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HomeMy WebLinkAbout2413 And shall perform, comply with and abide by each and every of the stipulations, agreements,conditiuns and covenants set forth in this mortgage and in the prontiswry note secured hereby, and any renewals or other notes given in accordance herewith, then this mortgage and the estate hereby created shah cease and bo null and void. And said Mortgagor for himself and his hero, legal representatives, successor and assigns, hereby ronvenants and agrees to and with said Mortgagee, its legal representatives, success~rsrnd assigns: 1. To pay all and sitgtulu the principal and interest and the various and sundry sums of money payable by virtue of said promissory notes, and this mortgage, each and every, promptly uu the days respectively the same become due. 2. To pay a!1 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 u incurred: and in so far as any thereof is of record the same shall be promptly satafied and discharged of record and the arginal official document (such as, 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 premises, insured against loss or damage by foe and such other hazards or risks u may be required by Mortgagee in such amount or amounts as may be wired by said Mortgagee, in such insurance company or companies u Mortgagee, its successors or usigns, may approve, and to deliver to said Mortgagee, as additional security hereto, the policies of such inwrance and of any additional insurance which shall be taken out upon such buildings while any put of the indebtedness aforesaid shall remain unpaid, having attachod to said policies such mort- gage indemnity clause as Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any such insurance shall expire. All insurance carried shall be satisfactory to said Mortgagee. Any sum which may become due under any such policy may be applied by said Mortgagee, at its option, either to reduce said debt or to repair or replace the improvements covered by said policy. Said Mortgagee may procure and substitute for any and all of the inwrance so held as aforesaid, such other policy or policies of insurance, in like amount, as it may determine, provided Mortgagor fails to replace any such insurance within ten days after being notified.ihat the Insuring Company is no longer approved by Mortgagee. In case of sale under fore- clusure hereof, all surh insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the holder of the certificate of sale; and in surh events sad Mortgagee is hereby authorized to collect the unearned premium on any wrh policy it may cause to be r.ncrllyd, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such premium towards the payment of premium un any such new insurance su payable to the holder of such certificate. 4, In rase said Alurigagor 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 insure-d, as aforesaid, and deliver the policy or policies of insurance, or the renewals thereof, to said Atortgagee,as 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 whk-h may have been sold 6r for- feited for taxes ur 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 less sum and for such time, as said Mortgagee may deem proper. Any sums which ntay be so paid out by said Mortgagee, and all sums paid out for substituted insurance; as aforesaid, including the costs, expenses and attorney's ire paid in any suit affecting said real 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 payableaiter default in payment of said note, shall be paid by said hiortgagur to said Mortgagee upon demand and shall be deemed a part of the debt hereby se~ured,rnd rrroverable as such in all respects. Any such liens Maims, taxes, aasessmentc, or tax titles w purchased, paW, ur redeemed by said Mortgagee shall, as between the parties hereto their succeswrs in interest, be deemed valid, su that in no event shat! the necessity or validity of any such payments be disputed. Neither surh payment by \turtgager nor its collection from Mortgagor stall waive or affect any option, lien, equity or right of Mortgagee's. 5, if requested by the Mortgagce, the Mortgagor, together with and in addition m the monthly payments under the terms of all notes secured hereby, un the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- gagee an installment of the tares and assessments next to be~rome due against the mortgaged premises, an installment of premiums next to become due on insured poicies required by the Mortgagee, and any other charges payable according to the commitment to finance. ~twb jpslaUrrtent~shall be equal respectively to such taxes and assessments, inwrance premiums and other charges, all u estimated by the Mortgagee, lest aB wms already paid thereon, divided by the number of months that are to elapse before one month prior to-~liddate vr1)ep.sucsh taxes and assessments, inwranre premiums and other charges will become due. Said install- ments shall be held by the Mortgagee (bearinE the interest for Mortgagor) to pay surh taxes, assessments, insurance premiums and other charges. All payrniAt3`i0de .trader .the term of this paragraph and under the note secured hereby shall be added together and the aggre~ amount thereofj' shall be paid by the Mortgagor in a single payment each month to be applied by the Mortgagee in paymen i~A?y ird%tn -tM order toHowing: (a) taxes and assessments, and inwrance 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 the amount of such aggregate monthly payment shall constitute a default under this mortgage. When such taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort- gagor for surh purposes are rot sufficient to pay via taxes, assessments, insurance premiums, and other charges, as the rase may be, then due, then the Mortgagor will pay to the Mortgagee surh deficiency immediately. When such taxes, assessments, insurance premiums and other charges tall due, if the amounts deposited by the Murtgagur for such purposes exceed the amounts due for surh taxes, assessments, insurance premiums and other charges, the rxcesc may, in the dixretion 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 m the hands of the Mortgagee deposited by the Murtgagur 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, (a) interest on advances made by the Mortgagee; (b) advances made by the Mortgagee: (r) interest on the principal; and (d) the principal debt hereby secured. When any such taxes, assessments, insurance premiums or other charges tall due the Mortgagor swill promptly obtain and deliver to the Mortgagee statements with respect thereto. 6. The Mortgagor represents and agees 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 par!, on the financial background and abili- ties of Mortgagor and any co-makets,guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums of money and the specific rate of interest payable by virtue of sajd promissory notes and this mortgage. These mortgage loans are understood and agreed to be made 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 party other than the Mortgagor, whether or not upon the sale ur conveyance of the premises herein described or any part thereof. If a conveyance should be made by the 1liortgagor of the premises herein described, or any part thereof, without the written consent of the Mortgages, (which consent may be withheld arbitrarily or granted on terms selected by Mortgagee in its sole discretion,) or without assumption both by proper execution of assumption agreements and related forms in use by the Mortgagee and by assumption in regular form of law by the grantee 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 puty, 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 of the Mortgagee disclosing any reason therefore. Not- withstanding the foregoing,-if the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other than the Mortgagor, the Mortgagee 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 sitiating 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 fornully 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 nu 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 our of the proceeds ofrny 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 "late charge" will be charged as customarily fixed by Mortgagee from time to time, and :Mortgagor agrees to pay said minimum "late charge; ' if incurred. ti. To permit, commit or suffer no waste and to maintain the improvements at all times in a state of good repair and ron- ditiun: and to do or permit to be done to said premises nothing that will alter or change the use and character of said property or in any way impair or weaken the security of said mortgage. In rase of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its option make surh repair or cause the same to be made and advance monies in that behalf which sums shall be secured by the lien hereof and bear interest at the same rate u is specified in the note secured hereby, as payable after default in payment of said note. a~3{j~3~1 PeCE24~O