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HomeMy WebLinkAbout1508 i i i S J 3 { I/ S i l and shall duly, promptly and fully perform, dixharge, execute, effect, complete, comply with and abide by each and every ~ i the stipulations, agreements, conditions and covenants of said promissory note and of this mortgage, then this mortgage and ~ the estate hereby created shall cease and be null and void - - i It is understood that each of the words. "note," "mortgagor' and "mortgagee" respectively and the pronouns referring f thereto, whether in the singular or plural anywhere in this mortgage shall be singular if one only and shall be plural jointly st and severally, if more than one, and shall be maxuline, feminine and/or neuter, wherever the context so implies or admits. And said Mortgagor for himself and his heirs, legal representatives, successors and assigns, hereby covenants and agrees to and with said Mortgagee, his legal representatives, successors and assigns: 1. To pay all and singular the principal and interest and the various and sundry sums of money payable by virtue of said promissory note, and this mortgage, each and every, promptly on the days respectively the same severally become due. j 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and incumbrances of every nature and kind now on said described property, and/or that hereafter may be imposed, suffered, placed, levied or assessed thereupon, j and/or that hereafter may be levied or assessed upon this mortgage and/or 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 or- i iginal official document (such as, for instance, the tax receipt or the satisfaction paper officially endorsed or certified) shall ~ be placed in the hands of said Mortgagee within ten days next after payment; and in the event that ar,y thereof is not so ' $ paid, satisfied and discharged, said Mortgagee may at any time pay the same or any part therof without waiving or affect- r ing any option, lien, equity or right under or by virtue of this mortgage, and the full amount of each and every such pay- ~ ment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per I centum per annum and together with such interest shall be secured by the lien of this mortgage. 3. To place and continuously keep on the buildings now or hereafter situate on said land fire and windstorm insur- j ante in the usual standard policy form, in a sum not less than the highest insurable value, in such company or companies as s may be approved by said Mortgagee; and all such insurance policies on any of said buildings, any interest therein or part thereof, in the aggregate sum aforesaid or in excess thereof, shall contain the usual standard mortgagee clause making the ~ loss under said policies, each and every, payable to said Mortgagee as his interest may appear, and each and every such policy shall be promptly delivered to and held by said bortgagee; and, not less than ten days in advance of the expiration of each policy, to deliver to said Mortgagee a renewal thereof, together with a receipt for the premium of such renewal; and there shall be no such insurance placed on any of said buildings, and interest therein or part thereof, unless in the form and with the loss payable as aforesaid; and in the event any sum of money becomes payable under such policy or policies said 1lfortgaRee shall have the option to receive and apply the same on account of the indebtedness secured hereby or to permit said 111ortRa- gor to receive and use it or any part thereof for tether purposes without thereby waiving or impairing any equity, lein or r right under or by virtue of this mortgage; and in the event said I1lortgagor shall for any reason fail to keep the said premises . so insured, or fail to deliver promptly any of said policies of insurance to said AtortgaRee. or fail promptly to pay fulh• am• F premium therefor, or in any respect fail to perform, dixharge, execute, effect, completr, comply with and abide b~• this cov- enant, or any art hereof, said Mort a ee ma lace and av for such insurance or an art thereof without waivin or P g g Y P P. Y P K affecting any option. lien, equity or right under or by virtue of this mortgage, and the full amount of each and evere such z payment shall be immediately due and payable and shall bear interest from the date thereof until paid at the rate of ten per centum per annum and together with such interest shall be secured by thr lien of this mortgage. s { i s 8~~330 P~1499 s .