HomeMy WebLinkAbout0085 and shall keep and perform the covenants and agreements herein contained by it
ar~d to be performed, then tl~ese presents and said bonds sh411 cease and shal) b~
null nnd void. And the said Orange Avenue Baptist Chu~ch, (ncorporated,
mortgagor for itself, successors and assigns, hereby covenants with said mortgagee,
its legal represer~tativ~ and assigns as foilows: ~
Principal and lnterest
I. Said mortg4gor will pay to said mortgagee, its legal representative
and assigns, the said sum of Fifty Thousand and No/100 Dollars (~50,000}, with
interest thereot~ at the rate of six per cent per annum, parable semi-annual(y, until
the full payment of said principal sum according to the terms of said bonds afore-
mentioned, and ~vill pay interest at the rate cf eight per cent annum, semi-onnually
upon all overdue interest or principal from the :ime of its maturity.
Taxes, Assessments and Liens
2. The said mortgagor within thirty days after same shall become due
and payable, will pay all taxes and assessments, rates and charges, and all
lahor, mechanics or other liens of every name and nature which shal) be
lP~;PC) i~,nc,cPC~ uoon said property; or upon or on account of this mortgage
or the indebtedness secured ~ereby or upon the interest or estate in said
property represented by this mortga~e whether levied or imposed against
the said mortgagor, and the mortgagor hereby waives any and all claim
or right against said mortgagee, its legal representatives or assigns or its
successors in this trust, to any payments or rebate on ar offset against the
interest or principal of said indebtedness by reason of the payment o{ any of
suid taxes, ~ssessments, rates, charges, ar labor or mechanics' liens.
(nsurance .
3. 7hat the said mortgagor wi II keep al ( destructible property described
in this mortgage or situated upon the lands described in this mortgage insured
against (oss and damage by fire in responsi6le insurance companies approved by
the mortgagee, to an amount not fess than Fifty Thousand Dallars ~$50,040~, and fr
pay the premiums therefor. All loss in the policies for said insurance to be
payable to the said mortgagee as its in#ere3t, created by this mortgcge may
appear, and will defiver the said policies, as soan as issued to seid mortgagee.
Aavances by Mortgagee
4. [f said mortgagor makes derault in the p~ayment of any ot the aforesaid
taxes, assessments, rates and charges, or labor, mechanic or other lieris, or in
procuring and maintaining insurance as above covenanted, said mortgagPe,
its representatives or assigns may pay such taxes, assessments, rates and charges
or labor, mechanics' or other liens and effecfi such insurance and the sum so
paid shull be o further lien on the aforesaid premises and property under this
mortgage, priot and superior to said bonds and coupons and payable forthwith,
wi th interest at the rate of IQ per cent per annum .
Acce lerati ng Maturi ty
5. Should ctefault be made in the payment of any installment of
= principal maturing hereon before the whole thereof becorr~es due ar of any`
~ taxes, assessments, rates and charges or of any labor, and mechanicsi or other
~ liens or of
any premiums for insurance, or any part thereof, when the same are
_
f
r
t
i
~
i
~
~
l
i FC -
- ~'C~ ~
~ ~~~'l .
• tdll
1