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HomeMy WebLinkAbout0640 And shall per[orm, comply with and abide by each and every of the stipulations, agreements,eonditians and covenants set forth in this mortgage and in the promissory note secured hereby, and any renewals or other notes given in accordance herewith, Then This mortgge and the estate hereby creattd shall cease and be null and void. And said Mortgagor for himself and his heirs, 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 singulu the principal and interest and the various and sundry sums of money payabk 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, levies, liabilities, obligations and incun?brances 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 is incurred; and in so far u any thereat is of record the same shall be promptly satisfied and discharged of record and the orginal official document (such as, [or i instance, the tax receipt of the satisfaction paper officially endorsed or certified) shalt 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 otter hazards or asks as may be required by Mortggee in wch amount or amounts as may be wired by said Mortgagee, in such insunnce company or companies u Mortgagee, its successors or assigns, mxy approve, and to deliver to said Mortgagee, as additional security hereto, the policies of such insurance and o[ any additional inwrance which shall be taken out upon such buildings while any part of the indebtedness aforesaid shall remain unpaid, having attached to said policies such mort- gage indemnity clause u Mortgagee shall direct. Renewals of such policies shall be so delivered at least ten days before any such insunnce shall expire. All insurance carried shall be satisfactory to said Mortggee. 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 's covered by said policy. Said Mortgagee may procure and substitute for any and all of the insurance so held as aforesaid, such other pdicy or policies of insurance, in tike amount, as it may determine, provided Mortggor 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 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 col{ect the unearned premium on any wch policy it may cause to be cancelled, regardless of whether said premium is paid by Mortgagor ar Mortgagee, and apply such premium towards the payment of premium un any such new inwrance 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 aforesaid, or to remove any statutory liens on said premises, or to keep the buildings and imprusrments insure-d, as aforesaid, rnd delitiYr the policy or policies of insunnce, or the renewals thereof, to said Mortgagee,as aforesaid, then said Mortgagee may, if it shall so elect, make repairs, maintain said property and pay such taxes and assessments, with the acerued interest. penalties, ufGcei s fees, and expenses thereon, redeem said premises which may bare been sold or for- feited for taxes or assessments thereon, purchase any tax tale 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 so paid out by said Mortgagee, and all sums paid out for substituted insurance; as aforesaid, including the costs, expenses •rnd attorney's fee paid in any suit affecting said real estate, when neces- ~ary ar 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 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 hereby secured, and recoverable as wch in alt respects. Any such liens claims, taxes, assessments, or tax tides so purchased, paid, or redeemed by said Mortgagee shall. as between the parties fiereto their suc-cYssors in interest, be deemed valid. w that in no event shall the neccessity or validity of any such payments be disputed. } neither such payment by Mortgagee nor its collection from Mortgagor shall waive or affect any option, lien, equity or right of t Mortgagee's. 4 5. If requested by the Mortgagee, the Mortgagor, together with and in addition to the: monthly payments under the terms vf,a~ mutes secured hereby, on the due day of each monthly payment and until said notes are fully paid, shall pay to the Mort- ~~`i~ :»._nNt~.t ,.f rtw rates and assessments next to become due against the mortgaged premises, an installment of premiums ,r,e r.,.n m:tmgnt •t~ te.bfcgm~.dtte on inwred pdicies required by the Mortgagee, and any utiter ci?arges y.y.b.~ o«~..,,,.6 i.. to insance. Such tnstallments shall be equal respectively to such taxes and assessments, inwrance premiums and other cttauges, all 3 u ~stifdtatetd: w..ttte •Mortgagee, less all sums already paid thereon, divided by the number of months that are to elapse before one month prior to l e date when such taxes and assessments, insurance premiums and other charges will become due. Said install- menu shall be ~ •br the Mortgagee (bearing the interest for Mortgagor) to pay such taxes, assessments, insunnce premiums and other~~ payments made under the term of this paragraph and under the note secured hereby shall be added together alid tgg~gatt amount thereof shall be paid by the Mortgagor in a single payment 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; (b1 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 such purposes are not sufficient to pay said taxes. assessments, insurance premiums, and other charges, as the case may . be, then due. then the Mortgagor will pay_ to the Mortgagee such deficiency immediately. q'hen such taxes, assessments, insurance premiums and other charges fall due, if the amounts deposited by the Mortgagor for such purposes exceed the amounts due for • such taxes, assessments. insurance premiums and other charges, the excess may. in the discretion of the Mortgagee, be applied ~ un subsequent monthly payments to be made by the tortgagor. to the went of default under this mortgage any unexpended funds in the hands of the Morty,:rgee 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 foNow•ing order: (a) interest on advances made by the :1ortgagee: Ib) advances made b}• the Mort~rgee: (c) interest on the principal; and Id) the principal debt hereby secured. When any such taxes, assessments, insurance premiums or other charges fall due the Mortgagor will promptly obtain and deliver to the Mortgagee statements with respect thereto. 6. The Mortgagor represents and ogees that this mortgge loan and a!I 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 Mortggor and any co-makers, guarantors or endorsers to, jointly and severally, pay any and all various and sundry sums of money and the specifrc rate of interest payable by virtue of said promissory notes and this mortgge. These mortgge loans are understood and ageed to be made and extended to the Mortgagor only. lt. is neither presumed, expressed or implied that the i obligations created hereunder ma}• 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 Morigagce, (which consent may be withheld j arbitrarily or granted on terms selected by '.Mortgagee in its sole discretion) or without assumplan both by proper execution of assumption agreements and related forms in use by the Mortgagee and by aswmption 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 poly, all sums of money secured hereby shall immediately and concurrently and upon such conveyance become due and payabk and in default whether or not the same are otherwise due and payabk 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 martgged premises, or any part thereof, becomes vested in a person other than the Mortggor, the Mortgagee may deal with such successor or successors in interest with reference to this mortgagee, and the debt hereby secured, regrdless of any change in the terms of the obligations created hereunder, without in any manner . vitiating or discharging the Mortgagor i 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 corer the extra expense involved in handling delinquent payments. Such "late charge" shall not be 3 payable out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are first suffi- ~ dent to discharge the entire indebtedness and all proper costs and expenses secured thereb}•. 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. 8. To permit, commit or softer no 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 Bane 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 case of the refusal, neglect or inability of.lhe Mortgagor to repair and maintain said property, the Mortgagee may at its option make such repair or cause the same to be made and advance roamer in that behalf which sums shall be secured by the lien hereof and bear interest at the same rate as is specified in the note secured hereby, as payable after default in payment of said note. ~il~ ~dil ? ~atl7[ V~ '