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HomeMy WebLinkAbout1943 ; ~ Md shaU petform, rnmply with and abide by each and every of the stipulations. agceements.conditio~s and cuvenants xt ~ fwth ia this mortsa`e and in the promiuory note securcd heroby. and any renewals o~ other notes pren in accordance herewith. ' then this morijs~e and the estate heieby created shall cease and be nu0 and void. ~ Md ssid Mortasaor for himself aad his hein. lepl nprexntatives, su~iesson and assians. heceby conveaant: and a~es to ~ and with said Mo~tpaee. its 1e6a1 teprexntatires. successoa and auigns: 1 l. To pay alf and sin~ulu the priocipal aad intecest and the various aad wndry wms of moaey payabk by Nrtue of said i prorNssory notes, and this mo~tasae. each a~d every, pmmptly on the days respatively the same become due. ~ 2. To pay aU and sinaular the uxes, asseuments, kvies, lisbilities. obligatans and incumbrances of every nature and kind naw on said described property. Ihat hereafter may be imposed. suffered. piaced, kvied or asseaxd thereupon. and that herea[ter # may be kvied oc assessed upon tha mortaage, the indebtedness secueed heroby. or both, each and every. when due and payabk ~ accordi~ to law, before they btcome delinquent. and beforo a~y interest attaches or any penalty is incurred; ard in so fu u any thereof is of record the same shaQ be prompdy satnfied and disdiuaed of rccord and the orginal official document (wch as, for - instaaoe. the tax reaipt or the satisfxtion poper o['ficiaUy eadoned or artit~ed) shall be plsced in the daads ot IHoitgaaee with- in ten days next afte~ paymcn~ 3. To keeP said buitdings. and any which mqy heruttu be ecected upon said premises, inwied aaainst loss or duns,~ by Cue and such ott~er huuds or rislcs u may be tequirod by Mortaa~ee in wch amount ot amou4t: u may berequired by said Mort~aee. iA web inwranoe company ot companies as Mortsa~ee. its wcceuors or assi6os. may approve. and to deliver to slid Mo~t~dee. as additional socutity h~nto, the policks of such iawiaaa and of any additional inwrance which s1uU be taken out ` upoa wch buildinas w~hik aay put of the iadebtedaeu afaresaid shall remain unpaid. havins attached to said policias wch mort- ; ~e indemnity c4use as Mortgaaee shalt direc~ Renew~al: ot wch poUcies shall be so delivered at last tea days before any such uuunnce shall expin. AU inwnnce arried shall be satWactary to said Mortpaee. My wm w~hich may become due under any such poiicy may be applied Dy said Mortga6ee. at its optioo. either to reduce said debt or to repair or replace the improvements covered by said policy. Said Mortaasa may precure and substitute for any and atl of the u?wranoe so held as aforesaid, such other policy ot policies of insurance, in like amount. u it may determine. provided Mortga r fails to replaoe aay such inwwnoe within ten days after beinlt notified that the Insurins Company is no lon~er appmred by ~ortgssee. In case of sak uader forc- closure hereof. all such inwrance shall thenc~eforth. and unt~7 ihe petiod of redemption shall expirc. be msde payable to the holder of the certificate of sale; ard in wch er:nts said Mortgagee is hereby authorized to cdlect the uneuned prcmium on any wch policy it may cause to be canceUed. rcgardkss of whether said premium is paid by Mortgagor or Mottga6ee, and apply such prcmium towa~ds the paymeat of prcmium on any wch new inwnnce w payabk to the holder of such ceriifiate. 4. In case said Mortgagor shaU neElect or refuse to keep said prcmises in good rcpair and condition. to pay promptty when due all taxa and asseuments, as aforesaid. or to remove any sututory liens oe uid premises, or to keep the buildings and improvements insured, u aforesaid, and detiver the policy or policies of insurance, or the renewals thereof. to said Mortgagee.as aforeuid, then said Mortaaaee may, if it shall so ekct. make repairs, mainWin said propetty and pay wch taxes and asseuments, with the acerued interest. penaltia. o[ficer's fees. and expenses thereon, redam said premises which may have been sold or for- feited for taxes or assessments thereon, purchase any tax titk thereon, remo~e any statutory liens and prosecute or defend any suits in rdation thereto, insure and keep insured said buildings in th~ sum, as aforesaid, or for any kss sum and for such time, u said Mort~ec may deem proper. Any sums which may be so paid out by said Mort6agee, and all surn~ paid out tot wbstituted insurancs; as aforcsaid, including thc ~rosts, expenses and attorney's fee paid in any wit affecting said ral estate, when neces- suy or appropriate to protect the {ien hereof, shall bear interest from the date of such payments at the same nte as is specit~ed, ~ in the note secured hercby. as payabk after deCault in payment of said note, shaU be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a part of the debt hereby securcd, and recorenble u wch in al! te~pects. Aay wch liens daims, taxes, assessments, or tax lides so purchased, paid, or redeemed by said Mortgagee shall, u between the parties hereto their successon in interest, be deemed valid, so that in no evem shall the neceuity or walidity of any wch payments be disputed. Neither such Payment by Mortgaga nor its collection from Mortgagor shall waive or affect any option~ lien, oquity or right of Mortgagce's. . S. If requested by the Mortga6ee, the Mortgagor, together with and in addition to the moathly paymsnts under the terms of all nota secured hereby, on the due day of each monthly payment and until said notes art fully paid, shall pay to the htort- gagee an insullment of the taxes and asxssments Mxt to become due against the mortgaged premises, an installment of prcmiums next to become due on inwred poticies required by the Mortgagee, and any other charges payable aceordiug to the commitment to finance. Such installments shall be equal respectively to wch taxa and asseuments. insurance premiums and other chuaex. aU u estimated by the Mortgagce. lea aU sums atrady paid thereon. dirided by the number of month: that ue to elap~e before oae month prior to the date whea wch taxes and assessa~eats, inwrance prcmiums and other chuges aill become dua Said install- ments shall be held by the Mortgagee (bearing the interest fot Mortga~or) to pay such taxes, assessmenu. uuurance premiums ; , and other chuges. All payments made under the term o[ this paragraph and under the note seared hereby shall be added ~ together and the aggrcg~te amount thereof shall be paid by the Mortgagor in a single payment qch month to be applied by the Mortgagee in payment of the terms snd in the order foilowing: (a) taxes aad assessments, and insunna premiums and other ; charges payabk accordir~ to the commitment to finance; (b) interest on the notes secured hercby: and (c) amortization of the ~ principal of said notes. My deficiency in the amount of such aggegate monihly payment shall rnnititute a default u~der this rtwrtga6e. When such taxes, assessments, inwrance premiums and other chuges fall due, if the amounts deposited by the Mort- ~ gagor for such putposes ate not suf6cient to pay said taxes, auessments, insurance premiums, and other chuges, as the case may ~ be, then due, then the Mortgagor will pay to the Mortgagee such deficiency immediately. When wch taxa, asseuments, insunnce premiums and other charges fall due, if the ameunts deposited by the Mortgagor for such purposes exceed the amounts due for ¢ such tues. assessments, insurance pnmiums and other charges, the excess may, in the dixretion of the Mortgagee, be applied a on wbxquent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended fuAds in the hands of the Mortpgee deposited by the MortgaRor to meet the obligations of taxes. assessments, insunnce ~ premiums and other chuges, sha0 be applied by the Mortgagee upon the indebtodness hereby secured in the following order; ~ ~ (a) interest on advances made by the Mortgagee: (b) adrancss made by the Mortgagee: (c) interest on the principal; and (d) the principai debt hercby secured. When any such taxes, asseuments, insunnce prem~ums or other charges fatl due the Mortgagor wi0 promptly oblain and deiirer to the Mortgagee statements with respect thereto. 6. 7'he Mortga6or rcpresents and agees that this mort~e loan and all future loaps evidenced by the aforeraid promissory notes which ue secund hercby are made and extended by Mortpgce in reliaece, in part, on the financial background and abili- ties of Mortpgor and any oo-makers, guarantors or endorsen to, jointly and severally, pay any and all various and wndry sums of money and the speciftc nte of interest payable by virtue of said promissory nota and this mortpae. These mortga~e loans ate andentood and agreed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the ~ oblig~tions crated hereunder may be aswmed or performed by any puty other than the Mortp6or, whether or not upon the sak or rnaveyance of the premises herein described or any put thereof_ If a conveyance should be made by the Mortgagoc of the premises hercin described, or any part thereof, without the written consent of the Mortgagce. (w~hich co~nent rt~y be ~vithheld arbitrarily or ganted on terms sekcted by Mortgagee in its sok discretion,) or without assumptan both by proper execution of ~ auumption a~reements and related forms in use by the Mortgaaee and by aswmption in regular form of law by the gnntse of the obliptions created hereunder, then, in either of those events, and at the option of the Morigaeee and without notice to the Mort- ~ ~tor or to any other puty, all sums of money securcd hereby shap immediatety and concunently and upon wch conveyance become due ~nd payabk and in default whether or not the same are otherwise due and payabk ot in de[ault by the specific ~ terms hercoL The forcgoin6 option shall be exercised by Moriga~ee at its sole and compkte discretion. The aforesaid consent of ~ Mortgaaee may be either grmted or withheld without any requirement of the Mortgaaee disclosin6 any reuon thereforc. Not- ~ withstandin6 the foreaoing, if the owmership of the mortgagod premises, or any put thereof, becomes vated in a person other than the Mort~gor. the Mortgagee may deal with such successor or sucasson in interest with rc[aence to this mortgaaee, and ~ the debt hereby secwed, regardleu ot any chan6e in the terms of the obliaations cteated hercunder. aithout in any manner vitiatit~ or dischtrEing the Mortgaaor's liability hereunder or upon the debt hereby secured. The Mortga~ur shail at all times ~ continue liabk for the indebtedness secured hereby until this mortgaae is tully discharged or Mortpaor is formally rekased by an instrument in writing duly executod by the Mortgagee. r, ~ 7. Mortgagor, at the option of Mortgagee, shall pay a'9ate charge" not exceeding two per centum of any said aggrcgate monthly imtallments including any installment tor payment of taxes and insurance when paid more t}un ten days after the due ~ date thercof (provided that in no event sh~l! said "late chuge° result in the payment of intercst in eacess of the maximum ~ interest permitted by law), to cover the extro ezpense involved in handling delinquent payments. Such "late chuge" shall not be ~ payabk out of the proceeds of any uk msde to satisfy the indebtedness secured hereby, unkss such proaeds are first w[fi- rr cient to discharge the entire indebtedness and all proper wsts and expenxs secured thereby. A rwsonabk minimum "late charge" ~ will be charged as customarily fixed by Mortgagce from time to time, and Mortgagor agrees to pay said minimum "late chuge;' ~ i( incurrod. 8. 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 s~id premises nothing that will alter or change the use and chuacter of said property or in any way impair or wrcaken the security of said mortgage. In cue of the refusal, neglect or inability of the Mortgagor to rcpair and mainttin said property, the Mort~,taga may at its option make such repair or caux the same to be made and adranee monies t in that behalf which wms shaU be secured by the lien hereof and beu intercst at the same rate u is speciFied in the note secured ~ hereby, u payable after default in payment of said nuta ~ ~ . a'„°r311 ~A~~1942 ~ ~ =