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HomeMy WebLinkAbout0033 - . A.id shall pettotsis. doMpry with u?d abide by each and every of the stipulations, ments,conditiotugnd covenants set forth in this tnortgsge and in the promiswry note secured hereby. and any renewals or o er notes given in accordance herewith, then this rnoripge and the estate hereby created shall cease and be null and void. And said Mortgagor for himseU and his heir. lepl representatives, successors and assigns, hereby coneenants and agrees to and with said Mortgagee, its legal representatives. wccesson and assigns: 1. To pay all and sittgulu the principal and interest and Ilse various and sundry sums of money payabk by virtue of said promissory notes. and this mortgage. each and every, promptly on the days respectively the same become due. 2. To pay all and singular the taxes, assessments, levies, liabilities, obliptions and incumbrances of every nature and kind now on said described property. that herca[ter may be imposed. suffered. pbced, levied or assessed thereupon, and that hereafter may be levied or assessed upon this mortgage, the indebtedness secured hereby. or both. each and every, when due and payable according to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and in so fu as any thereof is of record the same shall be promptly satisfied and discharged of record and the orginal official document (sucA as, 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 said buildings, and any which may hereafter be erected upon said premises, inssued against toss or damage by fee and wch other hazards or nsks u may be required by Mortgagee in wch amount ar amounts as maybe aired by said Moripgee. in wch insurance company or companies as Mortgagee. its wccessors or assigns. may approve, and to deliver to said Mortgagee, as additional security hereto. the policies of wch inswance and of any additional ittwranoe which shall be taken out upon wch buildinp while any put of the indebtedness aforesaid shall remain unpaid. having attached to said policies wch mort- gage indemnity clause as Mortgsgee shall direct. Renewals of wch policies shall be so delivered at kart ten days before gay wch insurance shall expire. Atl inwnrsce carried shall be satisfactory to said Mortgagee. My wm which may become due under any wch 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 poUcy. Sad Mortgagee may procure and substitute for any and all of the inwrusce so hekt as aforesaid, such other policy ar policies of insurance. in like amount, u it may determine, provided Mortgagor fails to replace any such insurance within ten days after being notified that the Insuring Company is no to r approved by Mortgagee. In case of sale under forc- closurc hereof, all such inwrance shall thenceforth, and antral the period of redemption shall expire, be made payable to the holder of the certificate of sale; and in wch events said Mortgagee is hereby authorized to collect the uneuned premium on any wch pdicy it may puse 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 wch new insurance so payabk to the holder of such certificate. 4. In case said Mortpgor 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 (lens on said premises, or to keep the buildings and improvements insured. as aforesaid, and deliver the policy or policies of insurance, or the renewals thereof, to said Mortpgee,as aforesaid, then said Mortgagee may, if it shall so elect, make repairs. maintain said property and pay wch taxes and assessments, with the accrued interest, penalties, off icer i fees, and expenses thereon, redeem said premises which may have been wld or for (cited for taxes or assessments thereon, purchase any tax tick thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep insured said buildings in the wm, as aforesaid, or for any less sum and for wch time, as said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for wbstituted insurance; as afotesad, including the costs, expenses and attorney's fee paid in any wit affecting said real estate, when neces- suy or appropriate to protect 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, shatl be paid by said Mortgagor to said Mortgagee upon demand and dull be deemed a part of the debt hereby secured, and recoverable u wch in all respects. Aay wch liens claims, taxes. assessments, or tax ticks 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 salidity of any such payments be disputed. Neither 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 addition to the monthly payments under the terms of all notes secured hereby, oo the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee aninstallment of the taxes and assessments next to become due against the mortgaged premises, an installment of premiums + t+'rsettr t~ beoome due on insured policies required by the Mortgagee, and any other charges payable according to the commitment . ~ t_ Ip fiN,nge,.SuCis installments shall be equal respectively to wch taxes and assessments, inwrance premiums and other chuges, all ' • • ell rna by the Mortgagee, less all wms already paid thereon, divided by the number of months that are to elapse before one t;~t i;psgrp)t,pfi6r'to•thedate whEn wch taxes and assessments, inwrance premiums and other clurges will become due. Said irsstaU- ment; s11a{I btf qeW :1?y, the Mortgagee (bearing the interest Cor Mortgagor) to pay such taxes, assessments, insurance premiums and bt r charges:'AU payments made under the term of this pangaph and under the note secured hereby shall be added ,togelfler and tbe,•sggtegate altsount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Mort~igee in payment of the terms and in the order following: (a) taxes and assessments, and irswranoe premiums and other charges payabk 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 wch aggregate monthly payment shall constitute a default under this ~ mortgage. When wch taxes, assessments, insurance premiums and other chuges fall due, if the amounts deposited by the Mort- ' gager for such purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the case may be, then due, then the Mortgagor will pay to the Mortgagee such deficiency immedutely. When such taxes, assessments, insurance premiums and other charges fill due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due fur such taxes, assessments, inwrance premiums and other charges, the excess may, in the discretion of the Mortgagee. be applied on subsequent monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended funds in the hands of the Mortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, insurance premiums and other chuges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order- (s) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee; fc) interest on the principal; and (d) the principal debt hereby secured. When any such axes, assessments, insurance premiums or other charges tall due the Mortgagor will promptly obtain and deliver to the Mortgagee 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 secured hereby arc made and extended by Mortgagee in reliance, in part, on the financial background and abilr ties of Mortgagor and any co-makers, guarantors or endorsee to, jointly and severally, pay any and all various and wndry wms 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 crated hereunder may be aswmed or performed by any party other than the Mortgagor, whether or not upon the sale or conveyance of the premises herein described or any put thereof. If a conveyance should be made by the Mortgagor of the premises herein described, or any put 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 assumptan both by proper execution of aswmption agreements and related forms in use by the Mortgagee and by aswmption in regular form of law by the grantee of the obligatans created hereunder, then, in either of those events, and at the option of the Mortgagee antd without notice to the Mort- gagor or to any other putt', all wms of money secured hereby shall immediately and concurrently and upon wch conveyance become due and payabk and in default whether or not the same are otherwise due and payabk or in default by the specific terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of Mortgagee may be either granted or withheld without any requirement of the Mortgagee disclosirsg any reason therefore. Not- - withstanding the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such wocessot or wccessors in interest with reteterux 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 excceding two per centum of any said aggregate monthly installments including any installment for payment of taxes and insurance when paid mote than ten days after the due date thereof (provided that in no event shall said "late charge" result in the payment of interest in excess of the maximum interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late charge" shall not be payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds 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 to pay said minimum "late charge," if incurred. 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 said premises nothing that will alter or change the use and chuacter of said property or in any way impair or weaken the security of said mortgage. In case of the refuel, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make wch repair or cause the same to be made and advance monies in that behalf which wms shall be secured by the lien hereof and bee interest at the same rate as is specified in the note secured hereby, as payabk after default in paytneni of said note. i g~~,x3~.5 P~~~ 33