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HomeMy WebLinkAbout1346 And ~stuU perform, comply with and a?+ide by each and every of the stipulations, agrcrments,conditiunsarad covenants ut forth in this mortgage and in the promissory note secured hereby, and any rrrnwals ur other notes given in accordance herewuh, then this mortgage and the estate hereby created shall ceau and be null and void. And said Mortgagor for hinrsrlf acrd his heirs, legal repreuntatives, successors and assigns, hereby convenants and agrees to and with said Mort fpgee, its legal repreunlaUves, succesxrrs and assigns: 1. To pay all and singular the principal and interest and the various and sundry sums o! money payable by virtue of said promissory notes, and this mortgage, each and every, promptly on the days respectively the same become due. 2. To pay all and singular the tags, aueuments, leases, liabilities, obligations and incumbrances of every nature and kind now on said dexribed property, that hereafter may be imposed, suffered, placed, levied or asuued thereupon, and that hereafter may be levied or asuased upon this mortgage, the indebtedness secured hereby, or both, each and every, when due and payable according to law, before they become delinquent, and before any interest attaches of any penalty is incurred: and in so fu as any thereof is of record the same shall be promptly satisfied and discharged of record and the orginal officul document (such as, for instance, the tax receipt or the satisfaction paper officully endorsed or certified) shall be placed in the hands of Mortgagee with• in ten days next after payment. ' 3. To keep Bald buildings, and any which may hereafter?be erectsd upon said premises, insured against loo or damage by fve and such other hoods or risks as may be required by Mortgagee in wch amount or amounts as maybe wired by said Mortgagee, in wch insurance company or companies u Mortgagee, its wceessors or assigns, may approve, and to deliver to said Mortgagee, as additional security hereto, the policies of wch inwrance and of any additional inwrance which shall be taken out upon wch buildings while any put of the irdebtedness aforesaid shall remain unpaid, having attached to said policies such more- gage indemnity clause as Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any such insurance shall expire. All inwtance arried shall be satisfactory to said Mortgagee. Any sum 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 replace the improvements covered by said policy. Said Mortgagee may procure and substitute for any and all of the inwra1rce so held as aforesaid, such other policy or policies of insuratne, in like amount, as it may determine, provided Mortgagor fails to replace any such insunna within ten days after being notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under forc- closure hereof, all such insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the holder of the certificate of sale: acrd in wch 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 un any wch new inwran~ro w payable to the holder of such certificate. 4. In case said Mortgagor shall neglect or refuu to keep said premises in good repair and condition, to pay promptly when due all taxes and asussments, 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 tbe renewals thereof, to said Mortgagce,as - aforesaid, then said Mortgagee may. if it shall so elect, make repairs, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and exp8nus thereon, redeem said premises which may have been sold or for- feited for axes or asuuments thereon, purchase any tax title thereon, remove any statutory liens and proucute or defend any suits in r6lation thereto, insure and keep insured said buildings in the sum, as aforeuid, or for any less sum and for wch tune, as said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for substituted insurance; as aforesaid, including the cosec, expenus and attorney's fee paid in any suit affecting said 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 specified, in the note secured hereby, as payable after default in payment of said note, shall be paid by said Afortgagor 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 liens claims, taxes, asseuments, or tax titles so purchased, paid, ur redeemed by said Mortgagee shall, as between the parties hereto their successors in interest, be deemed valid, so that rn no event shall the necessity or validity of any such payments be disputed. Neither such payment by !lfortcagte nor its cullertiun 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, un the due day of each monthly payment and unfit 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, an installment of premiums next to become due on insured policies required by the Mortgagee, and any other charges payable according to the commitment to finance. Such instaUrnents scull be equal respectively to such taxes and assessments, inwrance premiums and other chuges, all as estimated by the Mortgagee, less all wnrs already paid thereon, divided by the number of months that are to elapse before one month prior to the date when such taxes and assessments, inwrance premiums and other charges will become due. Said install- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) fo pay such taxes, asussments, insurance premiums and other chugcs. All payments made under the term of this paragraph and under the note ucured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagtq in'~ ale payment each month to be applied by the Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and insurance premiums and other charges payable according to the commitment to finance: (b) interest on the notes secured hereby; and (c) amortintion of the principal of said notes. Any deficiency in the amount of wch aggregate morWr(y payment shall constitute a default under this mortgage, When such taxes, assessments, insurance premiums and other charges fall due, it the amounts deposited by the Mort- gagor for such purposes are not sufficient to pay said taxes, assessments, insunncx premiums, and other charges, as the case may be, then due, then the Atortgagor will pay to the Mortgagee such deficiency immediately. When such taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mortgagor tot such purposes exceed the amounts due for such taxes, asuuments, insurance premiums and other charges, the excesi may, in the discretion of the Mortgagee, be applied on subsequent monthly payments to be made by the Mortgagor. In the event of default order this mortgage any unexpended funds in the hands of the Mortgagee deposited by the Mortgaigor to meet the obligations of taxes, assessments, insurance premiums and other charges, shat! t+e applied by the Mortgagee upon the indebtedr?eu hereby ucured in the following order; (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee: (c) interest on the principal; and (d) the ' principal debt hereby secured. When -any such taxes, asseuments, insurance premiums or other charges fall due the Mortgagor will promptly obtain and delisrr to the Mortgagee statements with respect thereto. E 6. The Mortgagor represents and agrees that this mortgage loan and all future loans esidenced by the aforesaid promissory notes which are ucured hereby are made and extended by Mortgagee in reliarn~e, in part, on the financial background and abili- ' ties of Mortgagor and any armakers, guarantors or endorsers to, jointly and severally, pay any and all various and wndry sums of money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans are i understood and ageed to be made and extended to the IVJortgaggr only. It is neither presumed, expressed or implied that the i obligations crated hereunder may be assumed or performed by any party other than the Mortgagor, whether or not upon the E sale or conveyance of the premius herein described ur any part thereof. If a conveyance should be trade by the Mortgagor of the premises herein described, or any part thereof, without the written consent of the Mortgagee, (which consent may be withheld arbitrarily or granted on terms selected by Mortgagee in its sole discretion,l or without assumptan both by proper execution of auumption agreements and related forms in use by the Mortgagee and by aswmption in regular form of law by the gnntce of the ! obligations crested hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gagee or to any other putt', 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 payable 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 Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosing any reason thercCore. Not- withstanding the foregoing, if the ownership of the mortgaged premius, or any put thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such successor or successors in interest with reference to this mortgagee, and the debt hereby ucured, regardless of any change in the terms of the obligations created hereunder, without in any manner vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby ucured. The Mortgagor shall at all times continue liable for the indebtedneu ucured hereby until this mortgage is fully discharged or Mortgagor is formally rdeaud by an ( instrurtrent 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 exceu of the maximum interest permitted by law), to curer the extra expense involved in handling delinquent payments. Such "late charge" shall not !x payable out of the proceeds of any sale made to satisfy the indebtedness ucured hereby, unless such proceeds are first suffi- cient to discharge the entire indebtedness and all proper costs and expenus ucured thereby. A reasonable minimum "late charge" will be charged as customarily fixed by Murtgagce from time to time, and Mortgagor agrees to pay said minimum "late chuge; ' } if incurred. 8. To permit, commit ur 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 premius nothing that will alter or change the uu and character of said property or in any way irppair or weaken the ucurity of said mortgage. In eau of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advance monies in that behalf which sums shall be ucured by the lien hereof and bear interest at the same rate u is specified in the note secured hereby, as payable after default in payment of said note. X01 ~r~~1~41 RU~r ti - _ ~ - - -