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HomeMy WebLinkAbout0504 ~ - 2 - .3~signed to the ti;ortgagee and are deemed a part of tre property mortgaoed ::~ereby, and tne Mortgagee is hereby aut'norized to collect and receive the ~roceeds of such awards, to give proper receipts and acquittances therefor, and to apply t'ne same toward the payment of the indebtedn~ss secured by tnis ~ortgage, notwitnstanding the fact that the amount owing thereon may r,ot then be due and paya~le; 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 tbe Mortgagee, ixee, clear and discharged of any encumbrances of any kind or nature w~atsoever; and TOGETHER with all right, title and interest of the Mortgagor in and to ~ne land lying in the streets and roads in front of and adjoining the above ~escribed iand (all the above deacribed land, buildings, other structures, iixtiures, articles of personal property, awards and other rights and in- ~erests being hereinafter collectively called the "mortgaged property"). TO HAVE AND TO HOZD the mortgaged property and every part thereof unto ~ne Mortgagee, its successors and assigns forever for the purposes and uses ~:ere~n set forth. A.~~TD the i~ortgagor further covenants and agrees with the Mortgagee, as ~~llows. 1. The I~Iortgagor will promptly pay the principal of and interest on ~:e indebtedness evid~nced by the Note, and all other charges and indebted- :ess provided therein and in this Mortgage, at the time~ and in the manner ~rovided in the Note and in this Mortgage. 2. The Mortgagor will pay when due, as hereinafter provided, all ~ ~-~ound rents, if any, and all taxes, assessments, water rates and other G ~ ~~vernmental charges, fines and impositions, of every kind and nature ~ ~,:^atsoever, now or hereafter imposed on the mortgaged property, or any part ° ~:;ereof, 3nd will pay when due every amount of indebtedness secured by any ~ ~ien to which the lien of this ~ortgage is expressly subject. 3. T'n~s tiiortgage and the Note were executed and delivered to secure ~~neys advanced in full to the Mortgagor by the Mortgagee as or on account a loan evidenced by t:~e Note, for the purpose of making the improve- ent~___descri?~ed or referred to _in the__ Fina 1 Work Wri te-Up and Cos t ~s t ima tes dated 1j1~ ~,j~y„ ,'i 9 70 , to or on the mort- ~aged property, and for such other purpose, if any, described or referred t;erein, whic:~ inprovements are hereinafter collectively called ~~Im- _~~ove~ents". The r:ortgagor shall make or cause to be made all the Im- ~ ~-~ove~er,ts. t'ne construction or installation of the Improvements shall - ~ be carr;ed ~ut wit:~ r~asonable diligence, or srall be discontinued at ~:~e ~or ar.y rEasor., ot~er than strikes, lock-outs, acts of God, fires, :;JOCJ ;.r ,^~ufel similar cata~trophies, riots,•war or insurrection, the :~:~:~ba~ce a=ter due notice ~a the Mortgagor is hereby authorized (a) to ' ~e~ _ u~or. t:~e nortgaged property and employ any watchmen to protect the ~ rove~er.;,s fr~m depreda~ior. or injury and to preserve and protect such ~ro~.erty, (b) to carry out any or all t:~en existing contr2cts between the ::or~gagor and oiher parties for the purpose of making any of the Improvements, 60DK 187 ~ 5C4 ' 3.~. _ i ~ ~ . ry