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HomeMy WebLinkAbout0045 ~ ,.~,~..~~.-_,w. . ' . ; tuxl sl?a11 duly ~rlorm, comply with aiid t?bid~ by u,?ch urxi overy ihe etipulut(orte, eon~itlona~ arxl covenants of said pmmissory ~ note und ot this mo~t~age, then this mort~;uy~n und tlie eat~?te horoby crcat~ect ehull cexse wid be nuli and void. It i9 underat«~d thst tliu wonl "mart~uE~ar~;' whQther in th~ aingular or ptural unywhers in thi~ mo ge, ehall be i f ~ e[ngvlar if one a~ly und ahnll be pluri~l Jointly urxl ecverally if more thun onc, and that the word "their" ae u~anywhEra In ~ ! thia mortgn~e alwli be t~tken to mean his~ her or its, wherever the context aa implieE or admita. ~ ~ ~ ~ And the Mort~a~gors hereby jointly and aeveraliy covenan~ and agree to and with the Mortgagee : ~ l. To pay nll und aingulur the principal and interest uu+l lhe vurious and sundry sume o! money payable Dy virtua of asld pmmiasory ~ote und thia mort~u~c~ euch am1 evcry~ pmmplly the duys reapectively the same saverally bceomo due.'The ~ Mortgc~ee :*tav collret a"late chur~e' not to exeeed an amou~tcc~unl to two per centurn (2%) of any lnatullment of the nots hereby secured which ia not paid w~thin tifteen (15) duya ufter th~ duc~ Jate thereof to cover the ex?.ra expensa involved In ~ handling delinq~ent puyment9. 2. To pay when due nnd without tequirin uny noUce Irom Martga~ee a!1 t~nd einqular !he taxes, asacsaments, leviea, ~ obliRattans and incumbrances of every nature and~ind now on said descritx~d prnperty and/or that hereaftor may be im- ; posed, auffered, plnced, levied or :?asrssed thenupon, undinr thut hen:atter may be levtecl or asseasecl upon thia mortga~e s I, and/or the indebtedness secured horeby, each and ~very und ingufur as any therc~f is of record tho same shall be prompUy settatleci iu?d dischu~ged o! record and the oriRinal otlic~sl document isuch a9, for lnetance~ thA tax recaipt or the s.atietaction , ~ paper o[ficin;~y endorsed or certitied) ehall be plac~~1 in the handa oI said Mortqagee within ten days next aftor payment. ; 3. To keep lhe improvements now existing or hemufter erected on the mortgaged pmpert,y, and the equipment and personnity covered by thia Mortgage, insured As muy be re~uired from time to time by the Mortgagee a~uinst loss by tire, ex- ! tended coverage aR~ such other hazards, casualties und contir~Rencies as muy be required by Mortgu~ee and wiU pay promptly. when due, any premiums on such insurnnce. All insu~~ance shall be in form und amounf~ sutisfactory to, and in insurunce com- panies approved by the Morcgagee, und the policies t?nd renewals thereot ahull be held by Mort~agee and have uttached thereto ~ toss payuble clauses in fuvoi• of nnd in form ucceptuble to the MortgaRee. ln event of loss the Mortgagors will give immediate notice by mnil to Mort~gee, and A3ortgagee muy muke proof of loss if not made promptly by Mortga~ors, and each insurance compuny concerned is hemby uuthorized and directed to make payment for such loss directly to Mori~a~ee instead ot to s Morigugora :end Mortgugee jointiy, a~xl the insw•Ance proceeda, or w?y part thereof, may be applied by Mort~agee at its option ; • either.to the mduction of the indebtedness hereby secured or to the restoration or repaur of the pmperty damaged. In event of foreclosure ot this mortgage or other tranafer o[ title to the mortga~eci property in extinguishment of the indebtedness aecured hereby~ al! right, title, urxl intereet of the Mortgagora in to einy ~nsurance policies then in force shalt pass to khe pur- chaser or Qrantee. ~ ' 4. To remove or demolish no building on said premises without the written consent of the Mortgagee; to permit, com- " mit or suffer rw woste, impairm~nt or deterioration of said property ~or any part thereof and to keep the same and improve- - menta th~reon in good condition and repair. 6. To pay all and aingular Fhe coata~ chargea a~ expensea. including reasonxble lawyer's Leea~ lawyer'e disbursementa and cost of abatracts of title. incurred orpa id at any time by the Mortgagee because of the failure on the part of the 1?iortgs- gora to duly perform~ coanply with an~ abide by each and every the atipulationa~ condltions and covenante of s~td promissory ' note and thIs mortgage, any or either. j° ~ z. 6. That in the event the MorigagozA fail to pay or discharge said ta~cea. assessmenta, llena sr?d incumbrancea, or saId costa~ charges and expenses~ or fail to keep said premises insured or to deliver the policiee~ premiumap~ d~ or faii to repair the sAid premtses, as herein ugreed~ the Mortgagee ia hereby authorised at ita electIon to pay and/or dIscl~asge aaid taxes, assese- menta. liens anu incumbrancee or any part thereof, to psy aaid coste~ charg~ea snd expenses~ to procure s?nd pay for such in- p t surance or to make and pay tor auch repaire~ without uny obligation on ita part to determine the yalidity or necessity o! any thereof and without the Mortgngee waiving or affecting any optinn. lien, equity or rfght under or by virtue oi thia mortgage; ar?d thz full amount of each und every euch payment shall be immedtately due a,nd payable and shall bear intereat from the •:E date thereo! until paid at the rate o! eight per centumpe r~nnum, and. together with auch interest, shal! be secured by the lien ot thia mostgage; but nothing herein contained ahall be construed aa requiring the Mortgagce to advance or apend mo»eya ~ for any of the purnoses in thie paragraph mentioned. i 7. That (a) In ~.he event of any brExch of this mortgage or defuult on the part of the. Mortgagora, or (b) in the event any ot ~aid eums ot money herein referred to be not promptly and fully paid within fifteen de?ya next after the same severally be- came due and payahle~ without demand or notice, or (c) in the avent each xr?d every the stipulatIons, conditIons and covenante ot eaid promissory note t+nd thie mortgage, any or either, are not duly perlormed, complied wlth and abided by; then, in either or any avch event, the said aggregate sum mentioned in said promiasory note then remaining unpa.id. with intereat accrued~ ` and a11 moneya aecured hereby. shall become due and payable forthwith, or therealter~ at the optlon of sald Ddortgagee ae fully and completely as if all of the said sums of money were ori~inally atipulated to be paid on such day, an~+thing in sat~ promis- sory note or in t.his mortgage to the contrary notwithatand~ng; and thereupon or thereafter. at the opt~on of the Martgagee, ~ t.; ' without notice or dema~xi, auit at law or in ec~ulty, theretofore or thereafter begun~ muy be prosecuted as if all moneya 'ecured hereby had matured prior to ita inatitut~on. 8. That it any auit ahall be Instituted to torecloae or reform thia mortgage andlor to enforce payment of any claime . , j hereunder~ the 1~Sortgagee ehal! be entitled to apply at sny time pending auch suit, to the Court havjng jurisdiction thereoi - for the appointment of a Receiver of the mortgaged property and of all and singular the rents, income, profits, i~aues anc~ ~ revenvea thereof from whatever source derlved, each and every of which are expressly mortgaged by thia instrument; and ' it ia hereby expresaly covenanted and agreeci that thereupon such Court shall forthwith sppolnt s Re~:etver oi said mortgaged ` property, and of all and a~nRular the rents~ income. profits~ iasues and revenues thereoi irom whatever souree derived, with the ' ~ usual powers and duties oi receivers in like caees; and such agpointment ahall be made as a matter of atrict right to the ~ - Mortgagee, and without reterence to the adequacy-or inadequsey of the value of the pmperty hereby mortgaged, or to the solvency or ineolvency of the Mortgagors. ' - 9. That Mortga~ora hereby assign, tranafer and aet over to Mortgag~, up to the amount o! the total indebtednese eecured hereby, all awar of damages in connection with the cpndemnation of any of said property for.publ'ic uee or ior inJury to any part thereof, and the proceeda of all such awards, after payment of RIl reasonable expenses incuned, including fees for attomeya repreaentinQ Mortgagee In any proceeding in which any auch award ie made. shall be paid to Mortgagee ta be spplied upan the indebtednese herzunder in such msnner as Mortgagee may eleck 10. That time ia of the eeaenoe ot thla contract ar?d no waiver of any obligation heraunder or of the obligatian aecured hereby shalt at any time thereafter be held to be a waiver of the tetms hereoi or of We note secured herebY. ' 11. Without affecting the lisbilIty of any peraon (other than any person released purauant hereto) for payment of ' - any tndebtedneas secured hereby~ anc! without affecting the priority or e~ctent of the lien hereof upon any property not speci- i ficslly released purs~aant hereto, Mortgagee mny at any time and irom time to time, without notice ar~d witbout 1[mitation aa ; to ~ny legal right or privilege of Mortgagee: ' (a) Release any per~on liable for payment oi any indebtednese aecured hereby; (b) Extend the time or agree to ' - altPr the terma of payment of any of the indebtedness; (c) Accept additional security of any kind; (d) Releaae any propertY aecuring the indebtedneas; (e) Conaent to the creation of eny easement on or over the premiees or any covenanta reetrictinpr uae or occuparycy thereof. 12. To duly pertorm~ comply with arxi abide by each and every the atipulatiwu. condittons and covenante in aaid prom- • IasorY note and in thia mortgage set forth. ~ 13. As additionsl seeurity the l~ort~xgors do hereby tranater~ sasiga and eet over to the said ldortAag~ee~ its sucres- , + • sors or aasigna, snY and all renta now due, or to become due on the above described premises or any separate rental premise s~ ppu~4enant thereto, which ere situated on the lar~d a6ove ~acribed; such renta to be collected by or ut the direction o! the Yoctgagee~ Its eurcessors or assiRns, and i.he net proceeas theseot to he applied to the ir~debtedneas hereinbefore eecured, as and ~evhen the ss?me s1~a.11 become due and payable; and for the purpoee of carrying out thL pmvision the liortQagorR do by these pn~enta, conotitute rnd appoint said Aiortgagee~ or the aucces~ors or assi~at ot #he uId D~ortgagee~ as his~ her or their true • ~ . ud lawful ettorney-in-fact, to collect any and all renta for eaid above deseribed premises, expressly awthorisinR the 1[ortga- . , ~ee or its successara or assigna to receipt tenanta therefor~ and ao by the~e presente ratiSy and confIrm uny atut all acb of ~ ~d aitorney-in-fact in relataon to the foreRoing power. o~ ~ ~ ~Q~ c~~c,~ ~4~ a.~~ ~ORM NO. l~ht • ~ • _ '