HomeMy WebLinkAbout0739 And slull ptrfurm, rnmply with ~nd :+bdr by exh and every of the supulati~~ns, agrcemrnl~,:undetiuns and cuvenant+ ~et
furth in this muttg:kte -rnd in thr pwmiswry notr serurtd heteby, and any rrncw°als ur ~~ther not~s gnrn in accordance hrrcwv~h,
thrn this mort~~ee aod Ihe estatr hereby rrrated shall .Ya~ and be nuU and ~•oid.
And uid M~xtgagor for himself and his hrin, Irgal nprcsan~ativrs, succrswrs ~nei sssign~, hereby con~~nantc •rnd agrers to
end w•ith ~~d Murt~Wgee. its Irgal rcprrsrnlat~ves, succruurs a~x1 ass~gns:
1. To pay all and sinRular Ihe ptincipal and inuresl and 1i?e variuus •rnd ~undry sums of money payabk by v~rtue of ~a~d
pr.~missory ootcs, •rnd this mor~gage, earh and every, pmmptly un the days respectively the same become due.
2. To pay all rnd singular the tarrs, asussments, lev~es, Iiab~liUes, oblyeat~ons ~nd in~umbranrrs of every naturc anJ k~nd
nuw un wid Jrxnbrd ptuperty, that hrrrafter may be impused, suffered, pl3crd, Icvi~Y1 or azsessed thrreupun, and that herrafter
mry br le~ied or •rssrssui upun this mortg~te, the inctebteJness securrd hrrrby, or both, racA and evrq•, when due and payable
~rrurding ~o I•rw•, before they becume delinyuent, and before any interest attaches ur any penalty is incurred; arni in w far as any
thrrrof is of rercnd Ihe same shall be promptly satisfird and discharged of record and the orginal uff~cial ducument lwch as, for
in~tance. the tax re~~ript or the satislaction paprr officully endor~rd ~~r rertifird) shall be pla.rd in the harn1+ of \turtg~gre w•nh-
in ten Ja)'s nrrt afler prymrnt.
3. To kcep said build~n~ts, and any whirh may he~aaf~er be erected upon aaid premises, insured agaimt loss or damage by
fire and wrh other haeuds or tisks as may be rcquired by Mortgagee in such amount or amuunts as may be raquirtd by s:?id
\Iurtg-r~e, in wch insunmr romprny ur companies as Mortg~tee, ~ts cur.essors or auigns, may approre, and to deliver to seid
Nurtgrgee, as additiorul secu~ity hercto, the poliries of such insurance and uf any additiunal insurance which shall be taken out
upon such buildinEs whik any part of the indebtedneu aforesaid shall remain unpaid, having yttached to said policies surh murt-
~ge indemnily clause as Mortga~ee shall direct. Renew~als of such policies shall be so delivered a~ kast ten days beforc any wch
insurance shall expirc. All insurance ~~rried shall be satisfactory to sa~d ~lorly,agee. Any sum v~~hich may become due under any
wrh p~~licy may be applied by s-~id !1lortgagt~, at its option, either to redu~r ~riJ de6t or to repair or replace ~he impro~~ements
roverrd by srid {x~liry. S:~K1 ~lurtKSgee may procure and subslitute for any and •rll of the insuranre so hrld ac aforesaid, such
other policy or pc~l~cies oi insurance, in like amount, as it may determine, provided Morty,agur fails to replare any wch insuramr
within 1en days aitet being nolified that thc Inswing Company i+ no longrr approred by Nortg~ger, In rase of sale under fore-
rlusure hereof, all wrh insutancr shall thenceforih, arni until the peticxf oi redemption shall expire, be made p:+yable to the
holder ui the cert~firatr uf sale; and ~o wrh evrnts ~id MurtgaKee is hercb)~ authoriced lo rolle~t Ihe unrarned prcmiwn un any
wrh policy iI may cau.r to be rrncelled, reFardless of whether said prrmium ~s p~id by ~tortgrgor or Mort~rKee, and apply .urh
prrmium tawanlc the payment uf premium un any such new imuran~~e sa payable to the holder of such crrtitirat~.
4. In crse said Mort~got shall ncglcrt or rcfuse to kerp sriJ premisc. m goud repair arni cunditiun, tu pa)• prumptly wh~n
due all ta~es a~d accr.cmrnts, a: afurrvid. ur ti• rrm~~v~ any s~~twory liens on wid premi~ec, or tu krcp the bwldingsand
imprurrnxn~s insureci, rs afore+:uid, ~nd deliver the p~licy or ~~lic~ec of insurance, ur the rer~wals thereof, to said ~fort~rr~rr.a+
~furruid, Ihen said Nurtga~trr m•r}', if it ~hall x~ rlert, makc rcpairs, maintain .aid pn~pcrty -rnJ pay ~uch ~axr, ~nd ~.uamrntc,
w'~th ihe arctueJ imerest, prnshies, ulticcr'+ frr,. rnd r~prners thereun, rcde~m vid prcmises whkh may h-r~•e been suFd or for-
feited for tax~y ur atsc~mcnu thenon, purch~~ any ta~ t~de thrrcun, remo~~r any sta~utory liens ~rx1 pruucute ur defend any
suits in rrlatiun therrtu, imurc and krep in,urrJ srid buiWings in the ,um, ac aforc~~id, ot for any !ess +um and for .uch tinee,
sa~d ~turtKreer ma~• decm pruper. Any cumc w•hi~h may be w p~i~i out by s:iid !Nortgagee, and all sumc paid out for .ubstitutrd
imurrnrr: :~s afuteuNl, indud~ng the custs, ~apcmes ~nd ~tturney'~ ire p:tiJ in am~ wit affecting s•rKi real e~tate, whrn nece,-
s:~n ur apprupriate tu pr.~te.t thr lien h~reuf, .h~ll be~r interest from thr datr of wch p~~ mrntc at the s:?mr rrte as i~.peril~cYi,
in thr nutr sccurrd hrrcby, ~s ~)•ablr aftcr default in pa}•mcni ol +:t~d 11U1~. ~I13II bC (1:lNI bp wW \tortga~or tu wid ~tortga~re
upun' demanJ and +hall br dremed a part ui thr debt hrreb>' +rrurcd, and reco+rrablr a..urh in :~11 respe~t+_ An~ .uch liem
~lai~m, trxes. a~sessmrnt.. ur ta~ tiUes w purch~srd. psKl. or ndirmed hy wid \tortgager chall. ac hetween Ihr prttie~ herrtu
thru surreswn in iniere+t, br Jerm~~! valiJ, .u that in n.~ e~cnt shsll thr nrces.it~~ or ~alidity ui an~ wrh pa} ments be disput~~.
Nrither wrh pr> mrm hy ~lurtea~te nur it. iullectiun fmm ~IO[IE3YUI ~IIdI~ N':llVe Vf Bf~CCI ~O)' UF1110I1, lirn, equity ur n~ht ut
~1urt~ax~ti's.
5. If ,rquesteS b~ the ~tonga~ee, ~hc Nortgagor, together w•ith and in ~dditiun to the monthly paymrnts under the terms
uf :~II notes secured hcrrbp, un the doe day of each monthly payment and until vid notes ue fully paid, sh:~ll pay tu the ~tort-
g:+~ee an inst•allment of the taxes and assessments next to txcomr due against the rt~ortgaerd premises, an installment of premiums
nrrt tu become due on insured policies required by the ~iortgagee, and any other charges payable a~cording to the rommitment
to finance. Surh installments shall be equal rcspectively to wch taxes and assessments, imurance premiums and other charges, all
as rstimahd by the Nortga~, less all sums already paid thereun, drvided by the mm~ber of months that are to elapse before one
momh prior to the dale when surh taxes and assessments, insuranre premiums and other char~es will become due. Said install-
mcnts shall be held by thr \turt~r~rr Ibrrrine ~he mterest for \tortgagor) to pa)~ such taxes, assessments, inwr:+nce premiums
rnd other char~es. All paymentc m:~dc under the term of this prragraph and under thr note ~erured hrreb~• sh-rll be added
~i tugether and thr ap~rr~ate amuun~ thereof ,hrll be paid by the ~fortgagor in a cin~le payment each month to be applied by~ the
~fort~gee in payment of the terms and in the urJer follow~ir?g: (a) taxec and assessments, and insuranc~e premiums and other
< <harges payable according to the commitment to finance; fb) interest on the notes securcd hereb~~: and (c) amortization of the
~ pnnripal of said notes. any dnc~iency in the amuont of such a~regate monthl~~ payment shall cunstiwte a default under this
f murtg:qt~. ~1'hen wch taxec. asse~smeMs. insuranm premiums and other charges fall due, if the amoums deposited by the ~1ort-
j ga_ur fur wch purpou~ arc not :uificient tu pap• said taxes, acsessments, inwran:r prrmwnu, anJ other rh~rgec, ~c the wse mag
t tr_~, thrn dur, thrn the ~lorteaeor W dl pa}• to ihe Mort~:~ee wch detirienr> immediately. ~~'hen ~urh ta~e,, a.a.,mrntc. ~nwrance
{ prrm~ums and Wher ch~r~rs frll dur, if the ~mountt depo~itrd by the \lurtg~g~r f~~r w.h purpocrcc~cr~d the amuunt+duc li~r
wrh t~rei. a.ses~mrnts, inwran:e prrmwmc and other char¢rs, the r~cr.~ ma) . in Ihr di~irctiun uf ~he \tort~:,ger. br apptird
~ un ;ubxyurnt munthl~ payments t~. br made by the \lurtg;?gor. In the r~•ent of default unde~ this m~~rtK~ge an~ une~pend~d
~ fundc ~n the handr uf the ~turt~r~w depu~ited b~• the ~turt~~~~~r to meet thr ubliertiom uf ta~rs, ac~r~smrnt., incurancr
~ prem~ums and other ihar~:r., .hall tx applird by the ~iurtgagee upon the indebtednes+ hereby «~:urcd in thr lollowin~ urdcr:
~ la) intercct ~~n ad~•an~e~ madr by the NurtY~grr: (b) :xlvances made b}~ the \turt~ger: frl intere~t on the prm~ipal: and Id) thr
€ pnnctpal debt hereby secured. N~hrn an~• wch laxes, acscssrnents, insurrn.e prem~ums ur uther rharges fall dae thr ~furt~:~or
i will promptl} ubtain rnd deli~~er to the ~fort~~e statements w~hh respect thereto_
~ 6. The >tort~agor represents and agrces that this mortga~e luan ~nd all future loans e~~idenced by the afore,rid promiswry
~ notes which are secured herebp are made and extended b~~ Mort~gee in reliance, in part, on the financial background and abili-
~ ties of Nortgagor and any co-makers, guarantors or endorsers to, joindy and sererally, pay any and all various and sundry sums of
~ mone}• and the specific rate of interest payable by ~irtue of said promiswry notes and this mong:?ge. These murtgage loans are
~ understood and ap,rted to be made and extended to the ~fortga~tor onl~: It is neither presumed, expressed ot implied that the
~ obli~tions created hereunder may be aswmed ot perfotmed by any party othet than the Slurigagor, w•hether ot not upon the
~ sale or conveyance of the premises herein described or any part thereof. If a conveyance shuuld be made by the ~fortgagor of the
premises herein described, or eny part thereof, w~ithout the w•ritten cunsent of the ~fortgrgee. (which consent may be w~ithheld
~ arbitrarily or ganted on terms selrrted b}~ Nortgagee in i1s wle discreuonJ ur w~ithout assumption both by proper e~ecution of
~ auumption agrcements and related forms in use by the !Nortgagee and by assumption in regular form of law by the grantee of the
~ ubli~ations created hereunder, then, in either of those events, and at the option of the btortgagee and w•ithout notice to the Mort-
~ ~¢aRor or to any other puty, all sums of money secured hereby shall immediately and concurrendy and upon such conveyance
~ beconx due and payable and in default w~hether or riot the wme are otherwise due and payable or in default by the specific
~ terms hereof. The foregoine option shall be exenised by ~tortRagee at its wle and complete discrction_ The aforesaid consent of
Nortgagee may be either gtanted or withheld without any rrquirement of the Mortgagee disclosing any reason therefore.'~ot-
withstanding the (oregoing, if the ow~nership of the mort~aged premises, or any part thereof, becomes vested in a person othet ~
~ than the llortgagor, the Nottgagee may deal w•ith such successor or successors in interest w~ith reference to this mortgagee, and
the debt heteby secured, regardless of any change in the terms of the obligations created hereunder, w~thout in any manner
vitiaiing or discharging the Murtgago~'s liability hereunder or upon the debt hereby secured. The blortgagor shall at all times ~I
= continue liable for the indebtedness secured hereby until this mortgage is fu0y discharged or I1lortg:igor is formally released by an ~
instrumertt in w~ritinR duly executed by the Nortgagee. '
` 7. Mortgagor, at the optiun of !Nurtgagee, shall pay a"late cherge" not e~ceeding tw~u per centum of any said aggregate
- munthly inctallments including am inctallment for p~yment of taxes and insurance when paid mure than ten days after tht due
~ date Ihereof (pror•icirJ tnat in no event chall said "late rharKe" recuU in the payment of intercst in escess :,f the ma~imum
IRlrfl'tl PCTIf11Ul`d hy' I:iN'~. IU cocer the ertra expense involr•ed in handling delinquent paymentc. Such "late rhar~e° chall not be
payablr out af Ihe proceede of any s:~le made to satisfy the inciebtednecc ~rcured hereb}~. unlea such proceeds are first sufti-
rient tu dicrhar~te the entire ind:btrdnecc and all proper costc and e~penses cerured thereb}. A reasunable minimum "late rh~rge'.
will be rharged as custumarily fi~cd by ~turt~agee from time to t~me, and ~turtga~or agrrrs tu pay said minimum "late rharee:
" if incurred.
8. To permit, commrt ur wffer no waste and to maintain the improvement~ at all hmec in a ctate of Kood repair and a~n-
d~hun: and to do or permit u~ be dune t~r said premise~ nuthing that will alter or .hrn~e the uce rnd rharacter of .~id pruperiy or
- in any w•ay impau or w~eaken the securit3' of said mort~ge. In case of the refusal, neKlrc~ or inability of the ~Iort~~~or to repair
~ and mamtam said property, ihe ~tortg~ee mry at its ophon make tiurh repair or cause the :amc to be m~d~ rnd ad~'an.e mnnies
in that behalf whirh sums shall be secured by the lien herruf and hrxr interest at the same rate as is specitied in !he note cerured
hereby, as pay~ble ~fter default in pa~ ment of said note.
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