HomeMy WebLinkAbout0970 and s}iall pcrforu~, couiply ti•itlt an~l abi~le hy cnch aiil ~~~cry ti~c :•~i~~ulation~, arrccn~~~ntr, cundition, and co~•enant~ of
~aid promi;:::ory note and oi this ~ic~~d, tl~cn thi~ dc~•~i and ih~~ rriatc ihcr~h~- c~rcatc~l ~l+all cca~r and bc ~n~ll an~l roid.
l. 'rlie '1lort~agor I~ereby co~~enants and :~gree.: i
~a) To pay all und Eingular the principal ~nd intetest and ot6er •umi ot tnouc~ pa~able Ly virlu~ of ~aiJ pro?ni~sory- note and thia '
dced, or eitl~er, pro~nptty on the deya reepectlvelq the eame EeaeraUy become~ due.
Ib) To permit, couimit or auffer nu Kaste pnd to m~iniaia the improreme•nta at all ti~ea in a atate of ~ood repair and condition; and
to do or permit to Le done to ~Ald ~[tR]i~C6 notliina that will alter or ~•hanEe tl~e uEe and cl~aractrr of said propeNy or in any way
in~paic or weaken the security o[ this mort6aRe. And in ease o( the re[usni, ueglret or inaLility oi the ~[ort6;~gor tc r~pair and maintain
said pro~~erty, the \iortRagee may, at hie ~ption, rnale Euch repair. or rnutc !he eame lo be• made, un~l ~J~auce mone~s in that behalf. "
(c1 To pay al! and sinaular tLe taaea, aseessn~rnteL levies, liabilitie~, and obligation~ o[ ecrry nature on snid de~eribed property eaeh
and er•ery when due and payaLle according to la~v, before ihey brr~~ruC tleliizqveni, and !o ~elik'rr !o the ~Inrtgagee on or be[ore ?11arcL
. (5th of each ~-e~r tax receipta evidencing the papment of all lawfully imlaaed ~a~es for the }~rec~•ding calendar ~ear; to indemnify the ~
\Iortgagec upo~i his demand for all taxea, ae=eEenientA and eharaes thut n~ay hc a~seserd upon this mortga6e on tl~e indebtedneee secared
~ hrreb~•, and paid by the mort6aRee, witl~out regard to any luw her~•tofore en~rted or hereaftrr to be enacted in~~~o=ing pa~ment oi the
~.hole or any part thereof ulwn 1lie ~?tort6agee. .
~d) To pay all and ~ingular d?e co;tP. ehar6es and esprnses, indudinF lahyer~ [ees and aL~tr~rt ro~ts rcasenaLly in~•urreJ or paid at
any tiine by the Dtnrtgagee becau=e of the (silnre on the part of tl~r '~iort6aFur to prrfonn, cumpl~ ~~ith and aLicle b~• rarh and crery
the ~tipulatiuns, agrremrnta, conditioii; and ~~oir.t~a~ts of =aid promi<,nr~• nutr :uid Ihi= murtR:i~;~~ or ~•ithrr, nnd ecrn• su~~l~ ~~ayment shall
Lec~r intere~t (rom date at th~• rat~~ of trn pe:r eentum prr annum.
~e) It is further cocenanted and a6reed Ly :aid parlies that in tl~r ~a~~ut of -uit brinK iu-titutcd ta fe~rcelo~e ILi- ~+~or~gage, the ,llort-
gagee sl~all be entitled to a~~Etly at any time prnJing eurh foreclosure suit to tl~e rourt I~aving juri_diction tliereoi for tl~e appointn~ent
of a recei~~er of all and =ingul~r the mortg~ged propertp, and nf all n•ntr. inron~r;, prufils, i<.ur: and ~r~euura t6ereof, (rom Hh~t-
~oe~•er ~ource drriced; and tF~ereupon it ia herehy expreeely covcn:~nted and aRr~~e<1 that fhe (:ourt -hal1 forth~+•ith ap~aint surh ree2iver
wi~h the n:nal powers and dutiea of receivera in like casea; and ~:~id appointruent shall be ~nade by the Court as a matter of btrict ri66t
to the Dforlgagre, and tiithout rr(rr~nce to the adeyuacy ur inadequar~ oE tlie ~alue of ti~~ pro~K•r~y hereby moriga6ed, or N the sol~ency
or insol~•~•nc~• of t6e 3fortg.~Fore ur any other party de(endant to -urh rwt. The ,lfurtgagor l~rreby specificalla t~ai~cs the right to object
lo the appointn?ent af a receiver as aforeeaid ~nd hereby eapressly- consents t{~at ~uch appointment <hall be made aa ~n admitted eqnity
:?nd as a~natter of absolute ti6ht to the Aiorigagec and Ihat t6e ~an~e n?:~y Le done ~,idiout no~ice to tlie lfortgngor.
~ f 1 Ti fureclosure proceedings =hoatd Le institnted against the propcrty co~ e•rrd b~ ~his n~orlg~ge n~rou any othrr li~•n ar ~laim H•hether
ullrged to Le superior or junior to the lien oE thi~ mortgnge, thc ltartF:~gee m:~y at I~is option inu~u•diatrly ui~un in:titu~inn of ~ucL
~uit or during the pendency thereof declare tfiie moctga~e and the iudrbn•dn~•~- ,crured i~erel~y due and p~~ablc (urthti~ith and ~nay ut
its option proeeed to forecloee d~i3 moctgage. ~
~g) Thnt the \Iortgagor ~rill keep all rcal and PcrEOnal property n~n~ ~~r Iren•aft~~r encumbered b}' tlie licn oE tl~is rourlgage insured
•~s may be ~equired fruni time to ti~ue Ly tl~e ,llortgagec againot lu~~ L~• firr, Nindelorm and other t~azard-, ~asualtie~ and continaencie~
tor rurh perioda and far not 1e:s tfian ~uch amounte as may be requirr~l hti• 11~c \Iortgag~•e and to pap promptly ~~hen dur. :~Il premiums
for auch insurancr. The :~mounts of insurance required by tl~e \tortFa~~•~~ >hall Le the winimu~n amounts for ~~hich esid ineurance s6a11
Le a•ritten and it shall be incumben! upon the Uortgador to main~ain ,u~•{i a~lditional in:uran~e aR ~uuy he iie~essary to meet and tomply
fally with al! co•inrurance requirements contnined in said policic= ~n ~6e end tleat ?he raid 1ltortEagor is no~ a eainsuror thercunder.
Insurance ~Lall be u•rilten by a conipany or companiea appro~•eJ or dr-ignated h~• 1he ~torlRagee and all poli~~ies and rene~~•:de thereot
~hall be held by th~• 3fortguger. :lll ~Te~:~ileJ de~ignatiuni Ly tlic Vnrt~ar~~r ~~leirl~ are a~rrptcd Ly 1Lt \lurtg~gre and all agreemi•nt~
bet~~~een ilSortg~gor and 1ltortgagee relatiug to insurance, now e~i~linF on c~reaftrr made, ~h~ll he in H-titing and ~halt be a p:+rt of tLis
mortgage agreement aa fallp as thonRh aet Sor1h ~erbalim herein and rl~all pCot•ern both parties herPto and thrir ~uccesr-ors and aselgne.
No lien upon any o( said ~rolicie, of insurance or ~~~an any refun~! nr relurn preniium ~chieL may be payable on the cancellation or
termination thereoi, el~all be gi~•en to o16er tLan the ~Sortg:~gee, e~~•e~~t L~• ~~roper en~~orrenirnl ai(ized to snch poliry and approved by
3~ortgagee. Each policy o( in~urance ~hall have affiaed thereto ~ 41and:vd \e~~~ 1'ork ~tortRagee ClauFC wit(zout Coniribution, maling
all loss or Ioeses undr~r FucL policp pu~-able to Ihe ~iottgeaee aa i~s intere~t nc~y :~ppear. In the ecent any Eum or ~ums of money become
. payable thereunder t4e ~torlRagcc •Lall ha~~e the option to rceeiv~c and appl~~ tlic -~me on aceount oE the indrbte~(ness herehy se~•ured, or
to permit the !4fo~gagor lo n•rei~•e and u<e it, or any part th~renl. witliuui t1i~~r<•br u~ivin~ or imp~iring an} equity. lien, or ribht
' un[~er and by virt.,e of tlua ~nortRagr. In evrnt of losr ot rhy~~i~•:~~ dam:~R~• ~n ~he morlRaFr.d properly the \inrlg:~~;or ~h:il{ ~ive im-
u~cdiate nuti~~.• Ihcrroi l~y tuail lo th~e \1nrlgagee aud the Zlort~a~r~•. ~u:~~~ tn:~l.r proof u[ (u-, if the SJI11C i= n~t m:idc prn~nptly by thr
ltortgagor. cti•ent of torecloeure of Ihi6 n~urtaAge or other tr:m,(cr oi titl~~ ~o lhe uiurt6~ged propi•rt}~ iu c~tin6ui,liment oE Il~e
~ indebtedness secured hereby, all ri~ht, tille and int~rcst of the ~iorlg~Ror in :md to :~m insnrauce policies then in iorce shall pass t~
ll~e purcliasrr ur grrutee.
~ h) To perfonu, compty H~ith and abide by each and every the r~ipulations, aEreements, conditions and covenants in said promiasory
note and in t1iiF ~uortg.~ge set focth.
(i) That it any of eaid rume of moncy herein referred to be not ~~romptly and fully paid wi~hin thirty ~j0~ daya next
a(ter the aame ~everally becomee due and payablr, or if each and rrery the stipalation~, x6reemente, conditioas an co~enaate of said
promissory note and this mortgage, or either, are not [uAy pertora~rd, complied ~.ith and abided by, die said a6bregate sum mentioned in
±aid promisaorq note s6a11 become due and payable forthw-itl~ or tl~ereaher at the optfon oi the Mortga6ee es (nlly and completely aa
if the eaid aggregate an~n o[ Faid promissorp note a-as oriainstlh• -tipulated ~o be paid on such d~p, an}-thin6 in Eaid promi~sory note
or herein to the rontrary notNithrta?~ding.
(j) That in order to aecelerate ~he roatarity of the indebtednees I~rn~Ly :ecured, hrcnuee of the failare of the ~fort6a6or to pay any
tax, asaeeament~ liabilitq, obli6ation or encumbraaee upoe said pro~rty, aF l~erein provided, it shall not he necessary or r~qiiieite that tha
mori6a6ee :hell first pay Ihe ~ama . . ~ - . .
2. It ia apecifically a~reed tl~at ti?ne is of the e~~ence o[ tiu• c~ontract :~n~l thAt no ~sai~-er of am• ohli~sation here-
`W under or of tl~e obligation secirrc~l l~erehy shall ~t~?n d therca~ Iield to he ~~vaicer of tl~c tc~~n~ hereof or of
~Y tlic inetrumeiit eecurc~i hcrFb}-. g~~r
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