HomeMy WebLinkAbout0993 . ~
_ 2 _ - ;
~
~:;si;ned to ~he ~iortgagee and are deened a part of the property mortgaoed {
;
::ereby, and the rlort;aoee is hereby authorized to collect and receive the j
~roeeed~ oi saeh awards, to give proper receipts and acquit~ances therefor, '
an3 to apply the sa.me toward t'~e payment o~ the indebtedness secured by ~
~his r~ortgage, notwiti;s~anding the fact that the a.QOUnt owino thereon may
::~t then be due and payable; and t'ne ~iortgagor hereby agrees, upon request,
~o make, execute and deliver any and all assi~nments and other instrunents
sufficient for tY;e purpose of assigning each such award to ~he Mortgagee,
iree, clear and discY:arged of any encumbrances of any kind or nature
~:~aatsoever; and ~
TOGETI-iER with all right, ti~le and interest of the Tiort~ag~r in and to
*:~e land lying in the streets and roads in front of and adjoining the above ~
described land (all the above described land, buildings, other structures, ~
iixtures, articles of personal property, awards and other righ~s and in-
~erests being hereinafter collectively called the "~ortgaged property").
10 HAV~ AND TO HOI,TJ the mortgaged property and every part thereof unto
~~e Mortgagee, its successors and assigns forever for the purposes and uses
'rlerein set forth.
A.1~ID tY:e Mortgagor further cavenants and agrees with the '~Iortgagee, as
iollows:
1. The Mortgagor will promptly pay the principal of and interest on
~:~e indebtedness evidenced by the Note, and all other charges and indebtea-
ness provided therein and in this ~+Iortgage, at the times and in the manner
:rovided in the Note and in this Mortgage.
~
i 2. The Mortgagor will pay when due, as hereinafter provided, all
~round rents, if any, and alI taxes, assessments, water rates and other
~overnmental charges, fines and impositions, of every kind and nature
:~r:~atsoever, now or hereafter imposed on the mortgaged praperty, or any part
~~ereof, and will pay when due every amount of indebtedness secured by any
yien to which the lien of this P~lortgage is expressly subject.
3. Tnis Mortgage and the Note were executed and delivered to secure
uoneys advanced in full to the Mortgagor by the Mortgagee as or on account
~f a loan evidenced by the Note, for the purpose of making ~he improve-
~ents_described or referred to in'the Final Work Wrfte-Up and Cost Estimetes
ansi Final Bid Sheets dated September 20 , ~g 69 , to or on the mort-
~aged pro~erty, and for such other purpose, if any, described or referred ~
~o therein, which improvements are Y~ereinafter collectively called "Im- ~
~~ove~ents". The i;ortgagor shall make or cause to be made all t7~e Im-
Jrovements. If the construc~ion or installation of the Improvements shall
r,o~ bE carr~ed out with reasonable diligence, or sha11 be disconiinued at
ar.y ti~e for any reason, other than stri'~es, lock-outs, acts of God, fires,
:ioads or o~ner similar catastrophies, riots, war or insurrection, the
:~:ortgagee after~due notice to the Mortgagor is hereby authorized (a) to
~:ter upon t'ne r~~rtgaged property and employ any watchmen to protect the
~~pravemerj~s iran depredation or injury and to preserve and prote~t such •
:ropErt;J, (b} ~a carry out any or all then existing contracts between the -
~~~ortgagor and other parties for the purpose of making any of tbe Improvzments,
OR ~r~ ~
. 600K 1 J PACE 9~2
- ~
_ _
- :
. ~ . - ,