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HomeMy WebLinkAbout0593 Aed sMli perform. comply with and ~bide by wch and erery of the :tipulatiuns.a~reements.rnnditions and corenants set fatA u tlric aart~e and in the P~omisaory nute secured hereby. and any renewals o~ other notcs Riven in accordance herewith. Uxa tAis mo~tjs~e aad the estate hereby c~eated shaU ~wse and be null aad void. Aad said tioitja`a for himself and his hein. leaal reprosentatives, succcsson and usip~s, hercby convenants and a~ees to ud ritA said Yort~ee. its lepl rcprcsentatives, succesaon and assi~ns: l. To par aU and ~ular the priacipal aad intecest and the variou: aad wndry wms of money paysbb by virtue of said pron~mory sotss, a~d tAb mott~a. each and every. PmmpdY on the days rospectively the same become due. ' 2. To ps~r all and sinsula? the taxes, asseumeats, kvies, liabilities. oblieations and incumbrances o[ every nature and kind oov oa said dexdDed Qrope~ly. that hereaQer may be imposed. wffeced, piaced, kvied or assessed thereupon, and that hereafter mar pe kvicd or assased upoa this mort~e, ihe iadebtedness securcd heeeby, or both. wch and erery, when due and payabk sccordia~ to laa. before they become delinquent. and beCo~e any interest attaches or any penalty is incurred; and ia so fu u my tAereof s ot ~ecotd tLe ame shaU be prompUy satisfied aad dischareed of rocord and the or~nal ottici~l documeat (wch as, [or ~taisce~ tbe tu ~eoeipt o~ the satisfaction papei ofC~cially end.orsed or certit~ed) shaU be placed ia 1he hsnds of Morip6ee with- ia tea daYs aext afta paymeat. 3. To teep taid OuiWia~s. and any which may herea[ter be erected upa~ uid premi~, iawrcd apiast toss ot dama~e Dy fre aed sud~ otba dazards or nsks as may be roquirod by l~ortp~ee ia such amouat o~ amouats as may berequired by said llort~ee, m sdcA i~oe company or companias as Yort~ee. its wccesson or auip?s. nuY iPP~ve. ud to deliver to siid Yo~tt,~ee~ as additiooal security Aereto. the poticies bf wd~ inwranoe and oi wy additional iawanoe which shall be taken out upo~ srd~ bddio~s wlu~e any put o[ tbe indebted~wu afaesaid shall nmaia uapaid. hariaa attached to said policia wch mort- ~e iede~~~r dawe as Yoct~ee shall d'ucet. Renewal: of such policies shall be so del~verad at kut ten days befaa any wch mwnwce ~aY e~ire. Ap uiwance carried sha11 be satistactory to said Mortpaee. My wm rvhich may beoome due uadet any s~d potiey ~r be appticd by said Mortaa6ee. at its option. either to redua said debt or to repsir or replace tbe imProvements oo~ered bp said policy. Said Nortaaeee may procure and subatitute for any and sU of tha iawrapce so held as afonsaid, such utOer po6cy or pdicies of insuraecee, ia l~e amount. u it may determino, provided Mortaa~or fails to replace aay wcD insunnce .rithiw te~ dsps aRer bei~ ootifxd that the Insuri~ Compaay is no lon~er spprored by Mortaasee. In ca~e of uk uader tore- cbwre hercot, atl such imunace shall thenceforth. aad until the petiod oi rodemption shall expln, be made parabk to the holder a[ the ceRifiate of sak: and in wcA erents said Mortgagee ~s liereby authorized to collcet the unearned ptemium oa any ~d? policy it may cause to be canceUed, cegardkss of whether said premium is paid by Mortgaaor or Mortgagee. aad apply such pre~um toaaids tAe payraeat of prcmium on auy wch nea in3urance so Qayabk to tAe holder of such certiftate. 1. ts ax said Mort~or shall negkct o~ refuse to keeP ~id premisss in aood repair and condition. to paY prompUy when due alt taxa aed asscsunents, as aCoressid. or to rcmove aay statatory liens on said premi~es, or to keep the Duildin6s and improvemeats imurod. as aforesaid, aad detiver the policy or policies ot in.wnnee. or the renewals 1!?ereof. to said Mortaaaee.as afotrsaid. then said Yortaaaee may, if it shall so ekct, make repain. maintain said property and pay such taxes and assessmeats, vith tbe accrned inte~est, penalties, officer's fees, and expenses thereon, redeem uid premises which may have been sotd or for- fated [or hxa or assessmenu thercon, purchase any tax titk thereon, rcmove any satutory liens and prosccute or defend any suits ie rclstioa thereto. insure and keep insured said buildinEs in the sur.~, as aforesaid, or for any kss sum and for such time. u said ?lort~.may dam pmper. Any sums ~rhich may be so paid out by said Mortaaaee. aad all wms paid out for wbstituted iasurance; as afotaaid, includinE the costs. expenses and attorney's fee paid in any wit affectin6 said real estate, when neces- sary oc appropriate to protect the lien hercof, shaU bear interest ftom the date of such payments at the same tate as is specifiod. ia tbe note secured hereby. u payabk after default in payment of said note. shall be pa~d by said Mortgagor to said Mottgagee upoe demand aad s6a11 be dcemed a part of the debt hereby secured, and recoverabk as such in all respects. Any wch liens daims, pxes, asyessmeots, or tax titks w purchased, paid, or redeemed by uid Mortgagee shall, as betwe4n the put~es heteto their successon in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed. Ne~tlrcr wch payment by Mortgagee nor its cotkction from Mortga~or shaU aaive or affect any option, lien, equity or right of l~ort~Eee's. S. B reqnested by ihe Mortga~e the 1NortgaEor. together with and in additan to ihe monthiy payments under the terms of aU eota aecuted 6creby, on the due ~day of ach monthly payment and until said notes ue fuUy paid. shall pay to the ~1ort- ~ee a mstallment of tbe wcei and assessments next to become due against the mortaaaed prcmises, aa installment of premiums aeat to Decoe~e dne oa insured policies tequired by the Mort~agee, and any other charEes payabk accotdia6 to the commitment te fimnce. Snch iacnUments shall be eqwl respectivelY to such taxes and assesunents, inswance premiums and other chacees. all u atimatad by the Yonaaaee. less all wms already paid thereon, divided by the number of moaths that ue to ehp~e before one month prior to the date w~hen such wces and assessments. inwnnce premiums and other chu~es ~riil baome dua Sajd iastall- meau slu8 be heW by the Mort~ee (bearina the intenst for Mortgagor) to pay sueh taxes, asseuments, insurance peCmiums aad ot6er duraes. All paymcats made under the term of this pangraph and undet the note secuted hereby shall be addod to~etha and the a~e~te amouat thereof shall be paid by the Mortgaaw ia a siu~k paymeat each month to be applied by the lbrtEag~e m payment of the iemu and in the order fo0mvi~: (a) taxes md assessments, and insurance premiums and other clne~es payable au-ordius to the rnmmitment to finance; (b) interest on the notes secured hereby; and (c) amonizatan of the prind~pal of sad aota. Anr deficiency in the amount of such aggregate monthly payment sball oot~dtute a default utder this mortEa6e. ~Ybeo such tues, asseuments. insurance premiums and other chu~es fal! due, if the amo~NU deposited by the Mort- p~or for mch purposes are aot wmcient to pay said taxes, assessmenu, insunnce premiums, and ott~er chuges. u the pse may be, ti~ea dne, tLeo the blortga6or will pay to the Mortgagee such deficiency immed'utely. When such taxa. assessments, insunnce preetiums aed other charEa faU due, if the amounts depomted by the Murtgagor for sush purposes exceed the amounts due for - suc6 taza, assestsiens, insurance Qrcmiums and other charges, the excess may, in the discretion of the Mortpgee, be applied ~ O!1 SL660q11tAL /110f1U1Iy p~YtJlt[1l5 to be made by the Mortgagor. In the event of default under this mortgaae any unexpended _ Cunds m the 6ands of the Mortpgee deposited by the Mortga~tor to meet the obligations of taxes, assasments, inwnncc prcmiums aid othrr chuges, shall be applied 6y the Mortgagee upon the indebtedncss hercby secured in the foqowins order; • (a) intercst oa adrances made by the Mortgaaee; (b) advances made by the Mortpgee; (c) interest on the principal; and (d) the prin~ipal debt hereby secured. When any wch taxes. aueuments. insurance premiums or other charges fall due the Mortgal[or siU promptly obtain and deliver to the Mortpgee statements with respect thercto. - - 6. The Yoct~Eor represenu and aareas that this mortaage loan and all [uture loans evidenced by the aforesaid promiuory aota whid? are securcd hereby are made and extended by Mortga6ee in reliance, in part, on the fu~andal backgtouad and abil'r tia oi Yort~or and any co-nukers, Eua~ant~s or endasen to, joinUy and serenUy. Pay aay'and alt vuious and wndry wms of mo~ and the speafic rate of intaest payable by virtue of said promissory notes and this mort~e. These mortpae loans are undastood a~ ageed to be made and extended to the Mortgagor only. It is neither presumod, expressed ot unplied that the obt~ttioas crqded 6e~e~u~der may be uwmed or pedormod by any puty other than the Mortgagot, whether or not upon the aie or coa~rssoe of the ptemises 6erein described or any put thereof. lf a conveyance should be made by the t~lortpgoc of the ~ pramiaes hereis desa~bed, or any part thercof, without the written coasent of the Mortpate, (which consent may be ~vithhdd arbitranly or gaantod oo terms sekcted by Mortgaaee in its sok discretionJ or without uwmptan both by proper execntion of aswmptioe a~eemeats md rclated forms in use by the Mort6agee artd by aswmption ia ngulu [orm of law by the grantae of the obli6atioes crcated lxreunder, then, in either of those events, and at the opdon ot the Monp~ee and without notice to ibe Mort- - psor or to an~r otber PutY. all wms of money xcuced hereby thall immedutdy and cancurreatly and upon such conveyancs become dae aad piyabk and in default whether or not tl~e rame an otherwise due aad payabk or in defadt by the specific terms bemo[ Tbe foreEoinE option shall be eaercised by Mortyaget at its sok and compkte disctetioa. The aforesaid consent of yortas~ee may be ather 6nnted or ~vithheld w~ithout any requirement ot the Mortgasee disclosinE any reason therefore. Not- wjtl~staodi~ the [ore~oina, if tt~e owrnership of the mort~ premins, ot any put thereof, becomes vested in a penon other ehan d~e Yostp~e?r~ t6e 1[ort~ee may dal writh such woceuor or sucoettors in intercst with refercace to this mat~ee. and the debt be~ebr ~ecmed, reprdless of any dun~e in the terms of the obligations created hereunda. ~vithout ia any manner ritiatias or dischatpos the ~iortpaor's liability henunder or upon the debt hereby securod. The Mottaagor shaU at all tima cootieoe tiabk [o[ tbe iudebtedness secured hercby until this mortga~e is fuUy discharged or Mortaa~or is fotmally reka~ed" by an - iastrumnt a~ ~rtitios dutr executed by tfie Mortga6ee. Yort6aaor, qp aaaee, shall pay a`Ute charae" not exceeding two per centum of sny said agEregate ~ 7_ at the tion of Mort i ~ mootl~ ~ta8mcnts iedudin~ any imtallment for payment of uxes and insunnce when paid more than ten days aftet the due ` date iberco[ (proridod that in no erent s6~11 said "late chu6e" result in the payment of intercst in excas of the mazimum ~ ietaat permitted br lav), to cover !he extra eupense invotved in hardlins delinquent payments. Sueh "late charae° stull not be ~ pvyable o~t of the procee~ds of any sak made to satisfy the indebtedness~secured hereby, unlas such procteds are ftrst wffi- i cieat to dischuae the entire indebtedness and alt proper costs and expenses secured thereby. A rasonabk minimum "late chuge" ; `s" w~ be charEed as customarily 6xed by Mortgagee from time to time, and ~lortgagor aarees to pay said minimum "late chuge;' ~ if incurred. ~ 8. To permit, commit or suf[er no waste and to maintain the improvements at all times in a suu of good repw and con- diti~; and to do or permit to be done to said prcmises nothina that will alter or clunae the use and chuacter o[ said propetty or ie a~ ~ray impair or weaken the ~ecurity of uid mortga~e. In case of the nfusaf, negkct or inability of ihe Mort6aaor to repair ; and mamtain said property, the Mortaaaee rteay at its option make wch repair or cause the ume to be made and advana momes ~ tlut belelf wrhich wms shall be securod by the lien hereof and beu interest at the ume nte u is specified in the note secured Aeteby. as qysbk afar default in payment of said note. ~ ~ Rf~~r 3U2 ~~1F V~ ~ : ~ - i - - ~ ~ - ~ ~ ~ ~a;.. . ~•~~;~t:~' ~ _ ~ - ~ -