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HomeMy WebLinkAbout0600 Ard shall perform. ~romply with sad abbe by each turd every of the stipulations, a~reements.ooaditions arsd coreaants set forth in this mortgage and ie the promiswry note secured hereby, and any renewttts or other notes givee ie stxotdance herewith; then this mortpgs and the estate httsby coated shW cease and be null and raid. And said Mortgagor for himxU and his heir. legal rsprexntaures, successors and assipts. hereby coarenaats and agrees to :trig with said Mortpgee, tts legal rcprexntatires, successon and sssigns: 1. To pay all and sirtgula tM principal and interest and the various and wadry wms of money payabk by virtue of said promiswry notes, and this mortgage, eadt sad every. promptly oa the days tsspectiwly the same become due. 2. To qt' atl and singular the taxes, assessments. levies, liabilities. obligations and incumbrartces of every nature and kind now on said described property, that hereafter may bs imposed. wt[sred. placed, levied oc assessed thereupon, and that hereafter may be kvipi or assessed upon this mortgage, the indebtednex secured htreby, or both, esch and every. whoa due and gyabk accotdirtg to law, before they become de4rtquent, antl before any interest atuehes or any penalty is incurred: and in so far as any thereof is of record the same shag be promptly satisfied and dischuged of record and the orgittal ofllcial document (such as, for instance. the tax receipt or the satisfactioe gper of(ksaUy endorsed or txrtified) shall be placed in the hands of Mortgagee wtth- in un days next after gyment. 3. To keep said buildings, and any which may hereafter be erected upon said premise. insured against toss or damage by fire and sttdt other hazards of risks as may be required by alortpgee ie welt amount or amounts as may be aired by said alonppe. ie wch inwtaaae company or rnmpttaiss as Mortgagee, its wccesaors or assigns, may approve, and to ds4ver to said a[ortpdse. as additional security hereto, the policia of such iewrutce and of any sdditioaal iasuraaoe which shall be taken out upon such butldinp while aeY prat o[ the iadsbtedessa aforesaid shall remain unpaid, haring attat:hed to said policies such mort- pee irdemniry clattae as Hortgttgee shW direct. tteeawalt of such policies shall M so delivered at least ten days before arty wch ttuurartcs shall azptte. !VI insurance txttied shall be satisfactory to said Mortgages. Any vein erhidt may become due order any such policy may be applied by said Mortgages, at its option. either to reduce said debt a to repair or replace the improvemena covered by said policy. Sad ltiortgagee may procure aM wbstitute for any and all of the insursntx so held as aforesaid, such othct policy or policies of insurance, in h7te amount. as it may determine, provided Mortp~or [ails to replace any such insutaacs within tea days after being notef)ed that the lrtsuring Company is no 1 r approved by J(ortppe. la use of sale under fore- closure hereof, all such insurance shall thenceforth, and until the period of redemption shall expire, be made gyable to the holder of the artiticate of sale; and in such events said Mortgsgee is hereby authorized to cdlect the unearned premium on any such policy it may uuse to be cancelled, reprdkss of whether said premium u paid by Mortgagor or Mortgagee. and apply such premium towards the gymeot of premium oo any such new iewrance so payabk to the holder of such txttifiate. 4. In cox said Mortpgor shall rtegket or refuse to keep said premises ie good repair and condition, to qt' promptly when due all tuts and assessments, as aforesaid, or to remote any statutory liens on said premises, or to keep the buildings and improvetneats insured, as aforesaid, and deliver the policy or policies of inwtance, or the tertewab thereof, to said ltortpgee,as aforesaid, then said Mortgagee may, i[ it shall so elect. make repairs, maintain said Property std pay such taxes and asxssments, verb the accrued interest, penalties, ot7icer's Cees, atsd expenses thereon, redeem said premises which may bare been sold or for- feited for !axes or assessmenu thereon, puttdtax any tax Utk thereon, remove any statutory liens and prosecute or defend any suits in relation thereto, insure and keep inwted said buildings in the sum, as aforesaid, or ftx any less sum and for such time; as said Mortgagee ntay deem proper. Any sums whicA may be so paid out by said Mortgagee, and all wms paid out for substituted insurance; as aforesaid, including the costs, expenses sad attorney's fee paid ie any suit affecting said real estate, when tteces- nary or appropriate to protect the lice hereof, shall bear interest from the date of such gyments at the same rate:s is specified. in the none secured hereby, u payabk after default is payment of said note, shall be paid by said Mortgagor to said Mortgagee upon demand and shall be deemed a qrt of the debt hereby secured, and recoverable u such in all respects. Any wch liens .iaittu, taxes, assessments, or tax titles so purchased, qid, or redeemed by said Mortgagee shall, as between the grties hereto then wccessors in interest. be deemed valid, so that in no event shall the necessity or •alidity of any such gyments be deputed. Yeither such gyment by Mortgagee nor its collection from Mortgsgot shall waive or affect any option, lien, equity. or right of Mortpgee's, S, tC requesttd by the Mortpgee, the Mortgagor. together with and in addition to the monthly gyments cadet the arms of aq notes secured hereby, on the due day of each monthly payment and until said notes are fully paid, dull qt' to the l~iort- gttgee as irssullnteet of tits taxes and assessments next to become due against the mortgaged premises, as installment of premiums next to become due on inwted policies required by the Mortgagee, and any other charges gyabk according to the commitment to futarta. SucA inntaUments shall be equal respectirety to such taxes sad assessments, insurance premiums and other chases. all as estimated by the Mortgagee, less all wms atready paid thereon, divided by the number of months that ate to elapse before one month prior to the date when wch taxes and asxssmaats, insurance premiums sad other t:hargea will become due. Sold install- ments shall be held by the Mortgagee (bearing the interest for Mortgagor) to pay wch taxes, assessments, insurance premiums and other tbuges. All gymenu made order the term of this paragraph and under the note setvred hereby shall be added together sad the aggregate amount thereof shall be paid by the Mortgagor in a single payment each month to be applied by the Sortgagee in payment of the terms std in the order following: (a) taxes and asstessntents, and irrstuantx premiums and other cturges gyabk atxording to the commitment to fieartce; (b) interest on the notes sxttted hereby: and (c) amortization of the pritxpal of said eotea. Any deficiency in the amount of such aggregate monthly gyment shag rnrtstitute a default under this mortgage. Whee surd taxes, assessments, iawraea premiums and otter charges fall due, if the amounts deposited by tl?e Mort- gagor for such purposes err not wfficient to pay said taxes, asxssmenu, insunnoe premiums, and other chuges, as the case may be, then due, then the Mortgagor will qt' to the Mortgagee wch deficiency immediately. When wch axes: assessments, insurance pretniutro and other chuges fall due, if the amounts deposited by the !lortgagor 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 on wbsequent monthly payments to be made by the Mortgagor. In the event of defaWt under this mortgage any unexpended funds in the hinds of the Mortgagee deposited by the Mortgagor to meet the obligations of axes, assessments, inwrance premiums and other chuges, shall lx applied by the Mortgagee upon the indebtedness hereby secured in the following order; la) interest on advances made by the Mortgagee; (b) advances triode by the Mortprlee; (c) interest oe the principal; and Id) the prrttcipal debt hereby secured. When any such axes. assessments, inwnnce prcmtums or other chuges fall due the }lortgattor will promptly choice and deliver to the Mortgape sutemenu with respect thcrcto. _ 6. The Mortgagor represents and agrees that this mortgage loan and all future loans evidenced by the aforesaid promissory notes which arc secured hereby are made and extended by Mortgagee in reliance, m part, on.the financial badcgrottal and abili• ties of Nortpgor and any oo-aalcers. guatantots os endorsers to, jointly and asvetally, Par any sad >U various and wndry sums of money aced the spetaCrc rate of interest payabk try virtue of said praaissory notes and this mortgage. These mortgage loans are understood a~ agreed to be made sad extended to the Mortgagor oNy. it is neither presumed. expressed of implied that the obliptioes seated hereunder may ise assumed or petfoneed by aey putt' other than the Jlortpgor. whether or not upon the sale or rnaveyanoa of the premises herein described or nay put tbereof_ If a conveyance should be made by the Mortgagor of the premises herein deaaibed, or any pat thereof, without the writtee consent of the Mortgagee. (which consent may be withheld arbararily or granted oa terms selected by Mortgagee m its sole discretion) of without aswmptioa both by proper execution of aswmption agreements and related forms in use by t!M Mortgagee and by aswmption in cegtsta form o[ law by the grantee of the obliptions created hereunder, rhea, to richer of those events, and at the option of the Mortpgee and without notice to the Mort- gagor or to any other pact', all sums of money secured hereby shall immedutely and concurrently aM upoe wch conveyance become due and gyabk and W default whether or trot the same ate otherrix .'ate sad payabk or in default by the specific terms hereof. The foregoing option shall tee exercised by kortgagee at its sole and •mpkte diatxetioe. The aforesaid consent of Mortgagx may be either granted or withheld witltast nay requirement of the Mortgagee disdosieg nay reason therefore. \ot- withstanding the foregoing. if the ownership of the mortgaged premises. or wt' pat thereof, biomes vested in a person other than the Sortgagor, the Mortgagee may deal witlt such wacessor or successors in intemt with rc[erettce to this mortgagee, and the debt hereby secnred, tegardlaa of any charge is the terms of the obligations crated hercunda: without ie any manner vitiating or discharging the Mortgagor's liability hereunder or upon the debt hereby secured. The ylortgagor shall at all times continue liable for the indebtedness secured hereby until this mortgage is Cully discharged or Mortgagor is formally released by an instrument in writing duly executed by the Mortgagee. 7- Mortgagor, at the option of Sortgagee, 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 mote than ten lays after the due date thereof (provided that in no event shall said "late [huge" rewlt in the payment of inures[ in excess of the tnaxirnum interest permitted by law), to cover the extra expeme involved in handling lelinquent payments. Such "late chage^ shaA not be payabk out of the proceeds of any sale made to satisfy the indebtedness secured hereby, unless such proceeds are fast suffi- cient to discharge the entire indebtedness and all proper costs and expenses secured thereby. A reasonable minimum "fate charge" will bs charged u customarily fixed by Mortgagee Crom time to time, and Mortgagor agrees to qt' said minimum "tare chage; ' if incurred. 8. To permit, commit or stt[fer no waste sad to maintun the improvements at all notes in a state of good repair and _on- dition; and to do or permit to be done to said premises nothing that wJ! after or change the ux and chaacter of said property or in nay way impair or weaken the security of said mortgage. In px of the refusal, ne¢ect or inability of the Morgagor to rcpw and maintain sad property, the Mortgages may at tts option make wch repair or pose the same to to made and advance menees in that behalf which wms shat! be secured by the lien hereof and bee interest at the same tau as is specified in the note secured hereby, as payabk after default in gytnent of said note. ~ et.?X 327 ~acE 599 ~a ~ ~ ~ _ -