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Home My WebLink About2253 i f i I 3. To keep the building and all cquipment and pcrsonal propcrty now or hereafler o~ said prcmises, co~~emd by lhis l~tortgage, insured aeainst loss or damage by tire and surh other insurable perils az the Association shall tr~m time to time requirn, in such amounb e.s tAe tissociation shall reQuire, by a company or companies and thruugh an agenc> sati;factury to the Association, and said policy or policies shall be he)d b~ the Association and shall bear a : standard New York 1?iortgaRee clause without contribution, inaking the loss under said policies payable to tAe Asw~~ation as Mort~aRee as its interest may :,ppeaz; and in ihe event any sums oi mone~ become payable under such policy o~ policies, the Association shap have 1he optio~ to receive and applY 1!u I same on account ot Ihe indebtedness hereby securcd, or to permit the Aiortgagor to receire and use it, or any part t0ereot, tor other purposes, w~lhout ~ thcreby veaiving or impairing any equity, licn or ripht under and by virtue ot this mortgase; and in the e~•ent the mort`a~or ddes not comply with lhis cu~•enant, the Mortgagee may place and pay tor sueh insurance, or any parl themoi, without waivine or a[[ecting ihe opdon to toreciose, or any right i hrreunder, and every payment ao made shall become paH of the indebtedness secured by this mortgage, and shall bear i~terest from the date ot payment = thereot at the rate provided in the promissory note seeured hemby; and e~•ery payment so made, and i~terest thercon, shall Ix rcpaid by the 1?iortgagor to $ the Association in such manner as the Association sha11 require. ~ 4. In order to more tully protect the security of this mortgage and provide tor lhe payment o[ taxes, asseunxnts and insurance premiums upon the ~ E:roperly eneumbered hereby, the Association may require, and in that event the Morl~agor agrees to pay to iM Association each month at the time the pa~ments pmvided by said promissory note are duc and in additio~ to said pa~-meaLc a sum equal to one-twcltth ot an amount estimated by the A.swciation ~ tu be autticient for the Association to pay said taxes, asxssments and insurance pmmiums wAen the same are payabte_ If the amounts paid under thls ~ paragnph shall not be su[ticient to enable lhe Associatio~ to pay said laxes, assessments and insunnce premiums, tlie Mortgagar sdall pay the ditterence to t thc Association on demand. ~ 5. lf the Mortgagor shall have assiRned or cause to be assigned to the Association now or hereatter any poliey ot life insurancY as additional seeurity t the indcbtcdness secured by lhis mortgage, the Siortga6or agrccs so long a~ an~• o[ said indebtedness rcma~ns unpaid promptly to pay alt premiums on ;aid insuranee when the same become due and payable, and if the same shall noi be paid promptly the As.wciaUon may paY the same w:tAout waivins or atfecting the option to (oreclose or any right hereunder, and e~•er~ paYment so made shafl become a part oi the indebtedness secured by thls mortgage, and ~tall Dear interest trom the date ot payment thcreo[ at the rate proeided in the promissory note sccured hereby; and every payment so made, and interest thercon, shall be repaid by the 1?lortgagor to the Ascociation i~ such manner as the Association shall requirr. , 6. To permil, commit or su[fer no waste, impairmcnt or deterioration of said property, or any part thereot, and upon the failure of the Mort~ator to keep the buildings on said property in R~d eondition ot repair, the Association may demand the immediate tepair ot said buildings, or an incrtzse in the :,r.iounl o[ securit~, or the immediate repayment of the debl hemby secured and lhe tailum of the 3liortgagor to mmply rrili~ said demand of the Associstion a period of thirty l d01 days, st~all rnnst~tute a Grcach ot this mortgage, and at the option ot the ~ssociation, immediately mature the entire amount of principal and interesl hereby secured, and immediatel~ and without notice, lAe Association may institute proceedings W[oreeloae this mortgage and apply tor the appointment ot a Reeeir•er, as hereina[ter provided; and tre Association shall have the right to inspect the mortgaged premises to ascertain eompliance ~.cith this rn~~enant - 7. To perform, eomply with and abide by each and every the stipulations, agreements, eonditions and covenants in said promissory note and thia ~ mortgage deed set forth. ~ 8. If any ot the sums ot money herein referred to be not promptly and fuU> paid within thirty (30) days next atter the same severelly bernme due and ~ G,ayabie, or it each and e~•ery the stipulations, agreemertts, conditions, and cocenants ot said pramissory note and this mortgage, or either, are not duly pir[ormed, complied with and a0ided b~, the aggregate sum mentioned in said pzomiuory note shall become due and payable [orthwith or thereafler at the ~ption of the Aswciation, u tuUy and completely as i[ said aggregate sum ot money was origirally stipulated to be paid on such day, anything !n sald ~ promissory note or heretn to the contrary notwithstanding. ° 9. It is further co~~enanted and agrced by said parties that in the event ot a suit being instituted to toreelose this mortgage, the Association sAall be I ~ ntitfed to apply at an~ time pending such foreelosure suit to the eourt ha~•ing jurisdiclion thereot for the appointmenl ot a receicer ot all and singular the mortgaged properly, and ot a11 the rents, incomes, pro[its, issues and rea•enues thcreot, trom whatscea•er source derieed; and thereupon it is hereby e:prtsslY I co~enanted and agreed that the court shall torthwith appoint a reeeicer of said mortgaged property, all and singular, and ot sueh rents, incomes, pmfits, i;;ues and re~•enue thereot trom whatsoe~•er source derived, with the usual pow~crs and duties of recciaers in like cases: and such appointment shall be made b. such court as a matter ot strict righl to the ~tortgagee, its successors, legal icprescntatices or assigns. and w•ithout re[erence to the adequacy or inadequaty ~:f the ~•alue oi the property hereby mortgaged, or to the solvency or insolaenc~- ot the 1~lorigagor, and lhat such re~t, pro[its, income, issues and revenuts ' F sh.~ll be applied by such receiver to the payment ot the mortgage indebtrdness, costs and charges, according lo the order of such court. ° f ~ 10. If a conceyance shall hereafter be made ot the mortgage3 premises herein described or any part thereot, then at fhe option of the Assoeiation, and •.~•ithout notice, all sums of money secured hereby shall immediatel> and concurrenlly wilh such conveyance become due and payable. ~ { ~ II. That in the e~•ent the pmmises hereby mortgaged, or any part thercot. shall be condemned and taken [or public use under the power ot eminent S~ .i~,main. the Association shall ha~•e the right to demand that all damag~s aN•ardc~i tor the taking ot or damages to said premises shall be paid to the Associatiun ; ~ ~::p to the amount then unpaid on this morigage and at the option of the Associat~on may be applied upon the pagment or payrnents last payable thereon. ~ ~ ~ ~ 12_ The ~tortgaRor binds himself not to ercci or permit to be erected any ncw• buildings on the premises herein mortgaged or to add W or permit to be i ~ :=dded to any of the existing improvements thereon or make any chanQec or altera:ions in said improcements nhich materially change the same or the use ; ~ thrreof, w•ithout the Jl-ritten consent of the Assoc~ation, and in the c~~ent of an~• ~~iolatiun or attempt to ~•iolate this stipulation lhis mortgage and all sucns + ~ curecf hereby shall immediately become due and cullectible at the option of tRe Assuciation. i k r', t3. It is specifically agreed that time is ot lhe essence of *his contract and that no w•ai~-er of any obligation hereunder or ot lhe obligation secured ~ rebp shall at any time be Aeld to be a w•aicer of the terms hereo[ or ot the ~nstrument securcd hereby. _ ~ 1;. If foreclosure proceedings of any second mortgage ur second trust deed o~ any junior lien ot an~ kind should be instituted, the .~ssociation may, at ~ ,t; uption, immediately or thereafter declare this mortgage and thr indebtednc~ secured hereby duc and pa}-able [orthvrith, and may at its option proceed :ureclose this mortgagc. ~ 15. To the e:tent of the indebtedness o[ the bturtgagor to the A~cociation described herein or secured hereby the Association is 1~emb~ subrogated to the ,:cr; or liens and to the riRhts of the ow•ners and holders thereof ot each and e~en mortgage lien or uther incumbrances on the land described herein vrhich ~ paid or s::tisfied in whole or in part out of the proceeds ot the loan describM herein or secured hercb}•, and lhe respecti~•e liens of said mortgages. liens ~~ther incumbrancvrs, shall be and the wme and each of them hereby is presen~ed and shall pass to and be held by the Association hemin as securit) for the :r.debtedness to the Association herein described or h~reby xcured. to the same extent that it would hace been presen•~d and w~ould hace been passed to and i:<en hrtd by the Auociation had it been duly and regularly assigned, transfesred, set ocer and delicered unto the Assoc~atiun b~~ separate deed oi assign- ;::e nt, notwithstandinq 1he tact that the same may be satistied and cancelled of record. it be~ng the intention of the pariies hemto that all prior encumbrances ~ il! be ;atistied and cancelled ot record by the holders thereof at or about the time ot ihe recording ot this mortgage, but chat the Association will ne~•erlhe- ~ ;e~~; be subrogatcd to the liens thercof as hereinabu~-e proc~ded. r=1 16_ To pay a'9ate charge" o[ nut less than 510.00 and not more than 12°, uf any iastaltmcr.t pa~-able by cirtue ot lhc said promisson• note or any :~s ;;:~m~nt required to be made hereurder w•hen said installment or pa>'ment is not paid w-ithin 10 days after thc due date thereot, the amount of such °late ~!,arge" to be determmed b~• the As.wciat~on. V 17_ To pay all and singular the costs, charges and expenses, including law•y~er's fees, reasonably incurred or paid at any t~me by the Associatiun, because g ' the failure of the \iortgagor to pertorm, comply w•ith and abide b>• each and e~•ery the sGpulatiuns. agreements, condiGuns and cocenants of said promissory t - ~::dc and this decd, or either, and e~•er}- such payment shall ~ar intcrest from date at thc rate boume b)• the principa! indebtedness secu:ed hereb)'. } r; 18. It is agrced that this mortgage shall sccure any tuture ad~•anccs made b> the Assoriatiun to the ~IortQagor at any timc w•ithin twenty (20) cears trom ' datc herco[ to thc same rxtent as i[ such tuture ad~ances were made on the date ot the execulion ot this murtgagc; pronded, hov~e~•cr, that the total ~:pa1d 1~elance of lhc indebtedness secured b~- this murtgage at any- one timi shall not exceed a max~mum principal amount equal to 200 per cent of the - ,.r;ncipal amuunt or~ginall~• secured hereby, plus interest on such maximum princ~pal amuunt and any disbursements made tor the pa)~ment ot taxes, levies ;~nsurarce~ un the property cucered by this mortgage, with ~nterest on such disbursemrnts. l9 ~1'hen any~ amuunt of money to im paid by thc \Iurt~;aFnr tu thc ~lortgaqer undcr the termc hercof shall bc in de(ault or should thc ~furtgagor deEault _ `y`~', r;,ny uf the uthe•r t~ nus. pruri,i~,ns or c~~ad~t~uns ot this 1lnrtgate, th~•n am1 in U~at case the Diurtga~ee sha11 hace the nght, vc~thout nutiee to the Dfortgagor, - c:dlect :~nd reci~~~e fn~tn any tenent ur lesue of said m~rig~g~•d prrmises th~ rent.:. issu~•s and psofits uf the rcal estate hereby murtQaged and the improce- ents thrri~~f. :ind t~~ ~ic~• p:.,~xr receipts .nd acqurttances then~(or. :u~d afti~~ pa}inK all comm~s~i~~ns o( am' rental agent rnllecting the same, and an~ _ ? .:.,r:~Lti• :~tturni~~'~ fecs :~nd other nemssan- ex~x•ns~~s incurmd in coll~~ctin~ ~atn~~. tn apply the proeeedc uf such cullections uW~n any indebtedne55. =.~1 i.e:~L~m r.r L:~i.ility. ~~f th~~ Jiort;;a~;~,r hercunder. Thr nght ~;rantcd thc Jlurtga~cc under th~s paragraph shail be in addition to, and shall not litnit or r ~trict. ar~y uthcr n~;ht or ri~hts ~;rantcd lhc :1lortgabcc in th~s ~InrtRagr * r;:s 't~ ;:3 ~ r t 223 PAGE