HomeMy WebLinkAbout2251 And shall perform, comply with and ahidr by each and every of the stipulations, agreements,conditiuns and covenants set
forth in this mortgage and in thv promissory note secured herrby, and any renewals or other notes given in accordance herewith,
then this mortgage and the estate herrby created shall cease and be null and void.
And said Mortgagor for himself and his heir, legal representatives, successors and assigns, hereby convenants and agrees to
and 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 payabk by virtue of said
promissory notes, and this mortgage, each and evetyr promptly on the days respectively the same become due. •
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incurnbrances of every nature and kind
now on said described properly, that hereafter may be imposed, suffered, placed, levied or assessed thereupon, and that hereafter
rrray be levied or assessed upon this mortgage, the indebtedness secured herrby, 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 so fu as any
thereof is of record the ume shall be promptly satisfied and discharged of record and the orginal official document (such u, for
instance, the tax receipt or the satisfaction paper officially endorsed or certified) sha0 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 against loss or damage by
Cue and such other hoods or risks as may be required by Mortgagee in wch amount of amounts as may be wired by said
Mo~ftga$tl f1n such insurance company or companies as Mortgagee, its wccessors of assigns, may approve, and to deliver to said
Mortgagee, as additional security hereto, the policies of wch insurance and of any additional insurance which shall be taken out
upon wch buildings while any put of the indebtedness aforesaid shall remain unpaid, having attached to said policies such mort-
gage indemnity clause as Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any such
insurance shall expire. All insurance carried shall be satisfactory to said Mortgagee. Any sum which msy 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 1lfortgagee may procure and substitute for any and all of the insurance so held 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 days after being notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under fore-
closure 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 rs hereby authorized to collect the uneuned premium on any •
such 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 payabk to the holder of such certificate.
4, In case said 1lfortgagor shall neglect or refuse to keep said premises in good repair acrd condition, to pqy promptly when
due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the•buitdingsand
improvements insured, as aforesaid, and deliver the policy or policies of insurance, or the renewals thereof, to said Mortgagee,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, rodeem said premises which may have been sold or for-
feited for taxes ar assessments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any
suits in relation thereto, insure and kcep insured said buildings in the sum, as aforesaid, or for any less sum and for such time, as
said Mortgagee may dcem 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 and attorney's fee paid in any suit affecting said real estate, when neces-
sary 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 wid note, shall be paid by avid Mortgagor to said Mortgagee
upon demand and shall he deemed a part of the debt hereb>• secured, and recoverable as such in all respects. Any such liens
claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto
their successor in interest, be deemed valid, w 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
!?lortgagee's.
5. IC requested by the Mortgagee, 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 1?fortgagce, 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
u estimated by the Mortgagee, less all sums already paid thereon, divided by the number oC months that ue to elapse before one
month prior to the date when such taxes and assessments, insurance premiums and other charges will become due. Said install-
rnents shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insurance premiums
and other charges. All payments made under the term of this paragaph 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
Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and insurance premiums and other
charges payable according to the commitment to finance; (b) interest on the notes secured hereby; a1d (c) amortization of the
principal of said notes. Any deficiency in the amount of such aggregate monthly payment shall constitute a default under this
mortgage. When wch taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort-
gagor for such purposes ate not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as tl*.e case may
be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immedutely. When such taxes, assessments, insurance
premiums and other chuges fall due, if the amounts deposited by the Mortgagor (or such purposes exceed the amounts due for
such taxes, asseuments, 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
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 Aortgagee upon the indebtedness hereby secured 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 taxes, assessments, insurance premiums or other charges fall due the Mortgagor
I 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 ~
i notes which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the financial background and abili- '
i ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly acrd severally, pay any and all various and wndry 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 agreed to be made and extended to [he Mortgagor only. It is neither presumed, expressed or implied that thrr
obligations created hereunder may be assumed or performed by any puty 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 put thereof, without the written consent of the Mortgagee, (which consent may be withheld
t 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
3 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 puty, all sums of money secured hereby shall immediately and concurrently and upon such conveyance
"s become dire 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 and complete 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
s than the Mortgagor, the Mortgagee 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
vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. Tire 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 exceeding two per centum of any said aggregate
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 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 procceds are lust suffi-
cient to diuharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge"
will be charged as customarily fixed by Mortgagce from time to time, and Mortgagor agrees to pay said minimum "late charge; '
if incurred.
S. To permit, summit ur suffer no waste and to maintain the improvements at all times in a state of good repair and con-
_ dition; and to do of 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
3 and maintain said property, the Mortgagee may at its option make such 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, u payable after default in payment of said note.
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