HomeMy WebLinkAbout1272 policies and n:newals thcn•of shall be held by the Alortgagec. All detailed designationti by the Mortgetgoe w~tich arc accepted by the
Mortgagee attd all at;mcutenls t„•lwren Mortgagor and 1ortgagee relating to insurance, now existing or hereafter made,ahaq be in
writing and shall t„• a part of this mwtgage sgrrement as fully as though set forth verbatim hereut a»d shall govern both parties
hereto std tltrir wrcessorx and aa~+igtw. Nu lien upon any of said policies of inauancc or upon any refund cx return premium which
may be payable un the cancellation ur lrrminatiott thereof, shall be given to other than the Mortgagee, except by proper endorse- _
menl affixed to sttch policy ar4d appn?ved by Mcxtgagec. Each policy of insurance shall haze afCxed thereto a Standard New York
1lortgain•r I:IauN• without Contribution, making all ions or losses under such policy payable to the Mortgagee as it,c interest may
appear. In the event arty sum or ~tnts of money become payable thereunder the Mortgagee strati have the option to receive and
apply the wnt,i un act•ount of the indebtednee~ hereby secured, or to permit the Mortgagor to receive and use it, or any part thereof,
without tlten•by waiving or impairing any equity, lien, or right under and by virtue of this mortgage. In event of loss a physical
dantag+• to the mortgaged properly the Mortgagor shall give immediate notice thereof by mail to the Mortgagee and the liortgagew
may make pnwf of loss if the same is not made promptly by the Mortgagor. !n event of fureclowtre of this mortgage ex other
transfer of title to the mortgaged property in extinguishment o[ the indebtedness secured hereby, all right, title and interest of the -
Mortgagor in and to any insurance policies then in force shall paste to the purchaser or grantee.
(h) To perform, comply with and abide by each and every the stipulations, agreements, conditions and covenants in'said promis- -
sory note and in this dyed set forth.
(i) That if sty of said sums of money herein referred to he not promptly and fully paid within thirty (30) Sys
next after the same severally becomes due and payable, or if each and every the stipulatiots, agreements, conditions and eovena»tr
of said promissory note and this deed, or either, are nut. fully performed, complied with and abided by, or i[ payments are allowed
to become delinquent upon any prior encuumbaance affectittg the property herein concerned, the said aggregate sum mentioned in
said promissory note shall become due and payable forthwith ur thereafter at the option of the Mortgagee as fully and completriy -
as if the said aggregate sum o[ said promissory note was originally stipulated to 6e paid on such day, anything in said promissory
note or herein to be contrary notwithstanding.
(j) that in order to accelerate the maturity of the indebtedness hereby secured, because of the failure of the Mortgagor to pay any
tax, asscrsment, liability, obligation or encumbrance 8pdn sail property, as herein provided, it shall not be nece,aar}• or requisite
that the mortgagee shall first pay the same.
3. The Jlortgagce may, at his option, and without waiving his right to arcelerate the indebtedness hereby secured and to feire-
clusr the same, pay either before or after delinquency am• or all of thane certain obligations required by the terms hereof to be paid by
the lorlgagor for the protection of the mortgage security or for the collection of the indebtedtess hereby secured. All sums so ad-
~ anted or paid by the Mortgagee shall be charged into the mortgage account and become an integral part therm[, subject in all respects
to the terms, conditions, and covenants of the aforesaid promis-~ory note, and this mortgage, aF fully and to the same: extent as though
a part of the original indebtedne+~ evidenced by said note and secured by this: mortgage, excepting however, that said sums shall be
n•paid the Mortgagee forthwith upon its demand and be in addition to the regular monthly installments provided by the mortgage note. -
3.- That the abstract or abstracts ~of-tidy ce,~•cring the mortgaged property stroll at all times, during tltclife of this mortgage,
r~•main in puscestiion of the Mortgagee and in event of the foreclosure of this mortgage or other transfer of title to the mortgaged
pn,l?erh• in extingui~ltment of the. indebtedness5 secured hereby, all right, tide and interest of the Mortgagor in and to an}- such. ale
,tracts of title shall pa.+•~ to the purchaser or grantee.
-1. To the rxtcnt of the indchtednes-c of the Mortgagor to the lortgagee described herein or secured hereby, the Mortgagee is
iicreby subrogated to the lien or liens and to the rights of the owners and holders thereof o[ each and ever}• mortgage, lien or outer
incwnbrance on the land described herein which i.. paid and/or satisfied, in whole or in part, out of the proceeds of the loan described
herein or secured hereby, and the respective liens u[ said mortgages, liens or other ineumbrances, shall be and the same and each of ~ ,
them hereby is pre~c•n•ed and shall pass to and I,e held by the Mortgagee herein as security for the indebtedness to the Mortgagee here-
in security for the indebtedness to the Mortgagee herein described ur hereby secured, to the same extent chat it would have been
pn~:,•n•,:d and would have been pasv:d to and been held by the 1lortgagce had it been duly and regularly assigned, transferred, set over,
and delit•cred unto the \turtgatn•c by separate decd u[ assignmettt, notwitltstanding the fact that the same may be satisfied and cancel-
Ird of record. it being the intention of the parties hereto that the same will he satisfied and cancelled o[ record by the hdders thereof
at ur al?e?ut the time of the recording of this mortgage.
:i. In the event the. uwnenltip of the mortgaged premises, or any part thereof, becomes vested in a person other than the Morl-
~~agur, the iortgagee may, without notice to the Jlorlgagor, deal with such succescur or successors in interest with reference to this -
dred and the debt hereby secured. in the same manner as with the Mortgagor without in any way vitiating or discharging the Alort-
~;aRor's liability hen•undcr or upon the debt hereby secured. No sale of the premises hereby mortgaged and no forbearance on the part
of the A'.ortgagee, and nu extension of the time for the payment of the debt hereby secured given by the Aortgagee shall operate to
n•le•ase, discharge, modify, change or affect the original liability of the Mortgagor herein either in whole or in part.
6. The lien of this deed secures and shall continue to secure payment of said indebtedness or indebtedness, however evidenced,
hhether by said promi+~ory note or any renewal or extension thereof or substitute therefor, or otherwise, until all such indebtedne~
-{,all have been fully paid.
7. In the event the property encumbered by this mortgage. shall become involved in any condemnation proceedings, the hoder
of this mortgage shall become entitled to defend any such action, and the tide holder shall be liable for all costa and attorney fees
incurredut.•o~utttection with such defense. The holder of this mortgage shall be entitled to receive any award made in such condemn~-
tion ~t~~• ~ property taken, such sum when paid to be applied to a reduction o[ the mortgage indebtedness.
. • this mortgage agrees to promptly furnish upon the written request of the mortgagor, his heirs or assigns, or
a1t~~" • _ ~ f - g of the principal balance due upon this murtlage, as of any specified date.
t,7:•~.. ' , C r
"~~F;e~~Rns- and "Mortgagee" whenever used in this instrument shall include the heirs, personal representatives,
su ~'!~~'L respective parties hereto. Wherever used the singular number shall include the plural and the plural the
•
sin~!the ~ ..gender shall include all genders.
10 . ~ 1_
lase money first mortgage upon the above described property.
•r ~ /
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IN WITNI%~N~ER~OF, the said Aortgagor S hereunder sets their hand and seal at
New Yor~ the day and year first above written.. _
Signed, sealed an~ delivered ~ ttJ'
in the presence of: B
(Seal)
H VIC BROWN
(Seal)
(Seal)
R ~,1:~127i