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HomeMy WebLinkAbout1308 - _ _ . • - . _ - - ~ - • ~ t !i ' Md shaU per[o~m. comply with s~d abide by each and every of tho stipulatiuns, agceemeats,conditions and covenants set ~ forth in thls rnortg~ge and in the p?omiuory note securad hereby. aad a~y cenewals or other notes pven in accordancY herewith. ~ then this mortgaae snd the atate hereby crcatai shall reax and be nuU snd void. ~ And said Mo~tgagor for himself at~d his hein. leg~! representatives. successoa and usigns. hereby convenants and agrees to # and with aaid Mortgagee, its legal represenutives, successon and assigns: i 1. To pay all and singulu the principal and interest and the rarious and sundry sums of money payabk by virtue of said t pcomissory notes, and this mortgaae, each and every. promptly on the days respectively the same become due. ~ 2. To pay aQ and singular the taxa, assessnrents. kvies. liabilities, obligations and incumbrances of evety mture and kind ~ nuw on said described ptoperty, that hereafter may be imposed. suffered. placed, leried or assessed thereupon, and that hereafter may be kvied or assessed upon this mortaage, the indebtedness secured hereby, o~ both, each and every, when due and payabte ; according to law. before they become delinquent, and before any interest attaches or any penalty is incumd; and in so fu as my t thereof is of record the sartx shall be promptly satisfied and discharaed of ~ecord aod thc orgioal official document (such as, for ~ instance. the tax rrceipt or the satisfaction paper ot~iciaUy endorsed or artii~ed) shall be placed in the hands of Mo~tga~tee with- . in ten days next after payment. ~ ~ p ngs, and any which may hereafter be erected u oa said premises. insund st loss or dama by 3. 1'o kee said buildi P ~n S'~ ; fue and such other hazuds or rists u may be required by Mortgaga in such amount or amounts as may berequired by said Mongagee, in such insurance company or rnmpan~es u Mortgagee, its successon or usigns, may appmve, and to delive~ to said ' Mortgagee. as additional security hereto, the policies of wch inswana and of any additional inwrance which shall be taken out ~ n ~ upon wch buildinas whik any put o[ the indebtedness aforesaid shall rcmain unpaid. harins attachod to aid policies such mort- gage indemnity clause as Mortgagee shaU d'uect. Renewats of wch policies shaU be so deiivered at kast ten days before my wch + insunnce shall expire. All Insura~ce carried shall be satisfactoty to said Mort6aaee. Any wm which may become due under any : wch policy may be applied by said Mortaagce. at its option, either to reduce said debt or to npair or rcplace the improvements ` ~~overcd by said policy. Said Mottgagee may procure ~nd substitute for any and all of the insutance so held as aforesaid, such i other policy or poticies of insurance, in like amount. u it may determine. provided Mortpgor fails to rcplace any such insurance ' within ten days aRer being notiCed that Ihe Insuring Company is no longer apptoved by Mortgagee. In case of sak under fore- ~ closure hercof, all such insurance shall thenceforth, and until the period of redemption shall expire. be made payable to the = holder of the certificate of s~le; and in wrh events said Morlgagee is hereby authorized to cdlect the uneuned premium on any ~ such policy it may nuse to be cancelled, regardless of whether said premium is paid by Mongagor or Mortgagee, and apply such premium towards the payment of premium on any such new insunnce so payabk to the holder of such certit~cate. i : 4. In case said Mortgagor shell nexlect or refuse to keep said premises in goud repair and condition, to pay promptly w~hen ' due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, o? to keep the buildings and improrements 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 taxrs and assessments, with the accrued interest, penaltics, of6~~er's fees, and expenses thereon, redeem said premises which may ha~e been suld or for- feited for taxes or asseuments thereon, purchase any tax title thereon, rcmove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep 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 w•hich may be so paid out by said Mortgagee, and all sums paid out for substituted insurance; as aforesaid, including the costs, erpenses and attorney's fee paid in any suit affecting said real estate, when neces- sary or apprupriate to protect the lien hereof, shall bear interest from the date of such payrnents at the same rate as is specified, ~ in the note secured hereby, as payable after default 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 securrd, and recoverable as such in all respecis. Any wch liens ~ claims, taxes, assessments, or tax titles~ so purchased, paid, or redeemed by said Morlgagee shall, as between the parties hereto their sucressors in interest, be deemed rrlid, so that in no event shall the necessity or validity of any such payments be disputed. ~ Neither such r,+ayment by Mortgagee nor its collection from Mortgagor shatl waire or affect any option, lien, equity or right of ~ Mortgagee's. 1 5. If requested by the Mortpagee, the Morigagor, together with and in addition to the mor.thly payments under the terms ' of all notes secured hereby, on the due day of each monthly payr.~ent and until said notes aze fully paid, shali pay to the Mort- gagee an installment of the taxes and assessments next to~g~ me due a i t the mortgaged p~j~ q~i e~rj~staUment of premiums £ next to become due on inwred policies required b~~lM~?l6R~~~ ~~*a~AlR~~Dl~aB to the mmmitment to finance. Such installments shall be equal respeci' r~ aJy tp y~~p~ qj~ and other charges, all u estimatod by the Mongagee, less all wms already~~e d~~d'If~~~mbtr~ oT'flibTitli311~i aie to elapse before one month prior to the date when such taxes and assessme~~~ r~~~c~~li~come due. Said install- ments shall be held by the Mortgagee (bearing the interest for~INor _~~~~~P h taxes. assessments, insunnce prcmiums and other chuges. AU payments made under the term of this pa ~~he note securod hereby shall be added togethu and the aggregate amount thereof shall be paid by th~,Mor.~ ~.~q a su~~e,p~y~p~i1~qy~~jh to be applied by the Mortgagce in payment of the terms and in the order fotlowi~_ (a) tax~! and aisesstiietlts; atl~'-ifis~~ii~ 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 aggegate 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- ' gagur for such purposes are not suffirient to pay said taxes, assessments, insutance premiums, and other charges, as the rase may ~ be, then due, then the ~fortgagor will pay to the Mortgagee such deficiency immediately.ll'hen wch taxes, assessments, inwrance i premiums and othet charges fall due, if ihe amounts deposited by the Morigagor for such purposes exceed the amountt due for surh tares, assessments, inwranre premiums and other charges, the exrrss may, in the discretion of the Mortgagee, be applied i on subsequent monthly paymentc to be made by the Mottgagor. In the event of default under this mottgage any unexpended ~ funds in the hands of the ~tortgagee deposited by the Mortgagor to meet the obligations of taxes, assessmcnts, insurancc E pre~n~ums and other charges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following urder; ~ (a) interest on advances made by the Murtyagee: (b) advances made by the Mortgagee; (c) interest on the principal; and Idl the ~ principal debt hereby secured. When any such taxes, assessments, insunnce premiums or other chargcs fall due the Nortgagor ~ will promptly obtain and deliver to the Mongrgee statements with respect thereto. ~ 6. The Mortgagor represents and agrees that this mortgage loan and all future loans evidenced by the aforesaid promissory ~ notes which ue securcd hereby are made and extended by tilortgagee in reliance, in part, on the tuuncial background and abili- ties of Morigagor and any co-maken, guarantors or.endorsen to, jointly and severally, pay any and a11 various and sundry wms of money and the specific rate ot interest payable by virtue of said promiuory notes and this mortgage. These mortgage loans are j understood and ageed to be made and extended to the Mortgagor only. lt is neither presumed. expressed or implied that the ~ oblip~tions crated hereunder may be auumed or perfotmed by any party other than the Mortgagor, whether or not upon the i sak 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 part thereof, without the written consent of the Mortpgee, (which consent may be withheld . ' € arbitnrily or p.ranted on terms selected by Mortgagce in its sole discretion,) or without auumption both by proper execution of ; ~ aswmption agreements and related forms in use by the Mortgagee and by assumption in regular form of law by the gnntee of the obligations created hereunder, then, in either of those erents, and at the option o[ the Mortgagee and wtithout notice to the Mort- : p gagor or to any other puty, all sums of money secured hereby sluU immediately and concurrently and upon such conveyance ; ~ become due and payable and in default whether or not the same arc otherwise due and payable or in deCault by the specific terms hereoG The foregoing option shall be exercised by Mortgagee at its sok and complete discretion. The aforesaid consent of ~ Mortgagee may be either graated or withheld without any requirement of the Mortgagee disclosing any reason therefore. Not- ~ withstanding the foregoing, if the ownership of the mortgiged premises. or any part thereof, becomes vested in a person other ~ than the Mortgagor. the Mortgagee may deal a7th such successor or wccessors in interest with reference to this mortgagee, and ~ the debt hereby secured, regardtess of any change in the terms of the obligations created hereunder, without in any manner a vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. The Mortgagor sh~ll at all times continue liabk for the indebtedness secured hereby until this mortgage is fuliy discharged or Mortg~gor is formally released by an ~ instrument in writing duly executed by the Nortgagce. C 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 paymrnt af taxes and insurance when paid more than ten days aftet the due ; ~ date thereof (provided that in no event shall said "late charge° resull in the payrtxnt of interest in excess of the maximum ' interest permitted by law), to cover the extra expense invotved in handling delinquenl payments. Such "late charge" shall not be ~ payable out of the proceeds of any sale made to satisfy the indebtedneu secured hereby, unless such proceeds are first sufli- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reuonable minimum "late charge~ s~ ~ will be chargod as customarily fized by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge. ' if inrurred. ~ ~ ' 8. To permit, commit or suffet no wute 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 said premises nothing that w•ill alter or change the use and chuactet of said ptoperty or _ in rny way impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Nurtgagor to repair ,i ~ and maintain said property. the Mortgaaee may at its option make such repair or cause the same to be made anci advanct monies , in that behalf which sums shall be secuted by the lien hereof and beaz intetest at the same rate u is specified in the note secured ~ hercby, u payable after default in paymcnt of said note. ~ ~ ~a~K312 ~~~:E1:306 ~ { ~ . C ~ t ~ 2