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HomeMy WebLinkAbout0903 ' , :~v . Md ihaU petform, comply with and a?+ide by ach snd every of the stipulations, agraments,conditions and coveoants set fotth in this mottgsae and in the promissory note ~ecured hereby. and any renewals w other ~otes siven in accordance herewith. lhen thii mortpye a~d the atate hereby created shall c~ase and be nuU and void. Md said Mo~taagor fo~ himself and his heirs. lepl representatires, succeuon and usians, hereby convenanls and agcees to and with said Mottpeee, its legal repasentatives, successors and assiltns: 1. To pay all and si~ulu the principal and interest and Ihe various and wndry wms ot money payabk by virtue of said promissory notes, and this mortaage. wch and every. prompUy oo the days rcspectively the same bemme due. 2. To pay aU aod sinaula~ the taxes, asseuments, levies. liabilities, obli~ations and incumbra~es of every ~ature and kind now on uid dex[ibed property, that hereaRe~ may be imposed, sufkred, placed. levied or asseued thereupon, and that he[eafter may be kviod or assessed upon this mortgage, the indebtcdness secured hereby, or both, ach and every, wheq due aad payabk according to law. before Ihey become delinquent, and before any interest attaches or any penalty is incurrcd; and in so fu as any thereof is of record the ume shall be promptly satisfied and discharged of rernrd and the orainaf off'kial documeat (such u, for instana, the tax receipt or the satisfaction paper ot~iciaUy endorsed oe cettified) shaU be placed in the huds of Mortgagee with• in ten days next after payment. 3. To keep said buildings, and any which m~y herealter be erectod upon said premises, insund against loss or damage by ' fue and such other huards or risks as may be roquired by I?iortgsgee in wch amount or amounts u may berequired by said Mortgaaee, in such inwrana company or coa?panies u Mortga6ee. it~ successon ot usigns, may approre, and to delirer to said . Mortgaaee, as additional saurity beieto. the policies of wch insurana and of any additional inwrana which shall be taken out upon wch bwldinas whik any put oC the indebtedness atoresaid shall nmainw?paid, haviaa attached to said policie: wch mort- ~age indemnity dau~e u MortEsga shall d'uect. Reaewa~ of wch policies shall be w delivered at last te~ days befote any wch msun~ce shaU expiro. All inwrance amed shalt be satisfactory to saW Mortpaee. My sum Mhich may become due under any such policy may ~e apptied by~said Mor:gagee, at its option, either to reduce said debt or to rePair or [eplace the improvements ' oovered by said policy. Said Mottgagee may procuro and substitute Cor my and all of the inwrapce so heW as aforesaid. such other polky or policies of insunnce, in tike amount. u it may determine, provided Alortg~o r fiils to teplace any such intutana within ten days after being notified that the Insuri~t Company is no longer appmved by Mortgagee. In ca~e of sale under fore- closure heteof. all such insunnce shall thenceforth, and until the period of redemption shall expire, be made payabk to the hulder of the certificate of sale; and 'en such events said Mortgagee u fiereby authorized to cdkct the uneuned premium on any ' such policy it may cause to be cancelled, tegardless of whether uid premium is paid by Moripgor or Mort6agee, and apply such premium towards the payment of premium on any such new insursnce so payable to the holdet of such ce~titicate. 4. In case said Mort6agor shall negkct or refuse to keep uid peemises in good repair and condition, to pay prompUy when due all taxes and asstuments. as aforesaid, or to remove any statutory liens on said premises, or to keep ihe buiidings and imptovements insured, u aforesaid, and deliver the policy or policies of insunnce, or the renewals thereof, to said Mortgaget.u aforesaid. then said Mortaagee may, if it shall so ekct, make repairs, maintain said ptoperty aad pay such taxes and assesvnents, with the accrued interest, penalties, officer's fees, and expensas thercon, redeem said premises which may have been sold or for- teited for taxes ot assessments thereon, purchase any tax titk thereon, remove any statutory liens and prosecute ot defend my suits in relation thereto, insure and keep inwred said buildinp,s in the sum, as aforesaid, or for any less sum and for such time, as said Mort6agee may deem proper. Any sums which may be so paid out by said Rlortgagee, and all wrt~ paid out fo~ substituted insurance; u aforesaid, including the rosts, expenses and attorney's fee paid in any wit aftecting said rql estate, when neces- suy or appropriate to protect the lien hereof, shall bear interest from the date of such payments at the same rate as is specified, ' 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 wch in all respects. Any wch liens claims, Uxes, assessments, or tax tiUes so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto their successon in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed_ Neither such payment by Mortgagee nor its cullection from Mortgagor shatl waive ot affect any option, lien, equity or right ot Mortgagee's. S. If requested by the Mortgagee, the Mortga6or, together with and in addition to the monthly qyments under the terms ' oi all notes secured hereby. on the due day of each monthly payment and until said notes ue fuUy paid. shaU pay to the Mort- ; gagee au installment of the tares and usessments next to bernme due against the mortgaged prcmises, an installment of pnmiums next to become due on insured poticies required by the Mortgagee, and any other cfurgespayable axordi~ to the oommitment ; to finana. Such installments slull be equal respectively to such taxcs and assessments, inswaace prcmiums and other chuges, all f as estimated by the Mortgagee, less all sums already paid thereon, divided by the nurnber of months that are to elaQse before one month prior to the date when such taxes and assessments. insunnce premiums and other clurges will become due. Said instaU- , ments shall be held by the Mortga~ee (bearing the interest for Mortgagor) to pay such axa, usessments, insunnce premiums ; ; and other chuaes. All payments made under the term of this paragraph and under ihe note secured hereby shall be added together and the a~regate amount thereof shall be paid by the Mortgagor in a si~k paymeat each month to be applied by the ~'i Mortgaga in payment of the ter~s and in the order followi~: (a) taxes and assessments, and inwnnce premiums and other ; eharEes payabk according to the commitment to finance; (b) interest on the notes secured hereby; and (c) amortintion of the principal of saiA notes. Any deficiency in the amount of such aggregate monthly payment shall constitute a default under this ; mortgage. When such taxes, assessments, insurance premiums and other chazges fall due, if the amounts deposited by the Mort- g gagor for such purposes ate not sufficient to pay said taxes, asseuments, insurance premiums, and other charges, as the cau may ~ be, then due. then the Mortgagor will pay to the Mortgagee such deficiency immedutely. When such taxes, assessments. insunnce ~ pnmiums and other chuges fall due, if the amounts deposited by the Mortgagor for such purposes exceed thb amounts due for' ~ ~uch taxes, assessments, insunnce 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 e~ront of default under this mortga6e any unexpended ~ funds in the hands of the Mortgagee deposited by the Mortga~tor to meet the obligations of taxes, assessments, inwnnce I premiums and other chuges, shall be applied by the Mortgagee upon the indebtedness hercby securod in the following order; ~ (a) interest on advances made by the Mortgagee: (b) advances made by the Mortgagee; (c) interest on the principal; and (d) the ~ principal debt hereby secured. When any such Wxes, assessments, insunnce premiums or ot~er cturges fall due the Mortgagor ~ will prompUy obtain and delir•er to the Mortgagee statements with respect thercto. ~ 6. The A[ortgagor cepresents and agces that this mortgage loan and all futurc loans evidenced by the afosesaid promiuory ~ notes which ue securcd hereby are made and extended by Mortgagee in reliance, in part, on the Gmncial background and abili- ties of Mortgasor and any co-makers, euanntors or endotsets to. jointly and sererally, pay any and all vuious and sundry sums of ~ money and the specil`rc rate of interest payable by virtue of said promiuory notes ud this mortgaae. These mortgage loans are understood anA agreed to be made a~ extended to ihe ??iortgagor only. !t is neither presumed, expressed ot impLed that the ~ obligptions crated hereunder may be auumed or performed by any puty other than the bbrtgagor, whether or not upon the ~ sale ot conveyana of the prcmises herein described or any part thereof. If a ronveyance should be made by the Mortgagoc~ ~f the promises herein described, or any Qut thereof, without ihe written consent of the Mortgaga. (which consent may be witf~eld ~ arbitrarily or ganted on terms selected by Mortgagee in its sole discretion,) or without assumption both by proper execution of assumption agreements and related forms in use by the Mortgagee and by aswmption in ngular torm of law by the gnntes of the obligations cnated hercunder, then, in either of those events, and at the option of the Mortsaaee and without notice to the Mort- ~ gagor or to any other party, all sums of money xcured hereby shall immediately and concurrently and upon wch conreyana -~r~ become due and payable and in default whether or not the same are otherwise slue,and paYable or in default by the specific ~ terms hereof: The forcaoing option shall be exercised by Mortgagee at its sole and compkte discretion. The afotesaid consent of Mortgagee may be either ganted or withheld without any requirement of the Mortgaga disclosin6 any reason therefore. Not- ~ withstanding the foregoing, if the ownership of the mortgaged premises, or any put thercbf, becomes vatrd in a person other ~ than the Mortp6or, the Mortgaaee may deal with such successor or sucoesson in interest with referen~x to this mortgagee, and the debt hercby secured, regardless of any change in the terms of the obligations created hereunder, without in any manner vitiating or disclurging the Mortpgor's liability hereunder or upon the debt hercby secured. The Mortgagor shall at all times ~ continue liabk tor the indebtedneu secured hereby until this mortgage is fully discturged or Mortgagor is formally rekased by an instrument in writing duly executed by the Mortgagee. ' ~ 7. Mortaagor, at the option of Mortgagee, shall pay a"late charge" not extteding two per centum of any said aggregate monthly installments including any installment for payment of taxes and insurana when paid more tfun ten days atter the due ~ date thereof (provided that in no event shall said "late chuge" result in the payment of intercst in excess oC the maximum = intercst permitted by law), to cover the eztn expense involr•ed in handling delinquent payments. Such "late chuge" shall not be ~ payable out of the proceeds of any sale made to satisfy the indebtedness secured hercby, unkss such proceeds are first wffi- cient to discharge the entire indebtedneu and all proper costs and expenses secuted ihereby. A reasonabk minimum "late charge" will be charged u customarily fixed by Mortgagee from time to time. and MortgaEor agrees to pay said minimum "tate charge; ' if incurtod. ' 8. To permit, commit or sufkr no waste and to maintain the improvemrnts at all times in a state of good repair and com dition; and to do or permit to be done to ~aid premises nothing that will alter or change the use and character of said property or ~ in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or irubility of the Mortgagor to repair ' and maintain said propeny, the Mortgagee may at its option make wch repair or ause the same to be made and adnna mon~cs ~ in that behalf which sums shall be secured by the lien hereof and beu interest a4 the same nte u is specified in the note secured ~ hereby, u payabk after default in payment of said note. ~ ~ ~ g~~' ~Ov JO3 ~ _ _ ~ . , _ ~ , . : > ,