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HomeMy WebLinkAbout0496 . ~ ' ' - 2 - assigned to the ~ortgagee and are deemed a part of the property mortgaged '~ereby, and the ~ortgagee 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 payment of the indebtedness secured by this Mortgage, notwit~standing the fact that the amount owing thereon may r,ot then y~ 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 eacb such award to the Mortgagee, iree, clear and discharged of any encumbrances of any '~ind or nature ~ whatsoever; and ~ TOGETHER with all right, title and interest of the Mortoagor in and to zhe~land lying in the streets and roads in front of and adjoining the above 3escribed land (all the above described land, buildings, other structures, ~i d in- terests being hereinafter collectively called tbe "mortgaged property"). TO HAVE AN`D TO HOLD the mo~tgaged property and every part thereof unto ~he Mortgagee, its successors and assigns forever for the purposes and uses .~erein set forth. AND the Mortgagor further covenants and agrees with the'Mortgagee, as i OZI.OWS : 1. The Mortgagor will promptly pay the principal of and interest on ~he indebtedness evidenced by the Note, and all other charges and indebted- r.ess provided therein and in this Mortgage, at the times and in the manner providea 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 ~overnnental cbarges, fines and impositions, of every kind and nature wY~atsoever, now or hereafter imposed on the mortgaged property, or any part ;,hereof, and will pay when due every amount of indebtedness secured by any i ~ lien to which the lien of this 3Kortgage is expressly subject. ~ • ~ 3. This Mortgage and the Ivote were executed and delivered to secure ~ ~ ~oneys advanced in full to the Mortgagor by the Mortgagee as or on account ~ ~i a loan evidenced by the Note, for the purpose cf making the improve- ~ mer,~s.described or referred to in the Work write-ug ~ dated Au$ust 18s , 1969 , to or on the mort- ~ daged property, and for such other purpose, if any, described or referred ~ ~a therein, which improvements are hereinafter collectively called "Im- ~ ~ provements". The Mortgagor snall make or cause to be made all the Im- ~ ~rovements. If the construction or installation of the Improvements shall i ~ot be carried out with reasonable diligence, or shall be discontinued at ~ any tirae for any reason, other than strikes, lock-outs, acts of God, fires, ~ ~loods or other similar catastrophies, riots, war or insurrection, tY~e ~ i:ortgagee after due notice to the Mortgagor is hereby authorized (a) to ~ ~ er,ter upon the mortgaged property and employ any watchmen to protect the ~ ~mprovements from depredation or injury and to preserve and protect such • ~ ~ ~rcperty, (b) to carry out any or all then existing contracts between the ~ ~ ::ortga~or and other parties for the purpose of making any of tY~e Improvements, ~ ~ ~ ~ ~ . 800K 18~ PAGE 494 ~ • ~ _ _ _ . . - - , _ ~ - - _ ~ . _ . _ _ ~ . _ ~ . . < <