Loading...
HomeMy WebLinkAbout3006 i j ~ And shall perform, comply with and abide by each and every of the stipulations, a~reements,conditions and covenants set ~ forth in this mortgage turd in the Promissory note secured hereby, and any renewals or other notes given in accordar?ce herewith, then this mortgage and the estate hereby created shall cease and be null and void. And said Mortgagor for himself and hi: heir. legal representatives. succeuon and assigns, hereby convenants and agrees to and with said Mortgagee, its legal representatives, successors and assigns: 1. To pay all and singular the principal and interest and the various and wadry wms of money payabb by virtue of said promissory notes, snd this mortgage. each and every, promptly on the days respectively the same become due. 2. To pay all and singular the taxes, assessmonu. levies, lhbilities. obligations and incumbrances of everyy nature and kind now on said described property, that hereafter may be imposed, suffered. placed, levied or assessed thereupon, and that hereafter may be levied or assesssd upon this mortgage, the indebtedness secured hereby, or both, each- and curry. when due and payable according to law; before they become delinquent, and before any interest attaches or any penalty is incurred:and in so-fu as any thereof h of record the same shall be promptly satisfied and dischuged of record and the organs! official document (wch as. for instance, the tax receipt or the satisfaction paper otlkiaUy endorsed or certified) shall be placed in the hands of Mortgagee with- in ten days next after payment. 3. To keep said buildings. and any which may hereafter be erected upon said premises. insured spinst loss or dunsge by fue and such other hazuds or risks as may be required by Mortgagee in wch amount or amounts as may be wired by said Mortgagee. in wch insurance company or rnmpantes ss Mortgagee. its wcceuon or assigns. may approve, and to deUver to said Mortgagee. as additional security hereto. the policies of wch insurance and of any additional inwtance which shall be taken out upon wch buildings while any put of fire indebtedness aforesaid shall remain unpaid. having attached to said policies wch more- } gage indemnity clause as Mortgages shall duect. Renewals of wch policies shall be so delivered at least ten days before any wch {t insunnce shall expire. AU insurance carried :hail be satisfactory to said Mortgagee. My wm which may become due under any such policy may be applied by said Mortgagee. at its option, either to reduce said debt or to repair or replace the improvements covered by said poUcy. Said Mortgagee may procure and substitute for any and ;11 of the insurance so held as aforesaid, such other policy or. policies of insurance. in like amount, as it may determine. provided Mortgagor (sale to replace any such insunnce within ten days after being notified that the lnsutirtg Company is no to r approved by Mortgagee. In case of sale under fore- closure hereof, all such insunnce shall thenceforth, and untt7 the period of redemption shall expire, be made payable to the holder of the certificate of sale; and in such events said Mortgagee is hereby authorized to collect the uneuned prcmtum on any wch pdicy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such prem~tutn towards the payment of premium on any such new inwrance so psyabk to the holder of such certificate. 4. In case said Mortgagor shall neglect or refuse to keep said premises in good repair and condition, to pay promptly when due all taxes and assessments, as aforesaid. or to remove any statutory liens on said premises, or to keep the buildings and improvements insured, as aforesaid, and deGverihe policy or•policks of inwnrtce, or the renewals thereof, to said Mortgagce,u aforesaid, then said Mortgagee may, it it shall so elect, make rcpain, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises which may have been sold or for- feited Cor taxes or asseuments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep insured said buildings in the sum, u aforesaid. or for any Tess wm and for such time, as said Mortgagee may deem proper. Any sums which may be so pad out by said Mortgagce, and all wms paid out Cor substituted insurance: as aforesaid, including the costs, expenses and attorney's fee paid in any suit affecting said real estate, when neces- suy or appropriate to protect the lkn hereof, shall bear interest from the date of such payments at the same me as is specifred, in the note secured hereby, as payable after default in payment of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of the debt hereby secured, and recoverable as such in all respects. Any such liens claims. taxes, assessmgttts. or tax titles so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto their successors in interest. be dcemed valid, so that in no event shall the necessity or validity of any such payments be disputed. Neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee's. S. If requested by the: yorigagee, the Mortgagor, together with and in addition to the monthly payments under the terms of all notes secured hereby, on the due day of each monthly payment and until said notes ue fully paid, shall pay to the Mort- gagee an installment of the taxes and assessments next to become due against the mortgaged premises, an installment of premiums next to become due on insured policies required by the Mortgagee, and any other charges payable according to the commitment to finance. Such installments shall be equal respectively to wch taxes and assessments. inwrance premiums and other charges, all as estimated by the Mortgagee, less all wms already paid thereon, divided by the number of months that ue to elapse before one month prior to the date when such taxes and assessments, inwrance premiums and other charges will become due. Said install- menu shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insunnce premiums - and other-chuges. All payments made under the term of this pangraph and under the note secured hereby shall be added together and the aggregate anwunt !hereof shall be paid by the Mortgagor in a single payment each month to be applied by the Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and inwrance premiums and other charges payable according to the commitment to finance; (b) interest on the notes secured hereby: and (c) amortization of the principal oC said notes. Any deficiency in the amount of wch aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insurance premiums and other chuges fall due, if the amounts deposited by the Mort- gagor for such purposes are not sufficient to pay said taxes, assessments, insunnce premiums, and other chuges, as the case may be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immediately. When wch taxes, assessments, insurance I premiums and other charges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such taxes, assessments, insurance premiums and other charges, the excess may, in the discretion of the Mortgagee, be applied ! on subsequent monthly payments to be made by the Mortgagor: In the event of default under this mortgage any unexpended i funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insunnce ` premiums and other chuges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order; j (a) interest on advances made by the Mortgagee: (b) advances made by the Mortgagce; (c) interest on the principal: and (d) the ~ principal debt hereby secured. When any wch taxes, assessments, insunnce premiums or other charges fall due the Mortgagor ~ will promptly obtain and deliver to the Mortgagee statements with respect thereto. ~ 6. The Mortgagor represents and agrees that this mortgage loan and all future loans evidenced by the aforesaid promissory ~ notes which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the financial background and abilt- z ties of Mortgagor and any co-makers, guarantors or endorsee to, jointly and severally, pay any and all various and wndry wms of nroney and the specific rate of interest payable hy. virtue of said promissory notes and this mortgage. These mortgage louts are understood and ageed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the ( obligations created hereunder may be aswmed or performed by any puty other than the Mortgagor, whether or not upon the sale or conveyance of the premises herein described or any put thereof- If a conveyance should be made by the Mortgagor of the premises herein desrn'bed, or any part thereof, without the written consent of the Mortgages. (which consent may be withheld arbitnrily or granted on terms selected by Mortgagee in its sole discretan,) or without auumption both by proper execution of assumption agreements and related forms in use by the Mortgagee and by aswmption in reguhr form of law by the gnntce of the obligations created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort- gagor or to any other party, all wms of money secured hereby shall immediately and concurrently and upon wch conveyance .become due and payable and in default whether or not the same are otherwise due and payable or in default by the specific terms hereof. The foregoing option shall be exercised by Mortgagee at its sole andcompkte discretion. The aforesaid consent of Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosing any reason therefore. Not- withstanding the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such successor or wccesson in interest with reference to this mortgagee, and the debt hereby secured, regardless of any change in the terms of the obligations created hereunder, without in any manner ~ vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortgagor shall at all times continue liable for the indebtedness secured hereby until this mortgage is fully discharged or Mortgagor is formally released by an instrument in writing duly executed by the Mortgagee. 7. Mortgagor, at the option of Mortgagee, shall pay a "late charge" not elccceding two per centum of any said aggregate monthly installments including any installment for payment of taxes and insunnce when paid more than ten days after the due date thereof (provided that in no event shall said "late charge" result in the payment of interest in excess of the maximum interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first suffi- s' dent to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge" ~il will be charged as customuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge; ' if incurred. 4 8. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and con- ~ ~ dition; and to do or permit to be done to said premises nothing that will alter or change the use and chuacter of said property or in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagce may at its option make wch repair or cause the same to be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the same rate u is specified in the note secured hereby, as payable after default in payment of said note. , t , F ? < <3 R ~0 •::3040 j -s, y