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HomeMy WebLinkAbout0487 ' . . . - 2 - a~signed to the ~Iortgagee and are deemed a part of the pioperty mortgaged ~~ereby, and the Mortgagee is hereby authorized to collect and receive the proceeds of such awards, to give proper receipts and acquittances therefor, and to apply the same toward the paym~r,t of the indebtedness secured by this Mortgage, notwithstanding tbe fact that the amount owing thereon may r,ot then be due and payable; and the~Mortgagor hereby agrees, upon request, to make, execute and deliver any and all assignments and other instruments sufficient for the purpose of assigning each such award to the Mortgagee, free, clear and discharged of any encumbrances of any kind or nature ~ahats~ever; and TOGh'THER with all right, title and interest of the Mbrtgagor in and to the~land lying in the streets and roads in front of and adjoining the above described land (all the above described land, buildings, other structures, fixtures, articles of personal property, awards and other rights and in- ~ - - • • • - - - TO HAVE AND TO AOLD the mortgaged property ana every part thereof unto ~he riortgagee, its successors and assigns forever for the purposes and uses herein set forth. A~~TD tY;e Mortgagor further covenants and agrees with the "Mortgagee, as follows: 1. The Mortgagor will promptly pay the principal of and interest on ~he indebtedness evidenced by the Yote, and all other charges and indebted- ness provided therein and in this Mortgage, at the times and in the manner provided in the Note and in this Mortgage. 2. The Mortgagor will pay when due, as hereinafter provided, all ~round rents, if any, and all taxes, assessments, water rates and other governmental charges, fines and impositions, of every kind and nature i ~Jhatsoever, now or hereafter imposed on the mortgaged property, or any part i z'nereof, and will pay when due every a.mount of indebtedness secured by any ~ lien to which the lien of this Martgage is expressly sub~ect. ~ 3. T'nis Nortgage and the Note were executed and delivered to secure ~ moneys advanced in full to the Mortgagor by the Mortgagee as or on account ~ oi a loan evidenced by the Note, for the purpese of making the improve- ~ ~ents described or referred to in the Work Write-uvs and bid sheets ~ dated October , 196~,_„_, to or on the mort- $ ~aged property, and for such other purpose, if any, described or referred ~ ~o therein, which i~provements are hereinafter collectively called '~Im- ~ ~ ~rovements". The Mortgagor shall make or cause to be made all the Im- ~ ~rove~ents. If the construction or installation of the Improvements shall = :^at be carried out with reasonable diligence, or shall be discontinued at any tine for any reason, other than strikes, lock-outs, acts of God, fires, ~ 'loods or other similar catastrophies, riots, war or insurrection, the K :~ortgagee aiter due notice to the Mortgagor is hereby authorized (a) to ~ ~ er,ter u~on ihe mortgaged property and employ any wat~hmen to protect tne ~aproveme:~~s from depredation or injury and to preserve and protect such ~ ~ ~ ~,roperty, (b} to carry out any or all then existing contracts between the ~ ~ :~ortgagor and other parties for the purpose of making any of the Improvements, # ~ ~ b~K lv~ PAGE 4~5 ~ ~ ~ ~ ~ ~ - - ~ `~~~"~~-~v;~~.~,._ . _ . : t~, . ~