Loading...
HomeMy WebLinkAbout1259 . _ . ~ ~ niul shall dul~Y }ierforn~, con~ply with auJ iebJd~ by uuch urv1 overy the etipulutiau, cor?dltlons, arul covananta of ~ald promissory ; 110~C AJX~ Or Iltia mort~uge, the» thla n~ort~i~~;u and thN eakxte horeby cmAted shall cease and be nult snd vold. ' IL te underataod ~that tho r~on1 "inortt,*t?gor~," whether In the ~Inqular or plural anywhete (n thls mortgage, ahal! be j aingular i[ one only und ehall 6a plurnl ~{ointly un~l aeve~ally It more thnn ono er~d that the wotd "iheir" ar uead ~nyra~here in , thie mortgage shull bo tukan to meatt hf~~ h~r or lts~ whcraver the context ao ~mpllee or admlte. ~ And the Mortgngora hereby jointly anci soverally covenant and agree to and wlth the Mortgag~e: ? 1. To pny nlt arxi eingult~r the rrincipal nnd [nterest ural the vurious and aundry suma of monay payaDle by virtue ot ~ satd promtssory note and thIa mortgnqe, ench snd every~ promptly on tho duya reapectively the axme ooverally become due. T?te Mortgagee may collecl a°late char~o' twt to exceed un amou~tcc~unl to lwu per centum (29~0) of any InstallmenC ot the note hereby secured which la not putd w~thin liftecn (15) dnya u[ter the duu date thereof to cover the extra expense tnvolved in ~ ; handltng delirn~uent paymente. 2. To pay when dne and without requirJtr~ any noUce !rom Mort~agee aq And sinqulsr the taxes~ xs9essmenta, levlen~ . obli~ations and incumbrancea ot every nnture and kind now on said dcacri6ed property And/or that hereatter mey be Im- ; poaed, suftered, placed, levied or i~saeseed thereupon, and/nr thut horcxftcr may be levfed or naseased upon thia mortgabro and/or ihe fndebtedness aecured homhy, each and ~vory i~nd Inautur as any ther~ot le of record the same ehnll be promptly ~ . satlaCed und discharsed of trcord nnd the ori~inal oflic~al doeument (such as~ for Inatance~ the tax receipt or the eaUafaeGion ; ; pAper offictally endorseci or ceriified) shali be pJacecl in the 1u~nde oi sutd Mortgagee within t~n days next after payment. ' 3. To keep the im~ provements now existing or hemufter erected on the mort~ged property~ and the equipment and ' ' persanalty covereci by this Mortguge~ insured ss may t~e rec~uired trom time to time by the Mortqugee a~uinst loss by tira, eac- e ~ R tended covernge nnd such other huzards, cas~alties und contingencies ns muy be requirc~l by Mort~ugee and will {wy premptly, ~ when due, any premiums on such insurnnce. AI) inaw~nce shall be ln form und ttmounts sutislsctory to, and in Insurunce com- ~ ~nnies approveci by the Mortgu~ee, and the policies und renewals thereof shall be held by Mortqagee und have attached thereto ~ ~ os4 puyuble cl:?uses in fuvor o t?~xi in form ucceptuble'to fhe Mortgn~ee. In event of loss the Mortgugors will give immediate ~ ~ notice by mai) to MortKagee. arn) Mortgbgec m~y make proof of loss it not made pmmptly by Mortgaqors, and each insurance ~ compsny. concerned ia hereby uuthorized and directed to make payment for such loss direc~ly to Mort~aqee instead of to ~ ~ Mortgugors und Mortgugee jointly, and the insurance praceeds~ or einy part thereof~ may be spplied by Mort~agee at its optton ~ either•to the mduction ot the indebtedness hereby securec! or to the restoration or repa~r ot the pmperty dama~ed. In event ; oP foreclaaure ot this niori~uge or other trunsfer of title to the mortsa~ed ptoperty in extingvishment of the indebtednese ; ; eecuned hereby~ all rigfit, title, wtd interest of the MortRugors in to any insurs~nce policies then in force ahall pass Eo the pur- ~ chaser or ~tantee. • ' ~ 4. To remove or demolish no building on said premiaea without the wrilten consent of the Mortgagee; to permit, com- mit or sufler no wu,ste. impairment or deteriorat'rnn of said pmperty or any part thereo! and to keep the same and improve- ; ments thareon in ~ood condition and repain ` 6. To pay all snci einguls.r the coets~ charges and expenses. Including reasonable lnwyer's feea~ tawyer'a disb~rrsemenb ! snd cost ot abatracts of tltle. incurred or paid at any time by the Mortgagea because of tlie !eilure on the part of the Mortga- ~ gors to duly perlorm, comply with and abida by each and every the stipulalions. crndltione and covenanta of satd promtssory ' i note and this mortgaqe, any or either. j ( ! 8. Tf~at in the event the DSott~agors feil to pay or discharge said taxes, asaessmen#t, Itena and incumbrancea~ or said ~ costa. charges and expenses~ or tall to keep said ~remiaes ir~ured or to deltver the policiee, premiume ~aid. or fail to repair the y wid premisea~ ~ herein agreed. the Mortgagee ~a t~ereby authorised at Ita eleclIon to pay and/or disch~rge said taxea, asaesa- ~ ~ menta, lfens snd incumhrancea or any par! thereof, to pay b.id costs~ charges und expansea~ to procure and pay for such in- , surance or to make and pay tor euch repairs, without any obligat[on on iks part to detErmine the validity or necessity of anp ~ ~ thereaf end withouG the Mortgagee waivinq or atfecGng snY option, lien, equlty or right under or by virtue of this mortgege; ~ ~ and the full amount oi each and every such puyment shall be immedlately due and ~ayable and ahall be.ar intereet from the ~ i dele thereof unti! pa[d at the rate ot eight per cenWmpe r annum, and, together with such Interest, shal! be secured by the i lien o[ this mortgage; but notJung herein contained shaU be conatrued ae requiring the Ddorigagee to :tdvance or epend moneya ~ for any of the purpo~ses in this paragraph mentioned. ~ • i 7. T7~at (a) in the event o[ any breach of this mortgoge or defsult on thep~ o! the biortgagore, or (bj in the event ' i any of xaid auins of mone~r herein referred to be not promptly aa~c1 fu11y paid within tifteen cWya next ~iter the aame severally be- ~ eome due and payable, without demand.or noUce, or (c) in the event each and every the sttpulation~, conditlons and covenanta , ot said promissory note and this mortgage, any or either, are not duly pertormed, complied wtth and abided Dy; thett, in either ~ 3 or any auch event~ the aaid agg~+egate sum mentioned in said promissory note then remaining unpaId, wlth Interest accrued, ~ and all mor?eys aecured hereby~ shall become due and payable forthwith, or thereaiter, at the option of eaid Mortgagee aa fully and completely na it all of the said sume of money were ori~ina)ly atipulaGed to bapa id on such day. anything in sal~ promis- ~ sory note or in th38 mort~age to the contrary notwithatand~n ; and thereupon or thereatter~ st the option oi the biortgxgee, ! without notice or demand. suft at law or in ec~uity~ thereto~ore or thereaft~r begun~ muy be proaecuted as if all moneya t eecured hereby had matur~ed prior to Ite inaGtutton. ; i ! 8. Thst it any wiE ahati be ir~titvted to foreclose or retocm thfe mortgage and/or to entorce ppyment of any clatma i hereunder, tha Mortgegee shall be entitled to apply st any time pending auch auit, to the Court havjn¢ juriedIction thereof for the appointment of a Receiver of the mortgaged property and of alt and aingular the rente, income. pro~ts, iseues an~ revenuea thereot frnm whatever source derived. each and every of which are expressly mortgsged by thie inatrument; and it is hereby expreesly covenanted and agreed that thereupon such Court ahall forthwith appoint a 8eceivEr oi said mort aged P~Pe~Y. a~ af a11 and singular the renta. income~ profits~ i9suea and revenues thereol trom whstever source derived, wi~ the ~ ueual powers ar~d dutiee ot receiveis In like caaee; and such appointment ahall be made as a matter oi etrict right to the Mortgagee, and without reterence to the adequacy or Inadequacy of the value of the pmpetty hereby mortgaged~ or to the i wlvency or inaolvency s?f the MortRagore. ` 8. 1'hat Mort~a~ora hereby assign~ tranafer and set over to Mortgagee, up to the amawtt of the total indabtednesr aecured hereb ~ a!1 awards oi damages in conneckIon ~rith the condemnat[on of any oi said property for public uee or for injury • to any part ~ereot~ and the praceeda of all euch awarde. aiter payment oi all reaaonable e~cpensei incurred~ jnciudin~ fees 3 for attorneya representing Mortgagee in an~ proceeding in which any ssach awand is made, ahail be paid to Mortgagee to ba . ~ applied upon the indebte~nesr hereunder In sueh manner as Mortgaqee may elec~ ? ~ 10. That tima ie of the easer?ce of thie contract and no waiver oi ~ny obllgatlon hereunder or oi the obli~ation aecured - ` ' ~ hereby ahall at any tIme thereaiter be held to be a waiver oi the terms hereof or of the r~te secured hereby. ~ ~ 11. Riithout sffectin~ the liabiltty of any person (other than u?y peraon released pursuant hereto) fQr payment of i ~ any indebtedneas aecured hereby, and without atfacting the prlority or extent oi the Iler~ hezeoi upon any pmperty not specl- _ i lically releasecl pursuant hereto, Mortgagee tnAy at any time z?r?d from tirne to time. without notice and witho~t lunitation s~ to anq legsl right or privileg~e ot Edortgagee: (a) Releaae any ~.erwn liabie for payment of any ind~bt~eas recured herebY; (b) Exte»d the time or agree to i atter the terma of payment ot any ot the ic~debte~nese; (c) Accept addItional security ot any ki~; (d) Releasa any pmpeMy ~ securing the indebtedneas; (e) Coneent to the creation of any easement on or over the D~miaes or any covenenta reatrictinA ' ~ u~e or occupar~cy thereof. ~ 12. To duly perform~ comply with and abide by ~ach and every the ~tipula#iona~ conditlons and covenants [n satd prom- ~ ~ ~ I~wrY note and In thia mortqa~e ut torth. . - ~ 13. Aa addttionat securfty the ltort`tgars do hereby transfer, wJgn ard set over to tha a~W l[ortRa~e, Ita succd- ; j wra or aastgn~, any and sll rents now due, or to become due on the above deacsibed premisea or any separate rental pt+tm4e : ; appurtenant thereto, which are rituated on the iand above ~escribed; wch nnts to be collected by or At the dtt~ection ol t~}?a 1[ortgaqee. its wcces~ors or assigr~s. and the net proceed~ thenot to he applisd to the indebtedneas heretnbefore secund. aa ~tW 1 , wben the rame sh,all become due and payable; ~rrd for the purpose ot ~s~rry[ng wt t~hir proviaiot? the Dtort~agon do by thes~ K• present~ conotitnte and appoin; saSd Yortpgee~ or the aucceaors or aasi~ns ot the t~Id ~[ottxuqer~ as hL~ her or We~r true ud law~u! attorney-in-faet, to colkct Any and all rents for aaid above deacribed premises. expreaty aytbor~isit~R the ldottga- ; - ree or ita successors or asai~ns to receipt tenants theretor~ and do by the~e present~ tattfy ea~d con[irm any and all ucta of , ~aid attorney-in-taci in tetat~o~ to the foreXoing power. • ~ ~ . f i ~ i ~ . i - ~ i ' . ! ~ O~ 1~. ~ . ~ ~ a~~: ~ ~.05 i~~r.E 59 ; .oer »o. s.s-a - . i ' - _3_ . . - , , .