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HomeMy WebLinkAbout2370 - - - - - - - - - . _ . ra } , Aad shall perform. comply with and abide by each and every of the stipulations, ments,oonditioassnd covenants set [orth is this mottgsga sad iu the promissory note secured hereby. sad say renewals or o er sores given is accordance herewith. rhea this arortpge sad the estate hereby created shat) cease sad be gull and void. ~ and ~tA said ~Mrtortpgor for himself and his heir, kpl representatives. wccessors std strips, hereby coavenants and agres to pace, its lepl represeatatires, woassort sad astips: 1. To psy all sad singular the principal sad interest std the various sad wtdry awns of moueY Payabk by virtue of said promissory notes, and this mortgap, esch sad avert. Promptly oa the days respectively the s:rrie beeotra due. Z. To pay all and singular the taxes. assessraeab, levies, liabidties, obligations sad incumbraaces otevery nature and kind now oa said described property, that herafter may be imposed. wifered, placed. levied or assessed thereupon. and that hereafter may be levied or sssessed upon this mortgage, the indebtedness secured hereby, or both, each and every, when due and Payabk according to 4w, before they become delinquent. sad before say interest attaches or any perulty is incurred: and in so fu as say thereof is of record the same shall be promptly satisfied and discharged of record and the orgiaal official document (wch u. for instance, the tsx reostpt or the satistactio~ paper officially endorsed or certified) shall be p4ced in the hands of Mortgagee with is tea days next aRer payment. 3. To 1~p sad buiWitras, std say which nt>Ay hereafter be erected upon said premises, iawred against loss or damage by foe sad such otiret hazards or risks as may be required by Mortpaee iu wch amount or amounts as may be required by said Yort~spe, io such iawranoe company or cornpariies as Mortgagee, its wecessors or assiaas, may approve, and to deliver to said MortgaEee, as additional security hereto, the policies of such insurance and otaay additional inwrance which shall be taken out upon such buildings whit say part of the indebtedness aforesaid shall remain unpaid, having attached to said policies wch mort• pge indetaaity louse as Mortgagee shall direct, Renewals of such policies shall be so delivered at least tea days before say wch iawnnoe shall expire, AU iawraaoe prried shall be satisfactory to said Mortgagee. Aay wm which may become due under any wch policy may be applied by said Mortgage, at its option, either to reduce said debt or to repair or replace the improvements covered by said policy. Said Mortgagee may procure sad wbstitute for any and all of the insurance so heW as aforesaid, such other policy or polies of inwrance, in like amount. as it may determine, Provided Mortgagor fails to replace say such itistirartce within ten days aRer-being rrotif"xd that the Inwring Company is no to r approved by Mortgagee. !n case otsak under fore- clowre hereof, all such inwnnce shall thenceforth, and until the period of redemption shall expire, be made payable to the holder of ttx certificate of sak; and in such events said Mortgagee is hereby authorized to collect the uncurled premium on any wch policy it may cruse to be cancelled, regardless of whether said premium a paid by Mortgsgor or Mortgagee, and apply such premium towards the payment of premium on say such new insurance so Payabk to the holder of such certificate. 4. !n case said Mortgagor 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 liens on said premises, or to keep the buildings and improvements insured, as aforesaid, and deliver the policy or policies of inwnnce, or the renewals thereof, to said Yortgage,u aforesaid, then said Mortgagee may, J it shall so elect, make repairs, maintain said property and pay wch taxes and assessments, with the acerued interest, penalties, officer i fees, sad expenses tliereoa, redeem said premises which may have been sold or for- feited for taxes or assessrneats thereon. purchase say tax title thereon, remove say statutory lieru and prosecute or deknd any wits in relation thereto, insure sad keep inwred said bindings in the wm, as aforaaid, or for any less wm and for such time. u said Mortgagee imy deem proper. Any wms which may be so paid out by said Mortgagee, and all wriu paid out for wbstituted insurance; as aforesaid, including the costs, expenses and attorney's fee paid in any wit affecting said real estate, when neces- sary orappropriate to protect the lien hereof, shall bear interest from the date of wch payments at the same rate as is specified. in the rate secured hereby, u payable after default is payment of said note, shall be paid by said Mortgagor to said Mortgagee upon deagnd and shall be deemed a part of the debt hereby secured, and recoverable as such in ail respects. Any wch liens claims, taxes, assessments, or tax ticks so purchased, paid, or redeemed by said Mortgagee shall, u between the parties hereto their wcoeuors in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be deputed. Neither such payment by Mortgagee nor its rnlkction from Mortgagor shall waive or affect any option, lien, equity or right of Mortgagee s. S. If requested by the Mortgagee, the Mortgagor, together with and in additan to the monthly payments under the terms of all notes secured hereby, on the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee an instaUrnent of the taxes and assessments next to beoorne due against the mortgaged premises, an installment of premiums next to become due oa inwred policies required by the Mortgagee, and any other charges payable according to the commitment to Fiaanoe. Such installments shall be equal respectively to wch taxes and assessments, insurance preminms and other chuges. all as estiimted by the Mortgagee, less all wms alrady paid thereon, divided by the number of months that arc to elapse before one month prior to the date when such taxes ~d assessineats, insurance premiums sad other charges will become due. Said iastaU- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insurance premiums sad other chargrx M payments rwde under the term of this paragraph and under the note secwed hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Yortgape in payment of the terms arM is the order following: (a) taxes and assessments, and inwraace premiums and other charges Payabk according to the comtnitmtat to fimnce; (b) interest on the notes secured hereby; and (c) amortization of the principal of said notes. Any deficiency" in the amount of such aggregate monthly payment shall rnastitute a default under this mortgage. When such taxes, assessments, insurance premiums and other chuges fall due, if the amounts deposited by the Mort- gagor for wch purposes are not wfficient to pay said taxes, assessrrieats, insurance premiums, and other chuges, u the case may be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immediately. When wch taxes, assessments, insurance premiums and other charges tall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for wch taxes, assessments, inwruree premiums and other chuges, the excess may, in the discretion of the Mortgagee, be applied on wbsequeot monthly payments to be made by the Mortgagor. In the event of default under this mortgage any unexpended fords is the hands of the Mortgagce deposited by the Mortgagor to meet the obligations of taxes, assessments, inwnnce _ premiums and other durges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the following order- (s) interest oa advances made by the Mortgagee; (b) advances made by the Mortpgee; (c) interest on the principal- and (d) the principal debt hereby secured. When any such taxes, assessments, inwnnce premiums or other charges fall 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 are secured hereby are made std extended by Mortgagee is reliance, in part, on the financial background and abili- ties of Mortgagor sad any eo-makers, guarantors or endorsers to, jointly and severaUY, Pat any and all various and wndry wrns of money and the specific rate of interest payable by virtue of said promissory notes and. this mortgage. These mortgage loans are understood aM agreed to be ande and extended to the Mortgagor oNy. It is neither prewined, expies9ed or implied that the abligations sated hereunder may be aswnied or performed by any puty other than the Mortgagor, whether or not upon the sale or oonveyaace 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 disaetanJ or without aswrnptioa both by proper execution of aswmption agreements aid rchted forms in use by the Mortgagee sad by assumption in regular form of law by the Grantee of the obliptiorur crated 6ereurder, then, in either of those events, sad at the option of the Mortgagx sad without notice to the Mort- gagor or to any other putt. all wms of money secured hereby shall immediately aM concurrently sad upon such conveyance become die sad Payabk sad in default whether or not the same are otherwise due and Payabk or in defauls by the speafx terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion The aforesaid consent of Mortgagee may be ertliet granted or withheld without any requirement of the Mortgagee disclosing say rcasoa therefore. Not- witMtandirrg the foegoing, if the ownership of the mortgaged premises, or any put tbercot, becoraes.vested in a person other than the Mortgagor, the Mortgagee may deal with such wocessor or wooessors in intuest with rcfereoce to this mortgagee, and the debt hereby secured, rcaard{ess of say diange is the terms of the obligatans created hereunder, without in say manner vitiating or discbuging the Mortgagor's liabnity liatnnder or upon the debt hereby secured. The Mortgagor shall at all times continue liable for the indebtedness secured hereby uatn this mortgage is fully discharged or Mortgagor is forrm[ly released by as instrument is writing duly executed by the Mortgagee. 7. Mortgagor, at the option of Mortgagee, shah pay a "late charge" not exceeding two per centum of any said aggregate monthly installtixnu including any iastaUment for payment of taxes and ituunnce when paid more 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 chuge° shall not be Payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless wch proceeds are fast wffi• dent to discharge the eatirc indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge" vill be charged as customuily fixed by Mortgage from time to time, and Mortgagor agrees to pay said minimum "late charge," if incurred. 8. To permit, commit or wffer no waste sad to maintain the impto+rcments at all times is 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 impaQ or weaken the security of said mortgage. In cue of the refusal, neglect or nubility of the Mortgagor to repair and maintain ssid property, the Mortgage may at its option make wch repair or cruse the same to tx 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 payment of said note. ~~,5 P~`365