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HomeMy WebLinkAbout1306 ' , . " i ~ i~ +'~(1 Aid shall per[ortn, comply with and abide by each gad every of the stipulatioas, a~reemants,oonditions and covenants set forth is this mortgage and in the promissory note secured hereby, and cent' renewals or other aot03 even W accordance herewith. then tbb mortpge gad the estate hereby coated shag cease and be null aM void. Ard said Mortgagor for hlmseU gad his heir. legal representatives, successor and assigns, hereby conennants and epees to and with said Yortgagea, its legal representatives, successor and assigns: To pay al! and singulu the prirtcipa! and intsreat aced the various and wrdry sums of mosey payable by vlttw of said promissory notes, and fhb mortgage, each gad every, Promptly on the days resPectirely the same become due. 2. To pay cell and sirrgu4r the taxes, assessments, levies, liabilities, obligation and iacumbrurcea of every nature and kind now oa said described property, that herafter may be imposed. wffered, placed, levied or assessed thereupon, and that hereatur may be levied or assessed upon this mortgage ,the iadebtedaas secured hereby, or both, each and every, when due gad payable according to bw, before they become deUnqueat, and before ury interest attaches or any penalty is incurred; and is w fu as any thereof b of record the same shag be promptly satisfied and distd?atged of record aced the orginal official document (sudt as, for instance. the tax receipt or the satisfsctioir paper ofticiatty endorsed or certified) shall be placed in the bards of Mortgagee with- in ten days next after payment. 3. To keep said buiWirtgs, and any which may hereafur be erected upon said premise:, iowred against loss or damal0e by fire and such other hsurds or risks as may be required by Mortgagee in such smount or amounu ss ratty be aired by said Mortpgee, in sudr insurance company or companies as Motipges,lts wocestor or assigns, may approve, and to deliver to sttW Mortgagee, as dditioad securiry hereto, Ure policies of wch inwraaoe and of any additional iawranee which shall be_ takes out upon such buiidhrp while any Put of the indebudaess aforesaid shat! remain . having attached to said policies such moit- ~gsggee udemmty louse u Mortgagee shall direct. Itenewab of such policies shall bs so delivered at bast ten day: before any wch insutaaoe shall expire. All insurance arried shall be satisfactory to said Mortgagee. My sum which may become due uMer arq~ such policy may 6e applied by said Mortgagee, at its option, either to reduce said debt or to repair or replace the improvea?eats covered by said policy. Said Yortgegce may procure and substitute for any and all of the inwrance so held as aforesaid, such other policy or policies of inwrarrce. in Wce amount, as it may determine, provided Mortgagor [aW to replace any such insurarroa within ten days after being notified that the lasurirrg Company is no bnger approved by Mortgagee. la case of sale under fora closure hereof, cell such iruunnet shall thenceforth, and until fire period of redemption slnll tatpire, be rode payable to the a holder of the certificate of sale; and irr wch events said Mortgagee is hereby authorized to coUcct the uneunld premium on any wch policy it may cause to be cancelled, regudkss of whether said premium is paid by Mortgagor a Mbrtgagee, and apply such premium towards fire payment of premium on any wch aerr insurance so payable to the holder of such certifiate. 4, Ia ass said Mortgagor shall neglect or refuse to keep said premises in good repair and condition, to pay promptly when due cep taxes and asscssmenu, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and Smprorearents inwred, as aforesaid. and deliver the policy or policies of inwrana, or the renewals thereof, to said Mortgagee,as aforesaid, then said Mortgagee may. it it shaA so elect, make repair, maintain said Property attd pay such taxes and auemnents„ with the acerued interest, penalties, officer's fees, and expenses thereon, redam said premises which troy have been soW or for- feited for taxes or stsesunents thereon, purchase any tax tick thereon, remove any statutory fleas aM prosecute or defend any suits in relation thereto, insure and keep insured said buildings in the wm, as aforesaid, or for any less wm aced for such time. at said Mortgagee may deem proper. My sums which may be so paid ont by said Mut igagee, and a!t sntta paid out ft+t substituted insurance; as aforesaid. including the costs, expenses and attorney's fa paid in any wit affecting said real estate, when neces- sary or appropriate to protect the lien hereof, shall bear interest-troq~ the:{la~.of arch:p>tynseats;~t thtrNme me as )s specified. in the note secured hereby, as payable after default in payment of sad note, shall be_paid by said Mortgagor to said Mortgagee upon dematd apd shall be dcemed a part of the debt hereby secured, and reeovaribk'atisadi id ail respects. Any such liens claims, taxes, assessments, or tax [irks so purchased, paid: or redeemed by said ~ttgagce sail, as be+pfeea the. pubes hereto their suaaswrs in interest; be deemed valid, so that in no event shall the necessity or validity bf any such payments be disputed. l~iiher such payment by Mortgagee nor its collection from Mortgagor dra)L svaire ot.affeet sly option; iien,_egNity or right of . Mortgsgee's. S. 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 of each monthly payment and untr7 said notes ate fully paid, shall pay to the Mort- gagce an installment of the taxes and assessments next to bernnre due against the mortgaged premises. an installment of premiums next to become due on insured policies required by the Mortgagee, aced any other charges payable atxordigg to the commitment to furaace. Such installments shall be equal respectively to wch taxes and assessments, insurance premiums and other chuges, all as estimated by the Mortgagee, less all wms already paid thereon, divided by the number of monWs that are to stapes before one month prior to the date when wch taxes and assessments, iawrance premiums :rid other charges will become due. Said intall- nrents shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, inwnaoe premiums and other charges. All payments made under the term of this panpaph.aad under the mote secured hereby shall be added ~ together and the aggregate amount thereof shall be paid by the Mortgagor in a niggle payment each month to be applied by the Mortgagee in payment of the terms and is the order following: (a) taxes and assessments, and insurance premiums and other charges payable according to the commitment to.finanoe; (b) interest on the notes soured hereby; and (c) amortizatan of the principal of said notes. My deficiency in the amount of such aggregate monthly payment shall ooastituu a default under this mortgage. When such taxes, assessments, inswantx premiums and other charges faD doe. if the amounts deposited by the Mort- gagor for such purposes are not w(fcient to pay said taxes, assessmenu, insunna premiums, and other chuges, as the case may be, then due, then the Mortgagor will pay to the Mortgagee wch deficiency immediately. When such taxes, assessments, insurance premiums and outer charges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for wch taxes, assessments, inwrance premiums and other chuges, the excess may, in the discretion of the Mortgagee, be applied on wbsequent monthly payments to be made by the Mortgagor. to the event of default order 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 charges, shall be applied by the Mortgagee upon the indebtedness hereby secured in the foilowirrg 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, asseuments, insurance 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 agues that this mortgage loan and all future loans evideaoed by the aforesaid promissory rata which ue secured hereby arc made and extended by Mortgagee in reliance, in part, on the fmaatdal backgrourd and abili- ties of Mortgagor and any oo-makers, guarantors or endorsee to, jantly and severally, pay any and all variorn and sundry sums of money and the specific rate of interest payable by vutue of said promissory notes and this mortgage. These mortgage loans are understood aM agreed to be made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the e obligations coated hereunder may be aswmed or performai by any putt' other than the Mortgrgor, whether of not upon the l 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 part thereof, without the written consent of the Mortgagee, (which eoasent maybe withheld arbitrarily or granted on terms selected by Mortgages in its sob discretion) or without assumptbn both by proper exewtion of sswmptan agrcenients and rcbted forms in use by the Mortgagee and by aswmption is regulu form of bw by the grantee of the F obligatan created hereunder, then, in either of those events, and at the opSon of the Mortgagee and without notice to the Mort- ; gager or to any other putt', all sums of money secured hereby shall immediately and concurrently and upon such comreyaaee ! become due and payable and in default whether or not the same are. othervrise due and payable or is default by the specific terms hereoL The foregoing option shall be exercised by Alortgagce at its sob and complete discretion. The aforesaid consent of Mortgagee may be either granted or withheld without any requireolerit of the Mortgagee disclosing any reason therefore. Not- ' withstanding the foregoing, if the ownership of the rilortgaged premises. or any put thereof, becomes vested in a person other than the Mortgagor, the Mortgagee may deal with such successor or wccesaor is interest with reference to this mortgagee, and ~ the debt hereby secured, regardless of any change is the terms of the obligation created heretrrder, 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 t instrument in writing duly executed by the Mortgagee. . . 7. Mortgagor, at the option of Mortgagee, shall pay a "late charge" not exceeding two per antum of any said aggregate monthly installments including any installment for payment of taxes and insunnee when paid mote than ten days afar the due date thereof (provided that in no event shall said "bte chugs" result in the payment of interest in excess of the maximum interest permitted by law), to rnver the extra expense involved in handling delinquent payments. Such "late charge^ shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, antes such proceeds are first w[fr dent to discharge the entire indebtedness and ail proper costs and expenses secnred Wereby. A reasonable minimum "late charge" will be charged as customuily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late chugs," if i»curred. ' 8. To permit. commit or suffer no waste and to maintain the improvements at alt times in a sate of good repair and con- dition; urd to do or permit to be done to said premises nothing riot will alter or change the use and chuacur 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 wch repair or pose 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, ss payable after default in payment of said note. ~~j~x 3~6 P~F 1:3(L5 _ t