Loading...
HomeMy WebLinkAbout0482 . - ~ _ _ . t~~'~ ' ~1dQ z. A.ad a1nY perforla, oaanb? with sad abWe by ead? sad curry of the stipulatioaa~agrreateaq,ootditbaa sad cowasau ast forth is this moripde artid ;a tki prvuit~ry ate ~ 2ttteby. am! ate' rFnt c+t ttlMur aotss ~lwa ht aooordasa raratritb. then thin moryys sad ill estate lxrsey orated shalt aw sad br auD sad road. And aid Mortgagor for hinadt and his heirs, bgal reprewtatbra, ntecawts sad acdpls, Mteby ooavessats std sgroea b . asd with aid Mortgagee, its kid represeatatires, sutxessors sad assigns: 1. To pey a>t and singular the prircipal and httstep and rtes variors asd tatadry eau of way ptayabM by drtw of said promiaory notes. std fhb mertpge, each sad iwrr. promptly os tM days rapectMb the saese beooase dw. 2. To pay all sad siagtdat the taxes, assessnl0np, levies, IiabWties. obligations sad iaasmbrntow of every moue sad khd now oa aid described Property. that lxreatter rosy be imposed, altered, placed, tried a stewed Wetetrpoa, sad that Ixteafser i may be bvied or ataesad upon this taortdrae, rtes indebtedness secured hmaby. or both, each sad every. when dw sad paysbN aocordiq to law, beforo they becotrte dehaqueat, sad before say iatecest attaches or say pptslq? 6 incurred:sad is so far sa asl? i thereof b of record tM saute shall be protaPUY satidisd aed dLehatpd of record sad for otyttsl oflidal dotatawt (sud? se, for htstapoe, tM tart receipt or the satiJacttosi paper oificisi~r eadotasd of oertitkd) shall be placed L? the heads of Mori jagse with- in tea data tsext after payment. ' 3Y To mid euud_ied., aed aplr which may beroaiNa be erectd ttpas aid pceatisaa, faacad agate log or dsstags by ; I tiro sad n>ch otisR bard: or [irks a: may b. requirod by MorW/aa to such aapant nr asiwiat:as mss `va ~ by raid MortpgRe. iA sncb leauaaa oos~aay or oosspanMa sy Mortgyse, m suoaaon of tnaipts. w0? approve, sad to to said Mortgagee, as additbaai sewdty hereto. the of such fwaaoe sad of say additiood Lwrssea which shall be taken art ' ~ upon sack bniWlap whit say past of the indeb~Ledaess afareaW shW wairt wpaW, baviaa attadted to as~id PobcMa wdt awit- pga~gaa iadeatadpr dews as Mortgagee shay direct. Renewals o[ altch potiaiea ah+ti bf ao dsliMend at least qa days bdan any arch iastiraac+e aiWi expire. All iamrsnoe arried shall be atiffaotory b aW Matpapa Any aitm which auy become dne Wads[ arq? such poKcy may be applied by said Mortaaate, at its option, either to reduce said debtor to repair or rrphos ttx improvmwts covered by aid poNry. Said Yortgaaee wY P~ sad srtmitttte for arq? sad all.of the iasrrafer w held as afoseaid, snch other policy a polidss of hattrattoe, is ]ilea aatouat,>s h maI? detetmhte, provided Mo pgor Ihis b rap4oe say arch isgttaaoe within tea days after beiq twtitbd that the InmrLta it ao approved bg? ltorf:ger. M rase of ais wader fora ~ dosure bersd, all wtcb iasuraaoa tdall tbeacefotth, sad wadi its pstbd Of tedaaptba shall axphe, br made payable to tUe t holder of the artifiate of nab: all ht :vd, evaats saW Yottgagee is heroby authorised to collect the cmearaed premium oa any - ~ wch policy it may pare to be caaceUerl. reprdks: of whetba said premirm is Paid by Mottppor err Yortg s, and apply sneh pre wa towards rho payaxat of premium oa say arch new iaatraaoe w paysbb to the Iwidet d sash cettitic~ite. 4, to twee aid Mortgagor shall aepkct or reftse to keep aid premises is >t~ sad couditioa, b pry prompty whoa dos aq taxes sad aawxata, as aforoaid, or to remove say statutory lieru on :.id premise:, a b loeap the bw'Idiap sad - improvematts iwttrod, as aforesaid. sad deliver tbs policy or policies of iasuraaoe, or the reaswab thereof. to said Yortgageeas aforeaid, then aid Mortgagee may, i< tt shall so ebct, make repairs, matatsin said property sad pay sttc6 rase: and aswmeats, with the ao•rtsed interest. psaalties, otticer's fees, sad expenses thereon, redeem said premises whidt may have been acid or for- ~ tilted for taxes err asseartxats thereon, purdtsse any _ tax titb thereon. remove say sbtutory liens sad prosecute or dsfand say { suite is relation thereto, insure sad keep itwred said baiWiaas io the sum. ss aforesaid, or for say isa arm sad for latch thee, es ! said Mo.:~ee ..wy Seam props:. Auy sums which may be so qid eat by said Yortaaaee, sad all soma paid out for subatitated iasurartoe; as aforesaid, iadudina the costs, expenses aril attorney's feu paid is say Brit stfect&ta said real esUte, whee rxoes- sary or appropriate to protect the lien hereof, shag beu interest from the date of swill peymeatt at the soma rata u is speafxd, i ht the rate secured hereby, as payable after default is payment of said note, shall be paid by aid Mortgagor to said liortppee uppoona demand sad shall be deemed a part of the debt hereby secured, and recoverable as each ie alt respects. Any such lietn claims, taxes, assessments, or tax titles so [chased, paid, or redeemed by said Mortgsaee shall. ss between the parties hereto their successors ht iaterat, 6e deemed valid. so that is ao erect shall the aeoeessity or validity of sny such payments be dis~nted. IVeithei such payment by Mortgagee nor its collection from Mortgagor shall waive or aifcct say option, lien, equity or Wahl of Mortpgee's. S. 1f requested by ttx Mort .the M«taagor, together with and is addition to the monthly payments undue the terms of ail notes sewred hereby. oa the due deY of each moatltly gyaxat sad nattT said sous are fully Paid. shall pay to~the Yort aagoe >D irWallatent of the taxes and asses:ateats rxxt to become due against the mortaaaed preadsa, an iastaWneat of premiuaa rxxt to beoow due oa hared potides required by the Mortgagee, sad an)? other charges payabb acoordLsg to the oommitmeat to finance. Such imtaUruents shall be equal respectively to sndt taxes sad assessments, iawraaee premiums sail older charges, all a estimated by the i[ortgsgee, ins all ems already paid thereon, divided by tlx atuaber of months that sro to elapse before ono month pray b the data when arch taxes sad assessments, inarana pwiwas sad other dtugss wW become due. Said install- # meats shall be held by the Yattaaaee (bearioa the atetsst fa Mortgagor) to pay such taxes, its, iastrrance premhtms and other darges. A8 Payineats made weds[ the term of this paragraph and uMer tba note secured hereby shall be added { together and the aggrepte amount thereof shall be paid by the Mortgagor is a siaak payment eadt month to lx applied by the Mortpgee is paYatent of tlm terms aed Lt the order togow)q:. (a)-p~es sad assessments, sad. iaarmoa premirms sad other dtatges payable aorordiua to the oommitmeat to twos: (b) interest oo the aotas secured hermy; and (c) aatortization of the P~Pd of said notes. Any ~deficiemy in the amount of ach sagtegate ntonthty payment shad eoastitnta defittlt under this mortgage. When sncb taxes, assessments, htstuana premiums and other datges fall due, if the amonab deposited by fix Port- gaaor for ach purposes are not sufficient to qy said taxes, asswaeats. htsuranoa premiums. sad other darges, as :the use may 6e, rhea due, then the Mortgagor will pay to the such daficiescy imrrtediitNY. Wbea ac6 taxes, assessments. iaaranoe ? premiums sad other chuges fall due, if the amounts 'red by the Mortgagor for such purposes exceed the amounts due [or such taxes, amswnts, itwraaoe premiums sad other dames, the excess may. is the discretion of the Mortgagee, be applied on subsequent monWy payments to be wade by the Mortppaaoor. to the event of defauh under this mortgage any unexpended fulls is the hands of the Mort~aee deposited by the Mertaaaor to meet the obliaatioas.of taxes, saesssteats, iaarattoe premiums sad other charges, shall ba applied by the Mortgagee upon the indebtedness hereby secured is the followiria order; (a) interest on advances made by the Mortaaga; (b) advances made by the Mortaaaa; (c) interest oa the principal; and (d) the principal debt hereby secured. When say such sizes, assessments, insurance premiums or other darges fall due the Mottaaaor will promptly obtain and deliver to the Mortgagee statements with respect thereto. . 6. The Mortgagor represents sad ague that this tttortgage loan sad all future loins evidenced by the afaeaid promissory notes which are secured hereby are made sad extended by 1[ortaagee in reliance, is part, oa the fiaaacial badcaround and abili- ties of Mortgagor sad any co-makers. guarantors or eadarser: to. jointly and severally, pay aaY sad ail various and sundry ems of money sad the specific rata of interest gyabb by virtue of said promissory notes sail this awrtpge. These mortgage togas are 3 understood sad auaed to ba ands and sxteaded to tbt llortaaaor only. It is aaither Presumed, expressed or implied that the obligations created hereunder aaY be awmad or pet[ormed by any poly other than the Mortgagor, whether or not upon the sale or oaaveyanoe of the premises herein dacd6ed or say part thereof_ Ua oonveyaaoa sisonid ba made by the Ilor~r of the prcmhes herein descraed. err sny put thereof, without the written coweat of the Mortgagee, (wltkh comsat may br withheld arbitrarily or granted on terms selected by Mortgagee m its sole ditaetioa J or without assamptaa 6ot6 by proper exeeation of asamptioa apremeats and [stated forms in use by the Mortgagx sad by awr>q?tioa fA regrlar form of law by the pantee of the obligations created hetaiader, then, is either of those events, sail at the option of the Yortgsgee aril vrithort notice to the Mort• gaaor or to aaY other party, all wens of money secured Mroby shag immediaUly sad oosgrrrmtty aril [pas sack ooaveyaaoe become due sad payabb sad is default whether or sat the same era otherwise des all payable or is dehdt by the spedfic terms hereof. The foregoiaa option :hall be exercised by Mortgagee at its sob and complete disaetios. The aforesaid comsat d Mortpgee any be either granted of withheld vrithatt aa~y srgniremeat of the Mortgagee disdosiag anOr reason tlrerrfore. Not• wititstartdiag the faegoiag, if the ownership of the wort aed premises, or guy put thereof, becaaes vestedm a paean other than the ilMrtgsgot, thhee Mortgagee may deal with such sueoesor or sucoeaon in interest with refercaoe to this morYagse, sad the debt hereby secured, reaudlaa of any daaaa ie the terms of the obligations created haeuader, withart in say manoe: vitiating or discharging the gsgor's tiabtliry bereundec or npoa the debt hereby sewred. Thu Mortgaaa :Intl at all flares continua liabb !or the indebtedness secured ixrcby until this mortgage b fully disclarged or Mortgagor is (formally released by as iitstrumeot is writing duly executed by the Mortgagee. 7. Mortgagor, at the option of Mortgagoe, shall qy a 'late charge" not exoeediaa two per wtum of say said sggrepte monthly iml u incladirtg say imtallinent for gyiixnt of taxes and insuraaot when paid more thus tea days utter the dro data thereof (provided that is no event shall said "late durae" rewtt in the payment of interest io excess of the maximum interest permitted by law), to cover the extra expense ioroMed is hand4na delinquent payments. Srch `Lte dnrge° shag not be Parable oat of the proceed: of any sub made w sstidy the indebtedness severed , dent to discharge the entire indebtedness and cep proper costa and expenses secured tb~by teasoaabbmutimttm~late~charge" v~rininamitredclntged as customuily faced by Mortgagee from time to time, and Mortgagor auras to pay slid mfaimnm `late dwge," 8. To permit, commit or suffer no waste sad to maintain the improvemsats at a!1 times is a state of good rq~ir sad coa- ditioa; sad to do or permit to be done to said premises aothiaa that wilt alter or change fix ws and charac0er of aid property or in any waY impute or weaken the security of said mortgage. In use of the refusal, neglect of iaabi6ty of the Mortgagor to repair sad maintain saW Property, the Mottgaaea may at its option make such repair a awe the same to be made sad silvans monies in fiat behalf whidi ems shall be secured by the lien hereof and bear interest at the same rate as is i* ~ note seoarod hereby, as payable after default in payment of said note. s ~t .