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HomeMy WebLinkAbout1654 ~ a • : • .1 And shall perform, comply with and chide by each and every of the stipulauuns, agrremynts,wnditions and covenants set forth in this mortgage and in the prunuswry note secured hereby, and any renewals or other notes given in accordance herewith, then this rtxutgagr and the estate hereby created shall cease and be null and void. And said Mortgagor for himself and his heirs, legal representatives, successors and aesignc, hereby convenants and agrees to and with said Mortgagee, its Irgal rrprr+entaUSrs, succe+sors and assigns: 1. To pay all and singular the principal and interest and the various and sundry sums of money payable by virtue of said µ1uu:{as.,,y uu:c+, s::a u.u u:.,::~,aXC,.aal, d::u crct~, f+cuslpuy :lay. cc~Ncau,~:~ tic Siai% uc.uTi. u'uc. 2. To pay all and +ingutar the taxes, a++ecsments, levies, Iwbilities, obligations and incumbrances of every nature and kind now un said drx•ribed property, that hereafter play be impc{syd, wlfrrrd, placed, levied or assessed thereupon, and that hereafter n{ay be levied ur accessed upern thi+ mortgage. the indebtedness secured hereby, or both, each and every, when due and payable according to law, before they becun{r delinquent, anJ before any interest attaches or any penalty is incurred; and in so far as any thereof is of record the surly shall be promptly satisfied and dixharged of record and the orginal official document (such as, for instancy, the tax resript or the sausfacuun paper offiri+lly 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 ma)• hereafter be erected upon said premises, insured against loss or damage by foe and sw:h other hoards or risks as may be required by Mortgagee in such amount or amounts as may be r uiryd by said Mortgagee, in such insurance company or companies as Mortgagee, its wccessors or assigns. may approve, and to deliver to said Mortgagee, as additiorul security hereto, the policies of such insurance and of any additional inwrance which shall be taken out upon wch buildings while an)• part of the indebtedness aforesaid shall remain unpaid, having attached to said policies such mort- gage indemnity clause as Mortgagee shall direct. Renewals of wch policies shall be so delivered at kart ten days before any such insurance shall expire. All inwrance ,arried 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 an)• and all of the insurance 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 that the Insuring Company is no longer approved by Mortgagee. In case of sale under fore- closure hrreuf, all such insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the holder of the certitiwtr of salt: and in wch events sad Mortgagee n hereby authorized to collect the unearned premium on any such policy it may cause to tx cancrllyd, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such premium towvrds the payment of premium un any such new imurance w payable to the holder of such certificate. 4, In case said Aortgagor shall neglect or refuse to keep sad premises in good repair and condition, to pay promptly when due all taxes and assessments, as afurevid, or to remove any statutory liens on said premius, or to keep the buitdingsand improvements insured, as aforesaid, and deliver the policy or policies of insurance, of the renewals thereof, to said 11lortgagee,as aforesaid, then said Mortgagee ma}•, ii. it shall sc{ elect, make repairs, maintain said property and pay such taxes and assessments, with the accrued interest, penalties, ,{fficrr'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 wid buildings in the sum, as aforesaid, or for any less sum and for such time, as coed Mortgagee may deem proper. Any sums which may be w paid out by said Mortgagee, and all sums paid out for substituted insurance: as aforenid, including the costs, expenses and aUurney'+ fry paid in any suit affecting said real estate, when neces- +an• or appropriate to protect the Gen hrreuf, shall beer interest from the date of wch payments at the same rate as is specified, in the nosy secured hrrrM, a+ payable after default in payment of vld note, shall be paid by said Mortgagor to said Mortgagee upon demand and .hall be da-rmrd a part of the drt,t hcreh} +rcurcd. and recoverable as such in all respects. Any such liens ~ claims, tags, assessments, ur tas title. +1, purchased, paid, ur redeemed by said Mortgagee shall, as bttwcen 1hC parties hereto there successors in intere+t, br dermcJ valid, +o that in nu event shall the necrcuty ur validity of -any such payments be disptrtW" ATPilhrr uu•h nr {.v \4..ro~,,..w :r. ..11...-d..n f..,n, \i,vr.. ~.11 if er:.,w I:o., ,:rv ab• ..f n. y con n... Mortgagee's, ~ - - " - 5. If requested b)• the )fortgagee, the Mortgagor, together with and in addition to the monthly payments under the terms ~ , of all notes secured hereby, on the due day of rich monthly payment and until said notes are fully paid, shall pay to the Mo;t- ' gagee an installment of the taxes and asseaments next to berumr due against the mortgaged premises, an installment of premium!"" • + next to become due tin insured policies rrgwred by the Mortgagee, and any other charges payable according to the commitment to finance. Such installments shall be equal respectively to such taxes and assessments, inwrancy 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 \lortgagry (bearing the interest fur Mortgagor) to pay such taxes, assessments, insurance premiums and other chazges. Al! pa} ments 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 pa}•ment of the terms and in the order following: la) taxes and assessments, and inwrance premiums and other charges payable according to the commitment to finance: (b1 interest tin the notes secured hereby: and (c) amortization of the principal of said notes. An} drficlrncy in the amount of such aggregate monthly payment shall constitute a default under this mortgage. N'hen such taxes, a+sessrnents. insurance premiums and other charges fall due, if the amounts deposited by the Mort- gagor fur wch purposes are nut +ufti: rent to pay .aid tau.. a++e++ments. in+uranr premiums, and other charges, as the case may ` be, then due, then the Mortgagor wdl pay to the Mortgagee wch drticiency inunediateh•.1ti•hen such taxes, assessments, insurance premiums and other charges fall due, it the amounts deposited by ihr Mortgagor fee such purposes exceed theamountsdue for II such taxes, assessments, insurance premiums and other chargr+, the t~crss may, in the diuretion of the Mortgagee, be applied tin subsequent munthls payments to he made by the \lurtgagur. In the ycrnt of default under this mortgage any unexpended f funds in the hands of ihr 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; tat interest on advance. made by the Morteagor: Ib) advances made by the Atortgager: Ic) interest on the principal; and Id) the principal debt hereby secured. N71en any such taus, assessments, imurancr premwms ur other charges tali due the Mortgagor will promptly obtain and deln'er to the Mortgagee statements with respect thereto. F, The Mortgagor represents and agrees that this mortgage loan and all future loans evidenced by the aforesaid promiswry notes which tie secured hereby are made and extended b}• 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 mone)• 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 made and extended to the Mortgagor only-. It is neither presumed, expressed or implied that the obligations created hereunder. may bers+umed or performed by any party other than the Mortgagor, whether or not upon the sale or conveyance of the premises herein described or an)• 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 tin terms selected by Mortgagee in its sole diuretion.l or without assumptan 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 Atortgarree and without notice to the Mort- gagor or to any other party, 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 ate 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. TTie 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 arty manner vitiating or discharging the Mortgagor's liability hereunder or up,n the debt hereby secured. The Mortgagor shall at all times continue liable for the ilidebtrdness secured hereby until this mortgage h 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 pry a "late charge" not e\ceeding two per centue• of any, said aggregate ~ monthly installments including am in+tallrnent fur payment of taxes and insurance when paid more than ten days after the due date thereof (provided that in nu rsrnt .hall vW "lair charge" re+ult in the paymynt of interest in excess of the maximum interest permitted by law), tx, caner the extra expense involved m handling delinquent payments. Such "late charger shall not be payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first suffi- t dent to discharge ihr entire indebtedness and all proper rusts and e\prnsec secured thereby. A reasonably minimum "late charge" will lx charged as customarily fixed by Mortgagee from time to time, and Mortgagor agrees to pay said minimum "late charge; ' if incurred. li. To permit, commit or suffer no waste end to maintain the impruvement+ at all times in a state of good repair and con- dition: and to do ur permit to be done to wid premises nothing that will alter or change the use and character of said property or in any way impair or weaken ihr security of .aid mortgage. In cast of the refusal, neglect or inability of the Mortgagor to repair and maintain said property, the Mortgagee may at its ophun make wch repair or cause the same to be made and advance monies in that behalf which sums +I{all he secured by the lien hrreuf and bray interest at the carne rate as is specified in the note secured herroy, as payable after default in payrnrnt of sold note. ~itcx 322 PEE 1649