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HomeMy WebLinkAbout0152 ~r?d ihall perfortn, comply v?nth cpd abwle by each ~nd svery oi ~he snpulanons, i~eements.;ondiuuns and ~ovenan[s ~t iorth in this mo~t~{a~e ~nd ia th~ pton~is:ary poie zecu~ed heroby, ~nd ~nY :enewals or oiher notes ~pven i~ acco~dance herevneh. then eh~s mortgap and tM ~stt?t he~eby cteated shall cease and be nuU and vo~d. ~ind ud Nortp~o~ !o~ himulf and his heus, lepl cep~esentaUres, succeuon and ass?~ns, hercby convenants ~nd a~ras eo . and w~N utd ~/ortp~, iu lspl ceptes~ntuives. successon and auKns: 1. To pay ~!I and unfular tht pnncipal u0 incenst and th~ vartous and sundry wms of moaeY payable by virsu~ ot said prom~s~ory noas. ~nd thu mort~~e. each and ~wry, pcoe~pUy oa the days cesp~cuvely che sam~ becom~ due. To par aU and stn~ulu the qxe~, asxsyments, kvies, lisb~liues, oblitat~ons and i~cumbrances of evety nacuce znd kind now on svd descnbed prope~ty, that hereaiter may b~ imposed. suffeeed, placed. levxd or ass~ssed ~he~eupon, and elut hereaiter may be tened o~ asscued upon this morepje, ehe indebcednest secured hereby, or both, each and every. when due ~nd payable acco~d~n~ to lsW, beiore ehey become delinquent. and beioce any ~n~erat utaches or any penalty is incurred: ind in so tu u any thereof is of recotd the sarta shall be prompdy sacui~d and dischu~ed of secord and the ocpnal official d«ument (such u, fo~ inseance. tM cax rece~pe or cAt sausfaccioa pape[ o[ficisUy endoned or certif'Kd) st~ail be placad in che hands of Nortga~ee w~th- ten days next alter payment. 3. To ke~p said buildin~s and any wAich msy haeafcer be encted upon said premisss. inwred a~ainst lo~s or dama~e by fue and iuch o~her hazards oc ~nsks as may be eoquirod by_~tonga~es in such amoune oc amouats u may bereqwrad by sad ~tortea~ee, ia wch insuranca company o~ compaaiss as Jdortp~ee, ics wccesson or iui~ns. msy approve, and to deiivar to sa~d Kon;a~ee, u addiaonal security he~eto. ch~ policie~ of such inwranca and of u~y addiuonal inwrance which shall be akea out upon wch buildinp wh~te wy put o[ the ~ndebtedaast ataesud 3!?aU remaw unpaid. havin~ ittached to ss~d policies such mort- ;a~e mdemn~ty clause u~lortj~ee slull direcG Renewsls of wch poliaes shall be so dalivered at lease ten days before any such uuurance shall e~pin. .~W insurance ~ried shall be satisfaaory to said ~iort;aga. ~ny sum ahich may become due ander iny such policy rt+ay be applied by said No[tpgee. at its option. eithet to reduce said deb~ or to reqir oc replace the unprovemencs :overed by said poGcy. Said ~tortga=ee may pmcure and ~ubsticute tor any and sll ot che insurance w heW as atoresa~d, such . othec policy ~r policxs of insunnce, in like amount, u it may determine, pconded Nortqagor fails eo nptue any such uuut~nce witlun ten days after be~M notrtied thu cAe Irtsurins Compaay is no longer appcoved by `iortgagee. !n ~ase of sale under fo~e- closure hereot, aU such insunnce shall thenceforth, and unW the period of cedemption shall expire, be made payable to the holder ot the certdicate oi sale; and in such events sad ~[ortsagee is hereby authonzed co collect the uneuned pcem~um on any such policy i~ may cause [o be .ancelled, :egatdleu of whethet u~d prem~um ~s pad by ~tortgagor or Nortgagea, ind apply such premium cowards che paymeet oi premium on any such new insucance so payable to ehe holder ot such certificace. 4. In case sa~d ~longaqor shal! neglect or refuse co keep sa~d premues in good cepaa and condicion, to pay prompcly when 1ue aU ta.ces and assessmenes, as aiocesad, or to remove any statutory liens on ~aid premisa, or to keep che buildings and ~mQrovemznu uuured, is iioresaid, and deGver the poGcy ur poGcks of insurance, orthe renewals thercof, to said `to~tgagce.as uores~d, ~hen uid Nortgagee may, if it shall so elect, make repaics. mau~tain said property u?d pay such taxes and assessmenu, with the accrued inte~esc, penalties. otFicec's fees, and expenses theceon, redeem sa~d pcemises whkh may have been sold o[ ior- feitcd for taxes or asseumenes checeon, purchue any tax citle ehereon, remove ~ny ~ucutory iiens and p[osecu[e o[ de[end any su~ts in relauon thececo, insure and keep msured said bu~dings m che sum, .u aioresa~d. or ior any less sum and for such nme, u sard Jtongagce may dcem proper. :iny sums wh~ch may be s.~ paid ou[ by said ~lortgagce, and ~11 sums paid ou[ ior subsntuccd ~nsurance; as atoresa~d, includins the coscs, expenxs and at[orney's fee pa~d in any SLI[ 1[EGCiIII~ Sild tqI ZSl3~C, when neces- sary or approprute [o pro[ect the lien hercof, shaU beat mtetest from the date of such payrttenu at the same rate as is specuied, in :he note secu[ed hereby, as payabte aiter deCault in payment ot sud nuce, shaU be paid by ud Jtortgigor ~o sa~d Nor*.ga3ee upon demand and shall be deemed a pan ot che debt hereby securcd. ind recoverable ~s such in ail respects. ~rty such iiens ctaims, eaxes, assessmenu, or tax utles so purchued, paid, or redremM by wd ~tort~gee shail, as becween the parnes hereto thar suecesson m~nterest, be dzamed Yalid, io that in no event shalt the neceu~ty or valid~ty ot any such payments be disputM. ~e~eher such payment by ~torteagee nor us collection from ~lortgagor shall waive or affecc any opnon, lien. tquicy or nghc oi ~iortgagee's. 3. If requesied by the ~toRgagee, the ~toctga~or, together w~th and in addition co !he monthly payments under !he te:ms of ail nota secund hercby, on the due day ot aach monthly paymenc and uncil uid notes ue iuUy paid, shail pay co che `tort- ~gce aa installment of che taxes and assessmencs next co bernme due agains[ :he mortgaged premues, an instaUment of prem~ums next to become due on insurcd policies cequ~red by the ~[ort,rrgee, and any other charges payabte accordittg to the commitmtnt to ~inance. Such uunllmenes shall be equal respect~vety to such uxes and assessments, insurance prertuums and ocher charges, all as astimated by c!?e ~[ort~gee, leu al! sums already pa~d ~hereon, divided by the number oC months that ue to elapse befoce one month prior to the date when such taxa and usessments, insurance prem~ums and other chuges v~nll become dua Said inseall- ments shaA be held by the Nortgagee !besring the intecest for ~lorcgagorl to pay such taxes, assessmenu. insurance prem~ums ind other chuges. ~111 payments :mde under the term ai this paragtaph and undec the note secured hereby shall be added toge~her and !he aggregace amount thereof shall be pai~ by ~he ~lort¢agor in a s~ngie paymenc tach mon~h to be applied by :he Non~agee in payment ot !he terms and in che order foUowing: (a) taxes and assessments, and insurmct ptemiums and other :harges payable ~ccordir~ co the rnmmumenc co tinance: tb) inurest on che notes secured hereby; aad (c) amoctuanon of che principal of said no[es. ~y deticuncy in the amount of wch aggregate monthly payment shaU consdtute a deiault u~er ~hu i mo[tg~e. When such taxes, assessrtxnts, inswance premiums and other chuges fail due, if the amounu deposited by the ~tort- I gagor for such pu~poses are not sufficunt to pay said taxes, usessmenu, insurana prem~ums, and other :huges, u[he ase may be. then due, then the ~toctguor w~ll pay to the ~tort~ee such detic~enc) ~mmediately_ When such taxes; usessments, insurana prem~ums and other chuges fall due, if che amounts depos~[ed by che ~torcgagoc tor such purposes e~cced ehe amouncs due f~r such caxes, ~ssessments, insurance p[em~ums and otha chuges, the txcess may. :n the d~scredon oi the ~tortgagee, be aQpl~ed ! on tubsequent monthly payments to be made by the ~tort¢a3or. (n the zvent uf def~uit under tha mor.gage ~ny unerpended tunds in :he hands oi the )tort~seee deposued bp the ~lortgsgor *.o meet the obis¢a:~ons of taxes, assessments, insursnce prcm~ums and other cnuges, iha8 be applrcd by the ~tortgaget upon che indebtedness hereby ;ecurcd m*.he .`oilowing order: ` !al m~erest on adYances madt b.~ che >tortgagee: Ib) advanca made by ,he ~lort~¢et: rc) mterest on the pnnc~pal: and ~dl the pnnnpal debt hercby secured_ ~Vhen any such taxa, assessments. ~nsunnce premiums or other chuges fail due .he ~iortga~or w~ll promp~ly obta~n and deliver to the ~lortgagee statements wuh respect thereto. F b. The J~tortgagor represeeu and agtes that Nis moRgaae loan and all futute loans e+ridenced by the aforesaid promissory t :wces which ~re secured hereby ~ce made and ex[ended by ~tort¢agee in relianca. in part, on [he iinanciai back¢round and abdi- = nes oi ~torcgagor and ~ny co-makers, guaran[ors or endorsen ~o, ~ointly and severaUy, pay any and ~ll ~anous and sundry sums of ~ money and the specitic race oi mterest pryable by ~ictue of said promissory notes and ch~s mortgage. Thex mortga¢e loans are ~ understood and agreed :o be made and extended to [he ~tortgagor only. It is ~either presumed, expccsxd or implied chac :he F ~bligauons ~reated hereunder may be auumed or perfocmed by 3ny pury ocher than .he Nortggor, whe[her or noc upon :he sale ot conveyana of the premises herein descnbed ar any put thereof_ If a comeyance should be made by the >torcgagor of che r prccroses herein described. ~x any put ~hereoi. withouc che wntten consent of che 1iort~gee. ~which consent may be anchhetd g ~rb~tnnly or ~anted ~n _e~ms ulected hy ~tortgajee in its sole discretion.) or ~sichout assumpnon boch by oroper e~cecu~ion oi ~ usumption igreemenu and :elated :orms in use by the ~tortgagee and by aswmoc~on in :egular form of law by the g:antet oi che t ubiiganons creaced iereunder. ~hen, in aither of chose evencs, and a[ *.he opuon oi :.tie ~tortgagee ind :v~thou[ notice co the ~iort- ` 3a3ot or to any other puty. ~li sums ot :noney secured henby ;hall ~mmediateiy and concurrently ind upon such conveyance ~ 3ecome due ind payable ind in leiauit whether or not the same ue utherw~se '~ie and payable or in deiauit by the specitic ' ~ -erms hereof. The foregoing opaon shall be !xerctsed by ~1ot:gagee at its sole ~t1C mplete discreuon. The aioresa?d .onsen! of ~ ~tort3agee may be tuhe; ~,tanced or wuhheld ~thout any requuemenc oi :he Nort¢agee disc:osting iny roason therttore. ~ot- wtthstandin he fote oin ~ g t g g, ~i ~he ownersh~p of :he moctgaged ptemises, or any part ;hereof, becomes vesud in a person o~her - than the ~tortgagot. :he >lorutagee may Seal ~vith such successor or successors in ~ntercst u+ith re2erence to :his mortgsgee, ind ~he lebt hercby secuted, regardleu ot any change in the tarms ot :he obligations created he:eunder. without in any manner , ~ ntw[mg or lischatg~ng :he ~lortgagor's liab~ity hereunder ot upon che debt hereby uc~ued. The ~tortaagor shail at ~il :unes : .:onnnue liable ior the ~ndebtedness secured hereby uncil ctus mongage u,•'uUy discharged uc ~lonaagor u formally : eieased 5y an irutrument in writing duiy execuced by the ~[orts,~a~ee. >tortgagot, ~t ;he option ot llott3~ee, shaU pay a"late ctutge" not axceedinq :wo per centum ui any ;aid a¢gra¢~ce :nonthly installments inciuding iny ins[allment `or payment of taxes and ~nsunnce when paid more chan ten days atter the due ~ lace chercot tprovided tha~ m no event shall sad "tate chuge" result in :he payment ot intecest in zzcess oi :he mazunum incerest permitted by iawi. to :over the extra txpense inrolved in nandlin¢ delinquent paymenu. Such "late ::~arge" shal! zoc be payable out of :he proceeds •sf iny sale made to sacisty the indebcedness securcd hercby. unless such proceeds an :~rsc suiti- .ienc to discharge the epurc ~nde5eedneu and ail proper costs and expenses secured thereby_ .1 re.uomble minimum "lace chatgt" •~nll be charged u customuily tixed by ~[ortgsgee from ame to time, ,urd ~lortgaeor agrees to pay said ~n~n~mum "tate char¢e." if ~ncurred. a ~ 3. Tu permit. .omm:t ~r suffet ao waste and to mamain .he improvements at all nmes m a sute oF good repau ~nd _on- ~ ~~uon: and 3o ur permit :o be done to said premues noch~ng .hac wul aiter or :hange the use and chuacter ot uid properry or ~ ~n ~ny way tmpau or weaken ehe seclncy of said :nort~pse. In case of :he reiusal, negiect or mability of the ~tortgagor to :epur ~ ind ma,ntain sa~d property, the ~tottg~te may at its optwn make su.h repair or cause !he same to be made and advance mon~es ~ in :hat behalf ~xhich sums shall be secured by ;he lien heceof u?d Eea: ~nterest at :he tame :ate u ~s specified :n ~he note secured . , iereby, u payable attec lefault in payment of said noce. ~ s f . y ~~,5 l~ r` . ` ~ ~ ~ ~ _ .