HomeMy WebLinkAbout2166 And shall perform, comply with and chide by each and every of the stipulations, agreements conditions and covenants eel
forth in this mortgage and in the promissory note secured hereby, and any renewals or other notes given in accordance herewith,
then this mortgage and the estate hereby created shall cease and be null and void.
And said Mortgagor far himself and his heir, legal representatives, successors and assigns, hereby convenants and agrees to
and with uid Mortgagee, its legal representatives, successors and assigns:
1, To pay all and sirrgulu the principal and interest and the various and sundry sums of money payable by virtue of uid
promissory notes, and this mortgagc, each and every, promptly on the days respectively the same bernme due.
2, To p:y al! and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind
now on said described property, that hereafter may be imposed, suffered, placed, levied or assessed thereupon, and that hereafter
may be levied or assessed upon this mortgage, the indebtedness secured hereby, or both, each and every, when due and payable
according to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and in sD fu as any '
thereof is of record the same shall be promptly utisfied and dischuged of record and the orginal ol<cial document (such u, for
instance, the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of Mortgagee with-
in ten days next after payment.
3. To keep said buildings, and any which may hereafter be erected upon said premiss:, inwred against loss or damage by
foe and such other hazuds or risks as may be required by Mortgagee in wch amount or amounts as maybe aired by slid
Mortgagee. in wch insurance company or companies as Mortgages, its wccssson or assigns. may approve, and to deliver to said
Mortgagee, as additional security hereto, the policies of such insurance and of any additional insurance which shall be taken out
upon wch buildings while any put of the indebtedness aforesaid shall remain unpaid. having attached to said policies wch mort-
gage indemnity clause as Mortgagee shall duect. Renewals of wch policies shall be so delivered at least ten days before any such
insurance shall expire. All insurance carried shall be utisfactary to said Mortgagee. Any wm which may become due under any
such pdicy may be applied by said Mortgagee, at its option. either to reduce said debt or to repair or replace the improvements
covered by said pofiey. Said Mortgagee may procure and substitute for any and all of the inwraltce so held as aforeuid, such
other policy or policies of insurance, in like amount, u it may determine, provided Mortgagor fails to replace any such insurance
within ten days after being notified that the Insuring Company ri no longer approved by Mortgagee. In case of ale under forc-
closurc hereof, all wch insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the
holder of the certificate of sale; and in such events said Mortgagee is hereby authorized to collect the unearned premium on any
such policy it may cause to be cancelled, regardless of whether uid premium is paid by Mortgagor or Mortgagee, and apply such
premium towards the payment of premium on any such new inwrance so payable to the holder of such Certificate.
4, In case said Mortgagor shall neglect or refuse to keep said premises in good repair and condition, to pay promptly when
due all taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and
improvements insured, u aforesaid, and deliver the policy of policies of insurance, or the renewals thereof, to said Mortgagee,u
aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said property and pay such taxes and assessments,
with the accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises which may have been sold or for-
feited for taxes or assessments thereon, purchase any tax title thereon, remove any statutory liens and prosecute or defend any
suits in relation thereto, insure and keep insured said buildings in the sum, as aforesaid, or for any Tess sum and for such time, as
said Mortgagee may deem proper. Any sums which may be so paid out by said Mortgagee, and all sums paid out for substituted
insurance; as aforesaid, including the costs, expenses and attorney's Fee paid in any wit affecting said cal estate, when neces-
sary or appropriate to protect the lien hereof, shall bear interest from the date of such payments at the same rate as is specified,
in the note secured hereby, as payable after default in payment of said note, shall be paid by said Mortgagor to said Mortgagee
upon demand and shall be deemed a part of the debt hereby secured, and recoverable as such in all respects. Any wch liens
claims, taxes, assessments, or tax titles so purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto
their successor in interest, be deemed valid, so that in no event shall the necessity or validity of any such payments be disputed.
Neither such payment by i?lortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right of
Mortgagee's,
S, If requested by the Mortgagee, the Mortgagor, together with and in addition to the monthly payments under the terms
of all notes sccurcd hereby, on the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort-
gagee au installment of the taxes and assessments next to become due against the mortgaged premises, an installment of premiums
next to become due on insured policies required by the Mortgagee, and any other charges payable according to the rnmmitment
to finance. Such installments shall be equal respectively to such taxes and assessments, insurance premiums and other chuges, all
as estimated by the Mortgagce, less all sums already paid thereon, divided by the number of months that are to elapse before one
month prior to the date when such taxes and assessments, insurance premiums and other charges will become due. Said install-
ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insurance premiums
and other charges. All payments made under the term of this paragraph and under the note secured hereby shall be added
together and the aggregate amount thereof shalt be paid by the Mortgagor in a single payment each month to be applied by the
Mortgagee in payment of the terms and in the order following: (a) taxes and assessments, and inwrana premiums and other
charges payable according to the commitment to finance; (b) interest on the notes secured hereby; and (c) amortization of the
principal of said notes. Any deficiency in thramount of such aggregate monthly payment shall constitute a default under this
mortgage. When such taxes, assessments, insurance premiums and other charges fall due, it the amounts deposited by the Mort-
gagor for such purposes are not sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the pee may
be, then due, then the Mortgagor will pay to the Mortgagee such deficiency immediately. When such taxes, assessments, insurance
premiums and other charges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for
such taxes, assessments, insurance premiums and other charges, the excess may, in the discretion of the Mortgagee, be applied
on subsequent monthly payments to be made by the Mortgagor. In the event of default under 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 following order-
(s) interest on advances made by the hortgagee; (b) advances made by the Mortgagce; (c) interest on the principal; and (d} the
principal debt hereby secured. When any such taxes, assessments, 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 agrees that this mortgage loan and all future loans evidenced by the aforesaid promissory
notes which are secured hereby are made and extended by Mortgagee in reliance, in pari, on the financial background and abili-
ties of Mortgagor and any co-makers, guarantors or endorsee to, jointly and severally, pay any and all various and wndry sums of
money and the specific rate of interest payable by virtue of said promissory notes and this mortgage. These mortgage loans arc
understood and agreed to be nude and extended to the Mortgagor only. It is neither presumed, expressed or implied that the
obligations created hereunder may be assumed or performed by any putt' other than the Mortgagor, whether or not upon the
sale or rnnveyance of the premises herein described or any part thereof. if a conveyance shouhl be made by the Mortgagor of the
premises herein desrn'bed, or any part thereof. without the written consent .of the Mortgagee, (which~cbtuent may be withheld
arbitrarily or granted on terms selected by Irfortgagce in its sole discretion,) or without assumptan both by proper execution of
assumption agreements and related forms in use by the Mortgagee and by aswmption in regular form of law by the gnntce of the
obligations created hereunder. then, in either of those events, and at the option of the Mortgagee and without notice to the Mort-
gagor or to any other putt', all sums of money secured hereby shall immediately and concurrently and upon such conveyance
become due and payable and in default whether or not the same are otherwise due and payable or in default by the specific
terms hereof. The foregoing option shall be exercised by Mortgagee at its sole and complete discretion. The aforesaid consent of
Mortgagee may be either granted or withheld without any requirement oC the Mortgagee disNosing any reason therefore. Not-
withstanding the foregoing, if the ownership of the mortgaged premises, or any put thereof, becomes vested in a person other
than the Mortgagor, the Mortgages may deal with such successor or successors in interest with reference to this mortgagee, and
the debt hereby secured, regardless of any change in the terms of the obligations created hereunder, 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
instrument in writing duly executed by the Mortgagee.
7. Mortgagor, at the option of Mortgagee, shall pay a "late charge" not exceeding two per centum of any said aggregate
monthly installments including any installment for payment of taxes and insurance when paid more than ten days after the due
date thereof (provided that in no event shall said "late charge" result in the payment of interest in excess of the maximum
interest permitted by law), to cover 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, unless such proceeds are first suffi-
cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "fate charge"
will be charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late chuge; '
if incurred.
8. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and con-
dition; and to do or permit to be done to said premises nothing that will alter or change the use and chuacter of said property or
in any way impair or weaken the security of said mortgage. In pee of the refusal, neglect or inability of the Mortgagor to repair
and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advance monies
in that behalf which wms shall be secured by the lien hereof and bear interest at the ume rate as is specifxd in the note secured
hereby, u payable after default in payment of said note.
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