variout and sundry sums of money and the specific rate of interest payable by virtue of said promissory noths and this mortgage. These mortgagr loans are understood and agced to be made a~xl extended to ti?e Mortgaltor only. It is neither presumed, expressed or implied th~t the ob{igations crpted hereunder may be assumed or performcd by any patty other than tht Mortgagor, whether ot not upon the sale or conveyanoe of the ptemises herejn described or any pat! thereot. !f a conveyance should be made by the Mottgagor of the premises herein desctibed, or any put therrof, without the w~ritten consent of the NortgaRee. (which consent ma}• b~ withheld atbitrarily or ganted an terms selected by !liort{eagee in its sole discretion,l or without assumpt'an both by proper execution of assumption agreements and related forms in use by the Mortgagee and by assumption in regular form of law by the grantce of the obligations created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gagor or to any other pariy, aB sums of money secured hereby shal! immediately and concurrcntty and upon such conveyance become due and payable and in default whether or not the sartx are otherwise due and payable ot in default by the specific tetms hereof. The forcgoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Mortgagee may be either ganted or withheld without any tequirement of the Mortgagee disclosing any reason thercfora Not- withstanding ihe foregoing, if the owncrship of the morigaged premises, or any part theteof, becomes vested in a person other than the Mort~gor, the Mort~agee may deal with such successor or sucttssors in interest with reference to this mortgagee, and the debt heteby secured, regardless of any change in the terms of the obligations created hereunder, wiihout in any manner vitiating or discharpjng the Mortgagor's tiability hereunder or upon the debt hereby secured. i7~e Mortgagor sha!! at a11 times continut liabk for the ~r?debtedneu serured hercby until this mortgage is fully diuharged or Mortgagor is formally released by an instrument irt w•riting duly executed by the Mortgagee. 7. Mortgagot, at ihe option of Nortgagee, shatl pay a"late eF?arge" not exceeding two per cenlum of any said aggregate monthly installments including any installment for payment of taxes and insurance w•hen paid more than ten days after the due date thereof (ptovided that in no e~•ent shall said "late charge" result in the payment of intetest iri excess of the maximum interest permitted by law•), to coret the extra experue iavolved in handling delenquent payments. Such '9ate chazge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedneu secured hereby, unless wch proceeds are first suffi- cient to dischuge ihe enure indebtedness and all proper costs and expenses secured thereb}~. A reasonable mirsimum "late chuge" will be charged as customarily t~~ed by Mortgagce from time to time, and Atortgagor agrees to pay said minimum "late charge; ' if incurted. 8. To petm~t, commit or suffer no waste and to mainta~n thz impro?~ements at atl times in a state of good repair and cort- dition; and to dq or permit to be done to xaid premises nuthing that will alter or ch~nge the use and character of said properry or in any way impau or w~eaken the secunty of srid mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and maintain sa~d property, the Mortgagee may at its option make such repair or c~use Ihe same to be made and adrance monies in that beh~lf which sumc shall be secured by the lien hereof and beaz interest ai the same rate u is specifi~d in the note secured hereby, as payabfe after defauit in payment of sa~d note_ - Z9~ ~ 3~~ ~ - ~ u~ ` ' _ - > a 3 ~ ! ~~y,~. ~ " : ~ ~ Y ~ ~~~u'J'..Xs~§'~3~.v+.Yas,.~:~~~C,"5~`•-,~'~ ~`r.<s.~ . _ J ^.R.",i..r w..... ...r..