HomeMy WebLinkAbout2420 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 pruntiswry 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 for himself and hi: heir, legal representatives, successors and assigns, hereby convenants and agrees to
and with said Mortgagee, its legal representatives, successors and assigns:
1. To pay all and singular the principal and interest and the various and sundry wms of money payabk by virtue of said
promissory notes, and this mortgage, each and every, promptly on the days respectively the same beca+r.: due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrances of every nature and kind
nuw• un said deuribed property, that hereafter may be imposed, suffered, placed, levied or assessed thereupon, and that hereafter
may be lewd 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 so far as any
thereof is of record the same shall be promptly satisfied and diu:harged of record and the orginal official document (such as, for
instancx;, the tax receipt ur the satisfaction paper officially endorsed or certified) shall be placid 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 as nuy be required by Mortgagee in wch amount or amounts as maybe wired by said
Mortgagee, in such insurance company or companies as Mortgagee, its successors or assigns, msy approve, and to deliver to said
Mortgagee. as additional security hereto, the policies of suci? insurance and of any additional inwrance which shall be taken out
upon wch buildings while any put of the indebtedness aforesaid shall remain unpaid, having attached to said policies such mort-
gage indemnify 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 card Mortgagee. Any sum which may become due under any
such policy may be applied by said Mortgagee, a1 its option, either to reduce said debt or to repair or replace the improvements
~nvered by said policy. Said Mortgagee may procure and substitute for any and all of the inwrance so held as aforesaid, such
usher policy or policies of insurance, in like amount, as it may determine, provided Mortgagor fails to replxe any such insurance
within ten days after being notified that the Insuring Company is no longer approved by Mortgagee. In case of sale under fore-
rlosurc hereof, all such 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 un any
such policy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such
premium towards the payment of premium on any such new insurance so payable to the holder of such certificate.
4, In case said Mortgagor shall neglect or refuse to keep said premises in good repass and condition, to pay promptly when
due a!1 taxes and assessments, as aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and
improvements insured, as aforesaid, and deliver the policy or policies of insurance, or the renewals thereof, to said Mortgagee,as
aforesaid, then said Mortgagee may, if it shall x+ elect, make repairs, maintain said property •rnd 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 an)• statutory liens and prosecute or defend any
suits in relation thereto, insure and keep insured said buildings in the sum, as aforesaid, ur for any less 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 aloresrd, including the costs, expenses and attorney's far paid in any suit affecting said real estate, when neces-
sary ur apprupriatc to ptuteit the lien hc:cuf, 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 hereb)• secured, and recoverable as such in all respects. Any such liens
claims, tares, assessments, or tax titles u+ purchased, paid, or redeemed by said Mortgagee shall, as between the parties hereto
their successors in interest, be deemed valid, so that in no event shall the necessity ur validity of any wch payments be disputed.
Neither such payment by Mortgagee nor its rullertion from Mortgagor shall waive or affect any option, lien, equity or right of
Mortg:rgec's.
5. If requested by the Mortgagee, the Mortgagor, together with and in addition to the monthly payments under the terms
of all notes secured hereby, un the due day oC each munthl)• payment and until said notes are fully paid, shall pay to the Mort-
gagee ao installment ut the taxes and assessments next to bernme due against the mortgaged premises, an installment of premiums
next to become due on insured policies required by the Mortgagee, and any other charges payabk according to the commitment
to finance. Such installments shall be equal respectively to such taxes and assessments, inwrance premiums and other charges, all
as estimated by the Mortgagee, 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 shall be paid by the Mortgagor in a single pa)•ment each month to be applied by the
Mortgagee in payment of the terms and in the order following: (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 fur such purposes are nut sufficient to pay said taxes, assessments, insurance premiums, and other charges, as the rase may
be, then due, then the Mortgagor will pay to the Aortgagee such detciency immediately. When such taxes, assessments, insurance
~ premiums and other charges fall due, if the amounts deposited by the Murtgag.+r for such purposes exceed the amounts due fur
wch taxes, assessments, insurance premiums and other charges, the excess may, in the discretion of the Mortgagee, be applied
on subsequent monthly payments to tie made by the Mortgagor. In the event of default under this mortgage any unexpended
funds in the hands of the Mortgagee deposited by the Murlgay:or 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 blorlgagee; Ib) advances made by the Murtgrgee; Ic) 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
'E will promptly obtain and deliver to the Mortgreee 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 part, on the financial background and abili-
ties of Mortgagor and any co-makers, 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 said 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 or conveyance of the premises herein described or any part thereof. If a conveyance should be made by the Mortgagor of the
premises herein described, or any part thereof, without the written consent of the Mortgagee. (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 M~rt-
gagor or to any other party, all sums of money secured hereby shall immediately and concurrently and upon such conveyance
becorne 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 aid 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
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 rover the extra expense involved in hardling 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 sufti-
[ dent to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "late charge" -
# will t+e charged as cwtomarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge; '
if incurred.
13. 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 ur permit to be done to said premises nothing that will alter or change the use and character of said property or
in any wad impair or weaken the security of said mortgage. In case of the refusal, neglect or inability of the Rortgagor 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 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.
• ''x 321 Pl~E 24.7
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