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HomeMy WebLinkAbout1177 ~ . ~ ~ . . And shaU perform, comply with and ahidr by cach and every of the stipul~tiuns, agreements,conditiuns and rovenan~s set fo~th in this mortitage a~d in the prum~ssory note secured he~eby, arxi any renrwals ur other notes 6iren in accordance herewith, then this mortaage and the estate hereby crcated shall cease and be nu0 and roid. ~ And said Mo~tgagor for himulf end his hein, legal rep~euntatives, succeuurs and assigns, hereby conrenants and agrees ~o and with said Mo~tga6ee, its legrl represenu~ives, successon and ucigns: 1. To pay all and ungulu the principal and interest and the various and wndry wms of money payabk by virtue oC said promiuory notes, and this moryta1te, each and evety~ prompUy on thc days respectively the ume become dua ' 2. To pay all and singular ~he taxes, asseuments, leries, lubilities, oDligatiuns and incumbrances of every nature and kind now uo said described properly, that hereafter may be imposed, suflered, placed, levied or assessed theroupun, and that hereafter may be levied or asseued upon this mortgage, the indebted~eu xcurcd hercby, or both, each and every, when due and payable accordin6 to law, beforc they become delinquent, and beforc any interest attaches or ~ny penalty is incurred; and in so far as any Ihercof is of recotd the same sAall be prumptly satisfied and discharged of record and Ihe orginal oft~cial document (such u, for instance. the tax receipt or the satisfxtion paper officiaUy endorsed ot certified) shaU be placed in tht hands of Mottgagee with- in ten days next after payment. 3. To keep said buildinas, and any which may hereafter be erected upon said premises. inwred a~ainst lost or damage by f fue and wch othet huards or risks u may be required by Wortgaaee in wch amount or amounts as may be requitaf by said Mortga6ee. ia such insurana company or companies u~tortgaaee, its wccesson or auigas. may appmve, and to deliver to said Mortgaaee, as additioaal security hereto, the policies of wch inwrancs and of any additional inwtance which shal! be taken out upon wch buildinas whik any put of the indebtedness aforesaid shall romain unpaid. havina atqched to said policies wch mort- pge indemnity clause as Mortaaaee shaU d'uect. Renewals of wch policies shaU be so delivered at kast ten days before any such insunnce shall expin. All insurance carried shaU be satisfactoty to said Mortgagee. Any wm which may become due under any wch policy may be appGed by said Mortgagee, at its option, either to reduce said debi or to repair or replace the improvements mrercd by uid policy. Said Mongagee may procure and substitute for any and all of the inwrapce so held as aforesaid, such other policy or policies of insunnce, in like amount, as it may determine, provided MortEagor fails to replace any such insunnce within ten days after beina nafified that the Insuring Campany is no fonger approved by MortEagee. (n case of sak under forc- closure hereof, all such insurance shali Mencefonh, and unlil the petiod of redemption shall expire, be made payable to the hulder of the certificate of sale; and in such events ~aid Mortgagce is hereby authorized to cdlect the uneuned premium on any cuch policy it ntsy r3~~5f L4 ~ _.R_oll°_~. .L~:~l:ii ^f ~he:k~. ,e.~! - -_t ~t.-:s_ .t.. .-s. -'e=o_i _c ~'~:7'.e:.~_C+dS]C ~rr•J S~~•• premium tow~ards the payment of premium un any surh new insunnce so payable~to the holder of such certiCcate. 4. In cax aaid Mortgagor shaU neglect or refuse to keep said prcmius in good repair and condition, to pay promptly when due all taxes and assessments, as aforesaid, or to remore any statutory liens on said premises, or to keep the buildings and improvements insured, as aforesaid, and deliver the policy or policies of insunnce, or the renewals lhereof, to said Mortgagee,as aforesaid, then said Mortgagee may, if i! shall so elect, make rcpairs, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, officer's fees, and expenses thcrcon, redeem said premises which may have been sold or for- feited for taxes or asseuments thereon, purchase any tax titk thereon, rfmove any statutory liens and prosecute or defend any suits in relation Ihereto, inwre and kre~+ 'snslred sasd ~uil~i.^.gs in the ss::z, as a:~:es:i3, or For anq ks; suni .in1 iui ~uch turn, as said Mortgagee may deem proper. Any sums which may be so paid out by said MortRagee, and all sums paid out for suhstituted insurance; as aforesaid, including the cocts, expences and attorney's fee paid in any ~uit aftecting said rql estate, when neces- sary or appropriate ro protect ti~e lien hrreof, shall bear interes[ from the date of ~uch paymtnts at the same nte as is specified, in thr note secured hereby, as payable aftrr default in payment of s~id note, sh~ll be paid by said Nortgagor to ssid Murtgagee upon demand and shall be dcemed a part ot the debt hereb>• urured, and recoverabCe as such in all respects. Any such liens claims, taxes, assessments, or tai utles w purchased, paid, or rrdeemed by vid Nortgagze shall, u between the puties hereto their successon in interat, be dremed valid, so that m no evenl shall Ihe necessity ot valjdily o4any ~uc6 payments be disputed. Neither such payment by Morlgagre nur ih rollection from Mortgagor shall waive or aflect anj• ophon~ 1(en, equity or right of Mortgagee's. _ . S. If requested by the Moclgagee, the Mortg~tor, together with and in addition to the mqptt?lx~m~en~ts~unydet the terms of all notes securcd hereby, on the due day of each monthly payment and until said notes aYe fully to the Mort- gagee w installment of the ta~es and asxssments next to become due against the.mwt~a~ed p~eaise~. ap i~{tallment qf premiums next to become due on insured policies requued by the MortgaEee, and any other chuges payabk accord~ng to tlie cimmitment to finance. Such installments shal! be equal respectively to such tates and assessments, inwrana premium; aqdp~ er chuges, all u estimated by the Mortgagee, leu all sums atrqdy paid thereon, divided by the number of months that ue (o lt~ipSe beforc one ~ month prior to the date when such taxes and asxuments, inwrance prcmiums and other charger will become due. Said install- ~ ments shall be held by the ~lortgagee (bearing the interest fot Mortgagor) to pay such tates, assessments, insunnce premiums f and othsr chuges. All payments rtude under the term of this paragraph and under the note serured hercby shall be added together and tht agRregate amuunt thereof shall be paid by lhc Mortgagor in a sirp~le payment each month to be applied by the ! Mortgagee in payment of .the term~ and in the order follow•inE: (a? taxes and asseuments, and insunnce premiums and other ; charges payabk accordir?g to the commitment to finance; (b) interest on the notes secured hercby; and (c) amortization of the ; principal of said notes. Any deficiency in the amount of such aggtegate monthly payment shal! 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 sueh purposes are not sufficient to pay said taxe~, assessments, insurance premiums, and other charges, as the case may f be, then due, then the Mortgagor w~ll pay to the Mort~agee such deFi; ien~y immedutely. When wch uxes, assessments, insurance i premiums and other charges fall due, if the amuunts deposittd hy the Nortgagot for such purposes exceed ihe amounts due for such tues, assessments, insutance premiums and other charges, the excess may, in the discrction of the Mottgagee, be applitd ~ on wbsequent monthly paymen~s ro be made by the Mortgagor. In the event of default under this mottgage any unexpended funds m the" hands of the NortLngee deposhcd by the Nortgagor to meet the obligations of taxes, assessments, inwnnce i premiums and other chuges, eh~ll be applied by the Mongagee upon the indebtedness hereby secured in the following order; ~ (a) intertst on advances made by ~he Mortpagee; (b) xlvances made by Ihe Mort~egee: (c) interest on Ihe principal; and (d) the principa! debt hereby serured. VYhen any such tazes, assessnnnts, insurance premiums or olher charges fall due the Mortgagor will promptly obtain and deliver to the M~rtgaRee statements w•ith respn t thereto. 6. The Mort6a~or represenu atd agrea that this mortgage loan and all futute Iwns eridenc~d by the afores~id ptomissory notes which ue securcd hereby arc made and extended by Mottgaaee in reliance, in part, on the financial background and abili- ties of Mott6agot and any co-makers, ~tuarantori or endorsers to, jointly and severally, pay any and all various and sundry sums of money and the specific nte of interest payable by virtue of said promissory• notes and this mortgage. These mortgage loans arc ~ understood and ageed to be made and extended to the ~iortgagor only. It is neither presumed, exprcssed or imptied that the ~ obligations crqted hercunder may be assumed or performed by any party other than the Mortgagor, whether or not upon the ~ sale or conveyance of the premises hercin dtscribed or any part thereoL If a ronveyance shouW be made by the Mortgagor of the prcmises herein described, or any put thereof, v?~ilhout the w~ritten consent of the Mortgagoe, (which consent may be withheld arbitnrity o~ granted on terms xlected by Mortgagee in its sok discretion,) or R•ithout auumptan both by proper execution ot assumption agreements and re7ated forms in use by the Murtgagee and by aswmption in regular form of law by the grantee of the ~ obli~ations created hereunder, then, in either of those evenis, and at the option of the Mortga6ee and without notice to the Mort- x gagor or to any other puty, ~II sums of money secured hercby shall immediately and concurrently and upon such conveyance ~ become due and payabk and in default w•hether or not the same ar: otherwise due and payable or in defaWt by the speciftc terms hereof. 'I?~e foregoing option shall be exercised by ~iartgagee at its sole andcomplete dixrotion. The aforesaid conunt of ~ Moriga6ee may be either granted or withheld without any requirement of the Mortgaaee disclosina any reason thercfore. Not- ; withstanding the foregoing, if the ownership of the mortgaged prem~ses, or any part thereof, becomes vested in a person other ~ than the Mortpsor, the Mortgagee may deal v~ith such succeuor or successors in interest with reference to this morigagee, and ~ the debt hereby secured, regardleu of any change in the terms of the obligations created hereunder, arithout in any manner vitiating or dischargin6 the Mortga6or's liability heteunder or upon the debt hereby securod. The Mortgagor shal! at all times ~ continue liabk for the indebtedneu secured hrrcby until this mortgage is fully dischar~eed or Mortgagor is formally rekased by an ~ instrument in writing duly executed by the Mortgagee. 7. Mortgagor. at the option of Mortgagee, shall pay a"late chargt" not esceeding two per centum of any said ag~tregate > monthly installrtxnts including any installment for payment of taxe~ and insurance when paid more than ten days after the due y date thercof (ptovided that in no event shall said "late charge" result in tht paymen! of intetest in excess ot the maximum - intercst permit!ed by law), to cover the extra eapense invulved in handling ddinqucnt payments. Such "late chazge" shall not be ~ payable out of the proceeds of any sale made to vtisfy the indebtedness secured hereby, unless such proceeds arc first suffi- ' E cient to discharge the entire indebledness and all proper costs an~J expenses secured thereby. A rasonabk minimum "late charge" ~ will be chargod as cuslomarily fixed by Mortgagee from time to tirne, and Mortgagor agrcos to pay said minimum "late chuge; ' ~ if incurred. ~ 8. To permit, commrt nr suffer no K•aste and to maintam the improvements at all timei in a sUte of good rePair and con- ~ dition; and to do or permit to be done to s;iid premises nothing that will altet ur chan~e the use and character of said property or in any way impair or weaken the tecurity of said mortg~ge. In case of Ihe refusal, neglect or inability of the Mortgagot to repair ~ and maintain said property, Ihe Nortgagee may at its oplion make such repair or cautt the same to be made and adv~nce monies ~ in that betulf whicfi sums shall be secured by the lien hereaf ~nd txar interest at the eame rate u is specified in the note secured ; hereby, as payabk after default in payment of said note. ~ r i ? Kr .'A~': ~ J_ ~ I