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HomeMy WebLinkAbout1339 .e - +Kr? I ~nd s~iaU p~rform, comply wittf awl a1+i~e b~ tech and every of the stipulations, agreements,conditions and covenants set fortA in this mortgage and in the promiswry note stcured hereby, and any renewals or other notes given in accordance herewith, then this mortgage and the state hereby created shall cease and be null and void. And said Mortgagor for himself and his heirs, legal representatives, successors and assigns, hereby convenants and agrees to and with said Mortgagee, its legal representatives, successors and assigns: 1. To pay all and singulu the principal and interest and the various and wndry wms of money payabk by virtue of uid 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, suffered, 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 payabk according to law, before they become delinquent. and before any interest attaches or any penalty is incurred; and in so fu u any thereof is of record the same shall be promptly satisfied and dischuged of record and the orginal otfi~tial 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- 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 rue and such other hazards or risks as may be required by Mortgagee in wch amount or amounts u may be uiced by said Mortgagee. in wch insurance company or companies as Mortgagee, its wcccssots or assigns, may approve, and to deliver to sad Mortgagee. as additiotuf security hereto, the policies of wch insurance and of any additional inwrance which shall be taken out , upon wch buildings while any put of the indebtedness aforesaid shall remain unpaid, having attached to said policies wch meet- gage indemnity clause as Mortgagee shall direct, Renewals of wch policies shall be so delivered at least ten days before any wch insurance shall expire. All inwrance carried shall be utisfactory 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 replacrthe improvements covered by said poUcy. 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, u it may determine, provided Mortgagor fails to replace any such insurance within ten days after being notified that the Insuring Company is no to er approved by Mortgagee. In case of uk under fore- - closure hereof, all such insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the Iwlder of the certificate of ule: and in such events said Mortgagee is hereby authorized to collect the unearned 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 such new inwrance so payable to the holder of such certifcate. 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 insurance, or•the renewals thereof, to said Mortgagee,u aforesaid, then said Mortgagee may, if it shall so elect, make repair, maintain uid property and pay such taxes and assessments, with the accrued interest, penalties, ofC~cer's fees, and expenses thereon, redeem uid premises whK9i may have been wld 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 uid buildings in the wm, 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 uid Mortgagee, and all sums paid out for substituted insurance; as aforeuid, including the costs, expenses and attorney's fee paid in any wit affecting uid real estate, when neces- sary or appropriate to protect the lien hereof, shall bear interest from the date of such payments at the same rate as is spesiGed, in the note secured hereby, as payable after default in payment of uid note, shall be paid by uid Alorigagor to uid Mortgagee upon demand and shall be deemed a part of the debt hereby secured, and recorerable as such in all respects. Any wch liens claims, taxes, assessments, or tax ticks w purchased, paid, or redeemed by uid Mortgagee shall, as between the parties hereto their successor in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be deputed. 1Veither such payment by Mortgagee nor us 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 uid notes are fully paid, shall psy 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 bernme due on insured policies required by the Mortgagee, and any other charges payable according to the 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 ate to elapse before one month prior to the date when such taxes and assessments, inwrance premiums and other charges will become due. Said irutaU- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insurance premiums and other chuges. All payments made under the term of this paragaph 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. 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 charges fall due, if the amounts deposited by the Mort- gagor for such purpous are not sufficient to pay uid fazes, assessments, insurance premiums, and other charges, as the eau may be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immediately. When such taxes. assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mortgagor for such purpous exceed the amounts due for such taxes, assessments, insurance premiums and other charges, the excess may, in the discretion of the Morigagce, be applied on wbsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended fords in the hands of the Mortgagee, deposited by the Mortgagor to meet the obligations of taxes, assessments, inwrance 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 f 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 represents and agrees that this mortgage loan and all futufe loans evidenced by the aforeuid promissory notes which are secured hereby arc made and extended by Mortgagee in reliance, in part, on the finanaal background and abili- ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums of s money and the specific rate of interest payable by virtue of uid promissory notes and this mortgage. These mortgage loam are understood and agrced to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the obligations created hereunder may be assumed or performed by any puty other than the Mortgagor, whether or not upon the s sale or conveyance of the premises herein described or any put thereof. !f a conveyance should be made by the Mortgagor of the P premises herein described, or any part thereof, without the written consent of the Mortgagee, (which consent may be withheld 1 arbitrarily or granted on terms selected by Mortgagee in its sole disaetion,) or without.assumption both by proper execution of assumption agreements and related forms in use by the Mortgagee and by aswmption 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- gagor or to any other puty, all sums of money secured hereby shall immediately and concurrently and upon such conveyance become due and payabk and in default whether or not the same are otherwise due and payable or in default by the specific terms bereof. The foregoing option shall be exercised by Mortgagee ai its sole and complete discretion. The aforeuid consent of Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosing any reason therctorc. Not- - withstanding the foregoing, if the ownership of the mortgaged premises, or any part thereof, becomes vested in a perwn other than the Mortpgor, the Mortgagee may deal with such successor or wccessors 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 - c 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 fu0y discharged or Mortgagor is formally released by an ' instrurrxnt 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 (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 chuge" shall not be - payabk out of the proceeds of arty ule made to utisfy the indebtedness secured hereby, unless such proceeds are first suffi- i cient to discharge the entire indebtedneu and all proper costs and expenses secured thereby. A reasonable minimum "late charge" will be charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late chuge;' ~ 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 uid property or ~ in any way impair or weaken the security of uid mortgage. In case of the refuel, neglect or inability of the Mortgagor to repair and maintain uid 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 lien hereof and bear interest at the same rate as is specified in the note secured hereby, as payable after default in payment of uid note ~r~3U1 134 F i _ _ i