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HomeMy WebLinkAbout1142 ' f • ~ 1 i 1 All moneys paid for any of t}~~ purposes herein authorized and all expenses paid or' incurred in r.onnect:ion herewith, including attorneys' fees, and any other ,noney advanced by mortgagee to ~ protect the mortgaged pr•E•mi ses and the l .ten, hereof, shall be so much additional indebtedness secured hereby; an3 shall become immediately due and payable without notice and with interest ' thereon at the rate of twelve percent (12 per annum. In- action of mortg~i~;ee shall never be considc.•red as a waiver of any right accruing to iL- on account of any-default on the part of mortgagor. If the unpaid principal balance of Lhe first mortgage is reduced by the holder of the rrrortt;ageapplying insurance proceeds in its reduction or by prepayrrrents made by ti}re mortgagor with-the prior written consent of the rrrortgagee so that the mortgagee's t obligation to pay to the holder of the first mortgage the unpaid _ balance of the~mort~aee.as above provided is similarly reduced, - then the morL};agee ag,•ees that the mortgagor's obligation 'to pay the total indebtedness to the mortr~a3ee shall be reduced likewise by an equivalent amount: The eouivalent amount is to be deducted - fr•om the final payments-to be made~by the mortgagor to the mort- gagee, in t}~e inverse order of their due date. . TO }}AVE A_ND '1'0 HO}.D the same, together with the. tenements, }~ereditaments and appurtenances thereto belonging, and the rents, issues and profits thereof, unto the mortgagee, in fee simple. AND.the mortgagor covenants with the mortgagee that the. mortgagor is indefeasibly sei•~ed of said land in fee simple; that t}~e mortgagor had good right and lawful authority to convey said land as aforesaid; that the mcrt;gagor wi-11 make-such further assurances to perfect the fee sample title to said land in the mortgage as may reasonably be required; that the mortgagor hereby fully warrants-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 char of ail encwnbrances. ~ _ PROVIDED ALl•IAYS, that if .mortgagor shall pay unto .s aid mortgagee a certain Promissory Note dated. even date herewith, for- t the sum o f Eighteen Ttwusand Five Hundred and No/ 100 Do 11 ar s , from mortgagor to mortgagee and shall perform, comply and abide by each and every the stipulations, agreements, conditions and cove- nants.of said Promissory Note and of this mortgage, then this mortgage and the estate hereby created, shall cease, and terminate and be null and void. . AND the mortgagor further covenants and agrees to pay promptly when due the principal and inL.erest 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 or s~rffer no waste, impairment or deterioration of said land or the improvements 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 accepfiable 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 insurance the mortgagee shall have the right to receive and apply the same to the indebtedness hereby secured, accounting to the ~ mortgagor for any sut•plus; 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 tire- agreements, stipulations, conditions and covenants of sari rote and this mortgage, or either; 8335 P~Ei1~ - - _ .