HomeMy WebLinkAbout2875 that the Mortgagors will make such f??rther assurances to perfect the fee simple title to said
land in Mortgagees as may reasonably be required; and that the Mortgagors do hereby fully
warrant the title to said land and every part- thereof and will defend the same against the lawful
claims of all persons whomsoever.
PROVIDED ALWAYS. that i[ ttie Mortgagors shall pay unto the Mortgagees the certain
promissory note or notes, a true copy of which is attached hereto and made a part hereof as the
page next following this, and shall duly, promptly and f??lly perform, discharge, execute, effect,
complete, comply with and abide by each and every -stipulations, agreements, conditions and
covenants of said promissory notes and of this mortgage, then this mortgage and the estate
hereby created shall cease and be null and void.
It is understood that eac?t of the words, "notes," "mortgagors" and "mortgagees"
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respectively, whether i?? the sinl;ular or plural anywhere in this mortgage, shall be singular
if o?te only, and shall be plural jointly and severally if more than one, and that the word "their" i
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as used anywhere in this ntortKage shall be taken to mean his, her or its, wherever the context #
so implies or admits. The words "promissory notes" as used herein, shall include interest ~
coupon notes (if provided for in this ntortKage) wherever the context so requires or admits.
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And the Mortgagors. hereby jointly and severally covenant to and with the Mortgagees: f
1. To pay all and singular rite principal and interest and the various and sundry sums
of stoney payable by virtue of said promissory notes and this mortgage, each and every, prompt- .
ly on the days respectively the same severally become due.
2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and
i??cumbrances of every nature and kind :tow on said described property, and/or that hereafter
may be imposed, suffered, placed, levied or assessed thereupon, and/ot that hereafter may be
levied or assessed upon this mortgage at?d:~ot the indebtedness secured hereby, 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 and the original official document (such as, for
instance, the tax receipt or the satisfaction paper offically endorsed or certified) shall be
I! placed in the hands of the Mortgagees within ten days next after payment.
3. To keep the improvements now existing or hereafter erected on the mortgaged prop-
E sriy, insured as stay be required from time to tame by the Mortgagee against loss by fire and
~ other hazards. casualties, and contingencies in such amounts and fo: such periods as may be
required by Mortgagees, and to pay promptly. when due, any premiums on such insurance. All
insurance shall be carried in companies approved by Mortgagees and the policies .and renew- i
als thereof shall be held by Mortgagees and have attached thereto loss payable clauses in '
favor of and in form acceptable to the Mortgagees. Iu event of loss Mortgagors will give imme-
diate notice by mail to Mortgagees and Mortgagees nay make proof of loss i[ not made promptly
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I by Mortgagors, and each insurance company concerned is hereby authorized and directed to
make payment for such foss directly to i~lortragees instead of to Mortgagors and Mortgagees
~ jointly, and the insurance proceeds or any part thereof may be applied by Mortgagees at their
option either to the reduction of the indebtedness hereby secured or to the restoration or repair
of the property damaged. In event of fore<~losure of this mortgage or other transfer of title to
the mortgaged property in extini;uishrr~ent of rite tr?debtedness secured hereby, all right, title,
and interest o[ the Mortgagors, in and to any insurance policies then in force shall pass to the t
purchaser or grantee, appropriate credit being given therefor, after, but as of the date of such
transfer and delivery of possession.
~ 4. To remove or demolish no building on said premises without the written consent of
the Mortgagees; to permit, commit or suffer no waste, impairment or deterioration of said prop-
erty or any part thereof, and to keep the same and improvements thereon in good condition and
repair.
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8327 P~E2873