HomeMy WebLinkAbout2081 And dull perform, comply with and chide by each and every of the stipulations, agreements,conditiunscnd covenants set
forth in this mortgage and in the prumisx,ry note secured hereby, and any rrnrw•ats ur other notes given in accordance herewith,
then this mortgage and the estate herchy created shall cease and be nu0 and void.
And said Mortgagor fur himself and his heirs, legal representatives, tuccrssors and assigns, herchy conennants and agrees to
and with said Mur1g,-sgre, its Irgal repre+cntati+r+, wrrrssor+artd assigns;
1. To pay all and singular the principal~artd interest and the venous and sundry sums of money payable by virtue of said
promissory notes, and this mortgage, each and every, promptly on the days respectively the same become due,
2. To pay all and singular the taxes, assessments, Irvie+, liabilities, obligations and encumbrances of every nature and kind
now on said druribrd property, that hrrraftrr may be imposed, suffered, placed, levied of assessed thereupon, and that hereafter
may be levied or assessed upon this rnortgagr, 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 discharged of record artd the urginal official document (such u, for
instan+Y, the tax receipt or the sati+fartiun paper officully ertdorsrd or ~Yrtifird) 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
fue and such other hazuds or risks as may be required by Aortgagee ih wch amount or amounts u may be r uited by said
Mortgagee, in wch insurance company or companies as Mortgagee, its wccessors or assigns. may approve, and to deliver to said
Mortgagee, as additional security hereto. the policies of wch inwrance 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 indemnity clause as Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any wch
insurance shall expire. All insurance carried shall be wtistactay 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 polic)•. Said Mortgagee may procure and substitute for any and all of the insurance so held as aforesaid, such
other polic)• 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 tltr Insuring Company is no longer approved by Mortgagee. In case of sale under fore-
clu+ure hereof, all such insurance shall thenceforth, and until the period of redemption shall expire, be made payable to the
holder of the crrtificatr of sale ; and in wch rvrnts said Mortgagee is hereby authorized to collect the uneuned premium on any
wch policy it may cause to br cancelled, regardless of whether said premium is paid by Mortgagor or Mortgagee, and apply such
premium towards the pa)•ntrnt of premium un 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 repair and condition, to pay promptly when
due all taxes and assessments, as aforevid, ur 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, of the renewals thereof, to said Morigagte,as
aforesaid, then said Mortgagee may, if it shall w elect, make repairs, maintain said property and pay such taxes and assessments,
with tbe accrued interest, penalties, officer's fees, and expenses thereon, redeem said premises which may have been sold or for-
feited for taxes or asseuments 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 may be w paid out by said Mortgagee, and all sums paid out for substituted
insurance; as aforesaid, including the costs, expenses and attorney's Tee paid in any suit affecting said real estate, when neces-
sary or appropriate to protect the lien hereof, +hall bear mtere+t from the date of such payments at the same rate as is specified,
in the note secured hereby, as payable attrr drtault in paymrnl of +aid cote, shall br paid by said Mortgagor to said Mortgagee
upon demand and shall br der;med -r part of the debt herchy +ecured. and recoverable as such in all respects. Any wch liens
claims, taxes, assrssntentz, ur tax ntle+ u, purchased. pard, ur redeemed by said Mortgagee shall, as between the parties hereto
•.w`:. • •^tere•! hr ~t,..•.^...t .-.t:.t, s.. rte:+r m no evrm +hall the necessity ur validity of any such payments be disputed.
NeitherisuchLpaynient by Mortgagee nor it+ r.•llertiun fmm ~k,rtgagur ,hall waive or affect any option, Iren, equety or nght of
Mortrwgee's.
S. If requested by the A}ortgagre, the Mortgagor, together with. and in addition to the monthly payments under the terms
of all notes secured hereby, un the due da)• of each monthly payment and until said notes are fully paid, shall pay to the Mort-
gagee ao installrnem of the razes and assessments next to brwmr due against the mortgaged premises, an installment of premiums
next to become due on insured policies required by the Murtgageo, arM any other charges pa)nbk according to the commitment
to firunce, Such installments shall be equal respertivel}• to such taxes and assessments, inwrance premiums and other charges, all
as estimated by the Mortgagee, less al! sums already paid thereon, divided by the: number of months that ue to elapse before one
month prior to the date when such taxes and assessments, insuraacc 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 chuges. All payments made under the term of this paragraph and under the note secured hereby shall be added
together and the aggregate amount thereof :!tall be paid by the Mortgagor in a single payment each month to be applied by the
Mortgagee in payment of the terms -end in the order following: (a) taxes and assessments, and inwrance premiums and other
charges payable according to the commitment to finance; (b) interest un the notes secured hereby; and (c) amortization of the
principal of said notes. Any drt~cienc}~ in the arnuunt of such aggregate monthly payment shall constitute a default under this
mortgage. 1~`hen such razes, a+sessments, insurance premiums and other charges fall due, if the amounts deposited by the Mort-
gagor fur such purpose+ are nut wflirrrnt to pay +aid taze+, assrssment+, inwrance premiums, and other charges, as the case may
be, then due, then the Mortgagor will nay to the Mortgagee such deficiency immedutely. Kfien such taxes, assessments,fnsurance
premiums and other charges fall due, if the amonntc depnzitrd by the Mortgagor for such purposes exceed the amounts due for
such taus, assessments, in+urance premium+ and other charges, the eu•rss nta>•. in the discretion of the Mortgagee, be applied
on subsequent monthly paymrnl+ to he made by the Mortgagor. In the event of default under this mortgage any unexpended
funds in the handc of the 1lnrtwerr deposited by ihr Mortgagor to meet the obligations of taxes, assessments, insurance
premiums and other charge, .6.,11 t.e appGrd h}' the Mortgagee upon the indebtedness hereby secured m the following order,
la) interest on advances made by the Mortgagee: (h) advan:ec made b}' the Murt ,igee; Ic1 interest on the principal; and Id) the
principal debt hereby +rcurctil. 11hen an} such tazrc, as+r+snrentc, insurance premium+ or other charges fall due the Mortgagor
will promptly obtain and deliver a. the Mortgagee staternenh with respect thereto.
6. The Mortgagor represents and agrees that this mortgage loan and all future loans evidenced by the aforesaid pr;xnissory _
notes which ue secured hereby are made and extended by Mortgagee in reliance, in part, on the financial background and abili-
ties of Mortgagor and any ro-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 acrd agreed to lx made and extended to the Mortgagor only. It is neither presumed, expressed or implied that the
obligations created hereunder may be a++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 Mortgagce, (which consent may be withheld
arbitrarily or granted on terms selected by Mortgagee in its sole discretion) or without assumptan butte by proper execution of
assumption agreements and related forms in use try the Mortgagee and by assumption in regular form of law by the grantee of the
obligations created hereunder, then, in either of those esrnts, and at the option of the Mortgagee and without notice to the Mort-
gagor or to any other party, a0 sums of money secured herchy shall immediately and concurrently and upon such conveyance
become due and payable and in default whether or not the same arc btherw•ise due and payable or in default by the specific
terms hereof. The foregoing option shall be ezercived by Mortgagee at its sole and complete discretion. The aforesaid concerti 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 dear 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 ur open the debt hereby secured. The Mortgagor shat! at all times
continue liablt 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 1urtgager, shall pay a "late charge" not exceeding two per centum of any said aggregate
monthly installments including any inaaNment for payment of razes and insurance when paid more than ten days after the due
date thereof Ipruvided that in no event +hali said "late charge" rewlt in the payment of interest in excess of the maximum
interest permitted by !awl, to cover the extra expense invuh~rd in harxlting delinquent pa)•trtents. Such "late charge" shall not be
payable out of the proceeds of any safe made to sati+fy the indebtedness secured hereby, unless such proceeds arc first suf6- .
rient to discharge the entire indrbtednes+ and all proper cults and expenses secured thereby. A reasonable minimum °tate charge"
will be charged as customarily fixed b}' Murtgager from time to lime, and Mortgagor agrees to pay said minimum "late charge; '
if incurred- -
Tu permit, comma or +affer nu 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 wiH alter or change the use and character of said property or
in any way impair or weaken the security of +ard mortgak-r. In rase of the refusal, neglect or inability of the Mortgagor to repair
end maintain said pmpert)•, the Mortgagee may at its option make wch repair or cause the same to be made and advance monies
in that behalf which sums shall be secured he the tern hereof and Arar interest at the acne rate as is specified in the note secured
hereby, as payable after default in pa} mrnt of said note.
e~i 322 ~f 17d