HomeMy WebLinkAbout1000 t. Mortgagors shall pay the principal and Interest nerd the various and sundry sums of money payable by v'atue of said Promis•
sory Nota and this Mortgage and every other instrument securing said Note, promptly oa the days the same become due, and Mort
gagers ryill prompty portorm and coi~pty with tacb and every other eovenaut and agreement to said Promissory Note a<~d this Yert -
gage and every other instrument secwing said Note.
2. Mortgagors shall pay and discharge u the same become due all taxers and usessments (except income taxes of Mortgagee)
that may accrue, be levied, or assessed upon the premises of any part thereof. or which may be or become a lien prior to the Ilea
of this Mortg~e or bane priority fn payment to the debt secured hereby, or upon Mortgagee's interest therein or upon this Mortgage
or the indebtedneu er evidence of_indebtedness secnred hereby, without regard to any law heretofore or hereafter enacted impos-
ing payment of the whole or any part thereof upon Mortgagee; upon the passage of any law imposing the payment of the whole or
any part thereof upon Mortgagee or upon the rendering by any appellate court of competent jurisdiction of a ~aGcion that the under-
taking by Mortgagors to pay such taxes is legally inopentire, then the indebtedness hereby secnred. without dauuction, shag, at the
option of Mortgagee, become immediately due and payable, aotwitbstanding anything contained is the Mortgage or any law ~ereto~
tore or hereafter enacted; and Mortgagors shall not suffer u permit any such taxes or assessments on the said premises, or which .
may be or become a lien on the premises, to become ~ remain delinquent or permit nay part thereof or any interest therein to be
sold for nay taxes or usessmeats; ANO FURTHER. shall fiiirnish annually to Mortgagee, at its principal office, at least thirty (30)
days prior to tb~ date when they would become delinquent. receipts of the proper officer showing fuH payment of all such taxes and
assessments. If Mortgagors shall fail to limey deliver such receipts to Mortgagee u so required, the Mortgagee, at its option, may
here the public records of the County wherein the premius is situated seuched to determine that all such taxes and assessments
have been paid. H sacb search is made, the Mortgagors agree to pay the costs of wch search. which cost sbaH be paid from escrow
funds is Mortgagee's, or its agent's possession, if nay; or N not, same be added to the indebtedaeu secured by this Mortgage.
3. Mortgagors shall pay alf debts, claims, or other charges that may become liens against the premises or nay part- thereof f
for repairs or improvements flat may dare been, or may hereafter 6e, made on the premises and shall not permit nay lien or en- i
cnmbraace of nay kind which might become superior to the title of Mortgagee or the lien of this Mortgage to accrue or remain oa #
the premises or airy part thereof.
4. Mortgagors shall, at Mortgagors' sole expense, provide, constantly maintain and deliver to Mortgagee policies of fire and
extended covenge insurance and as insurance policy upon the buildiags,improremeats and personal property now or hereafter situate
on the premises and -shall provide, constanty maintain and deliver to Mortgagee sacb liability insurance, rent insurance against
abatement of rents. and other insurance against web insurable hazards, casualties and contingencies as may be required by Mortgagee.
The aforesaid iasonnce must be upon policy forms and with companies in form and in amounts of coverage satisfactory to Mortgagee.
Mortgagors shall ass~gm and del'ner to Mortgagee; with satisfactory mortgagee clauses and with loss payable solely-to Mortgagee. all
sacb insurance policies of any kind or in any amount now or hereafter so issued, upoq or in respect of the premises, together rntb
paid receipts for current year's premium thereon; and not less than twenty (2~ days in advance of the expiration of such policy, to
deliver to said Mortgagee a renewal thereof, together with a paid receipt for the premium of such renewal. There shall be no such
insurance placed on any of said buildings, any interest therein or part thereof, unless in the form and with the loss payable as afore-
said. Mortgagors shall .give immediate notice in writing to Mortgagee of nay loss or damage to the premises or in respect thereof
caused by nay casualty. The Mortgagee shall bare the right to usiga all such policies to any assignee of this Mortgage ~r to the _
purchaser at any foreclosure sale hereunder. or any sale in lieu of foreclosure. Mortgagors shall give Mortgagee immediate notice at
its principal office of any loss or damage to .the premises caused by nay casualty. la the erect of loss under any policy required
to be deposited with the Mortgagee, the proceeds thereof shall be paid 6y the insurer to the Mortgagee, who shall hate the right
to settle or compromise claims udder all sacb policies and to demand. receive and receipt for all monies becoming payable thereunder. -
Mortgagee. in its sole discretion, shall apply the proceeds of sacb policy paid by the insurer to the .Mortgagee, wholly or partially
after deducting all costs of collection, including reasoable attorneys' fees, either as a payment on account of sacb part of the mdebt-
edaeu secured hereby as Mortgagee may elect, without affecting the ~r~.~runt or time for payment of other installments required here-
under, whether or not then due or payable, or toward the alteration, reconstruction, repair or restoration of the premises. either to
the portion thereof damaged by such loss thereon or any portion thereof. The Mortgagee shall not be liable for the insolvency or ir- ~
respansibility of nay company approved or auepted or selected by Mortgagee.
5. Mortgagors, in addition to the required payments of principal and interest, agree to pay to Mortgagee on the first day of
each month, commencing on the first installment of principal and interest, a sum equal to the premiums which will next become due
on policies of fire and other insurance required by this Mortgage. plus taxes and assessments next due on the premises (all as esti-
mated by Mortgagee), less all sums already paid therefor or deposited with Mortgagee for payment thereof divided by the number of
months to elapse before one month prior to the date when such premiums, taxes and assessments will become due. such sums to be
held by Mortgagee without interest, to pay such premiums, taxes nerd assessments when due. No interest_ shall be due or payable
on the sums meetioned in this paragraph. ff the amount of such deposits shall exceed payments made by Mortgagee for sacb pre•
miums, taxes and assessments, the excess shall be credited on subsequent payments to be made by Mortgagors. ff sacb deposits shall
be insufficient to pay such insurance premiums, taxes and assessments when due, Mortgagors will pay to Mortgagee the amount of
the deficiency on the first day of the month following determination of the deficiency. H there shall be a default under airy of the
provisions of this Mortgage resulting in a public sale of the premises covered hereby, or if the premises are otherwise acquired after
default, Mortgagee shall be, and hereby is, authorized and empowered to apply, at the time of the commencement of sacb proceed- _ ,
ings, or at the time the premises are otherwise acquired, the amount of such deposits as a credit on the interest accrued ~~d ua•
paid and the balance, if nay. to principal then remaining unpaid oa the Note secured hereby. (see below)
6. Mortgagors shall keep the premises in good condition and repair, reasonable wear and tear excepted. Mortgagors shall #
not permit or perform airy act which in any way impairs the value of the premises, nor remove any fixture nor remove nor demolish a
any building or improvement located on the premises, nor alter the arrangement, design or structural character thereof, nor make airy
repairs which involve removal of structural parts or the exposure of the interior of such building to the elements, nor erect or permit
to be erected any new buildings on the premises or add any addition to existing improvements without the prior written consent of
Mortgagee. Mortgagors shall not commit nor permit waste of the premises. }
7. Mortgagors shall comply with ali laws, ordinances. covenants, regulations, conditions and restrictions affecting the pre-
mises, and shall not suffer or permit any violations thereof. r
8. ff Mortgagors fail to insure the premises, or to pay and furnish receipts for all taxes and assessments, or to pay debts, ?
claims, or other charges for repairs and improvements, or to keep the premises in good condition and repair, all as provided herein,
Mortgagee may, at its option, procure web insurance, pay such taxes and assessments, redeem the property from any tax sale, pro-
cure wch receipts, or enter upon the premises and make sacb repairs u it may deem necessary; and Mortgagors shall pay to Mort-
gagee all sums which it shall have so paid, together with interest thereon at a me equal to the highest per annum interest rate now
allowed by the laws of the State of Honda, from the date the same wu paid, and for payment thereof, this Mortgage -shall stand
as security in like manner and effect as for the payment of the indebtedness referred to above; but the failure of Mortgagee to procure
sacb insurance, to pay such taxes and assessments, to redeem the property from nay tax sale, or to make repairs ;ball in no way
render Mortgagee liable to Mortgagors. H Mortgagee shall elect to advance insurance premiums, taxes, or usessmeats, or redeem -
from tax sale, the receipt of the insurance tympany or of the proper tax official shall be conclusive evidence of the amount, validity,
and the fact of payment thereof.
Notwithstanding anything stated herein to the contrary, as long as
Mortgagor is not in default hereunder, Mortgagor shall not be required
to 3eposit with Mortgagee the sums set out in paragrppaAph 5 hereof.
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