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HomeMy WebLinkAbout0537 COVENANTS The Mortgagor does hereby covenant and agree: 1. That the Mortgagor is indefeasibly seized of said land in fee simple; that the Mortgagor has full power and lawful right to convey ,~iid land in fee simple as aforesaid; that it shall be lawful for the Mortgagee at all times peaceably and quietly to enter upon, hold, cupy and enjoy said land; that said land is free from all encumbrances; that the Mortgagor will make such further assurances to perfect tr,~ fee simple title to said land in the Mortgagee as may reasonably be required; and that the Mortgagor does hereby fully warrant the t~tte to said land and will defend the same against the lawful claims of all persons whomsoever. 2. To pay all and singular the principal and interest and other sums of money payable by virtue of said promissory note and this rT,ortgage, or either, promptly when due and payable. 3. To pay all and singular the taxes, assessments, levies, liabilities, obligations, and encumbrances of every nature on said described ~~ruperty when due and payable according to law, to indemnify the Mortgagee, upon its demand, for alt taxes, assessments and charges that may be assessed upon this mortgage or the indebtedness secured hereby and paid by the Mortgagee without regard to any law heretofore enacted or hereafter to be enacted imposing payment of the whole or any part thereof upon the Mortgagee. 4. That, the Mortgagor wilt keep all real and personal property now or hereafter encumbered by the lien of this mortgage insured as .,,ay be required from time to time by the Mortgagee against loss by fire, windstorm and other hazards, casualties and contingencies for such periods and for not less than such amounts as may be required by the Mortgagee and to pay promptly when due all premiums for such insurance. The amounts of insurance required by the Mortgagee shall be the minimum amounts for which said insurance shall be ,•rritten and it shall be incumbent upon the Mortgagor to maintain such additional insurance as may be necessary to meet and comply f;~lly with alt co-insurance requirements contained in said policies to the end that said Mortgagor is not a co-insuror thereunder. Insurance ;hall be written by a company or companies and through an agency approved by the Mortgagee and~ll policies and renewals thereof shall tie held by the Mortgagee. All detailed designations by the Mortgagor which are accepted"by the Mortgagee and all agreements between t!te Mortgagor and the Mortgagee relating to insurance, now existing or hereafter made, shall be in writing and shall be a part of this r-iortgage agreement as fully as though set forth verbatim herein and shall govern both parties hereto and their successors and assigns. No en upon any of said policies of insurance or upon any refund or return premium which may be payable on the cancellation or rmination thereof, shall be given to other than the Mortgagee, except by proper endorsement affixed to such policy and approved by th~~ Mortgagee. Each policy of insurance shall have affixed thereto a Standard New York Mortgage Clause without Contribution, making ,il loss or losses under such policy payable to the Mortgagee as its interest may appear. In the event any sum or sums of money become ;payable thereunder the Mortgagee shall have the option to receive and apply the same on account of the indebtedness hereby secured, or Eiermit the Mortgagor to receive and use it, or any part thereof, without thereby waiving or impairing any equity, lien or right under ~a-;d by virtue of this mortgage. In the event of loss or physical damage to the mortgaged property the Mortgagor shall give immediate ~~utice thereof by mail to the Mortgagee and the Mortgagee may make proof of loss if the same is not made promptly by the Mortgagor. I~~ event of foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the indebtedness ~~rcured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 5. That, if the Mortgagee and the Mortgagor agree, the Mortgagor will carry a policy or policies of insurance upon the life of any i `.?ortgagor in amounts mutually agreeable to the Mortgagor and the Mortgagee, making the Mortgagee beneficiary thereunder, and that i the Mortgagee may pay the premiums for such insurance (in the event the Mortgagor does not) and add each such payment to the unpaid iI tk~lance of the loan. as of the first day of the then current month, and such premiums when paid by the Mortgagee, shall become ~ciditional indebtedness secured by this mortgage payable upon demand. f 6. That, in the event that this mortgage encumbers a condominium unit, then the Mortgagor will comply with all applicable provisions ~,f the Declaration of Condominium and alt applicable provisions of, and rules and regulations under, any association and By-taws rxeated I ;rider such association, including, but not limited to, the payment of the Mortgagor's proportionate share of common expenses, as may ix' determined by such association, in accordance with the Declaration of Condominium, Articles of Incorporation of such association, or i3y-laws under such asociation; and any default by the Mortgagor in performance of the Mortgagor's obligations under such instruments and other like documents shall constitute a default hereunder. In the event that this mortgage encumbers a cooperative unit, then the Mortgagor will comply with all applicable provisions of By-Laws, House Rules, or other like documents; and any default by the '.'ortgagor in the performance of the Mortgagor's obligations under such instruments shall constitute a default hereunder. 7. To deliver to the Mortgagee, immediately upon payment, receipts evidencing the payment of all taxes, assessments, levies, I:ahilities, obligations, and charges imposed on, or by reason of ownership of, the property covered by this mortgage. 8. To pay all and singular the costs, charges, and expenses, including attorney's fees, (through appellate proceedings), reasonably ~r~curred or paid at any time by the Mortgagee, because of the failure of the Mortgagor to perform, comply with and abide by each and .eery the stipulations, agreements, conditions and covenants of said promisory note and this mortgage, or either. 9. That, the Mortgagee may, at its option, and without waiving its right to accelerate the indebtedness hereby secured and to foreclose ~ *,his mortgage, or any other right hereunder, pay either before or after delinquency any or all obligations required by the terms hereof to ~ rW paid by the Mortgagor for the protection of the mortgage security or for the collection of the indebtedness hereby secured. All sums so advanced or paid by the Mortgagee shall be charged into the mortgage account and become an integral part thereof, subject in all respects to the terms, conditions, and covenants of this mortgage and the promissory note secured thereby, as fully and to the same f:xtent as though a part of the original indebtedness evidenced by said note and secured by this mortgage, excepting, however, that said sums shall be repaid to the Mortgagee forthwith upon its demand and be in addition to the regular monthly installments provided by said promissory note. 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