The URL can be used to link to this page

Home My WebLink About1661 2. To pay the indebtednes~ hereby ~ecured and intet~est thereon promptly on the daya specified for the saine io become due and payable, and al~o on demand any other indebtedneae that may accrue and becoine due and payablc to the mortgagee under the tenns and proviaions of this mortgage; 3. To keep the mortgag~ed premieee in gaad repe?ir; to neither ~ommit nor suPfer strip or waste on the mart- gagE~d premiees; to obtain the written cou~er.t ot the mortqagee before demoli8hing, removing or materially altering any buildiag, atructure or improvement novv or hereafter upon the mort~ged premi~ea ar beforw ellowing any sueh building, structure or improvement to be demolishe~i, removed nr materiellv altered; not to commit nor suffer any ~ct by which the value of the mortgageci premises maq be impaired; and not to violate nor permit the ~•iolation of any laq~, by-law, ordinance or contract affecti~ the mort,gaged premiees; not to violate nor suffer the ~riolation of the cov~ nants and agreements, if any, of record again$t the mortgRgeti premises; 4. To pa3~ before detinquent or before any penalty for nonpayment attaches tbereto all taxes, impoBitions, tisseasments, water rates, and charges of every nature and ta whomever assessed that may no.v or hereafter be impoeed, le~~ied or a~d upon or against the mortgaged premises or any part thereof, or upan the renta, issues, income or profits thereof, whether any or all of said teaces, asaesBments or charges be levied c~irectly or indirectly or excise taxes or as iucome taxes; To keep the buildings f?nd improvemente noK~ standing or hereafter erected upon the mortgagecl premises and any and all apparatu~, fixGurea•~pd appurtanances now or hereafter in or attached to said buildinga or improv~ ments, insured a~ainat losa or damage by fire and such other hszarda a~ the mortgagee may from time to tune require, all such ir~aurance to be in forme, in companiee and in suma (not les~ than sufficient to avoid any claim on the parL of the insurers f~r co-inAUrance) satisfactory to the mortgagee; that ~Il insurance policies shall be held by and shall be for the benefit of and first payable in case of loss to the mortgagee, and that at least fifteen days before the expiration of each such policy, a new and sufficient policy to tmke the place of the one so expiring shall be detivered to the mor~ gx~ee. The mortgagor hereby assigns to the mortga.gee a11 moneys recoverable under each such policy, and agrees that in the event of a losa the arnount collected under any policy of insursnce on aaid property may, at the aptian of the mortgagee, be agplieci b.r• the mortgagee upon any indebtedness and/or obligation secured hereby and in such order as mortgt~gee ma,y determine; ur said amount or any portion thereof may, at the option of the txiortgagee, either be useci in replacing, repairing or restoring the improvements partially or totally destroyed to a condition satisfactary to :taid mortgagee, or be released to the mortgagor, in either of which events the mortgagee shall not be obligatecl to aee to the proper application there~f ; nor shail the amount ao relexsed or use~ be deemed a payment on any indebtedness secured hereby. The mor+~gagor hereby appoints the mortgagee attorney irrevocable of the mortgagor to a.ssign e~ch such policy in the event of the foreclosure of this mortgage; G. To pay all sums, the failure to pay which may result in the acc~uisition of a lien prior to the lien of this mortgage, before such a prior lien may attach; 7. That upon failure to comply ~vith the prececiing co~•enant or ~~-ith any of the covenants and agreement,s x., to pay-ment of taa:es, impasitions, as.ses4menis, water rates and charges, making of repaira or maintenance of insur- ance as aforesaid, the mortgagee, without prejudice to any rights gir•en under subsequent p~ragraphs herein, may make ad~•ances to perform the same in behalf of the mortgagor, and the mortgagor hereby agrees to repay all sums so advanceci in his behalf, on demand, with intetest from the date advanced at the rate of eight per centum per annum, and all sums so acivanced, ~rith interest as aforesaid, shall be immediately due and payable and be secured hereby, ha~•ing the benefit af the lien hereby created, and of its priority, but no such advances ahall be deemed to relievg the mortgagor from anv default hereunder ar impair any right or remeciy consequent th~reon, and the exercise of the right to make acivances grantECi in this paragraph shall be optional with the mortgagee and not obligatory, and the mortgagee shall not in any case be liable to the mortgagor for failure to e~ercise any such right; 8. That the mortgag~e shall be subrogated for further security to the lien, although released of r~.cord, of any ancl all encumbrances paid out of the prceeeds of the Ioan secured by this rnortgage; 9. That, z~hile there is no default in the performance or observance of any of the corenan~4 or agreements herein containeci, the mortgagor shall have the privilege of colle~eting ancl receiring all rnnt~ accruing under leases or contracts of tenancy for the mortgageci premises or any part thereof; 10. That, if any action or proceeding be commenced (eYCepting an setion to foreclose this mortgage or to collect the debt hereby secured), to which action or proceeding the mortgag~ is made a party by reayon of the exe- cution of this mortgage or the note ~vhich it secures, or in which the mortgagee deems it necessary to defend in order co uphold the lien uf this mortgage or the priority thereof or pas.~e.~ion of said mortgaged premises, all sums paid or incurred by the mortgagee for counsel fees and other expenses in such action or prnceeding shall be repaid by the mort- ~agor, t~gether nith interest thereon 1'rom date of payment by the mortgagee, at the rate of eight per centum per annum, and all such sums and the interest thereon shall be immediat~ly due snd payable and be secured hereb}~, having the benefit of the lien hereby created and of its priority; 11. That any and all aw-arde heretofore made and hereafter to be made by the City of Fort Pier~e or an~~ municipal, caunty, state ur federal authorities to the preyent and all subsequent oa~ners of the premisss covered b~• this mortgage, including any award or awards ~hether for a taking of title to, pos.gession of, or any interest in, the mortgaged premises or any part thereaf and an_y award or aw~ards receivecl for damages sustained by the mortgaged premises or any part thereof or for a.ny change or changes of grade of streets affecting said premi~ea, are hereby assigned ?o the mortg~ee; and the mortgagee, at its option, is hereby autliorizeti, directed and empowered to collect and receive the praceec3s of any such ~«•arci or awards from the authorities making the same and to give proper receipts an~ acq~it- tances therefor, an~ tn apply the same ta~vard the payment of the amount owing on account af the mortgage debt, not,~-ithstanding the f~ct that the amount a~ru~g on account of the mortgage debt may not be then due and payable; ancd the mortga~or hereby co~•enants and agree.s to and «ith the mortgagee, upon request• by the naorGgagee, to make, execute and deli~•er any und all a.s.signment~ uad other instruments sufficient for the purpc~e of assigning the aforesaid ~ ~~~r•arc] or awards to the mortgagee free, clear and dischar~eri of any and all Encumbrances of any kind or nature whatr- ~oe~'er ; 1`?. That any fxilure to exercise ~n,y right hereunder shall not constitute nc~r be corv3trued as a~raiver of Lhat ri~ht xt any future time; 13. That the~ mortgsge creatc~s a cantinuing lien to secure the full z~nci final payment of the debt hereby becurecl ancl alE other obligations imposed hereby and hereafter arising. ~ ti U~i~ , i~ the payment~ are made as provideci aand all the foregoing covenants and agreement~ are performed ~ aricl observed, this mortgage shall be null an~ ~•oid and :+hall be releseed at the cost of the mortgagor, which caat the ~ mortgagor agree~ to pay; but upon any default in the payment of the indebtedness hereby sec:ured or of any install- ~ ment. therec~f or of interest thereon, as they asverally become due, or upon any default in t.he perforrnrsnce or obeervanee $oRx 1~n 459