Loading...
HomeMy WebLinkAbout0750 . . ~ _ And shall perform, comply with and abide by each and every of the stipulations, a~eemeats,eordition and covenants set forth is this mortgage sad in the promiswry note aecurod hereby, and any rcrtewals or other note: given is accordance hercwitb, then this taortgge and the estate hereby created shall cease and be auti and void. And said Mortgagor for himself and his bein, kpl rcptesentatives. successors sad assigns, hereby coaveaants and agrees to and with said Morigagee, its legal representatives, stteasaors and assign: 1. To pay all and siagulu the principal and iatercu and the various and wadry wms of money payable by virtue of said promissory notes. and this mortgage. esdt sad every. Promptly oa the days tespectivegr the same become dw. 2. To pay all and singular the taxes, assessments, levies, WbUities, obligations and iaatmbraaces of every aattue and lord now on said described property, that hereafter may be imposed. suffered, placed, levied or assessed thereupon. and that hereafter may be levied or assessed upon fhb mortgage, the hdebtedt?esa secured hereby. or both, each sad every, when due sad payable according to law, before they become delinquent, sad before say interest attaches or any penalty is incurred: and in ao fu a soy thereof is of record the same shall be promptly satisCted and dischuged of record and the orgittal offical document (wch as, for instance, the tax receipt or the satisfaction paper otlidaUy endorsed or certified) shall be plead is the hands of Mortgagee with- in ten days next after payment. To keep ssid buildings, sad say which may heresl'ter be erected upon said premises. inwced against loss or damage by Cue and wch other hazuds or risks as may be required by Mortgagee in wch amount or amounts u may be required by said Mortgagee, in wdt insurance rnmpany or oompaaies as Mortgagee, its suaessots or auigs, may spprove, sad to eUeryr to said Mortgagee, as additional security hereto. the poUcies of web iaswaaee and o[ any additional inttrana which shall be taken out upon wch building while say put of the iadebtedasa aforeaid shall remain unpaid. having attadsed to aid policies wch mort- ~ iMemmgr douse as Mortgagee shall direct. Renewals of wch policies shall be so delivered at least tea dsys before say wch tnsutana sluil expire. A!1 iawtaaa arried shall be satisfactory to said Mortgagee. Any wm which may become dw order any wch policy may be applied by said Mortgagee, at its option, either to reduce said debtor to repair or rcplaa the improvements covered by said poUcy. Said Mortgagee may procure std wbstitute for say and all of the inwtartce ao hekt as atonaid. such other poUcy ar pollees of ittwrana, in tUce amount, ss it may determine, provided Mortgagor talk to replace asy sneh insurarta within ten days after being notitkd that the lrtwrirtg Company it no to r approved by Mortgagee. la case of sale under fore- down hereof, all wch insurance shall thenceforth, and un the period of redemption shall expire, be made payable to the holder of the certifipte of sale: and in wch events said Mortgagee is hereby authorized to collect the unarned premium on any wch policy it may ause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, sad apply such premium towards the payment of premium on say wch new insurance so payable to the holder of such certificate. 4. In case said Mortgagor shall aealect or refuse to keep said premises iu good repair sad coaditioa, to pay promptly when due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and improvements ittwrcd, u aforesaid, and deliver the policy or policies of inwrance, or the renewals thereof, to said Mortgagce,as aforesaid, then said Mortgsgce may, if it shall so elect. make repairs, maintain said property std pay such taxes and assessments, with the accrued interat, penalties, officer's fees, and expenses thereon, redeem said premises which may have been sold or for- feited for taxes or assessments thereon, purchase any tax title thereon, remove say statutory !kn and prosecute or defend any suits in relation thereto, insure sad keep inwred said buildings in the wm, u aforesaid, or for any less wm and for wch time, as said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and ail wms paid out for wbstituted inurarce; as aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said real estate. when t~eces- suy or appropriate to protect the lien hereof. shall bear interest from the date of wch payments at the same rate as is speafrcd, in the note secured hereby, as payable after default in payment of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be domed a part of the debt hereby secured, and tecoverabk as-wch in all tespaKS. Any wch liens claims, taxes, assessments, or tax titles 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 validity of say 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 Mortgagce's. S. if requested by the Mortgages, the Mortgagor, together with and in addition to the monthly payments under the terms of all notes secured hereby, oa the due day of each monthly payment and until said notes ue fully paid, shall pay to the Mort- gagee as instalirnent of the taxes and assessments nex tto due against the mortgsged premises, an instaUmeat of premiums next to b~ pn;golicies,toquisad.by~KMee, and say other charges payable aceordiag to the wmmitment . to finance. tntalltnents 1 beeq~l xes and assessments, insurance premiums and other chuges, all as estitrut+Mlsitpll~~~ii9Ns altea ereon, divided by the number of months that ue to elapse befom one month prior t pp~~qq~~t ~ce premiums and other duuges will become due. Said install- ments shall bs~~tliE'ltid~ interest for Mortgagor) to Pay sud? taxes, assessments, insurance premiums and other dwges. AU pay term of this paragraph and under the rate secured hereby shall be added together and the aggregate amount th~r o~~-` ortgagor in a single payment each month to be applied by the Mortgagee in payment'+-b~-t~ a3r~t~ (a)-woes and assessments, and inwrana premiums and other - f charges payable according to the commitment to fitnttce; (b) interest on the notes secured hereby: and (c) amortization of the prindpal of said rates. Any deficiency in the amount of such aggegate monthly payment shall constitute a default under this mortgage. When wch taxes, assessments, insurance prctniums and other chuges fall due, if the amounts deposited by the Mort- gagor for such purposes are not wfficient to pay said taxes, assessments, insurance premiums, and other chuges, as the case ma be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immedutely. When such taxes, assessments, insurance premiums and other chugs fall due, if the amounts deposited by the Mortgagor for wch purposes exceed the amounts due for ! wch taxes, assessments, insurance 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, inwrance prcmiutns std other chuges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order (a) interest oa advances made by the Mortgagee; (b) advances made by the Mortgagce; (c) interest on the principal; and (d) the principal debt hereby second. When any such taxes, assessments, insuntrce prcmiutns or other charges fall due the Mortgagor will promptly obtain std deliver to the Mortgagee statements with raped thereto. 6. The Mortgagor represents std ogees that this mortgage loan and all future loans evidenced by the aforesaid promissory notes which are secured hereby are made std ezteaded by Mortgagee is reliance, is part, on the Ctmaaal badytrourd std abili- ties of Mortgagor and any oo-tnaken, guarantors or endorsers to, joir?tly std severally, pay say sad all various and wndry wire of money sad the specific rate of interes! payable by virtue of said promissoryy tioies and this iiartgage. These mortgage loans are utderstood sad agced to be made std extended to the Mortgagor ody. It is neither presumed, expressed or implied that the obligation crated hereunder may be aswtned or petforrned by say gory other than the Mortgagor, whether or not upon the sale or conveyance of the premises herein descnibed or say put thereoL If a comeyaace should be made by the Mortgagor of the premises herein desrn'bed, or any put thereof, without the written consent of the Mortgagee, (which consent maybe withheld arbittanly or geared on terms selected by Mortgagee m its sole discretion) or without aswmption both by proper executiai of aswmptan agreements sad related forms in use by the Mortgagee aid by asswaption in regulu form of law by the grantee of the obligation created 6ercunder. thee, in either of those events, std at the option of. the Mortgagee and without iatice to the Mort- gagor or to say other gory, all wms of money secured hereby shlU immediately and concurrently std upon wch tomeyaaa become due and payable wd m default whether or rat the same arc otherwise due and payable or is defaolt by the spedCic terms hereof. The foregoing option shall be exercised by Mortgagee at its sole aM complete discretion. The s<oreaid consent of Mortgagee may be tither granted or withheld without any uintaent of the Mortgagee disdosirig say reason therefore. Not- withstanding the foregoing, if the ownership of the mortgag~ premises, or any put thereof, becomes vested is a person other than the Mortgagor, the Mortg~ee may dal with wch wocessor or wceesson in interest with rcfeteoce to this mortgagce, and the debt hereby secured, rcgudkss of any dunae~m the terms of the obligation created 6enuader, without in say manner vitiating ar dischuging the Mortgagor's liability hh order of upon the debt hereby secured. The Mortgagor shall at all times continue liable fm the indebtedness secured hereb until this trait instrument in writing duly executed by the Mortg~ce. ~ is fully discharged or Mortgagor is farmaUy released by an f Mortgagor, at the option of Mortgagce, shall pay a 'gate charge" not ezoeeding two per antum of any said agEregate monthly installments including any installment for payment of taxes and insurance when paid more than ten days after the due date thereof (provided that in no event shall said "late diuge° result in the payttient of interat in excess of the maximum ` interest permitted by law), to cover the extra expense involved in handling delinquent payments. Such "late chuge° shall not be payable out of the procseds of any sale made to satisfy the indebtedness secured hereby, unless wch proceeds arc Cost wffi- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasotubk minimum "late diuge" will be charged as customuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late chuge;' if incurred. 8. To permit, commit or wffet 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 waken the security of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repau and maintain said property, the Mortgagee troy at its option make wch repair or pose the same to be made and advance monies in that behalf which wms shall be secured by the Ilen hereof and beu interest at the same rate as is specified in the note secured hereby, as payable after default in payment of said note. ~ - R ~ ~ ~~R315 P~~E 7~8 ~~~x