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HomeMy WebLinkAbout0093 a And shaU perform, comply w•ith and ahide by each and erery of the st~pulauuns, agrcements,cond~tions a~l rovenants set furth in lhis mortgagt and in the prwniuury nate secutad hereby, and any reneW ab w uther nolee given in accurdance herewilh, then this mort6age rnd 1he es~ate 1?rreby rrr~ted shaU cease and be null and vaid._ And said Morta:igur fot himsrif and his hein. lcgal reptosentatives, successors xnd assigns, hercby convenants and agrers to and with uid blo~tgagee, its legal representauvrs, successon arn1 assigns: 1. To pay all and singulu the principal and i~terest and tM arious and sundry sums of noney paya~k by vutue of said p~omissory notes. and this mortaage, each and erety, promptly on the days respectively the ume become due. 2. To pay all and cingular the taxes, assessments, levies, lubilities, o~ligations aod incumbnnces of every nature and kind now on said deuribed property, that hereafter may be imposed, suflered, plared, levied ur assessed thercupon, and that hereafter may be kvied ot assessed upon this mortga~e, the ~ndebtednes~ ucurcd hereby, or both, each and every, when due and payable accu~ding to law, befure they beconx delinquent, and before a~y interest attachrs or any penalty is incurred: arni in so fu as any thereot is of record the same shalt be prompUy satisfied and discharged of record and the orginal offcial document (such u, for instance, the tax receipt or the satis(xtion paper oft`~ciaUy endorsed or atlified) shaU be placed in the hands of Mottg~gee with• ; in ten days next after payment. 3. To keep uid buildings, and any whirA may herufter be ercetod upun said premisss,-insured against loss ot damage by ~ Cue and wch other huuds or risks as nuy be rcquired by Mortga~eee in wch amuu~t ot amounts as may be~equired by said . e Moctgaaee. in such insurana company or companies u I?lortgaEa, ~ts sucasson or assigns. may approve. and to deliver to said Mortga~ee, as additional security h~:-to, the policies oi such insuran~x and of any additional inwru?ce which shall be tahen out upon wch buildinas whik any p:ut of the indebtedness afwesaid shaU remain unpaid, Raving atuchod to said policies such mort- gage indemnity clause u INort~.+gee shall d'uect. Reaewals ot wch policies sha0 be so delivered at ksst ten days befoce any wch insunnce shall expirc. All insunnce catried shall be utisfactay to said Mortga~ee. Any sum which may become due under any such pdicy may be spplied by said Mortgagee, at its option. either to reduce said debt or to repair or replace the improvements corered by said poticy. Said Mottgagee may procure and substitute for any and all of the insurapee so held as aforeuid, such other policy or policies of insurance, in like amount, u it may delermiru, provided Mortga r t~ils to replace any such insurance u go within ten days after being notified that the Insurin~t Company is no longer approved by Mortgagee. In cue o( sak under forc- closure hereof, all such inwnnce shall thenceforth. and until the period of redemptian shall expire. be made payable to the holder of lhe certificate of sale: and in such erents said MortRagce is hereby authorited to cdlect the uneuncd prem~um on any such policy it may eaux to be cancelled, regardleu of whether said premium is paid by 1lortgagor ot Mortgagee, add apply sueh premium tov?~ards the payment of prcmium on any surh new insunnce so payable to the holdei of such certificate. ~ 4. In case uid Mortgagor shall neglcet or refusr to keep said premises in good repair and condition, to pay promptly when ' due all taxes and assessments, as aforcsaid, or to remove any shtutory liens on said p[emises, w to keep the buildings and ; improvements insured, as a[orcsaid, and deliver the policy or policies o! insdrance, or the renewals thereof, to said MortgaEce,u aforesaid, then uid Mortgagee may, if it shaU so ekct, make repairs, maintain said property and pay such taxes and assessments, with the aecrued interest, penalties, offiar's fees, and expenses thereon, redcem said premises which may have been wld ot for- feited Cor taxes or assessments thereon, purchase any tax title thereon. remove any statutory liens and prosecute or defend any .j suits in relation thereto, insure and keep insu~ed said buildinlts in the sum, as aforesaid, or for any less sum and for such time, as uid Mortpagee may deem proper. Any sums which may be so paid out by said Mortgaace. and all sums paid out for substituted insurance; u aforesaid, including the costs, expenses and attorney's fre paid in any wit affecting said real estate, w~hen neces- sary or appropriate to protect the lien hereof, shall bear ~nterest from the date of such payments at the same nte as is specified, _ in the note secured hereby, as payable rfter default in payment uf s;?id ~ote, shaU bc paid by said Mortgagor to uid Mortgagee upon demand and shall be deemed a part of the debt hereby secured, and recovenbk as such in all respects_ Any wch liens claims, taxes, assessments, or tax trtles so purchasrd, paid: or redeemed by said Alottgagee shall, as betaYen the patties hereto their successon in interest, br deemed valid, sa lhat in no event shall the necessity or validity of any such payments be disputed. Neithet such paymertt by Mon¢agee nor its colkction from ~fortgagor shrll waire or affect any option, lien, equity or right of Mortgagee's. S. If roquated by ihe ~tortp.agee, the Mortgagor, together with and in addition to the monthly payments under the terms of all notes securcd hereby, on ihe due day of each monthl>• payment and until said notes are fully paid, shall pay to the Mort- gagee an instaUment ot the taxes and assessmznts next to become due against the mortgaged premises.,an installment of premiums next to become due on inwred policies required by the Mortg~gee, and any other charges payabk according to the mmmitment to finance. Such instaltments shall be equal respectively to such taxes and asussments, inwrance premiums and other chuges, ap u estimated by the Mortgagee, !ess all sums already paid thereon, divided by the number of months that ue to elapse before one ~ month prior to the date when such taxes and asseuments, insurance premiums and other charges wiU become due. Said install- ' ments shall be held by the Mortgagee (bearing the interest for Mortit~gor) to pay such taxes, assessments, intunnce premiums and other chuges. All payments made under the tzrm of this paragtaph and under the note securtd hereby shall be added - together and the aggregate amuunt thereof shall be paid by !he Mortgagor in a sirtgle payment each month to Bt applied by the Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and insurance premiums and other cturges payabk accordi~ to the commitment to finance; (b) interest on the notes secured hereby; and (c)"amortization of the principal of said notes. My de(iciency in tfie amount of such aggregatt monthly payment shaU constitute a default under this ~ mortgage. When such taxes, auessments, insutance premiums and other chazges fall due, if the amom~ts deposited by the Mort- ~ gagor for such purposes are not sufficient to pay said trxes, assessments, insuran~e premiums, and other chatges, as the case may i be, then due, then the ~tortgagor will pa~- co the Mortgagee surh deticiency immediately. Whm such taxes, assessments, insurance premiurtu and other charges fall duc, if the amounts deposited by the Mortgagor for such purposes excetd the amounts due for such taxes, assessments, insurance premiums and other charges, the excess may, in the dtsc[etion of the Mortgagee, be applied ! on subxquent monthly payments to be made by the Mortgagor. In ihe erent of default under this morigage any unexpended "s funds in the hands of the Mortgagee deposited by the Mortgagor to meet the ob{igations of taxes, assessments, insurance premiums and ottter chuges, sha0 be applied by the Afortgagee upon the indebtedneu hereby secured in the following order; ~ (a) intetest on advances made by the Mmtgagee; (b) adrances made by the Mortp.~Ree; (c) interest on the principal; and (d) the ~ principal debt hereby secured. N'hen any such taxes, assessments, insunnce prem~ums or other charges fall due the Mortgagor ~ v?ill promptly obtain and deliver to the ~torigagee statements w~ith ~espect thereto. ~ 6. The Mortgasor reptesenu ard agees that this mortgage loan and all futurc loans evidenced by the aforesaid promissory ~ notes which ue secured hercby are made and extended by Mortgagee in reliance, in part, on the tinancial background and abili- ~ ties of Mortgagor and any co-makers, guarantors or endorsen to, jointly and severally, pay any and all rarious and wndry sums of ~ money and the specit"~c nte of interest payable by virtue of said promissory notes and this mortgage. These mongage toans are - understood and agreed to be made a~ extended to the Mortgagor only. It is neither presumed, expressed or implied that the obligations neated hereunder :nay be assumed or performed by any party other than the Mortpgor, whether or not upon the ti sak or conveyanoe of the premises herein described or any part thereof_ If a comeyance sfiould be made by the Mortgagor of the ~ prcmjses herein described, or any part thereof, without the written consent of the Mortgagee, (which consent r.ny be withheld arbitrarily or gnnted on terms xlected by Nortga~eee in its sole discretion_) or without assumption both by proper execution of _ ~ assumption agreements and related forms in use by the Mortg,igee and by auumption in regular form of law by the grantee of the Le obligations created hereunder, then, in either of those erents, and at the option of the Mortgagee and without notice to the Mort- . gagor or to any other puty, alI sums of money secured hereby shaU immediately and concurrently and upon wch conveyance ~ " become due and payable and in default w-hether or not the rame are otherwise due and payable or in default by the specific terms hereoL The forcgoing option shall t+e exercised by Mortgagee at its sole and complete discretion. The atoresaid consent of ~ Mortgagee may be either ganted or withheld without any roquirement of t6e Mortgagee disclosing any reason therefore. Not- withstanding the foregoing, if the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other - than the Mort~gor, the Mortgagee may deal with such successor or successors in interest with refaence to this mortgagee, and the debt hereby secured, regatdless of any change in the terms of the obligations created hereunder, without in any manner _ - vitiaw~g or discharging the ~fortgagor's tiability hereunder or upon the debt hereby secured. The Mortgagor shall at all times _ ~ continue liabk for the indebtedness secured hercby until this mortgage is fully discharged or Mortgagor is fotma0y released by an ~ instrument in writing duly executcd by the Mortgagee. :7 a l. Mortgagor, at the ,,ption of blurtgagee, shall pa}• a"late charge" not exeeeding tw•o per centum of any said aggtegate - monthly installments including any installment for payment of taxes and insurance when paid more than ten days after the due date theteof (providcd that in no event shall said "latt charge" tesult in the paymtnt of interest in exctss of the maximum = interest permitted by law•), to cover the e~tra expense involved in handling delinquent paymertts. Such ~'late chazge" shall not be : a able out of the roceeds of an sale made to satisf the indebtedness secured hereby, unless such proceeds are fust sufG- P Y P Y Y cient to dixha e the entite indebtedneu and all pro r costs and expenses secured thereby. A reasonabk minimum "late charge" 1 will be-charged as cuctomatily fi~ed by Mortgagee frorn time to time, and ~Iortgagor agrees to pay said minimum "I~te chuge; ' I I l~ if incurted. . _g 8. To permit, commit or suffer no w~aste and to maintain the improvements at all times in a state of good repair and con• ~ dition; and to do or ptrmit to be done to said premises nothing that will alter or clunge the use and chuacter of said property or in any v?ay impair or w•eaken the security of said mortgage. In case of the refusal,,neglect or inability of the Mortgagor to rcpair and maintain said property, ihe Mortgagee may at its option make such repair or cause the same to be made and adv~nce monies I „x in tlut behalf which sums shall be xcured by the lien hereof and bear mterest at the same rate as is specifled in the note sewred ~ hereby, as payable after default in payment of said note. z ~R 9~ ~ r3 ' r ~:,.,t U1 ~ ~ ~t ~ ~ ~ ~ - _ ~ ~y ~ ~ , ~ ~ > ~ r.~~~` r ' _ _ _ . _ _ . . . .