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HomeMy WebLinkAbout0738K: 5D `~~E ~9 eo.~~, 'T'OGETHER WITH all and singular the tenements, he.aditaments and appurtens.nca thereunto belonging or in anywise th-rcunto appertaining and the rents, issues and profits thereof, and also all the estate, right, title, interest and all claim and • dcmancl whatsoever, u well in law as in equity, of the said Mortgagor in and to the ranee, including but not limited to: (a) All rents, prpfiu, revenues, royalties, rights and benefits derived from (1) crops grown on said u:,urity and produce of the soil otherwise (2) oil, gas or mineral leases of the premises or any part thereof, now existing or hereinafter made, and (3) all other rcnb, issues and profits of the premses from time to tune accruing; whether under leases or tenancies now existing or hereafter created; in each catch case with the right in the Mortgagee, but only at ib option, to receive and receipt therefor and to apply the same as it may elect to any indebtedness secured hereby, and the ?~fertgagee, at its option, may demand, sue for and recur rr an>• such pa~nents, resen•ing to the Mortgagor, hown•er, so long as said Mortgagor is not in default hereunder, the right to receive and retain such rents, issues and profitt. - (hl :111 judgrncnts, awards of damages and settlemtnta hereafter made as a result of or in lieu of any taking of the premises or any part thereof under the power of eminent domain, or for any damage (whether caused by such taking or otherwise) to the premises or the improvements thereon or any part they..^of; such part of any such judgment, award or settlement, as the 1`fortgagec may clone to be applied to the indebtedness hereby secured :.nd the balance thereof, if any, to be resen•ed to the party or parties otherwise entitled thereto. TO fI:1Vf. AND TO HOLD the above granted and described premises to the said Mortgagee, its successors and auigns, [ortcer, and the said Mortgagor does hereby fully warrant the title to said land, and will defend the same against the lawful ' '?f claims of all persons whomsoever; provided always that if Isfortgagor shall pay to Mortgagee that certain promissory note above /' descrihed and shall perform all other covenants and conditions of said promissory note, and of any renewal, extension or modi- o ficaion thereof, and of this mortgage, then this mortgage and the estate hereby created shall cr. :e and he null and void. Dforteagor further rovenants and aerees with Mortgagte as follows: ~, ~r 1. To pay all sums including interest secured hereby when due, as provided for in said promissory note and any renewal, extension or modification thereof and in this mortgage, all such sums to be payable in lawful money of the United States of America at Afor,,age•e's aforessid principal office, or at such other place as Mortgagee may design to in writing. 2. To pay when due, and without requiring any notice from TSorteagee, all taxes, assessments of any type or nature and other chances levied or assessed against the premises hereby encumbered or any interest of I!iortgage therein. To immedi- ately pav :md discharge any claim, lien or encumbrance against such premises which may be or become superior to this mort- gage and to penr.it no default or delinquency on any' other lien, encumbranre or charge against such premises. 3. If required by bortgagee, to also make monthly deposits with i\fortgagec, ie anon-interest hearing account, together with and in addition to ;n~^rest and principal, of a sum equal to one-twelfth of the yearly fixes and assessments which may be levied against the premises, and (if so required) one-twelfth of the yearly premiums for insurance thereon. Tht amount of such taxes, assessments and premiums, when unknown, shall be estimated by Mortgagee. Such deposits shall be used by Mortgagee to pay such taxes, assessments :md premiums when due. Any insufficiency of such account to pay such charges when due shall be paid by ?sfortgagor to Afortgagct nn demand. If, by reason of any default by Mortgagor under any provision of this mort- gage, 'sfortgagee declares all sums secured hereF.• to be due and pa}•ahle, bortgagee may then apply any funds in said account against the entire indebtedness retuned hereby. "fhe enforceability of the covenants relating to taxe+, assessments and insurance premium; herein otherwise provided shall not be affected except in so far as those obligations have been met by compliance with this paragraph. bortgagee may fmm time to time at its option waive, and alter any such waiver reinstatq any or all provisions hereof requiring such deposits, by notice to Mortgagor in writin;. 1Vhife any such waiver is in effect T•fortgagot shall pay taxes, assessments and insurance premiums as herein elsewhere provided. 4. To pay all taxes, stamp tax or other charge which may be assessed upon this mortgage, or said note, or indebtedness secured hcrehy, without regard to ar:y law, Federal or State, heretofore or hereafter enacted, imposing payment of all or any part thereof upon Dfertgagee. In event of enactment of any law imposing payment of all or any portion of any such taxes upon '\mrtgagee, or the rendering by any court of last resort of a decision that the undertaking by Mortgagor, as herein provided, to pay such tax or taxes is legally inoperative, then, unless 1lfortgaeor nesrrtheless pays such fazes, all sums hereby secured, without any deduction, shall at the option of :wfortgagee become immediately due and payable, notwithstanding anything contained herein or any law heretofore or hereafter enacted. . 5. To keep the premises insured against loss or damage by fire, windstorm ar extended coverage and such oche: hazards as may be required by Itfortgagee, in form and amounts satisfactory to, and in insurance companies approved by Mortgagte, and with acceptable mortgagee loss payable clauses attached. Such politics, together with such abstracts and other title evidence as may - be required by :afortgagre, shall be delivered to and held by Mortgage without liability. Upon foreclosure of this mortgage or other acquisition of the premises or any part thereof by Mortgagee, raid policies, abstracts and title evidence shall become the absolute properh• of Mortgagee. ~~ F. "Io first obtain the written consent of Mortgagee, such consent to be ¢ranted or withheld at the sole discretion of such bortgagee, Ix•fore (al removing or demolishing any building now or hereafter erected on the premises, (b) altering the arrange- •~ moot, design or structural character thereof, (c) making any repairs which involve the removal of structural parts or the expncurr of the interior of such building to the elements, or (d) except for domestic purposes, cutting or remoa•rng or permitting the cutting and removal of any trees or limber on tht premises. 7. I o maintain premises in good condition and reparr, including but not limited to the making of such repairs as 14fortgagee Inay born time m time determine to he necessary for the preser•ation of the premises and to not commit nor permit any waste thereof. g. T„ rn..lpty with all laws, e.*d~r.ances, r ont,rinn. rnvrnarit+, rondltlons and restrictions affectin¢ the premises, and not ta suffer or permit any violation thereof. 9. tf ASortcagor fail; to pay any claim, lien or encumbrance which is superior to this mortgage, or, whey due, any tax or asscs;rnent or insurance pn•rnium. or to keep the premises in repair, or shall commit or permit waste, or i[ there be commenced any action or proceeding a(ircdn~ the premises or the title thereto, then Mortgagee, at its option, may pay said claim, Iicn, encum- hrance tax, a;<,~ <,mrnt or premium, avith nLht of subrogation there~snder, may male such repairs and take such steps as it deems advi;:•blc to prercnt or cure such waste, and may appear in any such action or proceeding and retain counsel therein, and take such actirnt therein as Aortgagee deems advi~ahle, and for any of said purposes ?sfortgagee may advance such sums of money, including all costs fens and other items of expense as it deems necessary. :.Sortgagee shall be the sole judge of the legality, validity and prlnnty cf any such claim, lien, encumbrance, tax, assessment and premium, and of the amount neceaary to be paid in satisfaction therco`. Mortgagee shall not be held accountable for any delay in making any such payment, which delay may result ir. any :.;lditional interest, cost, charges or expense otherwise. l0. \fortgaror a:~ll nay to Mortgagee, immediately and without demand, ah sums of money advanced by Isfortgagee penn- ant to this mortgage, tog^ther with interest on each such advancement at the rate of ten per cent. (]0°'0) per annum, and all such sums and interest thereon shall b~ securtd hereby. 11. All sums of money secured hereby shall be payable without any relief whatever from any valuation or appraisement laws. l2. If default he made in payment of any instalment of principal or interest of said note or any part thereof when due, or in payment, when due of any other sum securtd hereby, or in performance of any of Mortgagor's obliga,ions, rovenants or agreements hereunder, all of the indebtedness secured hereby :hall become and be immediately due and payabie at the option of Mortgagee, without notice or demand which art hereby expressly waived, in which event Aortgagee may avail itself of all righu