HomeMy WebLinkAbout1525from all encumbrances; that it will make such further assurances
to protect the fee simple title to said land in the Mortgagee
as may reasonably be required; that it does hereby warrant
the title to said land and will defend the same against the
lawful claims of all persons whomsoever,
PROVIDED, ALWAYS. that if the Mortgagor shall pay
unto the Mortgagee the certain Promissory Note of which the
following in w~ords and figures is a true copy, to-wit:
Attached hereto and by reference made a
part hereof
and shall promptly perform. comply with and abide by each and
every the stipulations, agreements, conditions and covenants
of said Promissory vote and of this Mortgage Deed, then the
estate hereby created shall cease and be null and vcid.
AND, the Mortgagor does hereby covenant and agree
as follows: ~
1. To pay all and singular the principal and interest
and other sums of money payable by virtue of said Promissory
Note and this Mortgage, or either, promptly on the days respectively
the same severally come due and to perform, comply with and
abide by each and every of the stipulations, agreements, conditions
and covenants in said Promissory Note and Mortgage Deed set
forth.
2. To pay all and singular the taxes, assessments,
levies, liabilities, obligations and encumbrances of every
nature on said property each and every when due and payable
according to law, before they become delinquent, and if the
same shall not be promptly paid, the Mortgagee may at any time,
either before or after delinquency, pay the same without waiving
or affecting the option to foreclose, or any right hereunder,
_and every paynent so made shall bear interest from the date
thereof at the same rate as the principal indebtedness payable
semi-annually.
3. To keep the buildings and all equipment and
personal property now or hereafter on said premises fully insured
in a sum of not less than the full cash value thereof, but
in no event less than a sum at least equal to the~unpaid balance
of the Promissory Note secured by this ;fortgage, including
both fire and extended coverage insurance. Where appropriate,
said policy or policies shali be held by the Mortgagee and
shall bear a Standard New York Aiortgage~ Clause without contribution,
making the loss under said policy or policies payable to the
t~iortgagee as its interest may appear; and in the event any
sum of money becomes payable under any such policy or policies,
the Mortgagee shall have the option to receive and apply the
same on account of the indebtedness hereby secured, or to permit
the Mortgagor to receive and use it, or any part thereof, for
other purposes Without thereby waiving or impairing any equity,
lien or right under and by virtue of this ylortgage; and in
the event the ;iortgagor does not comply with this covenant;
~he :iortgagee ~r,ay p2ace and ~ay for such insurance or any part
thereof without waiving or affecting the option to foreclose,
or any other right hereunder, and each and every payment so
made shall bear interest from the date thereof at the same
rate as the principal indebtedness, payable semi-annually.
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