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HomeMy WebLinkAbout0322 ~ ~ ' ~ . ! t . ~ ~ ~ Zf a conveyance should Ue made by t~le mortgagoi'S Of ~1@ pi ~I1~iSP.S 11@1'@lIl ~ described, or any pa2 t thereof, without the ~vritten consent of the Bank of ` Stuart, and without assumption in regular forn~ of law by the Grantees of the obligation to the Bank of Stuart created by said promissory note and this mortc~age, then, and in t~iat event, at t~ie ogtion of ~tie Bank of Stua~~t, ~ without notice, all sums of money secured hereby shall immediately and ~ concurrently with such conveyance become due and oayable and in default. ~ ~ ~ ~ ~ and shatl duly, promptly snd fully perform, dischurge, execute, effect, comptet~, comply ~ti•ith and ~bide by each ~ and every the stipulations, sgreements, conditions and covenunts of said prorrussory note and of ihis mortgage, ~ Lhen this mortgage ana t:ne esisie i?eceSj~ «c~tcu s;.a; : ~ i coa riiiu vc It is understood that each of the words, "note," "mortgagor" and "mortgugee" respecti~•ely and the pron- ~ ouns referring thereio, whether in the singulsr or plural anywhere in this mortgage, shall be singular it one only ~ and shall be plural jointiy and severally, it more than one, and shall be masculine, femininz and/or neuter, wher- ever the context so implies or admits. ~ - And said Mortgagor for himself and his heirs; legal representr3tlves, successors c?nd assigns, hereby coven- ~ ant9 ana agrees Yo and with said biortgagee, his legal representatives, successors and assigns: ± ; 1. To pay s11 and singulnr Lhe principal and iniereet and the various and sundry sums of money paS~able by 3 virtue of said promissory note, and this mortgage, each and every, prompUy on the days respectively the same ~ severally become due, - 2. To pay a11 and aingular the taxes, assessments, levies, Jiabitities, obligatians and incumbrances of e~•ery nsture and kind now on said described property, and/or that hereafter may be imposed, auffered, placed, levied j or assessed thereupon, and/or that hereafter msy be levied or assessed upon this mortgage andior the indebted- ~ ness secured hereby, each and every, when due and payabte according to la~v, before they become delinquent, ~ ' and before any interest attaches or any penaity is incurred; and in so far as any thereof is of record the same ~ shall be promptly satisfied and discharged of record and the originsl official document (such as, for i~is[ance, i the tax receipt or the satisfaction paper officially endorsed or certified) shall be placed in the hands of said ~ Mortgagee within ten days next after payment; and in the event that any thereof is not so paid, satisfied and discharged, said rtortgagee may at any time pay the same or any part thereof tiizthovt wai~7ng or affecting any optiDn, lien, equity or right under or by ~~irtue of this mortgage, and the full amount of each an3 every E such payment shall be immediately due and payable and shall bear interest from the date thereof untit paid ~ ~ at the rate of ten per centum per annum and Logether with such interest shall be secured by the lien of thie k mortgage. ~ ~ 3. To place and continuously keep on the buildings now or hereafter attuate on said land firc and ~vindstortn ~ i k insurance In the usual standard policy form, in a sum not less than ~,__3a.QQ0.t.~Q in such com- ~ ~ pany or companies as may be approved by said Mortgagee; and all such insurance policies on any of s~id build- ~ ~ ings, any interest therein or part thereof, in the aggregate sum aforesaid or Ln excess thereof, shall contain the ~ usua! standard mortgagee clause making the loss ur.der said policies, each and every, payable to snid riortga- ~ gee as his interest may appear, and each and e~~ery such policy shall be promptly delivered to aiid held hy said ~ l~iortgagee; and, not less than ten days in advance of fhe expiration of each policy, to deliver to safd hiortgagee 3 k a rene~val thereof, together with a receipt for the premium of such renewal; and there shall be no such insur- i ; ance placed on any of said buildings, any interest therein or part thereof, unless in the~ ltorm and with the loss ~ payable as afocesaid; and in the event any sum of money becomes payable under .sdtK policy or policies said ~ MorLgagee shall ha~~e the option to receive and apply the same on account of th~ indebtedness secured hereby or f to permit said Afortgagor to receive and use it or any part thereot for other purposes without thereby waiving or impairing any equity, ]fen or right ander or by virtue of this mortgage; and in the e~ent said Mo*tgagor shall for any reason fail to keep the ssid premises so insured, or fail to deltvcr promptly any of said policies oL insurance to said 1?fortgagee, or fail promptiy to pay fuity any premium therefor, or in srey respect fail to per- form, discharge, execute, effect, complete, comply ~vith and abide by this covenant, or any part hereaf, said liortg- agee may place and pay for such insurance or any part thereof ~vithout waiving or affecting any option, iien, equity or right under or by virtue o! thia mortgage, and the full amount of each and every such payment shall be immediately due and payable and ahali bear interest from the date thereof until paid at the rate o1 ten per ' centum per annum and togzther with such interest shall be eecured by the lien of this mortgage. 4. To permlt, commit or suffer no ~ aste, impairment or deterlora.tion of said property or any part thereof. ~ ~ 6. To pay all and aingular the costs, charges and expenses, including reasonable lawyer'a fees and cost of } abstructa o! title, Incurred or paid at any time hy said M~rtgBgee becanse and/or in the event oi the failure ~ ; on the part of the said Mortgagor to duly, promptly and fully perlorm, discharge, eaecute, eitect, complete, ~ ; comply with and abide by each and every the stipulations, agreements, c.ondiUons and covenanta af said prumis- , aory note, and fhis mortgsge, any or efther, &nd sald costs, charges and e~cpeensas, each and every, shall be im- j medi~ tely due and payable~ whether or not ihere be notice, demand, attempt to collect or auit pending; and the ~ !~ll a:nount of each and every such payment ahall bear intere~t from the date thereo! untll pald at the rate oi ten per cen~eun per annum; and aU aaid costa, charge~ and expenise$ eo lncurred or paid, together wlth auch in- terest, shall be secured by the llen ot thle mortgage. , ~ ' ~ BooK ~.35 322 -