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and shall promptly perform; comply with and abide by each and every the ~ -
stipulations, agreements, conditions and covenants of said Promissory Note
and of this Mortgage DAed, then the estate hereby created shall cease and be
nW l and void. -
AND, the Mortgagor(s) do hereby covenant and agree as follows: _
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, on
either, 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 Oeed 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 1
delinquent, and if the same shall riot be promptly paid} the Mortgagee 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 proper-ty
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 Pranissory Note secured by this Mortgage,-
- including both fire and extended coverage insurance. Where appropriate, '
said policy or policies shall be 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 -
poiicy 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 reoeive 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 ~f the Nbrtgagor(s)
to comply with said demand of the Mortgagee fora 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 Mortgages and apply for the
_ appointment of a Receiver, as hereinafter provided.
5. Mlithout the express prior written-consent of the Mortgagee,
to permit no exploration for, nor mining, or other ~r~eans of~production,
of minerals or other natural resources.
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X317 p~24ii.