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HomeMy WebLinkAbout0948 And shali pr~[utm, comply v?~ith and ahide by euh and every ot the stipulatiuns, agreements,cc~nd~tians and cuvenants stt forth in this mortgage and in the prumiswry nute st:ured he~eby, and any rcnewals ur other notes giron in accucdance hetcwith, then this mortgage and the estate hercby cre~ted shall .Yase anJ be nu0 anA vv~d. ~ • And sai~ Mortgagor fur himsrif and Ais heirc, legal tepres~nlatives, wccessurs and usigns, hercby convenants and agtees to and w~lh said Mortgrgee, its ltgal rrprexntat~vrs, successurs arwl assigns: 1, To pay all and sinaulu the principal and intetest and the various and sundry sums of money payabk by virtue o( said p~omissory notes, and this morqtaite, each and every, promptly on !he days rcspeclively the same bernme due. 2. i'o pay all and cingular the taxes, asseuments, kries, lubdities, obli~tations and incumbrances of every nature and kind now on said deutibrd property, ~hat hereafrer may be imposed, suffered, placed, levird or assessed thercupun, and that hereafter may be levied or asse~sed upon this mortgaite, Ihe indebtedncss scrured hercby, or both, each and every, when due and payabk accurd~na to law, before the~• become delinquent. and befote any interest attaches o~ any penalty is incurttd; and in so tu as any thercof is of recotd the same shall be promptly satisl`~ed and discharged uf record and the orsinal official document (such as, [or insun~Y. the tax receipt ot the s~tisfaction pape~ otriciaUy endor~ed or ~YrtiC~ed) shaU be placed in the~harnis of Mortgaitee with- in ten days next a(ter payment. 3. To keep said buildings, and any .which msy herea(ter be erected upon uid premises, insured against !ou or damage by fue and such othe~ huuds or risks u may be required by Mortgagee in wch amount or amounts a: may berequired by said Mortgaga, in such insuran~Y company or companies u Mortgaaee, its successon or assigns, may approve. and to deliver to said Mortga6ee, as additional security he~eto, the poliries of such inwrana and of any additional insutana which shall be taken out upon wch buildings whik any put of the irdeDtedneu aforcsaid shaU remain unpaid, having attachod to said policies such mort- ~aaae indemnity dause u Mortgagee shall d'uect. Renewals of such policies shaU be so ~ielirered at kast tea days betore any wch msunnce shall expirc. All inwnnce carried shall be satisfactory to said Mortgaaee. Any sum which may become due unde~ any such policy msy be applied by said Mortgaitee, at its option, either to reduce said debt or to repair or replace the improvements covercd by said. policy. Said Mortgagce may procure and substitute for any u?d all of the insutance so held as aforesaid, such other policy or policies o! insunn~~e, in like amount, as it may determine, provided Mongagor fails to nplace any such insurance within ten days after being notified that Ihe InsurinR Company is no longer approved by Mortgaga. In case of sale under fore- rlosurc heteof~ all such insunnce sh~ll thenceforth, and until the period of redemption shall expire, be made payable to the hulder of the certificate ot s:+lr; and in ~uch events said Mortgagee is hereby authorized to cdlect tl~e uneu~d premium on any wch pdicy it may c~use to be cancelled, regardless of.whether said premium is paid by Nortgagor or Morlgagee, and apply such premium tow~ards the payment of premium on •rny such new inwranre so payabk to the holder of such certificata 4. In case said Mongagor shall neglect or refuse to kcep said premises in Rood repair and condition. to pay promptly when due all taxes and assessments, as aforosaid, or to remove any statutory liens on said p:emises, or to keep the buildings and improrements insured, u aforcsaid, and deliver the policy or policies of inwrance, or the tenewats thereof, to said Mortgagee.as aforesaid, then said Mortg~tee may, if it shall so elect, make rcpairs, maintain said property and pay such taxes and asseumenu, with the accruod interest, penalties, officer's fees, and expenses thereun, redeem said premises which nuy have been sold or for- feited for taaa or assessments ther~on, purchase any tax titk thereon, remo~Y any statutory liens and prosecute or del'end any suits in relation ihereto, insure and kcep insured said buildings in the sum, as aforesaid, or for any ku sum and for such time, as said Mortgagee may dcem pro{+er. Any sums which may be ~ paid out b~• said Mortgaaee, and all sums paid out for substituted inwnnce; as aforesa~d, mcluding the co~ts, erpenses and auornry's fee paid in any suit affecting said real estate, when neces- saty or appropriate to prote.t ~ha lien hereof, shall b~ar interest from the date of wch payments at the same rate as is specefitd, in the note serured hereby, as payable after drfrult in payment of v~d note, shall bc paid by said btortgagor to said Morigagee upon deman~ and shall be dermed a part of the debt hereby seeured, and rccoverable as such in all rcspects. Any such liens claims, taxes, assessmrnts, or tax hdes w putchaxd, paW, or redeemed by said Mortgagee shall, u betw•een the patties hereto their succeswn in interest, Ix dremctii valid. so that in no event shall the nececsity or valedity of any such payments be duputed. Neither such payment b~ Nortg~re nor its colleclion from \Iortgagor shall waive or affect any option; lien, equity or right of Mortgagee's. S. If requested by !he !1lortpagee, the Nottgagor, together with and in addition to the monthly payments under the terms of al! notes securcd hercby: on the due day of each monthly payment and until said notes are fully paid, shali pay to the Mott- gagee an installment of the taxes and assessments next to bccome due ap,ainst the mortgagod premises, an inuallment of premiums ~ext to become due on insurrd policies required by the Mortgagee, and a~y other charges payabk according to the commitment ' ~ to finance. Such inswllments shaU be equal respectively to such taxes and asseuments, inwrance premiums and other charges, all u estimated by the Nortgagee, leu all sums atready paid thereon, divided by the number of months t~at ue to elapse beforc one month priot to the date when such taxes and assessments, inwrance premiums and other chargrs will become due. Said instalt- ments shall be held by the Mortgagee (heanng the intorcst for Mortgagur) to pay such taxes, assessments, insurance premiums and othtr chuges. All payments made under the tetn of this paragtaph and under the note secured heretiy shall be added togethet and the aggregate amount thereof shall be paid by the Mortgagor in a single payment each moath to be applied by the Alortgagee in payment of the terms and in the order foUow•ing: (a) taxes and assessments, and inwrance prrmiums and other chatges payabte accordmg to the commitment to finrnce; (b) interest on the notes secured hercby; and (c) amortization of the ~ prinnpal of said note3. Any deficiency in the amount of such aggregate monthly~ payment shall constitute a default under this mortgage. When such ta!ces, assessments, insurance premiums and other charges fall due, if the amountsdeposited by the Mort- ga~gor for surh purpuses arr not sufficient to pay sa~d tases, assessments, incurance prerniums, and other rharges, as tbe case may i be, then due, then the ~tortgagor w~ll pa}• to lhe Mortgagee wch deficiency immediately. K'hen suchlaxes,assessments, insunnce E premiums and other rhargcs fall due, if the amounts deposited by the MonRagor for such purpoxs exceed the amounts due for e such taxes, asseuments, insurance prem~umc and other charges, the exress may, in the d~scretion ot the Mortgagee, be applied s on subsequenl monthly payments to be made b}• the Atortga¢or_ In the event of drfault under this mortgage any unexpended ~ funds in the hands of the ~tortpgee deposited by the Morlgagor to meet the obli¢ations of taxes, assessments, inwrance premiums and other charges, shall be rpplied by the ~fortgagce upun the indebledness hereby secured in the followinR order, (a) interest on advances made by the !Nortgagee: (b) advances made by the Mortgagee: (c) interest on the principal: and id) the pnncipal debt hereby secured. N'hrn any such taxes, asseuments, insurance premiums ur uther charges fall due the Mortga~tor w•ill promptly ohtain and delirer to ihe Morigagee statements aith respect thereto. 6. The Mortgagor rcptesents and agees that this mortgage loan and all future loans evidenced by the aforesaid promissory notes which are secured hercby are made and extended by Mortgagce in rel~ance, in part, on the Cinancial background and abili- ties of Mortgagor and any co-makets, guarantors or endorsers to, jointly and severally, pay anp and all various and sundry sums of money and the specific rate of interest payable by vittue of said promissory notes and this mortg~ge. These mortgage loant arc undentood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expresxd or implied that the obliRations created hereunder may be assumed or performed by any party other than the Morteagor, whether or not upon the _ sale or conveyance of the premises herein described or any part thereof. If a conveyance should be made by the Mortgagor of the prcmises herein described, or any part thereof, without the w~rilten consent of the MortgaRee, (which consent map be withheld arbitnrily or gr~nted on terms selected by Mortgagee in its sok discretion,l or w•ithout auumption both by proper executian of ~ aswmption agreements and rclated forms in use by the Mortgagee and by auumption in regular form of law by ihe gnntee of the oblip,ations crwted heJeunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- ~ gagor or to any other"parly, all sums of money secured hereby shall immediately and concurrently and upon such conveyance become due and payable and in default whether or not the same are otherwise due and payabk or in default by the specific terms hereof. The forcgoing option shall be exercised by Mortgagee at its sole and compkte discretion. Th^. afotesaid consent ot ~ Mortgagee may be either gtanted or withheld without any requ"uement of the Mwtgagee disclosing any rcason therciorc. Not- ~ withstanding tht Corcgoing, if the oK~nership of the mortgaged premises, or any put thereof, becomes vested in a person other ~ than the Mortppgor, the Mortgagce may deal with such successor or wccesson in interest with rcference to this mortgagee, and the debt hereby secured, regardless of any change in the terms of the obligations created hereurder, without in any manner ~ vituting ot discturging the Mortgagor's liability hereunder ot upon the debt heteby secured. The Mortgagor shall at all iimes ~ continue liable for the indebtedneu secered hereby until this mortgage is fully discharged or Murtgagor is forrtully released by an instrument in writing duly executed by the !?lortgagee. 7. Mortgagor, at the option of Murtgagee, shall pay a"late charge" not exceeding two per centum of any said ap,Rrcgate monthly installments includir?g any installment fot payment of uzes and insurance w•hen paid more than ten days after the due % date thereof (provided ihat ~n no event shall said "late charRe" result in the payment of interest in exceu of the maximum '-n interest petmitted by law~), to cover the extra expense invulved in handling de{inquent payments. Such "late charge" shall not be _ payable out of the ptoceeds of any sale made to satisfy the indebtedness secured hereby, unleu such pro~xeds arc first suffi- - cient to discharEe the entire indebtedness and all pruper custs and expenses serured thereby. A reasonabk minimum "late charge" will be chatgod as customarily fixed by Mortgagce from time to time, and Mortgagor agrees to pay said minimum "late charge: ' if incurred. ~ if. To perm~t, commit or suffer no waste and to mamhin ihe ~mpro~~ements 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 ust and chuacter of said property or ~ in any way impair or weaken the secunty of said mortgage. In c;~se uf the refusal, neglect ot inability of the Mortgagor ro repair ~ and maintain said property, the Mottgagee may at its option makc wch repair or rause the same to be made and advance mon~es in that behalf which sums shall be secured by ihe lien hereof and bear interest at the same rate u is specified in the note secured ~ hereby, u payable after default in payment of said notr. ~l n~~ ` B J f.>>_ J ~ ~ ~ ~ ~"e~d~ ~2 : - ~ 3 ~ M1 ~ • ~-'rG~~R~~~ . ..5. ~~y _i +~u . ~ . _ . _ .o.~. . = ~~h~ ~ ~ _ _