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HomeMy WebLinkAbout2430 . w And shall perform, comply with and abide by each and every of the stipulatiotrs, ageementa,cordition: and covenants set forth in this snortg>1ge and in the promissory note secured hereby, and any renewals of other notes given is accordance herewith, then this mortgage and the estate hereby created shall cesse and be null sad void. Md said Mortgagor for himself and his heirs, legal representatives, successor snd assigns, hereby conveaants and agrees to and with said Mortgagee. its legal ropresentatives, waessors and assigns: To pay all and singular the principal and interest and the various and sundry wms of money pstyabk 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. tiabifities, obligations and incumbrances of every nature and kird now on said described property, that hereafter may be_imposed, wffered, placed. levied or assessM thereupon, and that 1?erwfter 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 otginal official document (wch u, 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, insured against loss or damage by foe and such other hazuds or risks u may be requited by Mortgagee in such amount or amounts as may be aired by said Mortgages. in wch insurance rnmpany or companies u Mortgsgee. its wccessor or assigns, may approve, and to deUver to said Mortgagee, u additional security hereto. the policies of wch inwraaoe and of any additional irwranoe which shall be taken out upon wch bushings while any put of rtes indebtedness aforesaid shall remain tsapaid, having attached to acid policies wch mort- gage indemnity douse u Mortgagee shall direct. Reaevrals of wch policies shall be so delivered at least ten days before any wch insurance shall expire. All insurance arried shall be satisfactory to said Mortgsgee. My svm which m:y become due order any such policy may be applied by said Mortgagee, at its option, either to reduce said debt or to repair or replace the improvements rnvercd by said policy. Said Mortgagee may procure and substitute for any and all of the inwrance so heh as aforesaid, such other policy or policies of insurance, fn like amount, as it may determine, provided Mortgagor fails to replace any such insurance within ten days aRer being notified that the Insuring Company is no Ir approved by Mortgagee. In case of sale under fore- closure hereof. ail such insurance shalt thenceforth, and until the pe ' 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 policy it may cause 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 payable to the holder of such certificate. 4. In 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, u aforesaid, and deliver the policy or policies of inwnace, or the renewals thereof, to said Mortgagee,as aforesaid, then said Mortgagee may, iC it shall so elect, make repair, maintain said property and pay wch taxes and assessments. with the accrued interest, penalties, officer :fees, and expenses thereon, redeem said premises which may have been sold or for- feited for taxes aJ assessments thereon. purchase any tax title thereon. remove any statutory liens and prosecute or defend any suits in relation thereto, inwre and keep insured said buihings in the sum, as aforesaid, of for any less sum and for wch time, u said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all wms paid out for wbstituted insurance; u aforesaid, including the costs, expenses and attorney's fce paid in any wit affecting said real estate, when neces- suy or appropriate to protect the lien hereof, shag bear interest from the date of such payments ai the same me as is specified, 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 deemed a part of the debt hereby secured, and recoverable as wch in sit respects. Any wch liens claims, taxes, assessments, or tax ticks so purchased. paid, or redeemed by said Mortgagce shall, u betwcen the parties hereto their successors in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed. Neither such payment by Mortgagee nor its collection from Mortgagor shall wove 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, on the due day oC each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee an installment of the taxes and assessments sex to due against the mortgaged premises. an installment of premiums next to bb~~~~ ~ vlt,iced,~tolicies,yequirad.by~lilt~ee, and any other charges payable according to the commitment to fiaance'~ac6 instapmeats be e~ua~l ate y~~axes and assessments, insurance premiums and other chuges, all as estimat~lpdtE Mo?tSllt~iU9i911s attea~y '~e~ n, divided by the number of months that ate to elapse before orte month prior tot(1~~d p~q~ t ce remiums and other chu will become due- Said install- ments shall be t1~M 1~tT?Clotoag~ut t interest~•fw Mortgaagor) to pay such taxes, assessments, iawnnoe premiums and other chuges. All pay~gq~{~the term of this paragraph and under the note secured hereby shall be added together and the aggregate amount thyre~' ,~~u~~y,~p~Iortgagor in a single payment each month to be applied by the Mortgagee in payment tsT tbe) ttlltgllf an~i~or~-YotlOw~"n6: (a) taxes and assessments, and inwranoe premiums and other charges payable according to the rnmmitment to finance; (b) interest oa the notes secured hereby; and (c) amortization of the principal of said notes. My deficiency in the amount of wch aggregate monthly payment shall constitute a default under this mortgage. When wch taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort- gagor for such purposes are not wmcient 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 wch detciency immediately. When wch taxes, assessments, insurance premiums and other chuges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for such 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 rn the hands of the Aortgagee deposited by the Mortgagor to meet the obligations of taxes, assessments, inwrance premiums and other charges, shall be applied by t1K Mortgagee upon the indebtedness hereby secured in the following order; (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee; (c) interest on the principal• and (d) the principal debt hereby secured. When any such taxes, assessmenu, inwnnce 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 rates which are secured hereby are made ud extended by Mortgagee in reliance, in part, oa the financial background and abili- ties of Mortgagor and any co-makers, guarantors of erdorsen to, jointly and severally, pay any and all various and wndry wms of money and the specific rate of interest payable by value of said promissory notes and this mortgage. These mortgage loans ue understood sad agreed to be made and extended to the Mortgagor oNy. It is neither presumed, expressed or implied that the obligations created hereunder may be aswmed or performed by any party other than the Mortgagor, whether or not upon the sale or rnnveyanoe of the premises herein described or any put thereof.. if a conveyance should be made by the Mortgagor of the premises herein descn~bed. 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 discretanJ or without aswmptan both by proper execution of assumption agreements and related forms in use by the Mortgagee and by asswmption in regular form of law by the grantee of the obligations created hereunder, then, in either of those events, sad at the option of the i?lortgagee and without swtice to the Mort- gagor or to any other poly, alt wms of money secured hereby shall immediately and concurrently and upon wch conveyance become due and payable and in default whether or not the same are otherwise due and payable or in default by the specific terms hereof. The foregoing optan shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid cotssent of Mortgagee may be either granted or withheld wiWout any requirement of We Mortgagee disclosing any reason therefore. Not- withstanding the foregoing, if the ownership of the mortgs;ged premises, or any put thereof. becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such woressor or wccessor in interest with rcferertce to this mortgagee. and the debt hereby secured. regardless of any change in the terms of the obligations created benundet, without in any manner vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby seared. The Mortgagor shall at all times continue liable for the indebtedness seared 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 instagments 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 chugs" 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 chugs" shall not be payable out of the proceeds of any sale made to satisfy the indebtedness seared hereby, unless such proceeds are first wffi- cient to discharge the entire indebtedness and elf proper costs and expenses secured thereby. A reasonable minimum "late chugs" will be charged u customuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum 'gate 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 von- dition; and to do or permit to be done to said premises nothing that v?~11 alter or change the use and character of said property or in any way impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advance monies in that behalf which wms shall be secured by the lien hereof and beu interest at the same rate as is specified in the note secured hereby, u payable after default in payment of said note. n_ n__ B~u{l~KV1~ Yl~GE 13L7 _J