HomeMy WebLinkAbout193610. 'mat granting any extension or extensions of the time
of payment of the aforesaid Note, or waiver of or failure too exercise
the right to mature the whole debt shall rot affect the lien hereof or
the rights of the Mortagee hereunder to operate as a release from any
liability on said Note or this Mortgage; and further that acceptance
of part payment of any installment of principal or interest, or of
part performance of any covenant, or delay for any period of time in
exercising the option to mature the entire debt shall rot operate as a
waiver of the right to exercise such option on account of such de-
fault, or any subsequent default.
11. Zfiat in the event of the failure of the Mortgagor to
pay when due all taxes, liens, charges, assessments, liabilities,
obligations and encumbrances of every nature on said described proper- -
ty, or bo~ procure and pay the premiums on said insurance, -or tQ pay
the costs of necessary repairs, or to pay all other costs and expenses
including lawyers' fees rea.9onably incurred or paid by the l~brtgagee,
all as herein provided, the Nbrtgagee shall have the right to pay said
taxes, liens, charges, assessments, liabilities, obligations and
encumbrances of every nature on said described property, and th pay
for or procure and pay for said insurance, or to pay the costs of
necessary repairs or to pay all other costs and expenses, and all
amounts so expended by the Nbrtgagee shall be charged hereunder as
principal money bearing interest from date of expenditure at the rate
of Fourteen percent (14$) per annum, payable immediately, and shall
with-the interest thereon be -secured by these presents; but by the
payment of any sum hereunder the Nbrtgagee will not be held to have
waived any right accruing to it because of nonpayment thereof by the
Mortgagor.
A. Zt~e Mortgagor, in order to more fully protect the
security of this Mortgage, in addition to the payments of principal
and interest under the terms of the Note hereby secured, will pay to
the Abrtgagee, on each date on which monthly payments are due under
the terms of the aforesaid Note, a sum equal to one-twelfth of the
known or estimated (by the Mortgagee) yearly taxes, assessments and
insurance premiums on or against the mortgaged premises. Zfie Nbrtga-
gee shall hold such payments in trust, without obligation to pay
interest thereon, and shall apply the same to the payment of taxes,
assessments and insurance premiums as and when due. If the total of
such monthly payments shall exceed the amount needed, the excess shall
be held for such future needs; but, should such monthly payments at
any time fail to provide sufficient funds to pay taxes, assessments
and insurance premiums when due, then the Mortgagor shall, upon
demand, pay to the Nbrtgagee the amount necessary to Dover the defi-
ciency. When the Nbrtgagor shall have -paid all of the indebtedness
secured by this Mortgage, the Nbrtgagee will refund to the Mortgagor
any excess funds accumulated hereunder. In the event of default in
the payment of any of the indebtedness secured by this Nbrtgage, the
Mortgagee may, at any time thereafter, apply any balance then
remaining of the funds accumulated for the aforesaid purposes to the
payment of such indebtedness.
B. ~-e Mortgagor covenants and agrees to furnish to the
Nbrtgagee annually on or before 120 days from the end of each fiscal
year during the term of this Mortgage, an operating statement, includ-
ing sales figures certified by Mortgagor, showing the .same items which
are to be covered by the books of account and records of the Mortgagor
in connection with the ownership and operation of the mortgaged prem-
ises.
C. Zhe Mortgagee or its duly appointed servicing agent
shall have a reasonable right of inspection of the premises mortgaged
hereby in order to determine that said premises are being maintained
in a good and sound state of repair and oor~dition.
~oox34~ pacE19.`3f
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LEWIS, VEGOSEN AND ROSENBACH, P. A., ATTORNEYS AT LAW