HomeMy WebLinkAbout1567 And shall perform, comply with and abide by each and every of the stipulations, agreements,cunditiuns and ruvenants set
forth in this mortgage and in the pruntiswry note secured hereby, and any renewals or other notes given in accordance herewith,
then this mortgage and the estate hereby created shall cease and be null and void.
And said Mortgagor for himself and his heirs, legal representatives, successors and assigns, hereby ronvrnants and agrees to
•rnd with said Mortgagee, its legal representatives, successors and assigns:
1. To pay all and singulu the principal and interest and the various and sundry sums of money payable by virtue of said
promissory notes, and this mortgage, each and every, promptly on the days respectively the same become due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind
nuw• on said described properly, that hereafter may be imposed, suffered, placed, levied ur assessed thereupon, and that hereafter
may be levied or assessed upon this mortgage, the indebtedness secured hereby, or both, each and every, when due and payable
according to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and in w far as any
thereof is of record the same shall be promptly satisfied and discharged of record and the orginal official document (such as, for
instance, the tax receipt ur the satisfaction paper officially endorsed or certified) shall be placed in the hands of Mortgagee with-
in ten days next after payment. •
3. To keep said buildings, acrd any which may hereafter be erectod upon said premises, insured against loss or damage by
fire and such other hazards or risks as may be required by Mortgagee in wch amount or amounts as may be regwired by said
Mortgagee, in such insurance company ur companies as Mortgagee, tts successors or assigns. may approve. and to deliver to said
Mortgagee, as additional security hereto, the policies of such insurance and of any additional inwrance which shall be taken out
upon such buildings while any put of the indebtedness aftesaid shall remain unpaid, having attached to said policies such m~rt-
gage indemnity clause as 1Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any wch
insurance shall expire. All insurance carried shall be satisfactory to said Mortgagee. Any sum 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 policy. Said 1llortgagee relay procure and substitute for any and all of the insurance w hale) as aforesaid, such _
other policy or policies of insurance, in like amount. as it may determine, provided Mortgagor fails to replace any such insurance
within ten drys after being notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under fore-
rlusure hereof, all such insurance shall thenceforth, and until 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 unearned premium un any
wch policy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such
premium towards the payment of premium on any such new insurance so payable to the holder of such certificate.
4, In case said Mortgagor shall neglect or refuse ro keep said premises in gaud 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 deliver the polity or policies of insurance, ur the renewals thereof, to s;rid'ttortgagee,as
aforesaid, then said Mortgagee may, if it shall so elect, make repairs, 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- ,
fatted fur taxes or assessments 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, as aforesaid, or for any less sum and for such time, as
said Mortgagee may deem proper. Any sums which may be so paid out by said :Mortgagee, and all sums paid out for substituted
insurance: as aforesaid, including the costs, expenses •rnd attorney's fee paid in any- :wit affecting said real estate, when neces-
sary or appropriate to protect the lien hereof, shall bear interest from the date of such payrmnts at the same rate as is specified,
in the note secured hereby, as payable after default in payment of said note, shall be pard- b)• 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, asussmrnts, or tax titles so purchased, paid, ur redeemed by sail Mortgagee shall, as between the patties hereto
their succeswrs in interest. be deemed valid, so that in nu event shall the necessity or validity of any such payments be disported.
Neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity ur rig,tt of
Mortgagee's.
5. If requested by the Mortgagee, the Mortgagor, together with and in addition to the monthly payments under the terms
of all notes secured hereby. un the due day of each monthly payment and until said notes are fully paid, shall pay to the Alort-
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 ?lfortgagee, and any other charges payable according to the commitment _
to finance. Such installments shall be equal respectively to such taxes and assessments, insurance premiums and other charges, all
as estimated by the Mortgagee, less all sums already paid thereon, divided by the number of months that are to elapse before one
month prior to the date when such taxes and assessments, insurance premiums and other charges will become due. Said install-
ments shall be held by the Mortgagee (bearing the interest fur Mortgagor) to pay such taxes, assessments, insurance premiums
and other charges. All payments made 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 blorigagor in a single payment each month to be applied by the
Mortgagee in payment of the terms and in the order fdlowing: (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 of said notes. Any deficiency in the amount of such aggregate munthly payment shall constitute a default under this
mortgage. When such taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort-
gagor for such purposes are nut sufficient to pay said taxes, assessments. inwrance premiums, and other charges, as the rase may
hen he ~ ore •a or will a • to the Mort a ee such delicienc • immediate) When such taxes, assessments, insurance
be, then due, t t f k g p y g g y
premiums and other charges fall due, if the anwunts deposited by the Mortgagor for wch purposes exceed the amounts due fur
such taxes, assessments, insurance premiums and other charges, the excccs may, in the discretion of the ?Mortgagee, be applied
un subsequent munthly payments to be made by the Mortgagor. In the event of default under this mortgage •any unexpended.
funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance
premiums and other charges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order;
(a) interest on advances made b}• the Mortgagee: (b) advances made b}• the Mortgagee: fc1 interest on the principal: and (d) the
principal debt hereby secured. When any such taxes, assessments, insurance premwms or other charges fall due the Mortgagor
E 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 are secured hereby are made and extended by :lforigagee in reliance, in part, on the financial background and abili-
ties of Mortgagor and any co-makers. guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums of
money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans 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.assumed or performed by any party other than the Mortgagor, whether or not upon the
sale or conveyance of the premises herein described or any part thereof. If a conveyance should be made by the Mortgagor of the
premises herein described, or any part thereof, without the written consent of the Mortgagee, (which consent may be withheld _
arbitrarily or granted 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 assumption in regular form of law by the grantee of the
obligations created hereunder, then, in either of those events, and at the option of the Mortgagee and without notice to the Mort-
s gagor 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 whether or not the same are otherwise due and payable or in default by the specific
s terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of
Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosing any rcawn therefore. Not-
e withstanding the foregoing, if the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other
a than the Mortgagor, the Mortgaget may deal with such successor or successors 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
s 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. Mort a or, at the o lion of Mort ee, shall ay a "late char e" nut exceedi two r centum of any said a re ate
- iF g P BaB P ng Pe f!R g
monthly installments including any installment for payment of taxes and insurance 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 Iaw•), 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-
rient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge"
_ wit! be charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge;'
if incurred.
_ S. 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 character 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 Mortgagee may at its option make wch repair or cause the same to be made and adrance monies .
~ in that behalf which sums shall be secured by the lien hereof and bear interest at the same rate as is specified in the note secured
hereby, as payable after default in payment of said note. ,
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k 3U~ 1567
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