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HomeMy WebLinkAbout0357 1 1 j and shall duly, promptly and fully ppeerform, discharge, execute. eRec~ complete. comply with and abide by each and every the stipulations. agnemsnta, conditions and covenants of sai promiuory notes and of this mortgage, then this mortgage and the estate hereby created shall cease and bs null and void. It is understood that each of the words. "notes." "mortgaLore" and "mortgagees" respectiveli. whether in the si~- ~r or plant anywhere in thin mortgage. shall be singular it one only and shall be plural jointly and s~vesa117 ~f more than oae. and that the word "their" u used an~rwhere in fhb most~age shall betaken to mean hb! her or its, whenver the context so lmpites or aamlta. 1u1s wvaw yravuussvai i:v.ioi « ..oo.i cL...ca.u't, shill iut~tidi IIItErBati coupon notes (if provided for in this mortgage) whenver the context so requires or admits. And the Mortgagor, hereby jointly and severally covenant to and with the Mortgagees: 1. To pay ell and singular the principal and interest end the various and sundry arms of money payable by virtue of said promissory notes and this mortgage, each and every, promptly on the days respectively We same severally 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 and/or that hereafter may be imposed, suffered,- placed, levied or 4 assessed thereupon, andlor that hereafter may ~e )cued or assessed upon this mortgage and/or the indebtedness f secured hereby, each and every, when due and payable according to law, before they become delinquent, and before any interest attaches or any penalty is incurred; end in ao far as any thereof is of record the same shall be promptly ~ eatbRed end discharged of record and the oriy[inal official document (such as, for instance, the tax receipt or the ~ satisfaction paper officially endorsed or certified) shall be placed in the hands of the Mortgagees within ten days nest after payment. 3. To keep the improvements now existing or. hereafter erected on the mortgaged property, insured as may be required from time to time by the mortgagee against loss by fire and other hazards, casualties, and contingencies in such amounts and for such periods as ma be required by Mortgagees and to pay promptly. when due, an~? premiums on such insurance. All insurance shall be carried in companies designated by ortgagees and the poly- 'r ties and renewals thereof shall be held by Mortgagees and have attached thereto loss payable clauses in favor o! and in form acceptable to the Mortgagees. In event of loss Mortgagors will give immediate notice by mail to Mort- gagees and Mortgagees ma)+ make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby suthonzed and directed to make payment for such loss directly to Mortgagees instead of to Mortgagor and Mortgagees jointly, and the insurance proceeds. or any part thereof. may be applied by Mortgagees at their option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the pproperty damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property . in extinguishment of the indebtedness secured hereby. all right, title. and interest of the Mortgagor. in and to any insurance policies then in force shall pass to the purchaser or grntee, appropriate credit being given therefor, aster, but as of the date of such transfer and delivery of possession. i 4. To remove or demolish no building on said premises without the written consent of the Mortgagees; to permit. commit or suffer no waste, impairment or deterioration of said property or any part thereof. and to keep the same and improvements thereon in good condition and repair. 6. That in the event the Mortgagors fail to pay and/or discharge the taxes, assessments, levies, liabilities, obligations and incumbrances, or fail to keep said premises insured or to deliver the policies, premiums paid, or fail to repair Lhe said premises, as herein agreed, the atortgaRees arc hereby authorized at their election to pay and/or discharge said taxes, assessments, levies, liabilities, obligations and incumbrances or any part thereof, to procure and pay for such insurance or to make and pay for such mpairs, without any obligation on their part W determine the validity and/or necessity of any thereof and without the Mortgagees waiting or affecting any option, lien, equity or right under or by ~tirtue of this mortgage; and the full amount of each and every such payment shall be immed- iately due and payable and shall bear interest from the date thereof until paid at the rate of ten per centum per annum, and, together with such interest, shall be secured by the lien of this mortgage; but nothing herein contained y shall be construed as requiring the Mortgagees to advance or expend moneys for any of the purposes in this pargraph mentioned. i 6. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fges, lawyer's disbursements and cost of abstracts of title, incurred or paid at any time by the Mortgagees because and/or in the p event of the failure on the part of :liortgagors duly, promptly and fully to perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants of said promissory notes and this mortgage, any or either. and said costs, charges and expenses, each and every, shall be immediate)y due and payable, whether or not there be notice, demand, attempt to collect or suit pending; and the full amount of each and every such payment shall bear interest from the date thereof until paid at .the rate of ten per centum per annum; and all such costs, charges and expenses so incurred or paid, together with such interest, shall be secured by the lien of this mortgage. 7. That (a) in the event of any breach of this mortgage or default on the part of the Mortgagors, or; (b) in the event any of said sums of money herein referred to be not promptly and fully paid within l0 days next after the same severally become due and payable, without demand or notice; or (c) in the event each and every the stipulations, agreements, conditions and covenants of said promissory notes and this mortgage, any or either, are not duly, promptly and fully performed, discharged, executed. effected, completed, complied r~?nth and abided by, or; (d) upon the rendering by any court of last resort of a decision that an undertaking by the Mortgagor sa herein provided to pay taxes, assessments, levies, liabilities, obligations and incumbrances is legally inoperative or cannot be enforced, or in Lhe etcnt of the passage of any law changing in any way or respect the laws now in force ~ for the taxation of mortgages or debts secured thereby for any purpose, or the manner of collection of any such i taxes, so as to affect this mortgage or the debt secured hereby; then, ~n edher or any such event, the said aggre- , gate sum mentioned in said promissory notes then remaining unpaid, with interest accrued, and all moneys secured f hereby shall become due and payable forthwith, or thereafter, at the option of the Mortgagees, as fully and com- pletely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said ' promissory notes andlor in this mortgage to the contrary notv~nthstanding; and thereupon or thereafter, at the option of the ~iortgaRees, without notice or demand, suit at law or in equity, therefore or thereafter begun, may be prosecuted as if all moneys secured hereby had matured prior to its institution. 8. That, in the event that at the beginning of or at any time pending any suit upon this mortgage, or to fore- close it, or to reform it, and/or to enforce payment of any clams hereunder, the Mortgagees shall apply to the court having jurisdiction thereof for the appointment of a Keceiver such court shall forthwith appoint a Re- ceiver of said mortgaged property all and singular, including all and singular the income, profits, issues and revenues from whatever source derived each and every of which, it being expressly understood, is hereby mortr gaged as if specifically set forth and described in the Granting and habendum clauses hereof, and such Receiver shall hate all the broad and effective functions and powers in any wise~enttusted by a court to a Receiver, and such g appointment shall be made by such court as an admitted equity and a matter of absolute right to the Mortgagees, ; and without reference to whether or not said mortgaged property be in whole or in part a homestead and without ~ reference to the adequacy or inadequacy of the value of the. property mortgaged or to the solvency or insolvency ~ of the Jortgagors and/or of the defendants, and that such rents, profits, income, issues and revenues shall be applied by such Receiver according to the lien andlor equity of the Mortgagees and the practice of such Court. 9. Duly, promptly and fully to perform, discharge, execute, effect, complete, comply with and abide by each and every the stipulations, agreements, conditions and covenants in said promissory notes and in this mortgage set 9 forth. ~~nn 600K J11~ PAGE ~57 ~r~ ~ -