Loading...
HomeMy WebLinkAbout2515 , Md shaU perform, comply with and abide by eact~ and every of the stipulations, agreemcnts,conditiuns and cuvenants set forth in this mortga6e snd in the promiswry nute secured hereby, and any renewals or other notes given in accordance hercwith, then this mortg~ge and the estate heceby cteattd shall cease and be nuU and roid. And said Mortgagot for himself and his hein, lesal rept~sentativrs, successors and assigns, he~eby c~nrenants and agias to dnd with uid Mort~gee, its Irgal representati~es, wccesson and assi~t~s: 1. To pay all and sinitulu the principal and inte~est and the various and sundry sums ot money payable by virtue of vid promissory notes, and this mortg~ge, each and every. prompUy o~ !he days ~espectivelY the same bernme due. 2. To pay ali and singular the tares, asuume~u. leries. liabilities, obliyations and incumbraores of erery na~ure and kind now~ on said described property, that h~reafter may be imposed, suffered, piaced, levied cx assessed thereupon, and ~hrt herrai ter may be levied or assessed upon this mortgage, the indebtedness secured hsreby, or both, each and eve~y, when due and payable accurding to law, before they become delinquent, and txfore any i~terest attaches or any penalty is incurred; and in w far as rny therzof is of record the same shall be promptly satisfied and discharged of record and the orginal officul document (such ss, for ?nstanee, the tax rec~ipt or the s~tisfac~ion paper officiatly endorsed or ~^ertified) shall be Placed in the hands of ~1or~gaRee w•ith- in te~ days next after paymrnt. 3. To kcep said b~~?Idings, and a~y which may heteafter be erected upon ss?id premises, insured against loss or damage by fue and such other h~zuds or risks u may be required by Mortgagee in wch amount or amowits as may berequired by said Nortgagee, in such insurana conipany or companies as Mortgagee, us wccessors or assigns, may approve, and to delive~ to s~id Norttitagee, is additional security hereto. the policies of weh insunnce and of any additional insurance w•hich shall be taken out upon wch buildings while any put of the indebttdness atoreuid shall remain unpaid, having attachod to said policies wch mort- gage iodemnity clause as Mortgagee shaq direct. Renewals of such policies shall be so delivered at kast ten days before any such insunnce shall expire. All insurance nrried sAall be utisCactory 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 s:i~d debt or to repair or repLyce the impro~•ements covered by said policy. Said ~tortgagee may procure and substitute for any and all of the insuranre so held as afores~id, such other policy or policies of insurance, in like amount, as it may determine, provided Murtgagor fails to replace any surh insurance within ten days aRer being notified that the Insuring Company is no longer appro~~ed by Martg~ee. 1~ case of sale ~nder fore- ~ clusure hereof, all such insunnce shall thenceforth, and until the period of redemption shall expire, be made payable to the hulder of the cettificate of sale; and in such events said Mortgagee is hereby authorized to rollccl the unearned premium un any such policy it may cause tu be cancelled, regardless of whether said premium is paid by NortgaRor ot Mortgagee, and apply such premium tow3rds the payment of premium on any wch new insurance so payable to the holder of sunc ~ertificate. 4. In case said Alortp~gor shall neglect or refust to keep said premises in good repair and rondition, to pay prompUy when due all taxes and assrssments, as afore+aid, or ro remove any staiututy liens un ~id premises, or tu keep the buildingsand improvrments insured, as afores~id, and deliver the policy or pulicies uf insurance, or the renewals thereof, to said Mott~gee.as aioresaid, then said Mortgagee may, if it shall w rlect, make rcpairs, maintain ~id property •rnd pay such taxes and aasessments, with the accrued interest, ~+tnaltirs, offirer's fces, -rnd expenses therrun, rederm said premises whKh may harr been wld or for- feiled for t: xes or asxssments Ihcrron, purch•rsc any ta~ title lherron, remove any statutory liens and prosecute or defend any suits in telation thereto, insure and keep insured said buildings in the sum, as aforesaid, or for any less sum and fot such time, as said Mortgagee may deem Qropcr. Any sums W~hi~h may be so paid uut by said Mortgagee, and all sums paid out for substituted insurance; as aCuresaid, includine the rosh, expenses and attorr?e)•'~ fee p~?id in any suit :~ffecling s~id real estate, when neces- sary or appropriate to prutect ihe lirn hereaf, shall bear interesl from the date oC such payrr~ents at the same rate as is specified, in the note securcd hereby, as payable aftrr default in paymeni uf taid a~te, shall M paid b)~ saiJ Afortgagor to s:~id Mortgagee upon demand and shall t?e dremrd a part of the debt Imreby securcvl, and reco~wrable as such in all respe~ts. Any w~h liens ri;~ims, t3xes, assessments, or la~ tiUes u~ purehast~d, paid, or n~leemed by wid ~turtgrgee sl~all, as betw•een the parties hereto their succeswrs in interest, br deemed talid, so that in nu evem shall the necessily or validity of any such payments be dispute~i. Neithet such payment by !liurigagee nor its collertion from Nortgxgor sh•rll waive or affe~t any option, lien, equity or righi of Mort~tagcc's. 5. If roquested by the 11ortp,agee, thr Nortg~tor, togethet a~ith and in addition to the monihly payments under the terms of a11 notes secured hereby, on the due day of each monthly payment and until said notes aze fully paid, shall pay to the Mort- gagee an installment of the taxes and assessments next to become due aeainst the mortgagud premises, an installment oi premiums next to become due on inwred policies required by the Mortgaget, and any other charges payable accotdi~ to the commitment to finance. Such inst~ll^tents shall be equal respectively to such taxes and assessments, inwrance premiums and other charges, all as estimated by the Atortgagee, less all sums •rlready paid ihereon, divided by the numbet of months that are to elapse beforc one month prior to the date when such taxes •rnd assessments, insur•ance premiums and other charges will become due. Said install- ments shall be held by the Atortgagre (bearing the interest for Norigagor) to pay such taxes, assessments, insurance premiums and other charges. All payment~ nwde under the term of this paragraph and under the note secured hereby shall be added together and the aggrep,ate amount thereof sh:ill be paid b~• the ~lortgagor in a single payment each month to be applied b~~ the ! Mortgagee in payment of the terms and in tf?e order following: la) taxes and assessments, a~xi insurance premiums and other charges~piy~b0s.accadi~f~1 to the commitment to finance; (b) interest on the notes secured hereby: and (c) amortization of the i principal of sai notes. AnY de(ciency in,the a~nount.of such aggregate munthl~• payment shaU cunstitute a default undet thix ~ mortga~~~~tlNl''t'j~s, $3sessti~Ent9, insuranCe premiums and other charges fatl due, if the amounts deposited by the Mort- ! gagor for su ?~1~}uf~~ uq{~~} {~pt d ttxes, assessments, insurance premiums. and other charges, as the .ase ma~ be, then du en t . ort~ ~aor w•dl av to tAe ~fortgagee such deflcienq immedirtely. When such ta~ec, asses~ments, insuran~ti premiums and other cha~~~~»ounts deposited by thc Afortgagor for wch purposes e~~ti-ed the amounts due for such taxes. assessm• s, ~{Ecu nce p qL~l }IWr~es, the e~cr~s may, in thr discretion of the Mortgager. be applied ~n subsequent m~~~y~ifts~ t~e~~~~'~t~Te' A1oTtgagor. In the c~ent ot default under this mortgage anq uncspended funds in Ihe ha~uis of the ~torqrrgce deposited by the \for~gagor to meet the obliQations uf taces. acsessments. insurance ~ premiums and other charRes, shall Ee applird by the Nortgagee upon Ihe indebtednrss hereby serured in the folloW~ine urdcr: € (a) interest on advances made b~• the Rfartg•eKee: 161 advances made b}• the :Nortgagee; Icl interest un the principal; and Id) the ? principal debt hereby secured. N(hen any such taxes, assessments, ~nsurrnce premiums ur other rharges fall due ihe 1lortgagor ~ will promptly obtain and deliver tu ihe Mort~gee statements w~ith respect thereto. 6. The Mort~gor represents and agrees that this mortgage loan and all future loans evidertced by the-aforesaid promissory ~ ~otes which are ucured hereby are made and extended by I?forteagee in relian~-e, in part, on the finan~ial background and abili- ties of Mottgagor and any co-makers, guanntors or endorsers to, joinUy and severally, pay any and all r~arious and sundp• sums of money and the specific rate of interest payable by virtue of said prom~su~ry notes and this mortgage. These mortgage loans arc ~ understood and agreed to be made and eatended to the ~fortgagor only. It is neither presumed, exprcssed or implied that the obli~ations created hereunder may be assumed or perfortned by any party other than the Morigagor, whether or not upon the sale or comtyance of the premises herein described or any part thereoG If a conveyance should be made by the Alortgagor of the ~ prcmises herein described, or any part thereof, without the ~t-ritten consent of the Atortgagee. (vehich consent may be withheld ~ arbitrarily or granted on terms selected by Mortgagee in its sole discretion.y or without assumption both by proper e~ecuticx~ of ~ auumption agreements and related forms in use by the Nortgagee artd by assumption in regular form of law by the gnntce of the ~ obli~tions created hereunder, then, in either of those events, and at the option of the Nottgagee and withuut notice to the Mott- ~ gagor or to any other party, all sums of money secured hereby shall immediately and concurrontly and upon such convevance become due and payable and in default whether or not the same are otherwise due and payabk or in default by the specific a terms hereof. Tht foregoing option shatl be exercised by Nortgagee at its sole and complete discretion. The aforesa~d consent of Mortgagee may be either grantcd or withheld without any requirement uf the Mo~tga~cee disrlosing any reason iherefore. Not- w~thstanding the foregoing, d the o~~nership of the mortgaged premiscs, or any part thereof, becomes vested in a petson other ~ than the Mortgagor, the Mortgagee may deal w•ith such successor or wccesso~s 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 Marigagor's liability hereunder or upon the debt hereby secured. The Nortgagor shall at all times i continue liabk for the indebtedness secured hercby until this morigage is fully discharged or \lott@agor is forrrully released by an ~ instrument in writing duly executed by the Nortgagce. 7. Mortgagor, at the option of Mort~.agee, shall pay a"late charge" not exceeding two per cenlum of any said apgregate ~ monthly installments including eny inslallment for payment of taxes and insurance w•hen paid more IFwn ten days after the due Jate thereof (provided that in no event shall said `late charge" result in the payment ~f interest in excecc of the maximum ~ interest permitted- by Irw~1, to co~~er the extra expense involved in hand:ing delinquent pay~mrnts. Such "late charge" .hall not be ~ a able out of 1he pnxeeds of any sale mrde to xatisfy the indebtrdness ~ecured hereb)', unless such ptuceeds are firs! cufti- . ° Pi nt to dixharge Ihe entire inJebtednecs and all proper rosts anJ e~penses tecured thereh~ . A reasonable minimum "late rharge" ~ ~ aill be charged as cuslumatily fi~ed by- Murtgagee from time to time, and ~tortga~ur aEreea to pay said minimum "late char~r: ' ~ ~ if inrurred. ~ 8. To permit, commit or suffer no K~aste and to maintain the imp:ovements at all timec in a state of good repair and cun- ~ ~ ditiun: and to do or petmit to be dune to said premiset nothing that wil! alter or ch~n~c the uce and rhararter of said property~ et : in any way impair or weaken the security of said murtgage. In cace of thr refusal, ne~lect or inability of the Nortgagoi t~~ repair i and maintain said property, the Mortgagee may at its option make wch repair or ~iuse the same to be made and advance mon~es { in that behalf which sums sh~ll be secured by the lien hereof and bear interest :+t the simr rate as is specified in the nore serured J hereby, u payable after default in payment of said note. ~ ~ I ~ t ~ g~~~~ ~~i ' At_~: ~J~•.1 1