HomeMy WebLinkAbout0052 All moneys paid for any of the purposes herein authorized and all _
expenses paid or inc~rrred in connection therewith, including
attorneys' fees, and arty other money advanced by mortgagee to
protect the mortgaged premises and the lien hereof, shall be so
rntich additional indebtedness secured i~ereby, and shall become
irr~mndiatety due and payable w.fthout notice and with interest
t}~er.~on at the mate of twelve and ~ pe,°cent 12.5 ~ ) per annum. In-
action of mortgagee shall never be considered as a waiver of any
might accruing to.it on account of any default on the part of '
mortE,;auor.
If the unpaid principal balance of the first mortgage is
reduced by the holder of the r~~ortgage~applying insurance proceeds '
in its reduction or by'prepayr~zents made by the mortgagor with the
prior written consent of the mortgagee so that the mortgagee's
_ obligation to pay to the holder of the first mortgage the unpaid
balance of the mortgage as above provided is similarly reduced, i
then the mortgagee agrees that the rnortgaROr's obligation to pay }
the total indebtedness to the mbrtgTagee shag-1 be reduced likewise
by an egriivalent amount: The equivalent amount is to be deducted
from the final payments to be made by the mortgagor to the mort-
I;agee, in the inverse order of their due date.
MORTGAGOR DER AGREES TO MAKE I~CESSARY REl?AIRS AT THEIR C06T IN ORDER TO
l~1EEf QUALIFICATIONS FOR NEW LOAN WITH LENDER AT END OF BALLOON PERIOD.
TO NAVE P.ND TO HOLD the same, together with the tenements,
hereditaments and appuri;enances thereto belonging, and the rents,.
issues and profits thereof, unto the mortgagee, in fee simple.
AND the mortgagor coven~~nts with the mortgagee that the
mortgagor is indefeasibly sei::ed of said land in fee simple; that
the mortgagor had good right «nd lawful authority to convey said
land as aforesaid; that the mc:rt-gagor will make such further
assurances to perfect the fee simple title to said land in the
mortgage as may reasonably be Required; that the mortgagor hereby i
fully trarrants the title to said land and will defend the same ~
against the lawful claims of all persons whomsoever; and that
said land is free and clear o`' all encumbrances.
PROVIDED A1,1•JAYS, that if mortgagor shall pay unto said
mort~a~;ee a certain Promissory Note dated even date herewith, for
the sum o f THIRTY SIX THOUSAND 'THREE HUNDRID and 00/ 200 - - - - - - - - - - - Do 11 a r s
from mor~gagor to mortgagee and shall perform, comply and abide bye
each and every the stipulations, agreements, conditions and cove -
r,ants of said Promissory Note and of this mortgage, then this
mortgage and the estate hereby created, shall cease, and terminate ~
axrd be null and void.
AND the mortgagor further covenants and •agrees to pay promptly
when due the principal and interest and other sums of money provided
for in said note and this mortgage, or either; to pay all and
singular the taxes, assessments, levies, liabilities, obligations,
and encumbrances of every nature on said property; to permit, commit t
or suffer no waste; impairment or deterioration of said land or the
irriproverrients thereon at any time; to keep the buildings now or here-
after on said land fully insured in a sum of not less than
in a company or companies acceptable to the mortgagee, the policy ~
or policies to be held by, and payable to, said mortgagee, and in
the event any sum of money becomes payable by virtue of such r
insurance the mortgagee shall have the right to receive and apply
the same to the indebtedness hereby secured, accounting to the
mortgagor for any surplus; to pay all costs, charges, and expenses,
including lawyer's fees and title searches, reasonably incurred or _
paid by the mortgagee because of the failure of the mortgagor to
promptly and fully comply with t}:•• agreements, stipulations,
conditions and covenants of sai~: ~,ote and this mortgage, or either;
- ~ - 80t~K JJ~ PAGE e52
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