HomeMy WebLinkAbout1922 2. In arder to pr~vide for the payment of' t~xes, asseasmen~s~.._in----•~.
surn:ice ~.~~b:r.i~.t~~s, An ~ ot.~ar ni:nuf.~l cY:al~Les ~~~~ora t:a l~roperty socur~ng
tnis in~:ebtednoss, I promise to ~a y monthly to the rtortgagee, in addit~
~.~n to t~ie above pa;~nnents, a sum estimatsd to be equivalent to one--
I~WCJ.l V11 Vi oii~ii ivvi~av~ 'ii::; ~h Nn t,-rncrn~:V ttlsaV Af: t:}lA ~ntion O~ t'.~ZO Mort
~ • ~ ~aaee ,
(.a) be held by it and conunin~led w~th ot:~er such funds or its own funds
Por the payme;it of' sacn items; (b) be carried in a share account and with-
drawn by it to pay sucii ~~8I113~ or ( c) ba creJ.ited to tha unpaid balance of
said indebtedness as rpceived, provided that the t~fortgagee advances upon
this oblf~at ion sums sufficient to pay ~~zid items es the same accrue and
become payable. Tf the amount est imated to bo suf'f'icient to pay said i~ems
is not sufi'icient, I uromise to p~~; ~~ie dff'ference ~pon demand. If such
sums are held or cerried in $ share account, the same are ~ler~by pledged
~o furt!ier sec~are this inciebtedness. The Martgagee is authorized to pay
said items as char~ed or bille~ without ~'urther inquiry.
3. If lnsur~nce is pro~curred on the life, health, accident or othsr
casualty, or on ttie public liability of the t•iortga~or payable to the I~~ort-
gagee as b~neficiary or is assi~ned ~o or pledged to.the Mortga~ee, the
P4ort~agee will pay to the insurer the premiums allocable to such insurance,
provided t~~~nt tne i~iortgagor pa,ys r.ionthly to thQ Mort~agee an amount equal
to one-twelfth of the amoun~ of the annu~l pr~miwns allocable to such in,
surance. Ttie i~Iortgagor hersby promisas to pay said amount to the Mortgagee
at the same Lime as, atid ii~ additi~n to, ot:~er p~yments made by him to the
`~a~~:;~b~e~, ss reqaired b~T this a~r~amant, the ~.~stallment note, and all
othor c~venants and nromises made by the i~sort~agor on account of said in-
debtedness. Such funds may at the option of the %?ort~agee be handled the
same as tax and hazard insurance fun~ls.
4. This mortg~ge contr8ct provides for additional advances which may
be made at tliz option of ~he P~IortgQgee and secured by this mort~age, and
1 t_: i 4 A~;rAPC3 tha~ in tY!e event of such advances the amaunt thereof
may
be a~~ded to the 3nortgage deb~ and shall increase.the unpaid balancg oi"
the IlOt~ here'ay secured by the a,mount of such advance and sha11 be a par~
of sa~.d note ~.ndebtedness under a1I of the terms af sa~.d note and this con-
tract as fully as ff a ne~r such n~te and contract were executed and de-
livered. An Additional hdvance ti~reement may be given and accspted for
such ad~rance ar.d provisions may be m~de for diiferent monthly payments
and a different in~erest rata and other.express modifications of the conb
tract, but in all ot:ier respects this contrsct shall remain in full force
and effect as to.said indebte3ness, including all advance~.
~ 5. That in ca~se of failure to perform any of the covenant~s herein,
2~Iort~agee m~y do on Mort~agor's behalf everythin~ ~so covenanted; t~ia~
said I3ortga~ee may~also do any act it may deem necessary to protect the
lien hereof; tl~at Mortga~or will repay upon demand any moneys paid or
disbursed by Martgagee far any of ~he above. purposes and sucYi moneys to.-
gether t~ith interest therean a~ the rii~nesL ~ raLe ivi~ ~~liie ~ i.~ ~~a ~
lat~~ful ~o contract~shall become so~much additional indebtedness secured
by tY~is mor~t~a~e witn the same przority as ~he original indebtAdness and
may be Incladed in any decree forecZosing this mortg~ge and be paid out
of the rEnts.or proc~eds of sale of said premises if not otherti?ise'paid;
that it st~a11 not be o'.~)agatory u~on the PFer~gagee to inqui-re into ~the
valf~y of ar.~T lizn, incumbranca or claim in advan~ing mone,ys~as above
authorizeu, but notl:in~ herein con~ained shall be consirued as requiring
tr.e Mort~agee ~o advar~c~ any moneys Yor any purpose nm to do any act herc~-
un~er; and ~he i•iort~agee shall no~ incur any personal liabili~y because
of anytr,ing it may do or omit to do hereunder;
6. That i~ is the ~ntent hereof to secure pa~rment of said note and
obl~gation whe~hsr the entire amoant shall have been advanced to the
Mortgagor at the date hereof, or at a later date, and to secure an~ otner
amaun~ or amounts that may be add~sd to t~ie mortgage ~ndebtedness under
the terms of this mort~age contract;
7. The ttortgagor snsll not convey the property mortgage herein with-
out the consen~ of the Mortgagee and the assumption by ~he new owner of
the unpaid balance of the mortga~e deed, and in event~transfer or convey-
ance i.s made .without con~:ent ~nd assump~ ion in due form, then the unpaid ~
balanc~ of this mortgage may be accelerated without notice by the riort-
gagee ~n~ the i4ort~ggee may declare the entire debt due an~ payable.
;
Th~t in the event the o~~nership of said property or any pert there- ~
af becc~es veste3 in a person other tnat the N~ortgagor, the riortgagee may,
without r.etice ta tr~e r~[ortgagor, deal ~,rith such successor or successors
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