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HomeMy WebLinkAbout1772 ~ 4~ estimated to be sufCcient to pny suid Items is not sufRcient. 1 promise to puy the dlffei•ence upon demand. If such sums are held or carried Irt a share account, the~ san~e are herebv pledged to further secure this indebtedness. The rlortgagee [s autharized to pay said items as charged or billed without further inquiry. 3. If insurance is procured on the life. health, accident or other casualt~~. oi• on the public liabillt~~ of the hiortgagor payable to the hiortgagee as beneflciary or is assigned to or pledged to the hiortgagee. the hlort~agee will pay to the insurer the premiums allocable to such insurance, provided that the hiortgagor pays monthly tu the hiortgagee an amount equal to one- twelfth of the amount of the annual premiums allocable to such insurance. The Mortgagor hereby promises to pay said amount to the hiortgagee at the same time as, and In addition to, other pay- ments made by him to the ?~~Iortgagee, as required by this agreement, the installment note. and all other covenants and promises made by the htortgagor on account of said indebtedness. Stich funds may at the option of the riortgagee be handled the same as tax and hazard insurance funds. 4. This mortgage contract provides for additional advances w~hich may be made at the option of the hlortgagee and s~cured by this mortgage. and it is agreed that in the event of such advances the amount thereof may be added to the mortgage debt and shall increase the unpaid balance of the note hereby secured by the amount of such advance and shall be a part of said note indebtedness under all of the terms of said note and this contract as fully as if a new such note and cur_tract were executed and delivered. An additional Advance Agreement may be given and accepted for such advance and provisions may be m~~e for different monthly payments and a different interest rate and other express modifications of the contract, but in all other respects this contract shall remain in full force and effect as to said indebtedness, including all advances. 5. That in case of failure to perform any of the covenants herein, Mortgagee ma~ do on riortgagor's behalf everything so covenanted; that said rlortgagee may also do an~ act it may deem necessary to protect the lien hereof; that 1liortgagor will repay upon demand any moneys paid or disbursed by hiortgagee for any of the above purposes and such moneys together ~ti~~th interest thereon at the highest rate for which it is then law•ful ~o contract shall become so much additional indebtedness secured by this mortgage ~vith the same priority as the original indebtedness and may be included in any decree foreclosing this inortgage and be paid out of the rents or proceeds of sale of said premises if not otherwise paid; that it shall not be obligatory upon the hiortgagee to inquire into the validitS~ of any lien, incumbrance or claim in advancing moneys as above authorized. but nothing herein contained shatl be construed as requiring the ~tortgagee to advance any moneys I! :or any purpose nor to do any act hereunder; and the rtortgagee shall not incur any personal liability ! because of anything it may do or omit to do hereunder; I _ ~ 6. That it is the intent hereof to secure pa3~ment of said note and obligation whether the entire amount shall have been advanced to the Alortgagor at the date hereof, ur at a later date, and to secure any other amount or amounts that may be added to the mortgage indebtedness under the terms of this mortgage contract; The Atortgagor shall not convey the property mortgag~ herein without the ~ consent of the l~tortgagee and the assumption by the new owner of the unpaid balance of the mortgage deed, and in event transfer or conveyance is made without consent and assumption in due form, then the unpaid balance of ttus mortgage may be accelerated without notice by the Mortgagee and the ~iortgagee may declare the entire debt due and pa~~able. 8. That in the event the o~vnership of said property or any part thereof becomes ~•ested in a person other ihan the :liortgagor, the i~tortgagee may, without notice to the l~iortgagor, deal with such successor or successors in interest ~?~ith reference to this mortgage and the debt ~ hereby secured in the same manner as w~ith the riortgagor, and may forbear to sue or may extend t time for payment of ±he debt, secured hereby, without discharging or in an3• way affecting the ~ iia~ility of the hlortgagor hereunder or upon the debt hereby secured; ~ k ~ 9. That time is of the essence hereof and if default be made in performance of n an}• covenant herein contained or in making any payment under said note or obligation or any ~ extension or renev?•al thereo[, or if proceedings be instituted to enforce any other lien or charge ~ upon any of said property, or vpon the filing of a proceeding in bankruptcy by or a.gainst the ~ ~tortgag~r, or if the ~iortgagor shall make an assignment for the benefit of his creditors or if his ~ ~ property be placed under the control of or in custody of any court, or if the hiortgagor abandon any of said property. then and in any of said events. the 1liortgagee is hereby authorized and empowered, ~ at its option and without affecting the lien hereby created or the priority of said lien or any right of ~ the ~iortgagee hereunder, t~ declare without notice, all sums secured hereby immediately due and ~ pa~able, whether or not such default be remedied by hiortgagor, and apply toward the payment of _ ~ : ~ E~~K19~ 1~7i ~ -z- ~ _ - - - .