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is free and discharged from all liens, encumbrances, and claims of any kind, including
taxes and assessments except for the second mortgage to the Land Seller in an amount
not to exceed $192,000,00; and that the Mortgagor hereby fully warrants unto the
Mortgagee the title to said property and will defend the same against the lawful
claims and demands of all persons whomsoever.
NOW, THEREFORE, the condition of this mortyage is such that if the Mortgagor
shall well and truly pay unto the Mortgagee, the indebtedness evidenced by that
certain promossory note, of even date herewith, made by the Mortgagor and payable to
the Mortgagee, in the principal sum of ONE MILLION THREE HUNDRED SIXTY FIVE THOUSAND
AND NO/100---------DOLLARS ($1,365,000.00), together with interest as therein stated,
and shall perform, -comply with and abide by each and every the stipulations, agreements,
conditions and covenants contained and set forth in this mortgage and in the promissory
note secured hereby, then this mortgage and the estate hereby created shall cease and
be null and void.
AND the Mortgagor does hereby covenant and agree:
1. To perform, comply with and abide by each and every the stipulations, agreements,
conditions and covenants contained and set forth in said promissory note and"this
mortgage deed.
2. To pay promptly the principal of and interest on the indebtedness evidenced
by the said promissory note at the times and in the manner herein and in said note
provided. -
3. To. keep the premises free from statutory liens of every kind; ttl pay all
taxes, assessments, general or special, and charges that may be levied or assessed on
or against said premises and. any amounts due on prior liens as the same become due
and payable, and before any such lien may attach, and deliver official receipts
showing such payment to Mortgagee on demand. Upon default in the payment of any such
tax, fine, assessment, charge or the amount of any such prior lien as the same shall
become due and payable, Mortgagee may, at its option, pay or cause to be paid the
amount thereof, and said aunt with any attendant expenses and fees, with interest
at the highest rate permissible under the laws of the pertinent jurisdiction (and if
no maximum rate has been promulgated, then at a rate four per cent higher than the
interest rate first set forth in the Note) shall be immediately due and payable by
Mortgagor to Mortgagee, and until paid shall be secured hereby. No such right of
payment by Mortgagee shall prevent it from exercising its option to cause the whole
indebtedness hereby secured to become immediately due and payable for such default.
Mortgagee may, at its option, and without regard to the existence or.nonexistence of
~ an such default, re ire Mort a or to de
y qu g g posit one-twelfth (1/12) of the annual total
of such taxes, fines, assessments and charges with each monthly payment of interest
~ and principal under the Note secured hereby, and Mortgagee may hold such deposits
without interest commingled with its general funds and use said deposite to pay said
taxes.
e
4. To keep the improvements now existing or hereafter erected on the premises
described by this Mortgage insured, as may be required from time to time by Mortgagee,
~ against loss or damage by, or abatement of rental income resulting from fire, and
t from such other hazards, casualties, and contingencies, in such amounts and for such
periods as reasonably may be required by Mortgagee and to deposit with Mortgagee ~
concurrently with the payments of installments due under the note one-twelfth of the ~
premiums for such insurance. All such insurance shall be carried in companies approved r
by Mortgagee and the policies and renewals thereof shall be deposited with and held
by Mortgagee without interest thereon, and have attached thereto the standard non-
contributing mortgagee clause (infavor of and entitling Mortgagee to collect any and
ail proceeds payable under all such insurance) as well as the standard waiver of
subrogation endorsement, all to be in form acceptable to Mortgagee. Mortgagor shall
not carry separate insurance, concurrent in kind or form or contributing in the event
of loss, with any insurance required hereunder. In the event of a change in ownership
or of occupancy of the said premises, immediate notice thereof by mail shall be delivered
to all insurers and in the event of loss, Mortgagor will give immediate notice to
~ Mortgagee. Mortgagor hereby authorizes Mortgagee, at its option, to collect, adjust
and compromise any losses under any of the insurance aforesaid and after deducting
Y costs of collection to apply the proceeds at its option as follows: (a) To restoring
ti the improvements if in the opinion of Mortgagee such restoration is reasonably practical,
~ in which event Mortgagee shall not be obligated to see to the proper application thereof,
nor shall the amount so released or used be deemed a payment on any indebtedness secured
hereby, or (b) As a credit, in the inverse of maturity, upon the indebtedness secured
hereby, or (c) To deliver same to the owner of said property. None of such actions
shall result in the waiving or impairing of any equity, lien or right under and by
virtue of this Mortgage. In the event of foreclosure of this Mortgage, or other transfer
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