HomeMy WebLinkAbout0054 Aod sAall pr~fuirn, iumply w?th and .+hidr hy earh anA every nf the clipulaliunt, aKrrrrnrntc,:undiUuns and cuvrnant+ ~et
furlh in Ihis mottK:~r anJ in thr prunu~wry nutr ~r~urrd hr~rby, ~nJ ~ny ~rnrw.,h ~Nhr~ nulc+g~vtn in ar.utdan.e hrrcNUh.
then this mnrt~cage rnd the e~tatr hrrehy crcatrd dirll reaar rnd be null and vu~d.
And said Mortgagur (ur hm?celf rrxl hic heus, Irg~l rcprc~ntative~, curcestors and a~ugnc, htrrby conveoantti and ~gtecti to
and wilh said Mu~~ECagrr. hs IrKrl irprr+cntati~r,;.uccrcx~r~ ~rnl a.,ignc
1. To pay all and sir?gular the pnnripal and inlerest and the various and sundry sums of money payable by vittue of ~aid
n.~.m:a...w n.~~ec ~nA ~hic m~,rtonre- rarh and every_ nrompdv on ihe davs ICSDertlvtlv the Sa111e be~brtlt.due.
2. To pay aU and .mgular ~he laxrc, a»e.~mrnts, lev~es, lubilitiet, obligationc and incumbrances of erery naturc anJ kuxl
rrow on sa~d Jexnbed praperty, ~ha~ hrrcaftir may be impuud, ~ufCered, ptacrd, lev~rd ur acsrs~ed thercupun, and that hnrrafter
m~y br Irvxd or a~tiessed upon this morlg~r, Ihe indebtednrsc ce.urcd herchy, or buth, each and every, when due and payable
ac~urJmg to law•, befure thry brcuhir Jrlinyuenl, and brfutr any intrrrst -rttach~s or any penalty is incutred; and in so far as ~ny
thrrcuf is of record the s:+me shall be prumpUy satisfted arni duchaqted of rccurd and the orgitul oCficial document fwch as, for
instancr, the tax rc~tiipt or the s;~ti+faruon pape~ officially rniio?srd or re~ti(ied) shall t~e placrd in the hands of Murtgagee with-
in ten days ne~i aiter yay~r.s~i.
3. To keep said bu~IJ~ngs, arn1 rny which may hereafter be erectod upon said premises, ~nsured aitainst luss or damage by
fue and such other hazuds or risks as may be required by Mortgagee m such amount or amounts as may be reyuired by said
~tortgagee. in wch insuran~s company or companies as Mottgagea, ils wcceuots or assigns, may approre, and tu deliver to sa~d
Mortgagee, as additional seruriry herelo, the poliries of wrh insurance and of any additional inwrance which shall be taken out
upon wch buildiogs while any part of the indebtedness aforesaid shall remain unpaid, having attached to said polic~es such mort-
gaae indemnity clause as Morytagee shall Jirect. Itenewals af iuch policies shall be so deliverod a1 least ten days befwe any wch
insunnce shall expirc. All insunnce .~arried shall be satisfactory to said Mortp,agee. Any sum which may become due under any
such pdicy may be applied by saW Murlgagee, at its option, either to reduce sriJ debt or to repair or rcplace 1he imp~o~ements
coverrd by uid policy. Said Murtgaleee may prorure and subslitute for any and all of the insurapce so hcld as aCoresaid, such
other policy or {x?liciea of insurancr, in like amount, as it may determine, provided Mort~tagc?r fails to replace any such insuonce
within ten days a11u being notificd that ~he Insurin~ Company is no longee approved 6y Nortgagee. In case of sale under fore-
closurc hrrcof, a0 such insurance chall ihrnceforth, •rnd until thF peticxt of redemption shall expire, be made payable to the
hulder of the certificate of salr, and m wrh rrente v~id Mur~KrKre ic hrreby ru~horized to colltcl the uneuned premium on any
such policy it may cause to be ranrrllyd, re~ardhss oi whcther crW prrmium ~s pa~d by Murtgegor or. Mottgagee, and apply surh
premium towards the payment uf premium on ~ny such nevr insuran.e so pa~•able tu the holder of such certificate.
4. In case said Mortgagor ch•rll ne~clert or refuse to keep 4ad prem~us in good repair and condition, to pay prompUy when
due aU taxcs ~nd assessments, ac afore~aid, or to remove any statutory I~ens on said prem~ses, or to keep the buildings and
improvements insured, as aforesa~d, and deliver the policy or policies of insurance, or the renew•als therrof, to said Afort~gee,as
aforesaid, then said Atortgagee may, if it ehall w elect, make rcpauc, maintain said property and pay such taxes and ~ssesstnents,
with the accrutd interest, penaltirs, officer'~ fees, •rnd e~pen~es thereon, redeem said prem~ses w•hich may have been sold or for-
fritcd for taxes or asseuments thereon, purchase any tax title thercon, remove any statutory lienc and prosecute or defend any
suits in ralation thereto, inwre •rnd krrp inwratii s:rid building~ in the wm, ac aforcsaid, ur for any less sum and for such time, as
U~d Nortgagee may decm ptuper_ Any sums w~hi~'h may be co paid uut b~• wid Mort~tagee, and all sums paid out for substituted
inwr:~ncr; as aforeiaai, mcludinR thr coct~, r~penus :~nd atturnr~~'~ fee paid in ~ny euit affecting'said real estate, when neces-
cary or appropnate to prutect thr lirn hereuf, shall hrar intrrest Rum Ihe dalr uf wch payments at the same tate rs ~s speci~ecl,
in the note secured hereby, as payable ~ftrr def~ult in pay mrnt uf c~id notr, ,hall M p~~d by vid Nortgagor to said Mc~rtgagee
upon demand and .hall br dremrd e part ~+f the debt hereby secured, and reroverable as such ~n all respects. Any such liens
~laimc, taxe~, asseisment~, ur ta~ trtle. ~UflI1JSl'lI, F1JHI, or rrdcemed by +:wid Afurtga~tre thall, as hetw•een the parUes hereto
theu wccrccors in inlrresl, be drrmed v~l~d, c~~ th;~t in nu e~ent .hall thr nrre~+ity ur ~alidtt~ of any wrh payments be di~puted.
Neither ~uch payment h~ ~turtea~re nur th ~~~IlecUun fr~~m ~tortga~ur ~hall waive or affect am~ opt~on, Grn, equrty or nght of
~turt~ager's.
5. If requested b~~ the \1o~tEagec, thr Alurtgag~~r, t~igethcr w~ith and m addition t~ the monthl}• pay ments under ihe terms
of all notes secured hereby, un thr dur day uf rach monthly payment and until caid nutes are fully paid, shall pay to the Mort-
gagee an installment of the ta~ec ami a~src.timents next to becomr due against the mortgaged premius, an installment of premiums
next to become due on insured pohc~es requireJ by the Mortgagee, and any oiher charEes payable according to the commitment
to finance. Such installmrnts shall be eyual reeperti~~ely to such taxes and assessments, insurance premiums and other charges, all
as estimatod by the Murtgagee, lecc all cwm alread~ pa~d thereon, divided 6y the number of months that ue to elapx before one
month ptiot Co the date when surh taxes and asseuments, inwrance premiums and other char~trs will become due. Said instalt-
ments shall be held by the Mort~a¢ee ihearing lhe interest for \tortgagor) tu p~y such taxes, asseumenis, insunnce prem~ums
and olher charRes. All paymenn madc u??der the tcrm of this paraRraph and under the note ucured hereby ihall be added
toFtther and the a~ereg-rte amuunt thereof shall be paid by the Mori~or m a sm1tle paymnnt each month to be applitd by the
NortgaRee in payment of the termc and m the order following: la) taxes and as~Sessments, and insurance premiums and other
cturges payable accordmg m the cummitment ro financr; (b).mterest on the notei ucured hereby; and (c) amott~Zation of the
principal uf saed notes. Any defic~ency in the amount of wch agp,regate monthl~~ payment shaU constitute a default undet this
mortgage. When wch taxes, asse~sments. ~nsurance premium~ and other char~c fall due, if the amountsdeposited by the ~tort-
~agor fot such purpose~ are nut wfflc~ent a+ p~~' cr~d ta~ec. ~eteccmentc, mwran~e premiumc, anJ other chargec, as the cau may
be, then due, then the ~IurtKagor w~ll pry ta the ~lortga~re such deficiency immediately. When such ta~es, assessments, insurance
prem~ums and other ch~rgei fall due, if the amounts depu~ited b}• the !1lortgagor for such purposes exceed the amounts due for
surh taxes, auessments, incuranre prcm~ums and other char~es, the c~cecs may, m the diuretion of the AturtgaRee, be applkd
on subsequent monthly pn•mentt to be made by the M~~rtgagor. In the cvent oF default under this mortgagc any unexpended
fundc in thc hands uf thr \fort~r~ee depus~ted by thc \Iort~akor tu mert the obliKations of taxes, assessments, in;urance
premiums and other char~;es, shaU br applied by the Nort~;ayee upon thr indebtednecc.hereby secured in the follow~ing order,
(a) ~nterest on advancet.made by the ltortRaKee: (b? rJvanrec made bp thr ~1~~rtgagee; Ic) intrre.t on the princ~pal; and (d) the
pnncipal debt hercby cecured. N'hen any such taxes, assessmente, msurrnce premiums or other charges fall due the Mortgagor
will promptlyobtain and delner tu the ~tort~gee statemcnts whh respect thrrrto.
6. The Mortgagor represents and agces that this mortgage loan and alt future luans e~~idenced by ihe aforesaid prom~ssory
rates which ue secured hereby are made and extended by ~tortRaltee in reliance, in part, on the financial background and abili-
ties of Mortgagor and any co-makers, guuantors or endorsers to, jo~ntly and severally, pay any and all various and sundry sums of
money md the speci(ic nte of mterext pay~ble by virtue of said promiswq• notes and this mortgage. These murtgage luans are
understood and ap.reed to be made and extended to the Mortgagor only. It is neither ptesvmed, expressed or implied that the
obli~ations crtated hereunder may tx assumed or perfurmed by any party other than ihe Morigagor, w•hetFer or not upon the
sale ot conveyance o( the premises herein described or any part theteof. If a conreyanre should be made by the Mortgagor of the
premises herein described, or any part thereof, without the written consent of the Murtgagee, (which consent may be withheld
ubitrarily or granted on ~rrms selected by Mortga~ee in its sole discrctionJ or aiihout auumptan both by ~toper execution o(
auumption a~ucements and related forms ~n use by the Ptortgagee and by aswmption in regular form of law by the grantee of ihe
obligations creatod hereunder, then, in either of thosc events, and at the option of the Mortgagee and without notice to ihe Mort-
galtor or to any other party, all sums of money secured hereby shall immediately and concurrently and upon such conveyance
become due and payable and in defauU whether or not the same arc otherw~ise due and payable ot in default by the Specific
terms hereof. The foregoing opiion shall be exercised by Nortgagee at its wle and complete discretion. The afotesaid consent of
Mortgap.ee may be either granted or withheld without any requiremeot of the Mort~ee disclosing any reason therefota Not-
withstanding the foreRoing, if the ownership of the mortgagcd premises, or an~• put thereof, bccomes vested in a petson olher
than the Mort~gor, ihe Mortgagee may deal with such successor or successorc in interest wilh reference to this mortgaftee, and
the debt hereby secured, regardiess of any change in the terms of the obligations created hereunder, without in any manner
vitiating or discharging the Mort~agor's I~ability hereunder or upon the debt hereby sccured. The Mortgagor shall at all times
continue liabk for the indebtedness secured heteby until this mortgagt is fully discharged or Nurtgagor is formally released by an
instrument in v?Titing duly executed by the Mortgagee.
7. Mortgagor, at the optiun of ~tortgagee, shall pay a"late charge" nut exceeding twu per centum of any said a~regate
monthly installments includin~t any imtallment for payment of taxrc and inwrance w~hen paid more than ten days ~fter the due
date thertof (provideJ that in nu event shall wid "late rharge" result ~n the paymem of interest in excecs ut' the maximum
interest permitted by laa), to cocer the extn expense involred ~n handlin~ delinquent payments. Sueh "late charge" shall not tu
payable out of tho proceedc of any sale made to utisfy the indebtednecs secured hereby, unless such proceeds are first suffi-
cient to d~scharge the entire indebtedness and all proper coslc and ex{nnses xcured ihereby. A reasonable minimum "late charge"
will be charged as cuetomarily ftxed by titvrtgagee from time to time, and ~fortgagur agrees to pay said minimum "tate charge; '
if incurred. ,
8. T~ perrnit, c~~mm~t ur sutfer ne> wasse and to mainta~n the im~ro~ements at all hmes in a state of good repair and con-
dition; and to do or prrm~t ro be dune to said premi~es nothing that w•ill alter or ch~nge the use and character of said property ot
in ~ny way impair or aeaken the serunty of said murtgaKe. In use of the refuwl, neglect or inability of the 111ortgagor to rcp~ir
and mamtain said property, the Mort~agee may at its option make w~h repair or cauce the same to be made and adr•ance monies
in that behalf which sums shall br secured by the lien hereuf and txar interest at the same rate as is spec~fied in the note cecured
he:eby, as payable afse: defa~lc ~n t.s~: ~~n~ ~f ,aid ~:~te. _ ~
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