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HomeMy WebLinkAbout0223 i i • . ~ And shall perform. comply with and abide by each and every of rho stipulations, a eements,conditions and covenants set forth in this mortgage and in the promiswry note secured hereby. and any renewals or other notes given in accordance herewith, then tha mortgage and the estate hereby created shall cease and be null and void. And said Mortgsgw for himself and his heirs, legal representatives, successor and assigns, hereby conrenants and agrees to ~ and with said Mortgagee. its legal representatives, successor and assigns: ~ , 1. To pay all and sirigulu the principal and interest and the various and 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 incumbrances 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 according to law, before they become delinquent. and before any interest attaches or any penalty is incurred; and in so far as any thereof is of record the same shall be promptly satisfied and discharged of record and the orginal official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of Mortgagee with- F in ten days next after payment. 3. To keep said buildings, and any which may hereafter be erected upon said premises, inwred against loss or damage by Cue and such other hazed: or risks u may be required by Iortgagee in wch amount or amounts u may be required by said Mortgagee, in wch insurance company or companies as Mortgagee, its wccesson or assigns, may approve. and to deliver to said c Mortgagee, as sdditional security hereto, the policies of such inwrance and of any additional inwrance which shall be taken out upon wch buildings while any put of the indebtedness aforesaid shall remain unpaid, having atuched to said policks wch more- f gage indemnity clause as Mortgagee shall duect. Renewals of wch policies shall be so delivered at least ten days before any such 1 insurance shall expire. All ittwnnce carried shall be satisfactory to said Mortgagee. Any wm which may become due under any such pdicy may be applied by said Mortgagee, at its option, either to reduce said debt or to repair or replace the improvements covered by said policy. Said Mortgagee may procure and substitute for any and all of the insurance so held as aforesaid, such { other policy or policies of insurance. in like amount, as it may determine, provided Mortgagor fails to replace any such insurance within ten days after being notified that the Insuring Company is no longer approved by Mortgagee. In rase of sale under fore- closure hereof, all such insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the 3 holder of the certificate of sale; and in wch events said Mortgagee is hereby authorized to collect the uneuned premium on any ; wch policy 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 so payable to the holder of such certificate. 4. In case 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 buildings and improvements insured, as aforesaid, and deliver the policy or policies of inwrance, or the renewals thereof, to said Morigagee,as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, offtcei s fees, and expenses thereon, redeem said premises which may have been sold or for- } felted for taxes or assessments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any , suits in relation thereto, insure and keep insured said buildings in the sum, as aforesaid, or'for any less sum and for such time, as said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for wbstituted insurance; as aforesaid, including the costs, expenses and attorney's fee paid in any suit affecting said real estate, when ra~~~~- sary or appropriate to protect the lien hereof, shall bear interest from the date. of such payments at the same rate as is specified, 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 herby secured, and recoverable as wch in all respects. Any such liens claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by uid Mortgagee shall, as 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 deputed. Neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right 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 tie fully paid, shall pay to the Mort- ' gagce an installment of the taxes and assessments next to become due against the mortgaged premises, an installment of premiums next to become due on inwred policies required by the Mortgagee, and any other charges payable according to the commitment - to finance. Such installments shall be egwl respectively to such taxes and assessments, inwrance premiums and other chugs:, all u estimated by the Mortgagee, less all sums already paid thereon, divided by the number of months that aze to elapse before one month prior to the date when such taxes and assessments, inwrance premiums and other charges will become due. Said install- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insurance premiums and other charges. All payments made under the term of this paragraph .and under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor in a sitigk payment each month to be applied by the Mortgagce in payment of the terms and in the order following: (a) taxes and assessments, and inwrance 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 amount of wch aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insurance premiums and other chugs: fall due, if the amounts deposited by the Mort- gagee for such purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the case may be. then due, then the Mortgagor will pay to the Mortgagee such deficiency immediately. When such taxes, assessments, insurance t premiums and other charges fall due, if the amounts deposited by the 1lfortgagor for such purposes exceed the amounts due for -ess m in the discretion of the I?tort - re, be a lied such taxes, assessments, insurance premiums and other charges, the eu ay. (tag PP on subsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and other charges, 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 Mortgagce: (c) interest on the principal; and (d) the principal debt hereby secured. R'hen any such taxes, assessments. insurance premiums or other charges fall due the Mortgagor will promptly obtain and deliver to the Mortgagee statements with respcet thereto. 6. The Mortgagor represents and agrees that this mortgage loan and ail future loans evidenced by the aforesaid promissory notes which tie secured hereby are made and extended by Mortgagce in reliance, in part, on the financial background and abili- tks of Mortgagor and any co-malc~n, guarantors or endorsxrs to, jointly and severally. pay any and all various and wndry sums of money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans are understood and agreed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the _ obligations crated hereunder may be aswmed or performed by any party other than the Mortgagor, whether or not upon the sale or conveyance of the premises herein described or any put thereof. If a conveyance should be made by the Mortgagor of the premises herein descried, or any part thereof, without the R•ritten consent of the Mortgagce, (which consent may be withheld arbitrarily or granted on terms selected by Mortgagce in its sole discretion,) or without assumption 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 grantee of the obligations created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gagee or to any other eery, all sums of money secured hereby shall immediately and concurrently and upon wch conveyance become due and payable and in default whether of not the same are otherwise due and payable or in default by the specific s terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Mortgagce 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, bceomes vested in a person other = than the Mortgagor, the Mortgagee may deal with wch wcxessor or wccesson in interest with reference to this mortgagee, and the debt hereby secured, regardless of any change in the terms of the obligations 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 instrument in writing duly executed by the Mortgagee. 7. Mortgagor, a: the option of Mortgagee, shall pay a "late charge" not exceeding two per centum of any said aggregate monthly installments including any installment for payment of takes and insurance when paid more than ten days after the due date thereof (provided that in no event shall said "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 charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such procceds are first suffi- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reuonabk minimum "late charge~~ will be charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge, if incurred. 8. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and con- dition; and to do or permit to be done to said premises nothing that will alter or change the use and character of said property or in any way impair or weaken the security of said mortgage. In rase of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advance monies in that behalf which wms shall be secured by the lien hereof and bee interest at the same rate as is specified in the note secured hereby, as payable after default in payment of said note. ~ ' ~ * . ' j ~l R JVD PAGE ~~3 ,,Ot,K