Loading...
HomeMy WebLinkAbout0088And the Mort~agors hereby covenant with ihe Mortgagee: that the Mortgagors are indeEeasil~l~~ sei~ed of said lan in fee simple; that the Mortgagors have full power and lawful right t~ cbnvey said land in fee simple as aforesaid; that it shall be lawful for the Mortga~ee at all times hereafter peaceably and quietly to enter upon, hold, occupy and enjoy sald land; that said land, and everv part thereof, is free from all liens and ~encumbrances; that the Mortgagors will make such other ancl further assurances tope rfect the fee simple title to said land in the Mortgagee as may hereafter reasonably be required; and that the Mortgagors do hereby full~+ warrant the title to said 'land and every part thereof and will defend the same against the lawful claims of all persons whomscever. PROVIDED A_LWAYS, that if the Mortgagors shall pay unto the Mortgagee the certain promis- sory note of even date herewith, a rnpy of which is attached hereto as Exhibit "A" and made a part hereof, and shall duly perform, comply with and abide by each and every the stipulations, conditions and covenants of said promissory note and of this mortgage, then this mortgage and the estate herehv created shall c~ease and be null and void. " It is understood that the word "Mortgagors," whether in the singular or plural anywhere in this mortgage, shall be singalar if one only and shall be plural jointly and severally if more than one, and that the word "their" as used anywhere in this mortgage shall be taken to mean his, her or its, wherever the context so implies or admits. . AND THE MORTGAGORS HEREBY ~ jOINTLY AND SEVERALLY COVENAIVTT AND~ AGREE TO AND WITH THE~ MORTGAGEE: 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. - 2. To pay all and singular the taxes, assessments, levies, liabilities, obligations and encumbrauces of every nature and kind now on said described property, and/or that hereafter may be imposed, suffered, placed, levied or assessed thereupon, 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 ar- cording to law, before they become delinquent, and before any interest attaches or any penalty is incurred; and insofar as any thereof is of reoord the same shall be promp#ly satisfied and discharged of record and the original o~cial document (such as, for instance, the tax receipt or the satisfartion paper o~cially endorsed or certified ) shall be placed in the hands of said Mortgagee within ten (10 ) days next after payment. 3. To keep the improvements now existing or hereafter erected on the mortgaged property, and the equipment and personalty coveresi by this mortgage, insured as may be required from time to time by the Mortgagee against loss by fire, windstorm or o#her hazards, casualties, and conting- encies, in such amount and for such periods as may be required by Mortgagee, and ~vill pay promptl~•, when due, any premiums on such insurance. All insurance shall be carried in companies approved b}~ the Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss the Mortgagors will give immediate notice by mail to 1liortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company concerned is hereUy authorized and directed to make payment for such loss. directly to Mortgagee instead of to Mortgagors and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or. to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other trans#er of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any insuranc~e policies then in force shall pass to the purchaser or grantee. 4. To remove or demolish no building on said premises without ihe written consent of the ~liortgagee; to permit, commit or suffer no waste, impairment or deterioration of said propert~~ or any part thereof and to keep the same and improvements thereon in good condition and repair. 5. To pay all and singular the costs, charges and expenses, including reasonable lawyer's fees, lawyer's disbursements and cost of abstracts of title, incurred or paid at any time by the I1Tortg:igee }~ecause of the failure on the part of the Mortgagors to duly perform, comply with and abide b~~ each and every the stipulations, conditions and covenants of said promissory note and ihis mortgage, anv or either: 6. That in the event the Mortgagors fail to pay ur discharge said taxes, assessments, liens a»d encumbrances, or said costs, charges and expenses, or fail to keep said premises insured or to deli~~~•r the policies, premiums paid, or fail to repair the said premises, as herein agreed, the l~iortgagec is hereby authorized at its election to pay and/or discharge said taxes, assessments, liens and encum- hrances or any part thereof, to pay said costs, charges and expenses, to procure and pay for such insurance or to make and pay for such repairs, without any obligation on its part to detennine tl~e validity or necessitv of any thereof and without the Mortgagee waiving or affecting any option, lie», equity or right under or by virtue of this mortgage; and the full amount of each and every sucl~ payment shall be immediately due and~a yable and shall bear interest from the date thereof until paid at the same rate of interest speciSed 'ln the promissory note secured hereby, a~id together with such interest, shall be secured by the lien of this mortgage; but nothing herein contained shall he construed as requiring the Mortgagee to advanee or spend moneys for any of the purposes in this paragraph mentioned. 7. That ( a) in the event of any breach of ihis mortgage or default on the part of tlie Atort- gagors, or ( b) in the event any of said sums of money herein referred to be not promptly and full~~ ~ ~ ~~';~347 P~~F 8~ ~ - ~ -- _ . -- ~a ~ ~~ ._..~ . . ._... ~. _. ~,. *w:~ _ p .