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HomeMy WebLinkAbout0744 . And shrll perfuim, cum, ly with and ~bk1e by rach and rrery of thr ~tipulatiun~, ~grcrmrnls,cw~d~tiuns and r~venant, .et turth in this mortg;ytr and in the promiswry nule stcured he~rby, and any rcneWals ur othar nutrsg~vrn in accurd;,nre he?~wiih, thrn this mortKa~tr and ~he estatr hereby cteated tit?:~II cease anJ bt null anJ vuid. And s:iid ~lurtgagor fur himsrlf anJ his hrits, I~~yal ~eptesentativec, wccriwn aad a..~gnc, hrreby rot+~'rnanta ~nJ agrrr+ to and w~1h .:wid Murly~get, its Itgal reprrarntatives, suc~essots arxl ~s~iKns: 1. 7'o pay all and singulrr Ihr prinripal rnd ioterest anJ the various and wrxlry wms of money payabk hy virtue of +aid promiswry nutes, and this mortgage, each and e~rry, prompUy on the days rcspect?vely the same become dur. 2. To pay all and sinRulat the taxrt, assenments, lev~rs, luh~ln~es, obl~ations and incumbrances of erery natu~r and kind n„w un caiJ Jrxribrd properry, that hrrraltrt may be impus~Y1, ~ufletrd, plrcCd, Icvicd .~r a.us~d thereuEx?n, :IOII (FI:1~ Il@fl'J) lCI . may br levird or rsstaxd upon this murtga~e, thr iixiebtedness ururcd hercby, ur both, each and rrrty, w~hen due ~nd payable ~.:ord~ng to law, before thty berome delinquent, and beforc any inreres~ attachrs or any penalty u in.urred; and in w far a~ any thrrrui ~s of rerord tht ~:+nx xhall bc prompUy salicfird ancl d~uhargrd of record and the orginal ufficial Jwument Iwch as, for ~nst~nrr, the ta~ re.~ript or thr satisfactian paper officially endursrd or cerlit~ed) shall be placrJ in the harnis of !?fortg:~ee with- ~n trn day~ nect afler p~yment. 3. "I~o ktep said buildings, and any which may hereafttr be erectrd upun said premisrs, insured against luu or Jama~tr by tire and wch u~her huards or risks as may be tequired by Atortgagee in such amount or amounts as may be rey uired by said ~torty,~gre, in such insurance rompany or romp~nias u Mottg:~re. ~ts surce~sors ot assigns, may approve, and to del~ver to said ~IuIIgB~,YC, as :rdditional securiq• hercto, tht polities of wrh inwran~~e and of any additional insurance whirh shall be taken out upon such buildings while any p;+rt of the indebtedness aforesaid shall remain unpaid, having attached to said pulicies such murt- italtt indemnity clause as Nortga~er shall direct. Renew-rls of wch pulicies shall t+e so delivered at least ten days befote any such incurance shall expire. Al{ insuramY carried shall be satisfactory to sa~d .Nortgagee. Any sum which may become due under any wrh pi~liry rtuy be applird bp said \lurtg~Xee, at its option, cither to reduce ~rKi debt or to repair or replace the improvemrnts ruvrred by ~id puliry. Said ~turtKagee may procurc anJ wbstitutr for any and all of the insuranc~ w held ~s afore~id, wch ~Nh~r palicy ar policies of insurance, in like amounl, as it may determine, pruvided Mortga~~r fails to replace ~ny such insuran~r w•ithin trn days after being n~~lilied that thr Inwring Company is no longer approved b~• Nortga~ee. In rase of sale u~der fore- rfu.ure hcrcof, all surh incuranre chall thrn.~forth, arni until the period of redemptiun shall ezpire, be made payabk to the huldrr of thc certi~ratr of sale; :~nd in ~uch rv~ntt viJ ~1ortRa~ee is hcreby authurizcvi to rullcct !he un~arned prcmium un ~nv such poliry it may rauu 1~~ br .~nrrtlyd, rry,erJk~c ul w~hether said prcmium ii paid b~• ~turtgagur or Nurtg:?gre, and appl} surh pc.mium towards the payment of premium un any such new inwrancr su pay~ble to thr holder of such cert~ficate. i. In rase said !11.~rt~gor shall neKlect or refusc to keep s:iid prcmices ~n Kood repair arxi condition, to pay prompUy u hen Jur all ta~es and ~ssa csments, ~s afor~.,?id, ur to rrmu~•e an~ statutor)• lienc un uid premi~s, ur to keep the build~ng~ and ~mpruvrments insur~~1, as afures;iid, and drlirrr th~ pulicy or pulicies uf insuran~e, or the renew•als thereof, to uid Nort~~r~e.a. B~UfC~;111~. lflr0 Sr11A ~IOl1~':ItL~'C I11:1)'. II it sh~ll u~ tlCl'1. fil]ICC ICF1:11f1. f11:fIRl:11I1 Vld F1fOFlffl~' 3OlI ~1;iy such taxee anJ asceti~mrnE.. uuh thc arcrucd intcrcct, Fxna4ics. u(tircr'. ir~?. ~nd c~{~nses thercun, rrdcem s:+id prtm~se~ whirh may havc been wld or fur- frnrd fur tases or a~cc++mrnt. ~hrrcun, {~urcha.r ~n~ ta~ t~Uc thereun, rcmu~r an~~ .t:?tutory Iknc and prusecute or defend rn~• sun. in relatiun thrretu, inwrr and kr~p m,ur~d saiJ builJin~. ia ~he wm, afurecaKi. ur ior any Ires sum ~nd fur iurh timr, as ~~J ~tort~rgre may deem pruFxr. An~ .unic ~~hich may hc w paiJ uut by s:v~w' ~tortg~~te. •rnd all ~umc paid out tur c~b~titutrd imutancc; as rfurr~id, inrluJmK Ihi iu.t., e~pcncr. and :~tturn~y'+ fre paiJ ?n an> ~uit ~tfectinK ti»d re~l r+trtc. when ne:~.- vr)' ~~r JF/(1W(1flJll tu prute~t thr I~en herruf. .hall hrar ~nterr,t frurn tht J~tc ot WIII F1JkI11C11~~ 9~ Illl' C:llifl` I:IIt a~ is s{xcif~cxl. in thr nutc cccur~~l hcr~b~'. ~c p~}able aitrr default in p~} mrnt uf vid nu+c, sh~ll br paK1 b}~ .rx1 ~t.~rtka~or to said ~1~~rtcagee u{+~~n demrnd ~nd .hall A~ dremrd a p:+rt of thr dcbt ticreb>' .r~urrd. ~nd rr~u~~crable wch m all recperu. An>~ +uch 6rnc .•lalms. t~zes, ~..eccnxm.. .~r ta~ ~itk. a~ F1UfiIl:tXIJ. ~dNI. UI rcd~cmed by ~iJ \f~at~agec shrll, as betKeen the partir+ hrrctu thrir wrr~s~urs in intrri.t. br dremirf ~abd. ~u that in nu r~ent ,h~ll the neces~ity ur validity o( am wch payments be disputed. \eithrr wrh pa> rrrcm hy ~{urt~a~rr nor h. iullrrliun irum ~turt~a~ur .hall waive sir ~lfrcl any a~pUOn. lien. eyuily ur ri~ht ul \1~ ~r t~rgrc'+_ - 5. If reyucsted by the ~fort~~grr, ~he Nurt~rKor, together w~ith anJ m additiun tu the munthly payments under the terms uf all note~ secured hereb}~. un the due da}~ of rarh munthl}~ pay~ment and until said notec are fully paid, chall pay to the ~fort- ~ e:ieee an imtallment of ~hr ta~es and ~ssrs~mrnts next to berome due against thc mort~aecd premices, an inctallment of premiums nr~t. to become due on inwrrd policies required by the \forte,3gee. and any other rharges payable arcording to the rommitment to finance. Sucli installrtxnis shall be equal rcspectively to such ~axes and accescments, inwrancr premiums and other charges, all as estimated by the Mortgagee, !ess all sums rtrrady paid thereon, d~~ided by the number of nwnths that are to elapse befote one month ptiur to the date when wch ta~es and asseuments, inwrance premiumt and od~er charges will become due. Said install- mrntc shall be held by~t[~e ~lortgagee Ibe:irmg the interest for ~tortRacor? to pry wrh taxes, assessments, insur:~nce prem~ums and uther charqes. All. piymeots nudr under the term uf this par~~raph and under the note secured hereby shrll be added to~ether ~nd the aygregate amdunt thereof ~hsll br paid bp ~he ~fort~agur in a single pa~~ment each month to be rpplied by the j ~lortga~eee in payment of the terms and in thc order folluw•ing: lal taxes •rnd :+ssessments, and insurance premiums and other ~ charges payable accordi?kt to the commitment to tin:~nce: (b) interest on the nutec ~securrd hereby; and (cl amortization of thr ~ pnncipal of vid notes. Any deticienry in the amuunt of surh apyreKate muntMy payment ~all constilute a default under !his mortgage. N'hen wrh ta~es,~assessments, mwran~r premiums and other charges t~U due, if the amounts depositevi by the ~lurt- ~ ~agor for wrh purpo~es are nu: wffi.~ent to p.?y vid ta~es, asu~cmrnt~, imuran.~e prem~ums, and uther rhargei, as the rasc mr}' 'r tK, then due, thrn tF?e ~tuns;~gur will pa~• tu the Mort~akee wch defic~ency nnmed~~t~h~. ~1'hrn su:h ta~es, a.crs.mentc, in,urance ~ prenuumc and uthrr rhargt+ f~ll due, rt thr am~~unts depu.hed h~ thr \turtYa~or ti~r .uch purposes e~.red thr am~~untt due !or w~h .:~xes. a.srticment., inwran.r prcnnum. and U1Fltf Cli:lfttl, Illt' rairc. may. m thr d~xretiun of the !11urt~ager, be appli.d ~ .m whseyuent munthly pa~•ment~ Iu fie~made by the ~Ior~g~~or. In the evrnt ul drf~ult undrr thi, mort~age any' une~~ndcd ~ iundi io thc handc uf the \t~~rt~.i~ depocitrd by the ~tortkagur tn meet the ubligatiuns uf ta~c+. ~cxs.mcnts, ineuran.e E prrmium. and othet rhar~ec, .hrlf be applkd by the ~lurtgaYee upun the indrbtednr.s hrreby «rurcd ~n the fulluwutg order. ~ (a? intrrc~t un advances m~dr b~• the ~fort~e:~ere: Ib1 rdv~nres made M thr ~furt~~cti~ Ic) mtrre.t on the pnn.~p~l: ~nd Id1 thr F pnncipal debt hereby~ ~ecured_ N'hen any cuch ta~ec, acxssments. insuranc~c prrmwm~ or :Hher char¢ec lall dur the ~t~~rtgagur q w~ll promptly ohtain and drl~~rr ti~ the Mnrtgagee statcmentc wrth rcs~ct ?hereto. F 6. The ~tortgagor represents and rgrczs ihat this murty:~ge loan and aU tuture loan~ evidenced by the atoresaid promissory ~ nutes w~hich are secured hereby are mede and extended by~ \tonga~ee in reliance, in part, on the financial background and abili- ties uf ~tortgagor and any co-makers, gu~rantots ur endorsers to, jointly ~nd secerally, pay any and a0 various and sundry sums of ~ mur~y and the specific rate of interest payable by virwe of said promizx~ry notes and this mortgage. These mortgege loans are ~ understood arxl agteed to be made and estended to the ~lortgagor onl~-. It is neither presumed, expressed or implied that the ~ obligations creatrd hereunder may be assumed or performed by any party other than the !Nortgagor, w•hether or not upon ihe sale or conveyance of the premises herein desrribed or an~• parl thereof. If a ronveyanre should be made by the Mortgagor of the ~ prcmises herein described, or am~ part ihereof. w~ithout the w•ritten consent of the ~fortp,agee, (which conseni may be w~ithheld arbitrarily or gtanted on terms selected by \tortgaeee in its sole diccretion,l or without a~sumptn~n both by proper ereeution of auumption ag~eements and related forms in use by the Alortgagee and by assumption in regular form of law by the grantee of the r'. ~ oblipations created hereunder. then, in eilher of those events, and at the option of the ~tortga~ee and w~ithout notice to the Nort- ~ gagor ur to any other party, all sums o! muney secuced hereby shall ~mmediately and concurrenUy and upon such conveyance become due and payable and in default whether ot not the s~me are otherwise due and payable or in default by the specific = tzrms hereof. The foreguin~ option shaU be exercised by lfort~a4ece at its sole and rumplet~ discretion. "The aforesaid consent of ~fortgagee may be either ~tranted or w~ithheld w•ithout any requirement of the Mortgagee dixlosing anp reason therefore. \ot- - w•ithstanding the foregoinR, if the ow•nership of Ihe mortgaged premises, ur anq part thereof, becomes vested in a person other than the Mori~agor, the \tortgagee may deal with such succeswr or successors in interest w•ith referenre to this mortga~tee, and the debt hereby secured, rep,ardless uf any~ change in ihe t~rms of the ubiigations created hereunder, w~thout in any manner = vitiating or discharging the Nurtgagor's liability hereunder or upon the debt hereby secured. 'Ilie btortgagor shall at ~11 times - continue liable fot the indebtedness secured hereby unul this mortgage is fuU} discharged or ~tortgagor is forrtwlly relrased by an mstrument in wTitin~ duly eze~uted b}~ the ~tortgagee. 7_ Nortgagor, at the option of ~1urt~agee, shall pap a"iate chargr" not excerding twu per centum of any said apgregate monthl}• installmrnts inrluding an~• instrllment for payment of t:~xes and insuranrc ahen p•rid more than ten days after the due d.~tr thcreof (pru~idrd that in no event shall s~id "late char~e" recult in the pa~•ment of ~nterest in rxrea~ uf the ma~imum i _ ~nterest permitted by Irw), tu cu~er the e~tra expense involved in handline dehnquent payments. Such "late rhargr" ~hall not be payable ou! uf the proceed~ ot rny sale made to catisf} the indebtrdnecc ~ecured herebp, unless such pruceeJc are flrst cufti- :ient tu dixhsrRe the ~ntire indeMrdnec~ and ~11 propcr cu~t~ and e~pence~ ~e~ured therrb~~. A reasunable minimum "late rharer" will be ch~rged as custum~rdy firrd by ~tortFa~ee frum time tn tirne. and ~1urtEa~ur ~crces tu pa}~ caid minimum "late ~har~e:' _ rt incurrcd. _ 8. To permiL rommit or suffer no waste and tu maintam the improvements at all times in a state uf Kood repair and cun- - d~uun; and to du ur permit to be dune to said premises nuthin~ that a'il! ~Iter e~r rhan~te the uK and chararter of seid prupert~ ur in an~ uay impau or ueaken the security of said muttgage. In .-rce ~~f the retacal, ne~lci~t ur ~nability of the !?tort~egor to reprir ~nd maint~m said property, the ~tort~agee may at itc aptiun makt .u:h repair ur .ause the c:~me to be made and adti-~nce m~~nirs ~ ~n that ~hall whi.•h sums chall be serured hy the hen hereof and berr ~nterest at the .;ime rate as is ~pecified in the nore tierured hereby, ~s payable after dcCault in pa}~ment of said nutr. ~ ~ . - ~ s: 3U 4 ~aGE 744 - , J:.'. :z=: ~-9_ . . _ . _ ~ • ~ . - _ . ~ . _ _ - .