HomeMy WebLinkAbout2086 . ~ ~ ST ~ ~~d~ .
l. Tb. s.oet~os eov~eaaou.al.~ree. a. totiar.: .
. 8e ~rID P~pil7 P+~7 tbe indebtednas evideaoed b~ aaid pro~miMOZr note at tbe times aad ip tbe
a~an~ee therein pro.ided ~ ~ , , ~ .
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b He ~rill par all tua, arewa~eat~, ~rater rata, and otl~t sove=aa~eatal o: mnaicipR! cLar6e~, 5new ot
impwitiaw for whic6 pro~ision has aot been made herainbefoce. ~nd will pe~o~npdy deHver the oiicial:+doeipt~
thenfor to the ~aid mortaaaea.
c. He will pay suc6 ea~peasea and fees ae may be incurred in the protection and. mainteaaace of said
property, incladin6 the fces of any attorne~ emptoyed by the mortgagee fdr tlie collection' o~ anX ~oT' all of
the indebtednese hereby eecured. or for foreclosan by mortasgee'e saye, or couri~~ °rocc~dia~s; o~'iu uiy othe'r
li~igation or proceediag affectin~ aaid premisea. Attorneys' tcea rcaeouably iAC~i~ted in +~ny otkei 'waj~ ahall be
paid b~ the mortgagor. ~ -
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d For better security of the iadebtedn~as 6crrby ~ecnred, upoq ihe requaEt o# t~ee ~po~~e~,;jt~ ~ua
ceaeon or assigns, 6e ahall execute and deliver a sapplemantal morigage or martgagas cavp~riqa ~ny a~dition~,
improvemu?ts, or bettermenta made to the pmpe~ty heninsbuve deacribQd,aad all.pe_operiy acquind by
it after t6e date hereof (all in form satiafactory to mortgagee). Furthermace. shou~d a~prt6+igo~- fai~.to cure ~
any default in the pa~~nent of a prior or inferior encumbrance on the property deacribed by thia inatrument,
mortaa~or hereby ageeea to permit mortgagee to cure euch de[ault, b~t mortgagee ia not obligated to do ao; `
and euch advancea ahall become part o[ the indebtedneae eecured by thia iaetnunent, subject to the same
terma and conditiona. (
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e. The righta created by thie conveyance ehall remain in full force and eBect during any postponement
or eatenaion of the time of payment of the indebtednese evidenced bp esid promieeory note or any part thereof
secured hereby. .
f. fte will coatinuou~y maintain hasard inaurance, of such type or typee and in anch amonnta as the
mort~agee •i~1ay [rnnt time to time require on the impmvementa now or heniftei on eaid ptoperty, and
~ P+~7 P~PVY r?hea dn~ anf pnmiums t6erefor. All inwranoe s6a11 be cartl~d ito~ eomp~aia aa~eptable
w~ofe~ee and the polici'ts and renewaL tbereof s6all Yie held b~ mort;a6ee+ aad have attaehed tbee+eto
lo~e pa~able elan~es in fa~or af and in form iooeptable to tbe mott~a6ee. In ev~t af loa, mortaa~or will {¢~a
immedia~d• t~bdce i~n~ ~rriti~a tii~nn6it~a~ ~~f ~sKay~ a~ arl~e ~roo! trf ~l~s if 'trot •msiie pi+ompd7' bY
mort;asor, and each inanraaoe oompan~ oonoerned is hee+eb~ anthorir~ and dihcted to make pa~ment far sucL
Ioeu directl~ to mort6aaee inrtead of to mort~a6or sad mortaa~e jointly, and tlks inwran~oe prooeed~, or anf }
part thereof, ma~ be applied by mo~asee at its option eit6er to the rc~ndioa of the indebtedn~as hereby
eecnred or to the restoration or repair of the property dam~ed or de~troyed. In e~mt of foreclasure of this
mortgaae, or other tranafer of title to eaid property in e:tinanishment of th¢; iq~lebccdnees .ecured hereby, aU '
ri6ht, title, and iaterest of the mortaasor in and to any insnraaoe policie~ tberi:~iit ~o~og ~6a11 p~s to the
purchaeer or mortgagee or, at the option of the mortgagce, may be eurrendered for a refu~d, ' _
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g. He will keep all buildinge and other improvemente on eaid property in good repair and o~nndition;
will permit, commit, or suHer no waate, impairment, deterioration of eaid property or any parl t~tei~+of; ~
in the event of failure of the mortgagor to keep the buildings on said premises and thoee ercoted.p~?tea~d
premieea, or improvementa thereon, in good repair, the mortgagee may make euch repaira ae in ita diecretio#f i~
, may deem necessary for the pmper preeervation thereof; and the full amount of each and every ench paymeat
shall be immediatelp due and pa} able and ahall be secured by the tien of this mortgage.
He will not voluntarily create or permit to be created againet the property snbject to t6ia mortgage
any iien or liena inferior or auperior to the lien of thie mortgage without the`written conaent of the mort-
i ~agee; and further, he will keep and maiatain the Bame free Irom the clsim of all pereone eupplying labor or
; materiala for conatruction of anq snd all buildiage or improvemente now being erected or to be erected on
said premiaea.
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i. He will not rent or aeaign anq part of the rent of aaid mortgaged property or demolieh, or remove,
~ or aubetantially alter any building withont tLe written consent of the mortgagee.
j. All awards of damages in eonnection with Any condemnation for public ux of or injury to;py 9f th~
pmperty subject to thia mortgage xre hereby aasigned and shall be paid to mortgagee, whn may apit~y ~e
same to payment of the inetAllmenta laat due nnder eaid note, and mortgagee ie hereby authorized, ia t~e
i name of the mortgagor, to ezecuteand deliver valid acquittancea thereof and to appeal fram anp euch award.
k. The mortgagee ehall have the right to inapect the mortgaged premiaee at any reaeonable time.
2. Default in any of the covenante or conditiona of thie instrnment or of the note or loan agreement secured
hereby shall terminate the mortgagor'a right to poseeaeion, nae, and enjoyment of the property, at the option of the
; mortgagee or hia aeeigna (it being agreed that the mottgagor ehall have such right until defavlt). Upon aay auch
default, the mortgagee ahali become the owner of all of the renta and profete aceruing after default ae eecurity
for the indebtedneas secured l~ereby, K-ith the ris6t to eater upon aaid property for the purpoee of collecting euch
centa and pro6ta.1'hia inatrument ehall operatt aa an aaeignment oI anp rentale on aaid property to that extent.
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