Loading...
HomeMy WebLinkAbout0502 ' , : i . ~ t And shall perform, mmpty with and chide by each and every of the stipulations, a ments,conditions and covenants set , forth in this mortgage and in the promissory note tecurod hereby, and any renewals or other notes given in accordance herewith, then this mottpge and the estate hereby created shall csase and M null and void. And said Mortgagor [or himself and his heirs, Iepl representatives, wccessors and assigns, hereby convenants and agrees to and with said Mortpgee, its legal representatives, successor and assigns: I. To pay all and sirtgtrhtr the principal and interest and the various and wndry wms o[ mortsy payabk by virtue of said promissory notes. and this mortgage, each and every. promptly on the days respectively the same become due. L 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, suffered, placed, levied or assessed thereupon. and that hereafter may be levied or assessed upon this mortgage, the indcbtednt:ss secured hereby. or both. each and every, when due and payabk according to law. before they become delinquent. and before any interest attaches or any penalty is incurnd:and in so fu u any thereof is of record the same ehaU be promptly satisfied and dischuged of record and the orginal ofticW documene (wch u, [or instance, rise tax receipt or. the satisfaction paper officially endorsed or certified) shall be placed in the hands of Mortgagee with- in ten days next after payment. 3. To keep said buildings, and any which may hereafter be erected upon said premises, iawred against loss or damage by Cue and inch other hazuds or risks as may be required by Mortgspetn wch amount or amounts as may be aired by said ; Mortgape, is wch inwraaae company or companies ss Mortgagee. its successon or a:sigas, may approve, and to deliver to said Mortpgee, as additional security hereto, the policies of wch insurance and of gay additional inwrmoe which shall be taken out upon such buildings while any put of the indebtedness aforesaid shall rcmaia unpaid, having attached to said policies wch wort- gage indemnity datue >u Mortgagee shall direct. Renewab of such policies shall be so delivered at kart tea days before gay wdr } insurance shalt expire. All insurance accred shall be satisfactory to said Mortgagee. Any wm which may become due under any such pdky may be applied by said Mortgagee, at its option, either to reduce said debt or to repair or rcplatx the improvements rnrered by said policy. Said Mortgagee may procure and substitute for any and all of the instuattce so held as aforesaid, such other policy or policies of inwrance, in like amount. as it may determine, provided Mortpggoor fails to replace any such insurance within ten days after being notified that the Insuring Company is no to er approved by Mortgagce. In case of sale under fore- closuro hereof, all wch insurance shall thenceforth, and untr7 the period of redemption shad expire, be ntadt payabk to the holder of the certificate of sale; and in wch events sad Mortgagee is hereby authorized to cdlcet the uneuned prerruum on any wch policy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor of Mortgagee, and apply such premium towards the payment of premium on any wch new insurance so payabk to the holder of such.certificate. 4, In case said Mortgagor shall negkcl or refuse to keep aid 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 inwrcd, u aforesaid, and deliver the policy or policies of inwnnce, or the renewals thereof, to said Mortpgee,as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said property and pay wch taxes and assessments, with the accrued interest. penalties, officer i fees, and expenses thereon, redeem said premises which may have been sold or for- feited 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 inwred said buildings in the wm, as aforesaid, or for any less wm and for such time, as said Mortgagee may dcem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for substituted insurance; u aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said real estate, when netxs- nary 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. u payabk 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 such in all respects. Any wch lkns claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by said Mortgagce 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 wch payments be disputed. Neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee's. 5. If requested by jhe klortgager, 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, as installment of premiums ! next to become due on inwred policies required by the Mortgagee, and any other charges payabk according to tha commitment to finance. Such installments shall be equal respectively to such taxes and assessments, inwrance premiums and other chuges, all u 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 assessments, insurance premiums and other charges will become due. Said install- ' ments shall be held by the Mortgagee (beuing the interest for Mortgagor) to pay such taxes, assessments. insurance premiums and other chuges. 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 single payment each month to be applied by the Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and inwrance premiums and other charges payabk according to the commitment to finance; (b) interest on the notes secured hereby; and (c) amortization of the principal of said notes. My deficiency in the amount of such 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- - gager for wch purposes are not wfficient to pay said taxes, assessments, insurance premiums, and other chuges, as the case may E be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immediately. When wch taxes, assessments, insurance ~ premiums and other chuges fall due, if the amounts deposited by the Mortgagor for such purposes ezcced the amounts due for ~ wch taxes, assessments, insurance premiums and other charges, 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 Mortgagee 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 Mortgagce; (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 Mortgagee statements with respect thereto. 6. The Mortgagor represehts and agrees that this mortpge loan and all future loans evidenced by the aforesaid promissory stoics which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the fuuncial background and abilr ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally. pay any and all various 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 agreed to be made and extended to the Mortgagor only. it is neither presumed, expressed or implied that the obligations created hereunder may be aswmed or performed by any puty 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 mach by the Mortgagor of the premises herein described. or any put thereof, without the written consent of the Mortpgce, (which consent may be withheld arbitrarily or granted on terms selected by Mortgagee in its sole discretion) or without assumption both by proper execution of assumption agreements and related forms in use by the Mortgagee and by aswmption in rcgulu form of law by the grantee of the obliptions created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gager or to any other putt', all sums of money stxured hereby shall immediately and concurrently and upon wch conveyance become due and payabk and in default whether or not the same are otherwise due and payabk or in default by the specific terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Mortpgce 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 other than the Mortpgor, the Mortgagee may deal with such successor or successors 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 .9 vitiating or discharging the Mortp~gor i liability hereunder or upon the debt hereby secured. The Mortgagor shall at all times c 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, at 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 taxes and insurance when paid more than ten days after the due ~ date thereof (prorided 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 j payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless wch proceeds are first wffi- dent to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge" will be charged as customuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late chuge;' - it incurred. 8. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair acrd con- . dition; and to do or permit to be done to said premises nothing that will alter or change the use and chuacter of said property or " in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and maintain raid property, the Mortgagee may at its option make wch repair or cause the same to be made and advance monies in that behalf which sums shall be secured by the Ikn hereof and ben interest at the same rate as is specified in the note secured hereby, as payabk after default in payment of said note. t t 1. F ~ t x Eu~K ej F,~CE 5O~, aJ {