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HomeMy WebLinkAbout0409 ' / ~ } And shaU pe~k~rm, complY with and abide by each and evcry uf the stipulalions, agreements,conditiuns and cuvenan~s xt lurth in this mottgage and in ~hr p~umiswry note sscured hereby, and any rrnewals or olher notes pven in accordance herew~th. then this mottgsga and the estste hereby crcated shall cease and be nu0 and vuid. _ And said Mortg~gor fot himself and his hein. legal representatives, sucrescors and auigns, hereby convenants and agrces to and wilh uid Mortpgte, its legal rep~rsentatires, wcccswn and ax~gns: 1. To pay all snd sinitulu the principal and interest and the variows and sundry sums of money payable by virtue of said promissory notes, and this mottgage, each and cvery. promptly on the days rcspectirety the same become due. ~ 2. To pay all and singulu the taxes, asseuments, kvies, lubilitics, obligations and incumb~ances of every nature and kind nuw• on said dexribed propcrty, that hercafte? may be impusetf. suffered, placrd, leviCd ur assessed thereupon, and that hercafter , may be kvied or asussed upon this mortgage, Ihe indebtedness secured hereby, or both, each and erery, when dur and payabk ~ according to law, befure they becume delinque~t, and before any interest attaches or any penalty is incurted; and in so fu as any thereuf is of record the same shall be promptly satisfied and discharged of ~ecord and the orginal official document (such as, for instance, the tax receipt or the s~tisfaction paper off'icialy endorsed or ~Ynifkd) sh~0 be placed in the hands of Mortgagee with- in ten days nexl after payment. 3. To keep uid buildings, and any which may hereafter be etertod upon said premises, inwced aaainst luu or damage by fue and such other h:~zuds or nsks as may be requirod by Mortgagee in wch amount ot amounts as may be requirod by said Mortgagee. in wch insurana company ur rompanies u Mortgagee, its wccesson or auign:, may approve, and to deliver to said Mortgagee. as additional security hereto, the pulicies of wch insurance and of any additional insurance which shall be taken out upon such buildin6s w~hik any put of the indebtedness afaesaid shall remaia unpaid, having attached to said policies such mort- ' gage indemnity dause as Mortgagee shaU d'uect. Renewals of such poticies shall be so delivered at least ten days before any such ~ insunnce shaU expire. All inwrance canied shall be satistactory to said Mortgaaee. Any wm which may become due under any such pdicy may be apP~~ed by said 1?fort~wgee, at its option, either to rcduce said debt ~r to repair or replace the improvemenn «vered by said policy. Said Atortgagee may procure and substitute for any and all of the inwnnce so held as aforesaid, such ~ other policy or policies of insurance, in lilce amount, as it may determine, pmvided Morigagor fails to rcplace a~y such insurance ; within ten days aRer being notified that the Insuring Company is no longer approved by Atortgagee. In case of sale under forc- rlusure hereof, all such insurrnce shall theni-etorth, and until the period of rcdemption shalt expire, be made payable to the holder of the cerlificate of sale; and in such events said Mortgsgee is hereby ~uthorized to collecl the unearned prem~um on any such pulicy it may cause to be rancelled, regardless of w•hether s:+id premium is paid by ~lortgegor or Mortgagee, and apply such premium tow•ards the payment of premium on rny such new insurance so payable to the holder oP such certifi..-ate. 4. In case said Mort~agor shall neglert or refuse to keep said premises in good repair and condition, to pay promptly w~hen due aU t~xes and assessmer.ts, as aforesa~d, or to remove any statutory liens on said premises, or to keep the build~ngs and ? improvrments insured, as ~foresaid, anti drli~~er ~he policy or pulicies of insunna, ur the renewak thereof, tc said Mortgagee,as } afures:wid, then said Morigagee may~, if it shall so elect, make repairs, maintain said properry and pay such taxes and assessments, y with thr 3CCf1IClI interest, penalties, officrr's fees, and expenses thercun, redeem s~id premises which may have been wld or ior- frited for ta~rs or asxuments therrvn, purchase an~~ tax titk thereon, remo~~e any statutory liens and proucute or defend any suits in rrlatiun thereto, i~wre and kerp insutaYi s:+id buildin~s in ~he sum, as aforesaid, or for any less sum and for such time, as said 1lurtgagee may dcem proper. Any sums wh~ch may be so paid out by said Mortgagee, and all sums paid out for substitutrd insurancr; as ifuresiid, in~luding thr co~ts, expenses and attornep's fee paid in any wit affecting said real estate, N~hen nece~- sary or approprwte to protect the lien hereof, shall bear interest from the date of such payrt?znts at the same rate as is specified, in the notc serured hcreb~~, as payable aftcr delault in paymrot of vid note, shall be paid by said Morigagor to said ~1ort~agee upun demarni and shall be deemed a part o( the debt hereby serured, and recoverrble as such in all respects. Any such liens d;tims. taxes, assessroents, ot tax titles so putchased, paid, or rrdcrmed by said ~tortyagee shall, as between the parties hercto their successors in intercst, be deemed ~•;ilid, su that in no event sh~ll the nereuity or validity of any such payments be disputed. Neither such payment by Mortgagee nor its collection from Mortga{t5r chall w•aive or afiect any option, lien, equity or tight of ~foriga~c's. S. If requested by the Yo~tg•rgee, the Nortga1tor, together w~ith and in additiun to ~he monthty payments under the terms oi all notes securcd hercby, on ihe due day of each monihly payment and until said notes are fully paid, shall pay to the Mort- gagee an iaftaUrtxnt of the eaxes and assessments next to become due against the mortgaged premises, an installment of prcmiums nrxt to become due on insured policies required by the !ltortg,agee, and any other charges payabk according to the commitment to finance. Such instatlments shall be equal respectively to such taxes and assessments, inwrance premiums and other chazges, all u cstimated by the Mortgagee, less all sums already paid ihereon, divided by the number of month~s that aze to elapse before one month prior to the date when such taxts and assessments, insurrnce premiums and othet charges will become due. Said install- ments shall be held by the ~tortga~ee Ibearin~ the interest for Nortgagor) to pay such taxes, asseuments, insurance premiums and other charges. All payments rtude under the term of this paragraph and under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the ! ~~ortgagee in payment of the terms •rnd in the urder following: (a) taxes and assessments, and inwrance premiums and other ~ charges payable aceording to the commitment to finance; (b) interest on the noles secured hereby: and (c) amortization of the ~ principal of said notes. Any deficiency in the amount of such ap,gregate monthly payment shall constitute a default under this ~ mortgaqte. V1'hen such taxes, assessments, insurance premiums and other charges fal! due, if the amounts deposited by the Nort- ga~eor for wch put{toses are nut suCficient to pay s:iid taxes, assessments, insuramY premiums, and other charges, as the ~~ase may ! be, then due, then the ~fortgagor w•ill pay to the Morttiagee wch deliciency immediately. N'hen such taxes, assessments, insuranre + ' premiums and other charges fall due, if thr amuunts deposited by the !?tortg•rgor for such purposes exceed the amounts due for i ' such taxes, assessments, insuranre premiums and other charges, the e~cess may, in the discretion of the ~fortp.3gee, be rpplied ~ on subseyuent monthly paymentc tv be made by the Morigagor. In the event of default under this mortgage any unexpended t ' ~ funds in the hands of the ~turtg:+~ee deposited by the 3fort~:~or to mret the ublitiations of ta~es, assecsments, insurancc ~ premiums and other chargrs, sha1T be applied by the ~lortgagee upon the mdebtedness hereby secured in ihe follow•in¢ ordec; ! ~ (a) interest on advances made by the ~tortgagee: (b) advances made by the Mort~+gee: Ic) interest on the principal: and (d) the ± principal debt hereby secured. When rny such taxes, assessments, insurance premiums or other charges fall due ihe Nortgagor ' will promptly obtain and deliver to the Mortgagee statements with respect thereto. _ ~ 6. The Morigagor represents and agees that this mortgage loan and all future loans evidenced by the aforesaid promiswry s ~ notes which are secured hereby are made and extended by Nortgagee in relwnce, in patt, on the Cu?ancial background and abili- ties of Mortgagor and any co-makers, guarantors or endotsers to, jointly and se~erally, pay an)• and all various and sundry sums of ~ money and the spccific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans arc understood and ageed to be made and extended to ihe Mortgagor only. It is neitiner presumed, expressed or implied that the ~ oblitrations created hereunder may be usumed or performed by any parry other than the Morigagor, whether•or not upon the ~ sale or conveyance of the premises herein described or any part thereof. It a r~nveyance should be made by the Mortpagor oC the ~ premises herein desctibed, or any part Ihereof, vtithout the w•ritten consent of the \lurtgagee. (which consent may be withheld ~ arbitnrily or granted on terms selected by llortgagee in its sole discretionJ or a•ithoui assumptan both by ptoper execution of ~ aswmption agrcemenu and related forms in use by the Murtgagce and by assumption in rcgular form of law by the gnntce ot the obligations created hereunder, then, in either ot those events, and at the option of the Mortgagee and without notice to the Mort- ~ g~gor or to any other party, all sums of money secured hereby shall immediately and concurrently and upon such conveyance ~ become due and payable and in default w~hether or not the same are olherwise due and paysbk or in default by the specific ; terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discntion. The aforesaid consent of ~ Nortgagee rmY be either granted or withheld without any requirement of the I?tortPagee disclosing any reason therefore. Not- withsianding the foregoing, ~f the ownership of the mortgagod ptemises, or any pazt thereof, becomes vated in a petson other ~ than the Mortgagor, the ltortgagee may deal with such successor or successors in interost with reference to this mortgagee, and the debt hereby secured, regardless of any change in the tetms of the obligations created hereunder, without in any manner ritiating or discturging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortg~gor shaU at a0 times continue liable for the indebtedneu secured hereby until this mortgage is fuUy diuharged or Mortgagor is fwmally rekased by an [nstrument in writing duly executed by the blortgagee. 7. Nortgagor, at the option of Mottgagce, shall pay a"late cha:ge" not exceeding two per centum of any said aggregate ~ monthly installments including any installment for paymeni oC wxes and insurance when paid more than ten days after the due "i~ date thereof (provided that in no event shall said "late charge" result in the payment of interest in exceu of the maximum = interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "I•ate charge" shall not be ~ payable oW of the proceeds of any sale made to satisfy ihe indebtednesc secured hereby, unkss such procee~s are first sufti- rient to dixharge the entire indebtedness and all proper cosis and expenses secured thereby. A reasonable minimum "late charge" : - will be charged as customarily fixed by Mortgagee from time to time, •rnd Atortgagor agrees ro pay said minimum "late rharge; ' ; if incurred. 8. l'o permit, commit or suffet no K-aste and to mainiain the improvements at all times in a state of good repair and con- d~tion; and to do or permit to be done to said premises nothin~ that w~ill alter or change the use and character of said propert~~ or in any w•ay impair or weaken the security of said mortgage. In case of the refusal. neglect or inability of the Mortgagar to repair , and ma~nt~in s~id propetty, the Mortgagce may at its option make cuch repair or cause the same to be made and advance monies in th~t behalf which wms shall be secured by the lien hereof and bear interest at the s3me rate as is specified in the note secured hereby, as paysbk afrer default in payment of s3id note. h~ ~ g~r,: ~ . ~~Qkr. ~~+J r A.',' ~VJ , ~v ~ ;n_~