Loading...
HomeMy WebLinkAbout2271 . . 1 And shall perform, comply with and ahide by each and every of the stipulations, agreements,conditiunsend covenants set forth in this mortgage and in the promissory 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 convenants and agrees to and with said Mortgagee, its legal representatives, successors and assigns: i. To pay aU and singulu the principal and interest and the various and sundry sums of money payabk by virtue of said promissory notes, and this mortgsge, each and every, promptly on the days respectively the same become due. 2. To pay all and singular the lazes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind 'now on said described property, that hereafter may be imposed, suffered, placed, levied or assessed Ihercupon, and that hereafter may be levied or assessed upon this mortgage, the indebtedness secured hereby, or both, each and every, when due and payabk according to law, before they becorrn delinquent, and before any interest attaches or any penalty is incurred; and in so fu as any thereof is of record the same shall he promptly satisfied and dischuged of record and the orginal official document (such u, for instance, the tax receipt or 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 saW buildings, and any which may hereafter be erected upon said premises, insured against loss or damage by foe and such other hoods or risks u may be required by Mortgagee in such amount or amounts as maybe wired by said Mortgagee. in wch insurance company or companies u Mortgagee, its wcasson or assigns, may approve, and to deUver to said Mortgagee. as additional security hereto, the policies of wch inwrantx and of any additional inwrance 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 dtrat. Renewals of wch policies shall be so delivered at least ten days before any wch insurance shall expire. All insurance grried shall be satisfactory to said Mortgagee. Any wm which may become due under any such pdicy 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 Mortgagee may procure and substitute for any and all of the insurance so held as aforesaid, su:h other policy or policies oC insurance, in like amount, as it may determine, provided Mortgaggoor fails to replace any such insurance within ten days after being notified that the Insuring Company is no longer approved by Mortgagce. 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 rile; and in such events said Mortgagee rs hereby authorized to collect the unearned prcmrum on 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 eau 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 deliver the policy or policies of inwrance, or the renewals thereof, to said Afortgagce,as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain raid property and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises which may hale been sold or for- feited for taxes or assessments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, inwre and keep insured said buildings in the sum, as aforesaid, or for any less sum acid 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; u aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said real estate, when neces- sary or appropriate tb ~irotect 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 payabk 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 rcspects_ Any such liens claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto their successors in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed. Keither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee's. 5. If requested by the Mortgagee, the Mortgagor, together with and in a~dcc~~ti t~~o~~~~~yy??y~,n~tly yments under the terms of all notes secured hereby, on the due day of each monthly.parrasnl~riid:mt~lfs~riot~r6J811yt+~d,shaU pay to the Mort- gagee an installment of the taxes and assessments next to become due against tbe. mot an installment of premiums next to become due on insured policies required by the Mortgagee, and any otli~ehlTg~~~~~iccording to the commitment to finance. Such installments shall be equal respectively to such taxes and 3ssOaarlrwts, Msll rerniptrrt:g4d other chuges, all u estimated by the Mortgagee, less all wms already paid thereon, divided by the number o months that are to elapse before one month prior to the date when such taxes and assessments, insurance premiums and other' dtargey-will become d'ue. Said install- ments shall be held by the Mortgagce (bearing t'he interest for Mortgagor) to pay such taxes, assessmenu, insurance premiums and other chuges. 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 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 of said 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 charges fall due, if the amounts deposited by the Mort- ' Ragor for wch purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the case may ~ be, then due, then lbe Mortgagor will pay to the Mortgagee such deficiency immediately. When such taxes, assessments, insurance ~ premiums and other charges (all due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for e such taxes, assessments, insurance premiums and other charges, the excess may, in ?he discretion of the Mortgagee, be applied ~ on subsequent monthly payments to be made by the 1lfortgagor. In the event of default under this mortgage any unexpended funds in the hands of the 1lfortgagre deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and other chuges, xhall be applied by the Mortgagee upon the indebtedness hereby secured in the following order; (a) interest on advances made by the Mortgagee: (b) advances made by the Mortgagee: Ic) interest on the principal; anG (d) the principal debt hereby secured. When any such taxes, assessments, insurance premiums or other charges fall due the llfortgagor will promptly obtain and deliver to the ?lforigagee statements with respect thereto. 6. The Aortgagor represents and agces that this mortgage loan and all future loans eridenced by the aforesaid promissory notes which ue secured hereby are made and extended by Mortgagce in reliance, in part, on the fuuncial background and abili- ties of Mortgagor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all rufous 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 agreed 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 poly other than the Mortgagor, whether or not upon tihe sale or conveyance of the premises hereip 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 fl 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 Mott- gager or to any other poly, 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 terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and conpkte discretion. The aforesaid consent of Dortgagee 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 part thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such successor or wcotssors 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 exceeding two per centum of any said aggregate monthly installments including any installment for payment of taxes and insurance when paid more flan ten days after the due date thereof (prodded that in no event shall said "late charge" result in the payment of interest in excess of the maximum interest permitted by law), to covet the extra expense involved in handling delinquent payments. Such "late chuge" shall not be payable out of the proceeds of any sate made to satisfy the indebtedness secured hereby, unless such procceds are first suffi- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge" _ will be charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees !o pay said minimum "late chuge; ' if incurred. - 8. To permit, commit or suffer no syaste and to maintain the improvements at all times in a state of good repair and con- i 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 r3 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 such repair or cause the same to be made and advance monies i 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 paymen: of said note. t:`~r 31U , 269