HomeMy WebLinkAbout1363 tdort~;:~C,u~~.^. c:~~~c~isc. l~l.~. renc~•i:~t ~.iui ~ub;:i:~tutc pol.:tc~es of ~.n ~urli~cc
s~~rilt br_ c2cli~•c~1-c~cl ~L i.hr. oi'ficc oi' 1~1ori:~;.it;cc, prcmi.u.nU p~i.cl, ,~i; lc~:;i; '
cevcn ('l) dci;f:~ i;c~_i'ore ~:crr,:~~l~tl;ac~n of polic~:i.c~s therci:ofore dc.livered Lo ~
Mort~;c~l;ce. Jn c.i ~e of :loss, Lhe ~i:or~:~~~;eG, a~: 3.ts opCion, sh:~.ll be en- '
tit.l4cl Lo receivc nnd re:i:rz;.n Lhe pi•oececis ~f 1;lie in~urlnee p~licies, <<p- `
plya.n„ thc s~ upon i:1~:: tiiciebt:c:cj:~c~~s hereb;j seeui•ed. IS ~i~y ~OJJ st~a11
occui• 1L ~ny i;~.i~:c 1~IY1C`11 t•.or•i.U:~rol• ::li:ll be in default ~.s ~0 1:}lc pcrfort~--
~tnce of thi~ coven:~nt, 1~torL-~ .^~ee :~h~ll be cnti.tlcd ~o the benc:f3.~: or nll r
~.nsur: nee helcl b,y or for ~n;~ oi' the i•.ort~;~~;or, to the sr.me exLeni: as if
it h~.d bcen r.t:~dc uay~~blc ~o l~iortc<<ce. 1~ort~;.~~or r~ill also c~rrjr publ3.c
~iabi.lity and r~ntzl in:.:ir~nce itl such LLI:lOl2tl~:s and in such cc~r~panies ~s
the holder or this t'ortr~ ;c shall require ~nd ~•~ill prompi:ly deliver ccr--
tiSica~~s t}iereof to : uc?~ holder. ,
t.0:
iG~GOR i•JILra P~',Y all i:axes and assessments a~~ins~ the prop-- ~
erty herein de~cribed ~s i;lie sar~e become due und payable; and if t:ort~~.-
~or fails so ta do thc 1•:ortn~~^e n~ pwy the same, to~;ether ~•ri ~h all costs
and ~~e:~alties ~'r.~~•eon, ~t; 1:or~:~ ~~or ~ s expen~e . 2•Iort ;agor ~~rilt suo.~i~:
to t-~or~~~~ee ~•ccc?pts ~ho:•:in~ ~~;,~:;~en~ of ~11 such taxes and assessments
YrS.~;hi~i ~hirty (30) da~Ts of tneir respectivc due dates. -
. (5~ ALT. JLPJG'_fiE;i`1S~ deeress and ;:•:~:rc~s for in~ury or d~Zmage to
the mor~~a~ed pro~ertaT, ~ nd all ~:•rards purs~i3ni; to proceedin~s for con-
demnat:i~oii ther~o* , arc hereb~ ~.ssi~ned in ~hei2• enti~•ety to i:ne A'ort~a-
~ee, wilo may ~_p~3.y the s4~e to the in~ebtedncss secured hereby in such ~
manner ~ s it r.:~.y elect; ~^r.d i•sort~~~ee is here:~y au~:horized, .in the n~Me
of I_ortL. ~or, ~o execui;e and deliv~r valid acquittances for, and to ap-
peal from, any s~ach a:•rarc, jud~snent or decree.
(6) IF 1•~li:~~ T~ITS ~'.ORTG.~GE a.s in force the title of the Mortga~or
to, or the ~n~erest of ~tor~;a~ee in, the prot~er~y hereby conveyed, or ~ny
part ~:hereof, ~~~11 be endun~ered or shall be attacked direc~l;~ or indi--
reG~1~*, I•;ort~;a~o~~ here~~y a~itnorizes the riort~;a~ee, at I•:ort~~.gor's expense,
to tlke ~ 11 nec~ s~ary and proper steps for the defense of saici title or
interest, inc?udi:~; thC e:::DlO~.en~ o.i counsel, the prosecution or ~efcr.se
of lii;i~,ui:ion, ~.ii~ the co::;~ro::~ise or disc~:ar~e of eluzr,~s made a~ainst
said title or int~rest.
(7) IF, Irl PU~SU:~2;Cr of ~,ny coven~.rit herein contained, the 2~iort-
gagor sh~ll v~y o~at zny :~:or_e;~ ch~r~e~
ble to ~'ort~a~or ar subject to re-
imbur~er.:n:~~ by .'•:ort~a~;or under the ~err~s of said coven~.nt or ~~reer~ent,
ldort~~~~~r ~~ill repay the same to 2~~ort~u~ee i~^
:^~diately at ~;he place ~~here
the note or ai;her indebteciness hereb;~ secured is payable, to~et}:er vrith
interest ~hercon ~t ~he z•ate of ten percent ~10 per znnu~n fro*~ and after
, the c?a ~e o~ :-~ort-E;w~ee ~ s r~~ :in~ such p~ ent . Tne swn of each such pay-
' ment sh~ll be auc:ed t;o th~ 1:1QCO~:CUI?~ss h~reby secured and thereaf~`r
~
i shall forr~ a p^rt of t;he sar.ie; ar.d it snzll be secured by this :ior~~~;e
; ~nd by SUD:'O~v.i;ion 1;0 ~11 the ri~nts of the person, corpora~;ion, or body
~ poli~ic recei~.it:~ such r. ;lr.:ent. _
! (8) J4or~~~~;or i•rill keep ever;~ pari; of the mort~2~ed property in
; first-cl_~ss coc::::.~ion ~.nci presen~i:~ ; a firsL-class ~pue~.rance, t~Gkin~
~
prorm~~.~ c ZZ 2'C:?<::1TS~ rcr~e:•:~~~.S ~.11~ 1'eplace~:en~s 11CCCSSi:Y'~ ~:O St~Ctl er.d, ,
i
` ana aozr. ; pi-a~:~u~y all clse n~ce~~~ry to such end; bk;; i'ort~: E;or ~•~ill
~ disch~~r~e ~ 31 cl:~~t.:s i'or 7~ bcr p~~rfor:~ed a~d r^~~eri~l ~urna.si~~~c3 thercfor,
= and i•:ill not `'er ar:~~ licn of ;:.Len~nics or r~~teri: l~:en thercfor Lo
~ ~ ~ n l~l~ "C~~' ~ ~ 1 !r?.' f' ~ :
tach ~;o ~:r.,~ ~_r,, o~. i; 1...,~ L~;~rcd propcr~;,r; ut~d i•:ort~< <,or i•.ill ~u<<rc. cvcr,~
par~ o~ ~h~ :::o~•::~; :;;eci ~~~~o::c?~ty 1'~~0~~ rc:°ov::l, clesLrucLi_o:~ and dar.j~ ~e, ~!:d
~ t~~ill ~io do or f er to bc doii~ z:~y 4ct ~•i'r:ereby the v~lue of an f par~
of such ~~'07t':~~..;~ bc 1e:; ;er,ed.
(9) IN TitE EV~NT the fee simple titie to all or any par.t of the
mortgaged property shall become vested in~any party other than t4ortgagor,
= whether by operatian of law or othenJise, the Aiortgagee may, at its option, '
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