HomeMy WebLinkAbout1170 mortgage the Mortgaged Property in the manner and form herein
done or intended hereafter to be done. Mortgagor will preserve
such title and will forever warrant and defend the same to
Mortgagee and will forever warrant and defend the validity and
priority of the lien hereof against the claims of all persons
and parties whomsoever.
Mortgagor will, at the cost of Mortgagor; and without
expense to Mortgagee, do, execute, acknowledge and deliver all
and every Such further acts, deeds, conveyances, mortgages,
assignments, notices of assignment, transfers and assurances -
as Mortgagee shall from time to time require in order to preserve
the priority of the lien o~ this Mortgage or to facilitate the
performance of the tense hereof . i
PROVIDED, HOWEVER, that if Mortgagor shall pay. to ~
Mortgagee the indebtedness in the principal sum of Four Hundred
Seventy-Five Thousand, ($475,000.00) Dollars, as evidenced by
that certain promissory note (the Note), of even date herewith,
executed by Mortgagor and payable to order of Mortgagee, with
interest and upon the terms as provided therein, and together
with all other soma advanced by Mortgagee to or on behalf of
Mortgagor pursuant to the Note or this .Mortgage, the final
maturity-date of the Note and this Mortgage being July 1, 1985
and shall perform all other covenants and conditions of the
Note, all of the terms of which Note are incorporated herein
by reference as though set forth fully herein, and of any _
renewal, extension or modification, thereof and of this Mortgage,
then this Mortgage and the estate hereby created shall cease
and terminate.
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- Mortgagor further covenants and agrees with Mortgagee
as follows:
1. To pay all sums, including interest secured hereby
when due, as provided for in the Note and any renewal, extension
or modification thereof and in this Mortgage, all such sums
to be payable in lawful money of the United States of America
at Mortgagee's aforesaid principal office, or at .such other j
place as Mortgagee may designate in writing.
2. To pay when due, and without requiring any notice
from Mortgagee, all taxes, assessments of any type or nature
and other charges levied or assessed against the Mortgaged
Property or this Mortgage and produce receipts therefor upon
demand. To immediately pay and discharge any claim, lien or
encumbrance against the Mortgaged Property which may be or become
superior to this Mortgage and to permit no default or delinquency
on any other lien, encumbrance_or charge against the Mortgaged
Property.
3. If required by Mortgagee, to also make monthly
deposits with Mortgagee, in a non-interest bearing account,
together with and in addition to interest and principal, of
a sum equal to one-twelfth of the yearly taxes and assessments r
which may be levied against the Mortgaged Property, and (if
so required) one-twelfth of the yearly premiums for insurance
thereon. The amount of such taxes,. assessments and premiums,.
when unknown, shall be estimated by Mortgagee. Such deposits
shall be used by Mortgagee to pay such taxes, assessments and
premiums when due. Any insufficiency of such account to pay
such charges when due shall be paid by Mortgagor to Mortgagee
on demand. If, by reason of any default by Mortgagor under
any provision of this Mortgage, Mortgagee declares all sums
secured hereby to be due and payable, Mortgagee may then apply -
any funds in said account against the entire indebtedness secured ~
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