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;and shall rom tl
p p y perform, comply with and abide_by each and every the
stipulations, agreements,~conditions end covenants_of said Promissory Note
:;and of this Mortgage~Qeed, then the estate hereby created shall cease and be
null and void.
- t
AND, the Mortgagor(s) do hereby covenant and agree as follows:
i',
1. To pay all and singular the principal and interest and other
:sums of money payable by virtue of said Promissory Note and this Mortgage, or '
neither, promptly on the days respectively, the same severally come due and to
_ ~ ,perform, comply with and abide by each and every of the stipulations, agree-
ments, conditions and covenants in said Promissory Note and Mortgage Deed set
forth. -
2. To pay all and singular the taxes, assessments, levies, -
liabilities, obligations and encumbrances of every nature on said property
:each and every when due and payable according to law, before they become
delinquent, and if the same shall not be promptly paid, the Nbrtgagee may at
any time, either before or after delinquency, pay the same without waiving or
.affecting the option to foreclose; or any right hereunder, and every payment
so made shall bear interest from the date thereof at the same rate as the
principal indebtedness payable semi-annually.
3. To keep the buildings and all equipment and personal property
-now or hereafter on said premises fully insured in a sum-of not less than
the full cash value thereof, but in no event less than a sum at least equal
to the unpaid balance of the Promissory Note secured by this Mortgage,
:including both fire and extended coverage insurance. Where appropriate, -
said policy or policies shall 6e held by the Mortgagee and shall bear a
,Standard New York Mortgagee-Clause without contribution, making the loss
_ under said policy or policies payable to the Mortgagee as its interest may
appear; and in the event any sum of money becomes payable under any such
policy or policies, the Mortgagee shall have the option to receive and apply
the same on account of the indebtedness hereby secured, or to permit the
Mortgagor(s) to receive and use it, or any part thereof, for other purposes
without thereby waiving or impairing any equity, lien or right under and by
virtue of this Mortgage; and in the event the Mortgagor(s) do not comply
with this covenant, the Mortgagee may place and pay for such insurance or
any part thereof without waiving or affecting the option to foreclose, or
any other right hereunder, and each and every payment so made shall bear
_interest from date thereof at the same rate as the principal indebtedness,
payable semi-annually.
4. To permit, commit or suffer no waste, impairment or
deterioration of said property, or any part thereof, and, upon~the failure -
- of the Mortgagor(s) to keep-the buildings on said property in good
.condition of repair, the Mortgagee may demand the immediate repair of
said buildings, or an increase in the amount of security, or the immediate
repayment of the debt hereby secured, and the failure of the Mortgagor(s)
to comply with said demand of the Mortgagee-for-a period of thirty (30)
days shall constitute a breach of thie Mortgage, and, at the option of
the Mortgagee, immediately mature the entire amount of principal and
interest hereby secured, and immediately and without notice the Mortgagee
may institute proceedings to foreclose this Mortgage and apply for the
appointment of a Receiver, as hereinafter provided.
5. Without the express prior written consent of the Mortgagee,
to permit no exploration for, nor mining, or other means of production,
- of minerals or other natural resources.
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