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HomeMy WebLinkAbout0037 , ) 1 ' l Ard shall per[orm. comply with and at?ide by each and every of the stipulatioAlt ts,eord(tbru and covenants set forth in this mortgage and is the promissory note soured hereby, and any renewals or o~s given in aecordance herewith, then this moripge and the estate hereby created shall cease and be null and void. And said Mortgagor for himself and his heir, kpl rcprcsentatives. wccesson and assigns, hereby canreoants and agras to and with said Mortggee, its legal representatives. wccesson and assrgns: 1. To pay all and singulu the principal and interest and the various gad wndry wms of money payable by virtue of said promissory notes. and this mortgage. each and every, Promptly on the days respectively the same become due. 2. To pay all and singular the taxes, assessments, levies, liabilities. obligations and incvmbrances of every nature and kind now on said described property, that hereafter may be imposed. wffered. Placed, levied or assessed thereupon, and that hereafter may be levied or assessed upon this mortgage, the indebtedness secured hereby. or both, each and every. when due and payable accordirr4 to law, before they become delinquent, and before any interest attaches or any penalty is incurred: and in so fu u any thereof Is of record the same shall be promptly satisfied and dischuged of record and the orginal oUkial document (wch as. for instanw, the tax teveipt or the satisfaction paper officially endorsed or certified) shall be pkced in the hands of Mortgagee with- in ten days next after payment. 3. To keep said building. and any which may hereafter be erected upon said premises, inwred against loss or damage by fire and sorb other hazards or risks as may be required by Mortgagee in wch amount or amounts u may be uircd by said Mortgage. is wch insurance company or companies as Mortgagee, its wccessort or assipts. may approve, and to deUver to said Nortgasee, u dditiowl security hereto. the policies of wdr inwraaoe and of any additional inwraace which shall be taken out upon wch butWurg while any put of the indebtedness a[oresaid shall remain unpaid, having attached to said policks wch mort- ~age indemnity clause as Mortgagee shall direct. Reaewab of such policies shall be so delivered at kart ten days be[ore gay wch rnsuraace shop expire. AU inwnnce arried shall be satisfactory to said Mortpgce. My wm which may become due older any wch poficy may be applied by said Mortgagee, at its optbn. either to reduce said debt or to repair or replace the improvements covered by said polky. Said Mortgagee may procure and wbstitute for any and all of the inwtapce so held as aforesaid. such other policy a policies of insurance, in like amount, as it may determine, provided Mortpgor fails to replace any such inwrance within ten days after being notified that the Insuring Company is no.lorrger approved by Mortgagee. In case of sale order fore- closure hercot. all such inwrance shall thenceforth, and until the petrol of redemption shall expire. be made payable to the holder of the certificate of sale; and in such events said Mortgagee is hereby authorized to coAect the uaeuoed premium on any wch pdicy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such premium towards the payment of premium on any wch new insurance sb payable to the holder of such certificate. . 4. In ase said Mortgagor shall neglect or refuse to keep said premises in good repair and condition. to pay promptly when due all taxes and assessments. as aforesaid, or to remove any statutory liens on said premises. or to keep the buUdingsaad improvements insured, as aforesaid, and deliver rho policy or policies of inwrance, or the reaewah thereof, to said Mottgagee,as aforesaid, then said Mortgagee may, if it shall so elrzt, make repairs, maintain said property and pay wch taxes and assessments, with the accrued interest, penalties, off'icer's fees, and expenses thereon, redeem said premises which may have been sold or for- feited for taxes or assessments thereon, purchase any tax tick thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep inwred said buildings in the wm, as aforesaid, or for any less wm and for such time, u said Mortgagee may deem proper. Any sums which. may be so paid out by said Mortgsgee, and all sums paid out for wbstituted insurance; as aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said rql estate. when r?eces- suy or appropriate to protect the lien hereof, shall bear interest from the date of such payments at the same rate as is speafied, in the note secured hereby, as payable after default in payment of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of the debt hereby secured. and recoverable as wch in all respects. Any wch liens claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by said Mortgagee shall. u between the parties hereto their successors in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed. Neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, tlen, equity or tight of Mortgagee's. S. if requested by the Mortgagee, the Mortgagor, together with and in addition to the monthly payments under the terms of all notes secured hereby, on the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee an installment of the taxes and assessments next to become due against the mortgaged premises. an installment of premiums next to become due on insured policies required by the Mortgagee. and any other charges payable according to the wmmitment to finance. Such installments shall be equal respectively to wch taxes and assessments, insurance premiums and other chuges, all as estimated by the Mortgagee, less all wms already paid thereon, divided by the number of months that are to elapse before one month prior to the date when wch taxes and asxssments, inwranoe premiums and other chuges wUl become due. Said install- ments shall be Geld by the Mortgagee (beuing the interest for Mortgagor) to pay wch taxes, assessments, inwrance premiums and other chuges. All payments made under the term of this paragraph and under the note severed hereby shall be added together and the aggregate 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 foUowirig: (a) taxes and assessments, atd insurance premiums and other charges payable according to the commitment to finance: (b) interest on the notes secured hereby; and (c) amortizatbn of the principal of said notes. My deficiency in the amount of wch aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insurance premiums and other. chuges fall due, if the amounts deposited by the Mort- gagor for such purposes arc not sufficient to pay said taxes, assessments. insurance premiums, and other charges, as the ase may _ be, then due, then the Mor or will pay to the Mortgagee wch defi~tienty immediately. When wch taxes, assessments. inwrance tgag premiums and other chuges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such fazes, assessments, insurance premiums and other-chuges, the excess may, in the discretion of the Mortgagee, be applied ~ on wbsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended funds in the hands of the Mortpgee deposited by the Mortgagor to meet the obligations of taxes, assessments, inwnnce premiums and other chuges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee; (c) interest on the principal- and (d) the principal debt hereby secured. When any such taxes, assessments, insurance premiums or other charges fall due the Mortgagor will promptly obtain and deliver to the Mortgagce statements with respect thereto. 6. The Mortgagor represents and agrees that this mortgage Iwn and all future loans evidenced by the aforesaid promissory notes which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the fwacial background and abili- ties of Mortgagor and any co-makers, gwnntors or endorsers to, jointly and severally, pay any and all unions and wndry wms of money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans are understood and agteel to be made and extended to the Mortgagor only. It is neither ptewmed, expressed or implied that the obligations created hereunder may be aswmed or performed by any poly other than the Mortgagor, whether or not upon the sale or rnaveyana of the premises herein descn'bod or any put thereof. (f a conreyarioe should be made by the Mortgagor of the premises herein described, or any put thereof, without the written consent of the Mortpgeer ~trrhich consent nuY be withheld arbitrarily or granted on terms selected by Mortgagee in its sole discretan,) or without assumption both by proper ezecutitxi of aswmptbn agreements and related forms in use by the Mortgagee and by aswmption is regulu form of law by the grantes of the obligation 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 poly, all sums of money secured hereby shall immediately aM concurrently and upon wch rnmeyanoe become due and payable and in default whether or not the same are otherwise due and payable or in default by We specific terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosing any reason therefore. Not- withstanding the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person othtr than the Mortpgor, the Mortgagee may deal with such wccessor or wceessors in interest with reference to this mortgagee, and the debt hereby secured, regardless of any change in the terms of the obligation created hereunder, without in any manner vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortgagor shall at all times continue liable for the indebtedness secured hereby until this mortgage is fully discharged or Mortgagor is formally released by an intrument in writing duty executed by the Mortgagee. 7. Mortgagor, at the option of Mortgagee, shall pay a "late charge" not exceeding two per centum of any said aggregate monthly intallments including any intaUment for payment of taxes and insurance when paid more than ten days after the due date thereof (provided that in no event shall raid "late charge" result in the payment of interest in excess of the maximum interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late chuge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first wfti- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late chuge" will be charged u cntomuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge;' if incurred. S. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repau and con- dition; and to do or permit to be done to said premises nothing that will alter or change the use uid character of said property or in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or irubility of the Mortgagor to rcpaq and maintain said property, the Mortgagee may at its option make wch repair or cause the same to be made and advance monies in that behalf which wms shall be secured by the lien hereof and ben interest at the same rate as is specified in the note secured hereby, as payable after default in payment of said note. n - 6~OK ~iJO PAGE 37