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HomeMy WebLinkAbout2959 ir`• `~I,: t And shall perform. comply with and abide by esch and every of the stipulations. a~retments,conditions and covenants set forth is this mortgage and to the promissory note secured hereby, and any rcnewab a other notes given in accordance herewith. then this moripge and the estate hereby created shall cease and be null and void. And said Mortgagor for himseU srd his heir. legal repreaeagtives. successors and sssigsts, hereby convenants and egress to and with said Moripgee. its legal representatives, sutcessors and assigns: - 1. To pay all and singulu the principal and interest and the various and sundry sums of money payabb by virtue of said promissory notes. tad this mortgage, esach and every. PromPUY oa the days respectively the same become due. 2. To pay all and sittgubr the taxes. assessrrtents, levies. liabilities, obliptioas and in~vmbrances of every nature and kind now on said described property, that hereafter may be imposed. wffarcd, pla~rod. ksted or assessed thereupon, and that hsreafter may be kvkd or assessed upon this mortgage. the irdebtedness secured hereby, or both, each and every. when due std payabk according to law, before they become delinquent, and before any interest attaches or any penalty k incurred; and in so fu as any thereof h of record the same shall be promptly satisfied and discltuged of record and the orginal otficW document (wch u, for instance. the tax receipt or the satisfaction paper offkiaUy endorsed or certified) shall be placed in the hands of Mortgagee with- in ten days next attar payment. 3. To key said buildings, std any which may hereafter be ecectod upon said premises. inwred against loss or damage by flue and wch other hatted: oc asks u may be required by Mortgagee is wch amount or amounts u may be aired by said Mortgagee, in such inuurance company or companies as Mortgagee. its wccessors or assigns. may approve. and to deliver to said Mortgagee. as additional security hereto. the policies of wch insurance and of any additional iasttraace which shall be taken out upon wch butldings whit any part of the indebtedness aforesaid shall remain unpad, having attached to said poUcies wch mort- gage indemnity louse u Mortgagee shall d'uect. Renewals of wch policies shall be so delivered at kut ten days before any wch inwnrtce shall expire, AU inwraace carried shall be satisl:ctory to said Mortgagees. Any win which may become due under any such policy may he applied by nid 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 insurance so held as aforesaid, such other policy or policies of insurance, in Uke amount, u it may determine, provided Mortgagor fails to replay any such insurance within ten days after betrtg notified that the Insuring Company is no to r approved by Mortgagee. In case of sale under fore- closure hereof, all wch iawnnce shall thenceforth, and until the period of redemption shall expire. be made payabk to the holder of the certificate of sale: and in such events said Mortgagee is hereby authorized to corker the uneuned premium on any wch pdicy it may cruse 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 wch new inwrance so payabk to the holder of such certificate. 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 Ueas on said premises. or to keep the buildings snd improvements insured, u aforesaid, and deliver the policy or policies of inwrance, or the renewals thereof, to said Morigagee,u aforesaid, then said Mortgagee may, if it shall so elect. make rcpain. tnainuin said Property and Pay such axes and assessments, with the accrued interest. penalties, officer's fees, and expenses thereon. redeem said premiss whidt may have been sold or for- feited for axes or assessments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any suits is relation thereto, insure and keep inwred said buildings in the win, u aforesaid, or for any less sum and for wch time, u said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all wms paid out for wbstituted insurutce: as aforesaid. including the costs, expenses and attorney's fee paid is any wit affecting said real estate, when neces- suY or appropriate to protect the lien hercef, shall bear interest from the date of such payments at the same me as is specified, in the note secured hereby, as payabk aRer default in payment of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of the debt hereby secured, and recoverable as wch in all respects. Any wch liens claims, taxes, assessments. or tax titles so purchased, paid. or redeemed by said Mortgagee shall, u between the parties hereto their successors in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be desputed. Neither such payment by Mortgagee nor .its rnllection from Mortgagor shall waive or affect any option, lien, equity of right of Mortgagee's. S. If requested by the Mortgagee the Mortgagor, together with and is addition to the monthly payments under the terms of all notes secured hereby, on the due day of each monWy payment and until said notes ue fully paid, shall pay to the Mort- gagee an installment of the taxes and sssessments next to berntne due against the mortgaged premises, an installment of premiums next to become due on insured policies required by the Mortgagee. and any other charges payabk according to the commitment to finance. Such installments shall be equal respectively to wch taxes and assessments, insurance premiums and other chuges. all u estimated by the Mortgagee, less all vertu already paid thereon, divided by the number of months that are to elapse before one month prior to the date when wch taxes and assessments, inwranoe premiums and other chuges will become due. Said insta0. ments shall be held by the Mortgagee (bearing the interest for Mortgaged to pay such taxes, assessments, insunnce premiums u?d other chuges. All payments made under the term of this paragraph sad under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor m a single payment each month to be applied by the Mortgagee in payment of the terms and in the order fol~oyy?~~ng: (a) taxes and assessments, and inwrance premiums and other charges payabk according to the rnmmitment to firianee: yintetest'on the aotta.aecured hereby: aad.(c) amortization of the principal of said notes. Any deficiency in the amount,pf such aggregate monthly ppaYOtFgt shall constitute a default under this mortgage. When such taxes, assessments, insurance premitnris and other chat~lsTa11 due`, rfthe amonntsdeposited by the Mori- gager for such purposes are not sufficient to pay said taxes.a;sesst0enis, ittsrtsnca premiumsi and other chuges, u the case may be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency tmmed'utely: ~QVhen such taxes, assessments, insunnce premiums and other chuges fall due, if the amounts deposited by the Afdrtgagor Ilit~ulh purposes exceed the amounts due for such taxes, assessments, inwrance premiums and other charges, the Guess may, in' the discretion of the Mortgagee, be applied E on subsequent monthly payments to be made by the Mortgagor. In the event o~defaul~ under this mortgage any unexpended funds in the hands of the Mortgagee deposited Dy the Mortgagor to meet the obligations of taxes, assessments, insunnce ` premiums and other chugts, 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 Mortgagee; (c) .interest on the principal- and (d) the principal debt hereby secured. When any wch taxes, assessments, insunnce 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 ogees that this mortgage loan sad all future loans evidenced by the aforesaid promissory notes which ue secured hereby are made and exteMed by Mortgagee in reliance, in part. oa the fiiasacial background and abr~i- ties of Mortgagor and any oo-makers, guarantors or e?dorsen to, jointly and severally, pay any and all various and wndry wms of money and the specific me of interest payable by virtue of said promissory notes and this mortgage. These mortgage loins are understood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the obligations created heteurder may be aswmed or performed by any putt' other than the Mortgagor, whether or not upon the sale or rnnreyutce of the premises herein descn'bed or any put theroot_ If a conveyance should be made by the Mortgagor of the premises herein desrn'bed, or any. put thereof, without tFie written consent of the Mortgagee, (which consent may be withheld arbitrarily or granted on terms selected by Mortgagee in its sole discretion,) or without assumption both by proper execution of asswmption agrestnents and related forms in use by the Mortgagee std by aswmption in regular form of taw by the grantee of the obligations created hereunder, then, in either of those events, and at the option of the Mortgagee std without notice to the Mori- . gager or to say other putt'. all wms of money secured hereby shall immediately and concurrently and upon wch conveyance become due and payabk and in default whether or not the same are otherwise due and payabk or k defaWt by the specific terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid coriserit of Mortgagee may be either granted or withheld without any requirement of We Mortgagee disclosing any reason therefore. Not- withstanding the foregoing, if the ownership of the mortgaged premises. or any put thereof, becomes vested in a person other than the Mortpgor, the Mortgages may deal with such wocessor 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 ~ vitiating or discharging the Mortgagor's liability hereurder or upon the debt hereby secured. The Mortgagor shall at all times continue [iabk for the irdebtedness secured hereby untU this mortgage is fully discharged or Mortgagor is formally released by an instrument in writing duty executed by the Mortgages. . ' 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 insuratice when paid more than ten days after the due date thereof (provided that in no event shall said ' hte chuge" rewlt in the payment of interest in excess of the maximum interest permitted by law), to cover the extra expense inrolred in handling delinquent payments. Such "late chuge" shall not be payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless wch proceeds are first suffi- ceent to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasombk minimum "late chuge': v?ill be chuged as customuily_ 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 regir and con- dition; and to do or permit to be done to said premises nothing that will alter or change ~e use and chuacter of said property or in any way impair or weaken the security of said mortgage. In cue of the refusal, negtdL't or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make wch repair or cause the same to be made and advance monies in that behalf which wms shall be secured by the lien hereof and beu interest at the same rate as is specified in the note secured hereby, u payabk after default in payment of said note. y , , : ~ec~3U3 ~nc~2U54 ~ . r: ~ - - - - y._ _ _ . ~