HomeMy WebLinkAbout2337 TOGETHER with all the rents, issues and profits thereof, and also
all of the estate, right, title, interest and all claims and demands
whatsoever, as well in law as in equity, of Mortgagor in and to the
said property and every item, part and parcel thereof.
TO HAVE AND TO HOLD the same unto the Mortgagee, its successors and
assigns forever.
THE MORTGAGOR hereby covenants with the Mortgagee that the Mortgagor
is indefeasibly seized with the absolute and fee simple title to said
property, and has full power and lawful authority to sell, convey,
transfer and mortgage the same; that it shall be lawful at any time here-
after for the Mortgagee to peaceably and quietly enter upon, have, hold,
and enjoy said property, and every part thereof; that said property is
free and discharged from all liens, encumbrances, and claims of any kind,
including taxes and assessments; and that the Mortgagor hereby fully
warrants unto the Mortgagee the title to said property and will defend
the same against the lawful claims and demands of all persons whomsoever.
NOW, THEREFORE, the condition of this mortgage is such that if the
Mortgagor shall well and truly pay unto the Mortgagee, the indebtedness
evidenced by that certain promissory note, of even date herewith, made
by the Mortgagor-and payable to the Mortgagee, in the principal sum of
TWO MILLION AND NO/100 DOLLARS ($2,000,000.00), together with interest
as therein stated, and shall perform, comply with and abide by each
and every the stipulations, agreements, conditions and covenants
contained and set forth in this mortgage and in the promissory note
secured hereby, then this mortgage and the estate hereby created shall
cease and be null and void.
AND the Mortgagor does hereby covenant and agree:
1. To perform, comply with and abide by each and every the stipu-
lations,_agreements, conditions and covenants contained and set forth
in said promissory note and this mortgage deed.
2. To pay promptly the principal of and interest on the indebted-
ness evidenced by the said promissory note at the times and in the manner
herein and in said note provided.
3. To keep the premises free from statutory liens of every kind;
to pay all taxes, assessments, general or special, and charges that may
be levied or assessed on or against said premises and any amounts due on
I prior liens as the same become due and payable, and-before any such lien
may attach, and deliver official receipts showing such payment to Mort-
gagee on demand. .Upon default in the payment of any such tax, fine,
assessment, charge or the amount of any such prior lien as the same shall
become due and payable, Mortgagee may, at its option, pay or cause to -
be paid the amount thereof, and said amount with any attendant expenses
and fees, with interest at the highest rate permissible under the laws of
the pertinent jurisdiction (and if no maximum rate has been promulgated,
then at a rate six per cent higher than the interest rate first set forth
in the Note) shall be immediately due and payable by Mortgagor to Mort-
gagee, and until paid shall be secured hereby. No such right of payment
by Mortgagee shall prevent it from exercising-its option to cause the
whole indebtedness hereby secured to become immediately due and payable
for such default. Mortgagee may, at its option, and without regard to the
~ existence or nonexistence of any such default, require Mortgagor to
deposit one-twelfth (1/12) of the annual total of such taxes, fines,
assessments and charges with each monthly payment of interest and
principal under the Note secured hereby, and Mortgagee may hold such deposits
without interest commingled with its general funds and use said deposits
~2 to pay said taxes.
4. To keep the improvements now existing or hereafter erected on-the
premises described by this Mortgage insured, as may be required from
time to time by Mortgagee, against Loss or damage by, or abatement of
rental income resulting from fire, and from such other hazards, casualties,
and contingencies, in such amounts and for such periods as reasonably may be
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